New startup founded by Temasek acquires Singapore AI firm

Aicadium, a tech firm based in Singapore and founded by Temasek, today announced the acquisition of BasisAI, a provider of scalable and responsible AI software. Specific details about the deal amount, however, weren’t disclosed.

After the acquisition, Singapore-based BasisAI will merge with Aicadium. The deal brings together capabilities including deep AI and machine learning as well as product development expertise that spans decades. It will also help with Aicadium’s global expansion plans.

Photo credit: Affinidi

Aicadium was launched this month as Temasek global center of excellence in artificial intelligence. It aims to partner with Temasek portfolio companies and other enterprises seeking to develop and scale end-to-end AI solutions in improving business outcomes.

The startup leverages its global team of data scientists and engineers, a repeatable and scalable process, and a platform of AI algorithms, models, and tools to help clients achieve operational AI within their organizations.

BasisAI was co-founded in 2018 by Liu Feng-Yuan, former director of data science and AI division at GovTech Singapore; Linus Lee, ex-head of data sciences for Asia Pacific at Twitter; and Silvanus Lee, previously director of data science at Uber.

In 2019, BasisAI raised S$8.2 million (US$6 million) in seed funding from Temasek and Sequoia India. A year later, the startup launched Bedrock, a proprietary end-to-end machine learning platform that enables organizations to rapidly deploy responsible AI solutions.

Since then, BasisAI has gone on to deploy solutions for organizations such as DBS, UOB, OCBC, ComfortDelGro, the Singapore government, and Singapore Airlines. It has also partnered global companies including Accenture, PricewaterhouseCoopers and Amazon Web Services.

Liu, who also serves as BasisAI’s CEO, and fellow founder Linus Lee will assume an executive leadership position at Aicadium as part of the acquisition.

“Together, the new entity will further Temasek’s strategy of deploying capital to catalyze innovative and transformational technologies, such as AI, to enhance businesses and build a more inclusive, resilient world,” said Michael Zeller, head of AI strategy and solutions at the Singapore state-owned investment firm.