Avanseus, a Singapore-based AI startup, has raised US$1.3 million in bridge financing via convertible notes. Singapore venture capital fund TNB Aura led the investment.
The new capital will support the startup’s ongoing global expansion while developing new delivery capabilities and solutions.
Founded in 2015, Avanseus provides AI-based predictive maintenance software for businesses in telecommunications, manufacturing, and internet of things. At present, it has customers in Europe, Asia, and South America, with several new markets underway.
The bridge financing follows a US$2.5 million seed funding secured in September 2015. Avanseus is now working on a much larger series A round.
Editing by Charmaine de Lazo
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