🇸🇬 AI startup nets over $20m in ongoing series A round

Singapore-based AI startup Wiz.ai has raised over US$20 million in its series A round co-led by Hillhouse Capital and Gaorong Partners Fund, sources familiar with the matter told Tech in Asia.

The Wiz.ai team / Photo credit: Wiz.ai

The sources have also confirmed that Wiz.ai is set to raise additional funds as part of this financing.

Yun Qi Partners and Singtel Innov8, the venture capital arm of the Singtel Group, also took part in the round, along with existing Wiz.ai investors such as K3 Aquarius Fund, GGV Capital, Insignia Ventures Partners, and Wavemaker Partners.

Launched in 2019, Wiz.ai focuses on developing conversational AI for Southeast Asian languages. The company said its solution can help businesses cut costs while improving customer service with personalized inbound and outbound calls.

Its front-end talk bot encourages customers to engage in conversations. Meanwhile, the back-end sifts through data in real time and stores insights from the conversations into the company’s existing customer relationship management system. The data is then analyzed at granular and aggregated levels.

See also: Singapore AI startup Wiz nets $6m in pre-series A round led by GGV Capital

The investment underscores the growing momentum in  the use of AI, sensors, and data analytics in several business operations in Singapore. The country’s AI market is poised to be worth US$16 billion by 2030.

In May 2020, Wiz.ai raised US$6 million in its pre-series A round led by GGV Capital, with participation from Wavemaker Partners, ZWC Partners, Insignia Ventures, and Orion Fund, which is managed by K3 Ventures.