Exits at AI firm after Temasek acquisition

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When it rains, it pours. And Temasek sure could use an umbrella right about now.

The investment major has been in the news for all the wrong reasons, including being scrutinized in the Singapore parliament and writing off its US$275 million investment in FTX. Tech in Asia has also reported on how some Singaporeans who had put money in the cryptocurrency exchange felt “betrayed” by Temasek for having given its approval to FTX.

We recently mapped the company’s influence in the tech world to confirm what we already suspected: Temasek’s influence reaches far and wide. Now it turns out that there has been a series of departures at a Singapore-headquartered AI firm shortly after Temasek acquired it.

Today we look at:

• The exits at BasisAI after Temasek’s acquisition
• Unicorn ShareChat’s parent firm lays off employees
• Other newsy highlights such as Hidden Hill Capital’s US$465 million fund for startups in the logistics and supply chain space and the lowdown on Japan’s fintech industry

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So long, farewell

Image credit: Timmy Loen

Temasek had initially bought a minority stake in BasisAI in 2019, while participating in the AI firm’s US$6 million seed round along with Sequoia India. Temasek executive Sng Ren Yeong, also a former board member at BasisAI, previously told Tech in Asia that Temasek had acquired the Singapore company after realizing there was “a good convergence of views” between the two teams.

• The update: After the acquisition, the Singapore startup has lost at least 10 of the 15 data science and engineering employees who were part of the original team.

• The timeline: A LinkedIn search shows that these employees exited the firm starting in October 2021 – just over a month after the acquisition was announced.

• Business as usual? Aicadium – the Temasek subsidiary which BasisAI merged with after the acquisition – told Tech in Asia that the firm has seen “some turnover.” It says that this is due to the high volatility in the tech job market in 2021 and 2022 and that many companies are experiencing “higher-than-normal employee turnover rates.” The company added that it’s continuing to hire people.

Read more: After Temasek acquisition, BasisAI loses tech staff

When one door closes…

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