Tin Men Capital injects $2.7m in AI software startup’s pre-series A round

Ailyitcs founders (from left) Lenard Tan and Prateek Manocha / Photo credit: Ailytics

Singapore-based AI software startup Ailytics has raised US$2.7 million in an oversubscribed pre-series A funding round led by Tin Men Capital. Participating investors include Aurum Investments and AngelCentral.

Ailytics uses scenario-based AI-powered video analytics to help companies in the heavy industry improve operational safety and productivity. The company plans to use its fresh funds to expand its B2B services to other markets such as Hong Kong, Japan, Oceania, and the Middle East.

“We would also be able to increase our research and development efforts to build the next generation of video analytics solutions, powered by large vision models capable of handling complex domain specific tasks,” says Lenard Tan, the company’s founder and CEO.

The startup’s proprietary solution taps existing cameras to show real-time insights of unsafe acts, productivity metrics, and security breaches. Ailytics said its solution can operate in harsh and dynamic outdoor conditions even with lower resolution cameras, making it suitable for construction sites and manufacturing plants.

This marks Tin Men’s 11th investment in a B2B tech startup. Jeremy Tan, the VC’s co-founder, noted that companies in heavy industry face stricter safety standards imposed by regulators. Non-compliance can lead to delays, penalties, and revenue loss, with further challenges from rising labor costs amid a tighter market.

Since its founding in 2021, Ailytics’ solutions have been implemented in more than 70 projects across four countries. The company has integrated over 1,000 cameras, helping customers to reduce the need for manual inspections by up to 50%.

“By prioritizing safety, we aim to mitigate worksite accidents and minimise occupational hazards while enhancing process efficiency and maximizing return on investment,” says Ailytics’ Tan.

See also: This Singapore aquafarm takes to AI like fish to water

This story was republished with permission from The Business Times, which made the article available to its paying subscribers. It was moderately edited to reflect Tech in Asia’s editorial guidelines.