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Samreen Ahmad · · 3 min readVizzio’s revenue rises in FY 2024, but losses deepen
Singapore-based AI startup Vizzio Technologies went deeper into the red in the financial year ended June 30, 2024 (FY 2024).
Revenue rose 32% year on year to S$3.3 million (US$2.6 million) in FY 2024, according to its latest audited financials.
Photo credit: Vizzio
Loss before taxes widened by a bigger margin, growing 63% year on year to US$4.4 million.
Founded in 2020, Vizzio generates 3D maps of cities with the help of satellite imagery and deep-learning algorithms. According to its website, it is creating a “whole-Earth digital twin, built by AI, one city at a time.” The firm’s investors include Wisdom Tree Capital and Kai-Fu Lee’s Sinovation Ventures.
In FY 2024, the firm’s cost of revenue rose 25% year on year to US$1.5 million. Other operating expenses also surged 35.7% to US$4.9 million during the period.
In an interview with Tech in Asia in January 2023, Lee said that Vizzio’s revenue in FY 2023 stood at US$18 million from US$2 million in the previous period. Tech in Asia wasn’t able to independently verify this at the time.
Its financial statements now show that revenue for FY 2023 was US$1.9 million, just over a tenth of what the company said. Vizzio COO Jon Hui had told Tech in Asia in May this year that there was “no inconsistency in the figures” and clarified that the US$18 million amount was a reference to contracted revenue at the time and not annual revenue.
Tech in Asia reached out to Vizzio for comment but has not received a response at the time of publishing.
Widening losses
Vizzio is building a planetary-scale 3D mapping system that can transform satellite, street, and video data into accurate 3D digital twins of entire cities without requiring any aerial surveys.
The firm’s subsidiaries include Polytron.AI, which develops camera technology with embedded AI chips that create immersive 360-degree 3D video scenes, and GeoEarth Technologies, an IT and ecommerce services company.
Vizzio also owns a patented platform, Earth.AI, which transforms satellite and geospatial data into highly detailed, photorealistic 3D digital twins of entire cities.
Funding future growth
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The Singapore-based startup, which is building a “whole-Earth digital twin,” recorded a 63% year-on-year rise in pre-tax losses.
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