After year of modest gains, Atome parent leads AI funding surge in SEA

Funding into AI companies in Southeast Asia surged in May and reached its highest level in almost a year, according to Tech in Asia data.

This was mostly due to the US$80 million raised that month by Advance Intelligence Group, a Singapore-headquartered AI firm that operates BNPL player Atome. HaiVE, another AI firm from the city-state, secured US$1 million.

The amount secured by Advance Intelligence Group alone surpassed the US$75 million in total investment that went into the region over the preceding 11 months, proving the slow pace of AI funding in Southeast Asia.

Meanwhile, Chinese companies raised at least US$105.7 million in disclosed rounds during the same month, according to Tech in Asia’s database.

AI funding in Southeast Asia accounted for 27 out of 688 rounds in the past year, trailing behind several other industries such as ecommerce, fintech, healthtech, and edtech, as detailed in this landscape report.

See also: Exclusive insights from Tony Fadell on ChatGPT and the AI gold rush