$60m bet says Southeast Asia won’t mind being watched by AI

“What can AI do for me?” is the first question that executives always ask Jerry Ye, founder and CEO of Whale. His quest to answer this has helped the AI startup close a US$60-million series C round.

Temasek Holdings led the series C1 round, while Germany-based Bosch Ventures led the series C2 fundraise. The latter also saw participation from corporate-backed VC firms across Asia, including MDI Ventures, Singtel, Gentree Fund, and MTR Lab.

In a funding environment where most VCs jump at the chance to invest in AI startups, the round sounds like typical news.

Whale AI CEO Jerry Ye / Photo credit: Whale

But in Southeast Asia, where established AI-focused startups remain few and enterprises are cautious about embracing the tech, the fundraise represents a big bet on the region.

“Entering Southeast Asia now gives us the edge to offer a competitive product that is still rare for this market,” Ye says. “Being in this region also helps us maintain our relationship with clients in China and reach customers in the US.”

Founded in 2017 in China by Ye, who previously worked as a data scientist at Facebook, Whale first saw market traction with SpaceSight, a platform that analyzes videos captured by cameras in real time.

The product, which was developed with the help of the startup’s first two customers – P&G and Watsons – helps clients monitor in-store activity, from customer traffic and product placement to staff performance.

“Our first two customers defined us. They told us what they wanted to do with AI, and we developed that product,” Ye says. “And now that’s what we think when we develop our products: How can we get AI to help our customers?”

See also: Wanted: First movers for Southeast Asia’s agentic AI leap

SpaceSight has been deployed in over 4,000 stores, with clients also including collectible brand PopMart and supermarket chain Lianhua.

Photo credit: Pop Mart

In 2022, Whale moved its headquarters to Singapore and launched Echo, an analytics platform that scans conversations between sales staff and customers – with customer consent, Ye emphasizes. The startup says these conversations generate customer insights, such as competitor brands they look at or features they wish to see in products.

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