AIDA an artificial intelligence focused fintech recently announced that they have raised an undisclosed sum in their Series A round, which includes investors like Mastercard, Kuok Ventures and SGInnovate.
The startup develops machine learning solutions for the banking and insurance sector, with a focus on delivering AI for risk and compliance analytics.
AIDA was founded in Singapore in late 2016 by a team data scientists from Singapore based information and communications technology research institute. In 2017, it was the recipient of SG Fintech Festival’s Singaporean Founder Award and it is also placed firmly in Fintech News Singapore’s Top 29 Hottest Fintech in Singapore list.
Dr. Tan Geok Leng, CEO, AIDA, said:
“I’m delighted to announce the completion of our Series A funding round and to welcome Mastercard, Kuok Ventures and SGInnovate as investors in AIDA. Their investment is a strong endorsement of our strategy and supports AIDA’s deepening penetration into existing markets and expansion into North Asia, especially Hong Kong and Japan.”
Rohit Chauhan, Executive Vice President, AI Center & Cyber Platforms, Mastercard, said:
“This further strengthens Mastercard’s AI-focused strategy around people, infrastructure and domain expertise. It provides us with access to AIDA’s world-class AI platform and toolkit, as well as the possibility to jointly develop product solutions that leverage advancements in technology to deliver greater security and convenience for businesses and consumers in their everyday activities.”
Featured image credit: AIDA Technologies Twitter account