SGInnovate, RB Capital back AI startup’s US$24m funding round

BRITISH artificial-intelligence (AI) firm has raised US$24 million from strategic investors including SGInnovate, the Singapore government's innovation platform, and Singapore-based RB Capital, valuing the startup at US$100 million.

Other backers in the Series B funding round include Tencent, Pearson, Amadeus Capital Partners, Atlantic Bridge, Cambridge Innovation Capital, Mandatum Life and Passion Capital.

The strategic partnerships and funds will be used to support’s recent product expansion and growth, with the company continuing to expand into a wide range of industry verticals, including finance, logistics and education, it said.’s AI platform for decision-making - VUKU - combines mathematics, engineering and economic theory to help organisations make better decisions and process dynamic, real-time data in complex and uncertain environments such as financial markets, logistics and transportation, ride-sharing, smart cities and robotics.

VUKU also learns in real-time and is data-efficient, so it does not need to rely on vast, historic data sets to be effective, said the firm.

Kishin RK, chief executive officer of property developer RB Capital, said: “AI presents unique new opportunities for the real estate industry, and RB Capital will implement VUKU to pioneer a new model of landlord-tenant relationships and increase operational efficiency."

Tencent’s chief European representative, Ling Ge, said that’s data-efficient approach and focus on human-machine teaming set it apart from other AI firms. “We are looking forward to applying its AI decision platform to a broadening range of customers, potentially including some of Tencent’s affiliate companies,” she said. CEO Vishal Chatrath, said: “This investment is a huge sign of confidence in our efforts to be at the forefront of how enterprises use machines. Having initially focused on developing our AI platform, we are excited to be expanding our product offering into new verticals, underscoring the flexibility and innovative nature of our core technology."