PREDICTIVE maintenance software startup Avanseus Holdings has raised S$1.5 million in a convertible bridging round led by TNB Aura en route to a targeted US$8 million to US$12 million of series A capital.
Seeds Capital, the investment arm of Enterprise Singapore, was a co-investor.
TNB Aura managing partner Vicknesh R Pillay told The Business Times that Avanseus, which raised US$2.5 million in seed capital, is eyeing US$8 million to US$12 million in a coming series A round. TNB Aura primarily invests in data-driven business-to-business hardware and software companies.
Proceeds of the deal will be used to support global expansion, new customer delivery capabilities and additional development of solutions.
Avanseus uses artificial intelligence technology to predict faults across telecommunications and other network types, with additional applications in manufacturing and Internet of Things systems. It has customers in Europe, Asia and South America, with a number of ongoing trials in other markets.
Mr Pillay said that Avanseus is projecting revenue growth of four to five times in 2019. The startup's growth potential, experienced management team and strong intellectual property made it an attractive investment, he said.
"Artificial intelligence has been estimated to have a potential US$5.8 trillion annual impact and is a clear focus area for the TNB Aura Fund, so we are pleased with our investment in Avanseus," Mr Pillay said. "We are very confident the company will enjoy continued growth in both its customer base and revenues."