Temasek's Aicadium acquires local startup BasisAI

TECHNOLOGY company Aicadium on Tuesday announced its acquisition of Temasek-backed artificial intelligence (AI) startup, BasisAI, for an undisclosed sum.

Aicadium was founded by Temasek in August 2021 to create and scale AI solutions as the state investor's global centre of excellence in AI.

The company leverages a team of data scientists and engineers, a repeatable and scalable process, and a platform of AI algorithms, models, and tools to help clients achieve operational AI within their organisations.

On the other hand, BasisAI is a provider of scalable and responsible AI solutions through its end-to-end machine learning (ML) platform Bedrock, which the startup launched in 2020 after raising S$8.2 million in seed funding from Temasek as well as Sequoia India.

It was established in 2018 by co-founders Liu Feng-Yuan and twin brothers Linus and Silvanus Lee. The company has deployed solutions for organisations including ComfortDelGro, Singapore Airlines, and all three of Singapore's banks.

With the merger, BasisAI will take on Aicadium's name as a part of the entity, while Mr Liu and Mr Linus Lee will assume executive positions at Aicadium.

In a press statement announcing the acquisition, Aicadium said its newly-merged organisation will bring together the best of combined capabilities, including deep AI/ML and product development expertise spanning decades.

The combined team's proven experience delivering end-to-end AI solutions for enterprises will enable Aicadium's global expansion plans, it added.

"The strengths that BasisAI brings to the Aicadium team include not only an extremely talented and experienced group of data scientists, software engineers, and business leaders but also an AI platform that was built from the ground up with these values in mind," said Michael Zeller, head of AI strategy and solutions at Temasek.

"Together, the new entity will further Temasek's strategy of deploying capital to catalyse innovative and transformational technologies, such as AI, to enhance businesses and build a more inclusive, resilient world."

READ MORE: Temasek-backed BasisAI unpacks AI ‘black box’