AI software startup Ailytics raises US$2.7 million in pre-Series A funding led by Tin Men Capital

SINGAPORE-based software startup Ailytics has raised US$2.7 million in its oversubscribed pre-Series A funding round led by venture capital firm Tin Men Capital. 

Ailytics uses scenario-based artificial intelligence (AI)-powered video analytics to help companies in the heavy industry improve their operational safety and productivity.  

Its chief executive Lenard Tan said on Monday (Apr 1) that the company plans to use its fresh funds to expand its business-to-business (B2B) services to other markets across the region such as Hong Kong, the Middle East, Japan and Oceania. 

“We would also be able to increase our research and development efforts to build the next generation of video analytics solutions, powered by large vision models capable of handling complex domain specific tasks,” added Tan. 

The startup’s proprietary solution taps existing cameras to show real-time insights of unsafe acts, productivity metrics and security breaches. The company said that its solution is capable of operating in harsh and dynamic outdoor conditions even with lower resolution cameras, making it suitable for construction sites and manufacturing plants. 

This marks Tin Men’s 11th investment in a B2B tech startup.

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Tin Men Capital’s co-founder, Jeremy Tan, noted that companies in heavy industry are facing stricter safety standards imposed by regulators, and non-compliance can lead to delays, penalties and revenue loss. He added that rising labour costs amid a tighter market pose challenges to companies as well. 

Since its founding in 2021, Ailytics’ solutions have been implemented in more than 70 projects across four countries. The company has integrated over 1,000 cameras, helping customers to reduce the need for manual inspections by up to 50 per cent. 

Some of the startup’s clients include Jurong Town Council, Woh Hup and ST Engineering. 

“By prioritising safety, we aim to mitigate worksite accidents and minimise occupational hazards while enhancing process efficiency and maximising return on investment,” said Ailytics’ Tan.