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HomeFunding Singapore-Based Ailytics Raises $2.7Million in Funding

[Funding Alert] Singapore-Based Ailytics Raises $2.7Million in Funding

Ailytics, singapore-based B2B company which uses AI-powered video analytics solutions to help heavy industry businesses improve operational safety and productivity pre-Series A funding of US$2.7 million has been received by it. Tin Men Capital is the lead investor in the funding round.

The money will support the startup’s R&D as well as its growth into new areas like Hong Kong, the Middle East, Japan, and Oceania. CEO Wei Zhuang (Lenard) Tan and CTO Prateek Manocha created Ailytics in 2021.

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Using existing cameras, the startup’s patented system offers real-time actionable insights regarding security breaches, productivity indicators, and risky acts. It can be used to deploy sophisticated use cases, like estimating the danger zone under heavy load and a defined radius around hazardous equipment, by providing 3D dimensions utilizing a 2D video input from any single camera.

Ailytics claims that even in challenging conditions, the system can be accurately implemented using currently available low-resolution cameras, making it appropriate for the dynamic settings prevalent in industrial facilities and construction sites.

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The solutions provided by the B2B software startup have already been integrated with over 1,000 cameras across four countries and numerous industry verticals in over 70 projects. Customers have been able to increase danger detection by up to 7 times while reducing the requirement for manual inspections by as much as 50%. It has lessened or done away with fines, stop-work orders, audit downtime, and poor behavior. Jurong Town Council (JTC), Woh Hup, and ST Engineering are among the clients of Ailytics.

“Regulators of construction and manufacturing are imposing stricter safety standards in these industries. Non-compliance leads to delays, penalties, and revenue loss. Rising labour costs and a tighter skilled labour market are posing challenges too. The right technology can drive productivity and serve as a reliable tool to safeguard workers lives by detecting and preventing accidents,” said Jeremy Tan, Co-Founder of Tin Men Capital. “Ailytics’s solutions have shown impressive results in reducing accidents, downtime, and boosting productivity.”

About Ailytics

Ailytics assists businesses in improving operational security and worker efficiency. The top supplier of video analytics solutions in Southeast Asia. Industrial workplaces around the world are notorious for being hazardous and unproductive, and construction errors and safety violations have cost the global economy an astounding $2.8 trillion.

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