Ailytics raises US$2.7m to power next generation scenario-based AI monitoring for heavy industries
SINGAPORE, April 2, 2024 /PRNewswire/ -- Ailytics, a Singapore-based B2B heavy industry software startup which utilises scenario-based AI-powered video analytics solutions to help companies enhance their operational safety and productivity has successfully secured its oversubscribed Pre-A funding of US$2.7mil led by Singapore-based venture capital firm, Tin Men Capital, that focuses on B2B software startups in Southeast Asia. The round is also joined by Aurum Investments, AngelCentral, and other strategic investors.
Ailytics was founded in 2021 by CEO, Wei Zhuang (Lenard) Tan, and CTO, Prateek Manocha. The startup's proprietary solution taps on existing cameras to provide real-time actionable insights of unsafe acts, productivity metrics, and security breaches. It can provide 3D dimensions using a 2D video feed from any single camera, which enables the deployment of complex use cases such as calculating the danger zone under heavy load and a fixed radius around hazardous equipment. The solution can be deployed with high accuracy using existing low resolution cameras, even in harsh environments, making it suitable for dynamic environments found in heavy industries such as construction sites and manufacturing plants.
Currently, Ailytics' flagship solutions have already been implemented in more than 70 projects, integrating with over 1000 cameras spanning 4 countries and multiple industry verticals, and have enabled customers to reduce the need for manual inspections by up to 50% while increasing hazard detection up to 7x. Productivity of operations have also increased by up to 25% and companies obtained a return on investments within months of using the solution by reducing or eliminating bad behaviour, downtime from audits, stop-work orders, and fines. Some notable clients include Jurong Town Council (JTC), Woh Hup, and ST Engineering.
"With the support of Tin Men Capital, and other strategic investors in the round, we are excited to have the opportunity to expand our services to other key markets across the region such as Hong Kong SAR, Middle East, Japan, and Oceania. We would also be able to increase our R&D efforts to build the next generation of Video Analytics solutions, powered by Large Vision Models (LVM) capable of handling complex domain-specific tasks. Our ambition is to become the leading one-stop Video Analytics solution provider for heavy industries in Asia. By prioritizing safety, we aim to mitigate worksite accidents and minimize occupational hazards while enhancing process efficiency and maximizing ROI. Above all, our mission is to safeguard the lives of workers, underlining our commitment to safety and excellence," commented Lenard, CEO of Ailytics.
For more information, visit https://ailytics.ai/ or reach out to [email protected].
SOURCE Ailytics
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