Mastercard, Kuok Ventures, SGInnovate invest in AI startup

AIDA Technologies, a startup that uses machine learning to generate insights that help financial services companies make decisions, announced today that it has raised a series A round from Mastercard, Kuok Ventures (belonging to the Kuok Group), and Singapore government-linked SGInnovate.

AIDA’s CEO Tan Geok Leng was a senior fellow and executive director at A*STAR, the Singapore government’s research agency. He has a PhD in engineering from Cambridge University.

The investment amount was not disclosed.

Founded in 2016, the company says it has secured banking and insurance institutions as customers in Singapore, Malaysia, Thailand, Indonesia, India, and Hong Kong as clients.

“Our investment approach prioritizes promising early-stage technology companies like AIDA, which have potential to become key enablers to other businesses in the wider Kuok Group portfolio,” says Kuok Meng Wei, director of Kuok Ventures.

The conglomerate runs businesses in the property, logistics, hospitality, food and agribusiness, as well as the maritime sectors. Some of its more familiar entities include Shangri-La Hotels and Resorts, and oil palm firm Wilmar International.