Venture capital firm Tin Men Capital, co-founded by Jeremy Tan and Murli Ravi, has led a $2.7 million investment in Ailytics, a Singapore-based B2B heavy industry software startup, it said on Monday.
Ailytics utilises scenario-based, AI-powered video analytics solutions to help companies enhance their operational safety and productivity.
Ailytics was founded in 2021 by CEO Wei Zhuang (Lenard) Tan and chief technology officer (CTO), Prateek Manocha.
Currently, Ailytics’ solutions have already been implemented in more than 70 projects, integrating with over 1,000 cameras spanning four countries and multiple industry verticals.
This has enabled customers to reduce the need for manual inspections by up to 50 per cent, while increasing hazard detection up to seven times, Ailytics said in a statement.
The startup's proprietary solution taps on existing cameras to provide real-time actionable insights of unsafe acts, productivity metrics and security breaches.
The investment in Ailytics marks the 11th B2B tech startup backed by Tin Men Capital.
The VC firm said it believes in investing in startups that are enabling legacy businesses to digitise and create an impact in the future of their respective industries.
© 2024 IANS. All rights reserved.