Another member of IMDA’s Accreditation@SG:Digital community sets its sights on a global scale.
By Billy Teo
Taiger, one of IMDA’s Accreditation@SG:Digital companies, is off to a roaring start for its next phase of development.
The company has just raised US$25 million ($34.24 million) in its Series B funding round, and some of the money will go towards expanding its presence around the world.
CEO and Founder Sinuhe Arroyo said: “We expect to close a number of new international clients later this year, further strengthening our global reach. We plan to launch in South Korea and Japan, and further increase our footprint in South America, United Arab Emirates and the United States.”
(In a nutshell, companies that go for a Series B round are considered to be established, and are raising the funds for the next level of growth.)
Taiger provides AI solutions that use human-like logic to automatically read, understand and extract information. A merit winner in Singapore’s National Infocomm Awards (now known as the SG:Digital TechBlazer Awards) in 2016, the Singapore-based AI startup is now valued at US$110 million.
The company now counts the likes of the Housing & Development Board (HDB), AIA and Bank of America Merrill Lynch among its customers.
Mr Arroyo gave IMPact a quick update about the latest funding – and what comes next for Taiger.
How does this latest Series B funding round of US$25 million impact Taiger?
Aside from expanding our company’s geographic footprint, we plan to use the funds to help broaden our scope into different industries. The great part about our technology is that it’s beneficial for a range of sectors and businesses. Previously, we have done a lot of work with financial services companies, and we recently started working in the legal sector.
Our aim is to expand even further, into other industries like the health sector moving forward.
We also plan to reinvest the funds into human capital expansion, that is, we're hiring more people. A large portion of our budget goes to creating high-quality jobs in deep tech and AI, and some of these roles include NLP (Natural Language Processing) engineers, Full Stack engineers, UX (User Experience) engineers, QA (Quality Assurance) engineers and knowledge engineers
What does the team think about this milestone?
The entire team is excited about this huge milestone. I’m proud of how hard the team has worked to get to this point. It is hugely motivating to see our company valuation surpass US$100 million, and we hope to see that increase even more in future!
What has been the biggest change for Taiger since the early days of business?
Taiger has evolved considerably since our business started, primarily through the diversification of our solutions. We have expanded our solutions so now we offer search engines, virtual assistants and document extraction.
We also have more global opportunities than ever before.
What, to you, have been the best aspects of the Accreditation@SGD programme?
A huge benefit of the Accreditation@SGD programme is the visibility it has provided for Taiger. We now have more involvement in the SG:Digital movement's events, media articles and press releases through IMDA.
Following our accreditation, we found more clients reaching out to us. The programme’s stamp of approval accelerates our sell-through process with many organisations and MNCs, reducing the need for us to convince more levels of management of our solutions.
The programme also connects us to relevant and influential technology partners that we can work with.
How would you describe the journey for Taiger so far?
Starting a business is always challenging, but we have been fortunate to have some big advocates like the Singaporean Government. The past year has seen a tremendous 2.5 times year-on-year revenue growth and we expect to see this momentum continuing for the next few years.
Keen to follow the footsteps of Taiger and apply for IMDA’s Accreditation@SG:Digital programme? Check out the IMDA website for more details.