SINGAPORE (July 10): Taiger, an artificial intelligence startup whose clients include Bank of America Corp, AIA Group Ltd. and Banco Santander SA, has raised US$25 million ($34.0 million) of funding for its expansion.
The company’s valuation will reach US$110 million after the investment, according to a statement from the Singapore-based startup. The series B funding round has been led by PacificBridge Asset Management, an affiliate of US buyout firm TPG Capital, and Hong Kong-based merchant bank and asset manager MCM Investment Partners.
The Singaporean government, an anchor investor in Taiger via its SGInnovate organisation, has also committed funds to help boost the company’s growth in its home country. Taiger also plans to launch its services in South Korea and Japan, and further expand its footprint in the Americas specifically Mexico.
Taiger’s AI solutions use human-like logic to automatically read, understand and extract information, helping companies and government agencies reduce operating costs and optimise processing time. The startup expects to keep up its revenue growth momentum by expanding in areas such as the legal sector, according to its founder and chief executive officer Sinuhe Arroyo.
“We expect to close a number of new international clients later this year,” he said in the statement.
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