Avanseus raises US$1.3mil in convertible note funding
AVANSEUS Holdings Pte Ltd, a Singapore headquartered technology startup providing Artificial Intelligence based predictive maintenance software, has successfully raised US$1.3 million (RM5.32 million) bridging finance through convertible notes.
Lead investor is Singapore based venture capital fund, TNB Aura, who co-invested with SEEDS Capital (the investment arm of Enterprise Singapore).
The company’s solution, Avanseus Cognitive Assistant, predicts faults across telecommunications and other network types, with additional applications in manufacturing and IoT.
Avanseus currently has customers in Europe, Asia and South America with a number of trials in other markets already underway.
“The additional funding provides new opportunities for Avanseus” said Avanseus chairman Giuseppe Donagemma.
“The funds raised will support our ongoing global expansion, new customer delivery capabilities and additional development of the company’s solution portfolio.
“By using artificial intelligence and proprietary algorithms, Avanseus has been able to achieve new levels of prediction accuracy and coverage for our customers, increasing uptime while driving down operational costs” said Avanseus chief executive officer Bhargab Mitra.
Vicknesh R Pillay, co-founder and managing partner of TNB Aura commented that, “Artificial Intelligence has been estimated to have a potential US$5.8 trillion annual impact and is a clear focus area for the TNB Aura Fund, so we are pleased with our investment in Avanseus. We are very confident the company will enjoy continued growth in both its customer base and revenues.”
The issue of the convertible notes follows a seed funding round in which US$2.5 million (RM10.23 million) was raised. The company is now preparing for a much larger Series A round.