AI-predictive maintenance startup Avanseus secures US$1.3m funding from TNB Aura
The funding for the Singapore-headquartered company is raised through convertible notes
Singapore-based Avanseus Holdings Pte Ltd, an Artificial Intelligence-based predictive maintenance software has raised US$1.3m bridging finance through convertible notes led by Singapore’s venture capital fund, TNB Aura. TNB Aura is joined by SEEDS Capital of Enterprise Singapore.
The convertible notes raised follows a successful seed funding round worth US$2.5 million.
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“The funds raised will support our ongoing global expansion, new customer delivery capabilities, and additional development of the company’s solution portfolio,” said Giuseppe Donagemma, Avanseus Chairman.
Avanseus first brought into the limelight when its solution AvanseusTM Cognitive Assistant manages to predict faults across telecommunications and other network types, with additional applications in manufacturing and IoT.
The company that specializes in building enterprise solutions driven by Artificial Intelligence and Cognitive Computing was founded in 2015 and is headquartered in Singapore with its research and development (R&D) and solution commercialization centre in Bengaluru (Bangalore), India. Its US entity was established in 2016.
The company’s current focus is Predictive Maintenance software, especially in the Telecom, Manufacturing, and IoT sectors. It has already been granted its first US Patent and three other patent applications pending.
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“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,” said Vicknesh R Pillay, Co-founder and Managing Partner of TNB Aura.
Avanseus currently has customers in Europe, Asia, and South America with a number of trials in other markets already underway. Avanseus is now said to be preparing for a much larger Series A round.
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