Transparently.AI, a Singapore-based company that creates artificial intelligence (AI) software to identify accounting fraud, received funding from Franklin Templeton in exchange for being accepted into the asset manager’s FinTech Incubator program.
Transparently.AI released a statement that mentioned Franklin Templeton’s investment in Transparently.AI. There is a $3 million pre-series featuring AI. a $20 million funding round valued at the two-year-old company.
Transparently.AI will benefit from mentorship and guidance from Franklin Templeton’s network of startup professionals, founders, and experts through the FinTech Incubator program, in addition to the investment from Franklin Templeton.
Additionally, workspace at Franklin Templeton’s Incubator offices in Singapore and San Mateo, California, is accessible to participants in the program.
Transparently.ai’s Machine learning is used to train AI software to identify accounting irregularities in company balance sheets. It generates a risk score, ranging from 0 to 100, that indicates how likely and how much a company is to manipulate its accounts.
The product can be used as a due diligence tool by asset managers, banks, auditors, exchanges, and others to help screen for questionable accounting, account fraud, and lax corporate governance.
“We are deeply privileged to be working with Franklin Templeton,
“Through our collaboration with a brand like Franklin Templeton, which has a strong presence and history in the United States, we hope to significantly accelerate our go-to-market strategy, particularly in North America,” said Hamish Macalister, chief executive officer and co-founder of Transparently.AI.
Businesses need to be more cautious than ever, according to Margaret King, vice president of FinTech Partnership and Corporate Strategic Investments at Franklin Templeton. This is because fraud risk is changing in an ever-changing digital environment.
“With advancements in artificial intelligence (AI), RegTech solutions have the potential to address gaps in financial crime risk management, and we look forward to seeing Transparently.AI bring advanced technologies to the market meaningfully,” she added.
The announcement claims that Transparently.AI is now even more integrated into its clientele thanks to its collaboration with the American asset manager.
Among its current clientele are one of the biggest sovereign wealth funds in the world, a multinational commercial bank, and one of the Big Four auditors.
Transparently.AI has been accepted into the most recent fintech program, the Franklin Templeton Incubator.
The Singaporean company was one of ten selected from more than one thousand startups to be a part of Plug and Play’s Fintech 2023 Accelerator Program in March 2023.
