Tin Men Capital led $2.7 M Pre-Series A funding raised by B2B startup Ailytics

Lead by Singapore-based venture capital company Tin Men Capital, Ailytics, a business-to-business (B2B) heavy industry software startup, has successfully raised $2.7 million in oversubscribed Pre-A fundraising.

In a statement released, Tin Men said that with this investment in Ailytics, the company has backed eleven B2B tech startups. The company plans to keep advocating for opportunities in underserved and underdigitized industries that have traditionally relied on significant workforces and capital investments.

The company thinks that investing in startups that help established companies digitize and shape the future of their respective sectors is a good idea.

“With the support of Tin Men Capital, and other strategic investors in the round, we are excited to have the opportunity to expand our services to other key markets across the region such as Hong Kong, Middle East, Japan and Oceania,” said Wei Zhuang (Lenard) Tan, Chief Executive Officer of Ailytics.

In addition, he said, the company would be able to focus more of its research and development (R&D) resources on creating the next generation of video analytics solutions, which will be driven by Large Vision Models (LVM) that can handle intricate tasks specific to a particular domain.

He also mentioned the company’s goal of becoming the top one-stop shop in Asia for video analytics solutions for heavy industries.

“By prioritizing safety, we aim to mitigate worksite accidents and minimize occupational hazards while enhancing process efficiency and maximizing return of investment (ROI),

“Above all, our mission is to safeguard the lives of workers, underlining our commitment to safety and excellence,” he added.

The statement, which cited a McKinsey report, noted that the construction industry is worth more than $10 trillion annually, or 13 percent of the global gross domestic product (GDP), and that by digitizing, the market capitalization can be increased by $1.6 trillion annually, making it one of the largest sectors in the global economy.

It was mentioned that the application of AI in the construction sector can assist the sector in resolving some of its most pressing issues, including overruns, cost, and safety.

“Regulators of construction and manufacturing are imposing stricter safety standards in these industries. Non-compliance leads to delays, penalties, and revenue loss,

“Rising labor costs and a tighter skilled labor market are posing challenges too,” said Jeremy Tan, Co-Founder of Tin Men Capital.