The artificial intelligence (AI) startup ViAct, based in Hong Kong, announced that its $7.3 million Series A round, led by Dublin-based private equity firm Venturewave Capital, had closed.
According to a statement from ViAct, Korea Investment Partners, PolyU Entrepreneurship Investment Fund, and Singtel Innov8, the corporate venture capital fund of Singtel, the Singapore-based communications technology group, also participated in the funding round.
By creating increasingly complex models for hazard prediction, environmental compliance, and worker safety across heavy industries, viAct hopes to advance AI capabilities with this funding.
The company also intends to grow internationally by enhancing its footprint in the Middle East, where there is a sharp increase in demand for AI-driven safety solutions (e.g., Saudi Arabia).
By luring elite talent in AI, engineering, and sustainability, it hopes to expand its workforce and push the frontiers of innovation.
“We envision a future where construction is synonymous with innovation, safety, and sustainability,” said Gary Ng, Co-founder and Chief Executive Officer of viAct.
He asserts that this funding serves as a catalyst for change in addition to being a financial milestone.
“Our goal is to redefine industry standards, positioning viAct at the forefront of this transformation,
“With our cutting-edge AI solutions, we aim to empower every stakeholder to achieve unprecedented levels of efficiency and responsibility,” he added.
ViAct’s co-founder and chief operating officer, Hugo Cheuk, stated that the company is more dedicated than ever to using AI to improve safety procedures as it enters new markets.
“This investment allows us to enhance our technology and further our mission of creating a safer, more sustainable work environment,” he added.
Construction, oil and gas, manufacturing, and mining are high-risk industries where ViAct, an impact AI company, aims to increase efficiency and safety.
The company has developed an AI-driven ecosystem that continuously identifies hazards, guarantees adherence, and boosts productivity in building projects and other vital sectors.
Additionally, it has been at the forefront of an AI monitoring platform since 2016, incorporating proprietary computer vision models to improve job site safety and operational efficiency.
