Tin Men Capital leads US$2.7m Pre-Series A Round investment in Ailytics

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B2B-focused VC announces second investment of the year in AI-powered video analytics startup transforming approach to safety and productivity in heavy industries

SINGAPORE, 1 April 2024 - Ailytics, a local B2B heavy industry software startup which utilises scenario-based AI-powered video analytics solutions to help companies enhance their operational safety and productivity has successfully secured its oversubscribed Pre-A funding of US$2.7mil led by Singapore-based venture capital firm, Tin Men Capital. Tin Men Capital is co-founded by veteran investors, Jeremy Tan and Murli Ravi and is primarily focused on B2B software startups in Southeast Asia.

Ailytics was founded in 2021 by CEO, Wei Zhuang (Lenard) Tan, and CTO, Prateek Manocha. The startup’s proprietary solution taps on existing cameras to provide real-time actionable insights of unsafe acts, productivity metrics and security breaches. It can provide 3D dimensions using a 2D video feed from any single camera, which enables the deployment of complex use cases such as calculating the danger zone under heavy load and a fixed radius around hazardous equipment. The solution can be deployed with high accuracy using existing low resolution cameras, even in harsh environments, making it suitable for dynamic environments found in construction sites and manufacturing plants.

Currently Ailytics’ solutions have already been implemented in more than 70 projects, integrating with over 1000 cameras spanning 4 countries and multiple industry verticals and has enabled customers to reduce the need for manual inspections by up to 50% while increasing hazard detection up to 7x. Productivity of operations have also increased by up to 25% and companies obtained return on investments within months of using the solution by reducing or eliminating bad behaviour, downtime from audits, stop-work orders and fines. Some notable clients include Jurong Town Council (JTC), Woh Hup and ST Engineering.

“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. We would also be able to increase our R&D efforts to build the next generation of Video Analytics solutions, powered by Large Vision Models (LVM) capable of handling complex domain specific tasks. Our ambition is to become the leading one-stop Video Analytics solution provider for heavy industries in Asia. By prioritising safety, we aim to mitigate worksite accidents and minimise occupational hazards while enhancing process efficiency and maximising ROI. Above all, our mission is to safeguard the lives of workers, underlining our commitment to safety and excellence,” commented Lenard, CEO of Ailytics.

According to a report by McKinsey, the construction industry is worth more than US$10 trillion a year, equivalent to 13% of the world’s GDP and by digitising, the market capitalisation can be raised by US$1.6 trillion a year making construction one of the largest industries in the world economy. Implementation of AI in construction can help the industry solve some of its greatest challenges in areas like cost, safety and overruns.
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“Regulators of construction and manufacturing are imposing stricter safety standards in these industries. Non-compliance leads to delays, penalties, and revenue loss. Rising labour costs and a tighter skilled labour market are posing challenges too. The right technology can drive productivity and serve as a reliable tool to safeguard workers lives by detecting and preventing accidents. Ailytics' solutions have shown impressive results in reducing accidents, downtime, and boosting productivity. Their solutions have been deployed across many key HDB and JTC projects as well as large general contractors who have selected Ailytics after an extensive review of other alternatives. We are pleased to partner Ailytics team in deepening their offerings within their verticals and expand further across the region,” said Jeremy Tan, Co-Founder of Tin Men Capital.

This investment in Ailytics marks the eleventh B2B tech startup backed by Tin Men Capital who will continue to champion for opportunities in underserved and under-digitised industries which have historically relied on large capital investments and big workforces. The firm believes in investing in startups that are enabling legacy businesses to digitise and create an impact in the future of their respective industries.