AI startup, Tictag, brings on Telkomsel Ventures and SBI Ven Capital for freshly-raised Series A

Our participation in Tictag’s Series A funding round was via our Early Stage Fund 2, following on from our initial investment in 2022 (see our investment notes).

Led by Telkomsel Venture, this funding round also saw the participation of prior investors, M Venture Partners and East Ventures, as well as new investor, SBI Ven Capital, a subsidiary of Japan's SBI Holdings, through its joint fund with South Korea's Kyobo Securities and NTU Singapore's NTUitive.

Tictag, which is on a mission to make high-performing AI accessible, began with a core service: simplifying the data collection and annotation process by breaking down tasks into manageable portions via its app-based crowdsourcing platform. In recent years, the company has expanded its capabilities to include applied data-centric AI and consulting services.

"Our work strengthens AI ecosystems by enriching partnerships and growing a diverse community of data annotation contributors, from students to the disabled, enabling their participation in the AI economy. Indonesia represents a thriving bedrock of AI talent and businesses on the brink of AI enablement, areas we have been focusing on intensively," stated Kevin Quah, co-founder and CEO of Tictag.

Since our initial investment in 2022, Tictag has demonstrated significant growth and traction, now serving over 50 corporations in various sectors across the Asia-Pacific region and becoming a key provider of data preparation and AI tuning in the area. With its focus on APAC datasets, robust business model and rapid market acceptance, TicTag is well-positioned to capitalise on the growth of the data annotation tools market, especially in sectors like healthcare, automative, defence and environment monitoring.

“We see our social and commercial missions as intertwined. As we enhance companies' competitive advantages through AI-driven ROI, we are also expanding the AI economy in Asia," added Quah.

Investible’s continued investment in Tictag reaffirms our conviction in the company’s vision and its exceptional team. "At Investible, we are thrilled to continue our support for Tictag in their latest funding round. Tictag's pivotal role in the AI data operations sector, combined with their impressive revenue growth and strategic partnerships, underscores our conviction in their potential. Their ability to scale and execute in a critical industry highlights the strength of their team and the value they bring to the AI ecosystem’ said Khairu Rejal, Principal at Investible.

Rejal also added, “Having global investors Telkomsel (Indonesia) and SBI (Japan) onboard is a testament to Tictag's promise and their strategic expansion plans. Additionally, Tictag boasts a great team of founders who work exceptionally well together and maintain a positive attitude towards feedback. It has been a pleasure working with them, and we are confident in their continued growth and excited to be part of their journey."

"The continued trust and support from our investors, both longstanding and new, contributes to our drive to change the way the world works with AI. Their diverse expertise and deep understanding of the Asian market are vital to our growth," said Quah. "We also extend our heartfelt thanks to the Infocomm Media Development Authority for their continued support and counsel. We look forward to progressing together with them in Singapore and beyond."

Now operating in Singapore, South Korea, Indonesia, Malaysia, and Hong Kong, the company will use this freshly-raised capital to engage more businesses and expand its presence in Indonesia and the rest of Asia, leveraging the rapidly growing AI market in the region.

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About Tictag

Tictag is a data-centric AI company, simplifying data collection, annotation and applied AI, and dedicated to revolutionising industries through the power of artificial intelligence.

Specialising in maximising AI-enabled ROI, Tictag empowers organisations with business-ready AI, without worrying about its core problem - data. Taking a data-centric approach allows Tictag to deploy business-focused AI with the state-of-the-art models to deliver real results with real data, rather than just stopping at proof of concepts.

Tictag's expertise in applied AI spans industries like agriculture, construction and manufacturing, security, smart cities, audio and languages and more.

With offices strategically located in Singapore, South Korea, Indonesia, Malaysia and Hong Kong, Tictag operates globally to cater to clients across different regions seeking to build Asia-ready AI.

For more information, visit Tictag's website.