Technology company Aicadium announced on Tuesday its acquisition of Temasek-backed artificial intelligence (AI) startup BasisAI for an undisclosed sum.
Aicadium was founded by Temasek in August 2021 to create and scale AI solutions as the state investor’s global AI center of excellence.
The company leverages a team of data scientists and engineers, a scalable and repeatable process, and a platform of AI algorithms, models and tools to help clients achieve operational AI within their organizations.
On the other hand, BasisAI is a provider of scalable and accountable AI solutions through its end-to-end machine learning (ML) platform Bedrock, which the startup launched in 2020 after raising S $ 8.2 million in initial funding from Temasek. and Sequoia India.
It was established in 2018 by co-founders Liu Feng-Yuan and twin brothers Linus and Silvanus Lee. The company has implemented solutions for organizations such as ComfortDelGro, Singapore Airlines, and the three Singapore banks.
With the merger, BasisAI will assume the Aicadium name as part of the entity, while Liu and Linus Lee will assume executive positions at Aicadium.
In a press release announcing the acquisition, Aicadium said its newly merged organization will bring together the best of combined capabilities, including deep experience in artificial intelligence / ml and product development spanning decades.
The combined team’s proven experience in delivering end-to-end AI solutions for enterprises will enable Aicadium’s global expansion plans, he added.
“The strengths that BasisAI brings to the Aicadium team include not only an extremely talented and experienced group of data scientists, software engineers, and business leaders, but also an AI platform that was built from the ground up with these values in mind,” he said. Michael Zeller, Head of AI Strategy and Solutions at Temasek.
“Together, the new entity will further Temasek’s strategy of deploying capital to catalyse innovative and transformational technologies, such as AI, to enhance businesses and build a more inclusive, resilient world.”
