Avanseus Holdings Pte Ltd, a Singapore headquartered technology startup providing Artificial Intelligence based predictive maintenance software, raised US$1.3m bridging finance through convertible notes.
Lead investor was Singapore based venture capital fund, TNB Aura, who co-invested with SEEDS Capital (the investment arm of Enterprise Singapore).
The funds raised will support ongoing global expansion, new customer delivery capabilities and additional development of the company’s solution portfolio.
Founded in 2015 and led by Bhargab Mitra, CEO, and Giuseppe Donagemma, Chairman, Avanseus provides AvanseusTM Cognitive Assistant, which predicts faults across telecommunications and other network types, with additional applications in manufacturing and IoT. The company currently has customers in Europe, Asia and South America with a number of trials in other markets already underway.
The issue of the convertible notes follows a seed funding round in which US$2.5m was raised. The company, which has a research and development (R&D) and solution commercialization centre in Bengaluru (Bangalore), India and a US entity, is now preparing for a much larger Series A round.