Singapore-based machine learning insights provider AIDA technologies has raised an undisclosed sum in a series A funding round joined by Mastercard.

Kuok Ventures and Singapore government-linked SGInnovate also participated in the funding round.

The company plans to use the proceeds to increase its reach in existing markets and expand into new markets, particularly Hong Kong and Japan.

AIDA CEO Tan Geok Leng said: “I’m delighted to announce the completion of our Series A funding round and to welcome Mastercard, Kuok Ventures and SGInnovate as investors in AIDA. Their investment is a strong endorsement of our strategy and supports AIDA’s deepening penetration into existing markets and expansion into North Asia, especially Hong Kong and Japan.”

AIDA was founded in 2016 by a team of data scientists from a research institute run by Singapore’s Agency for Science, Technology and Research (A*Star).

It develops advanced solutions that integrate with customer workflows, leveraging machine learning models that generate business insights.

It focuses on the financial services institutions across Singapore, Malaysia, Thailand, Indonesia, India and Hong Kong.

Mastercard executive vice-president of AI Centre and Cyber Platforms Rohit Chauhan said: “This further strengthens Mastercard’s AI-focused strategy around people, infrastructure and domain expertise.

“It provides us with access to AIDA’s world-class AI platform and toolkit, as well as the possibility to jointly develop product solutions that leverage advancements in technology to deliver greater security and convenience for businesses and consumers in their everyday activities.”

Kuok Ventures director Kuok Meng Wei said: “Our investment approach prioritises promising early-stage technology companies like AIDA, which have potential to become key enablers to other businesses in the wider Kuok Group portfolio.”