Temasek-founded Aicadium acquires Singapore Temasek-backed AI player BasisAI

Singapore two-dollar bills

Aicadium, an artificial intelligence (AI) services company founded by Singapore state-owned investment company Temasek Holdings, has acquired BasisAI, a Temasek-backed provider of AI software, the companies said in a press release Monday.

The merged company will be known as Aicadium, with plans to expand operations to customers globally, the statement said, adding they will combine deep AI/machine learning and product development expertise.

“This acquisition allows us to accelerate our growth strategy, broaden our reach and expand our offering that is built on the strong foundation of a powerful AI platform and a combined team of talent. We are excited to be joining forces with Aicadium to augment our strength in building responsible AI systems,” Liu Feng-Yuan, co-founder and CEO of BasisAI, said in the statement.

Liu will assume an executive leadership position at Aicadium together with fellow BasisAI Co-founder Linus Lee, the statement said.

BasisAI, based in Singapore, raised S$8.2 million (US$6 million) in seed funding from Temasek and Sequoia India in 2019, and a year later launched a proprietary machine-learning platform called Bedrock, which aims to allow organisations to rapidly deploy AI services, the statement said.

BasisAI counts DBS, UOB, OCBC, ComfortDelGro, Singapore Airlines and Singapore’s government among its clients, and it has also tied up with Accenture, PwC and AWS, the statement said.

BasisAI was co-founded in 2018 by Liu Feng-YuanLinus Lee, and Silvanus Lee, drawing on their experience building AI for Silicon Valley companies.

Aicadium was launched last month as Temasek’s global center of excellence for AI, with plans to partner with Temasek portfolio companies and other enterprises to develop and scale AI services.