Temasek-founded Aicadium acquires Singapore AI firm BasisAI

SINGAPORE, 31 Aug 2021— Aicadium, a global technology company founded by Temasek and dedicated to creating and scaling AI solutions, today announced the acquisition of  BasisAI, a Singapore-based provider of scalable and responsible artificial intelligence (AI) software. The two organisations will be jointly known as Aicadium and will expand operations to serve a global enterprise customer base.

BasisAI was co-founded by Liu Feng-Yuan, Linus Lee, and Silvanus Lee in 2018 to draw on their world-class experience in building scalable AI from Silicon Valley companies and seize the vast opportunity to build an AI powerhouse in the APAC region. 

In 2019, BasisAI raised S$8.2 million (US$6 million) in seed funding from Temasek, a Singapore-headquartered global investment firm, and Sequoia India. One year later, the startup launched its proprietary end-to-end machine learning platform, Bedrock, which enables organisations to rapidly deploy responsible AI solutions. 

Since then, BasisAI has gone on to deploy solutions for organisations such as DBS, UOB, OCBC, ComfortDelGro, the Singapore government, and Singapore Airlines, and has also partnered with global companies including Accenture, PwC, and AWS. 

Aicadium was launched in August 2021 as Temasek’s global centre of excellence in Artificial Intelligence. It aims to partner with Temasek portfolio companies and other enterprises seeking to develop and scale end-to-end AI solutions to improve business outcomes. The firm leverages its global team of data scientists and engineers, a repeatable and scalable process, and a platform of AI algorithms, models, and tools to help clients achieve operational AI within their organisations.  

The newly merged organisation brings together the best of combined capabilities, including deep AI/ML and product development expertise spanning decades. The combined team’s proven experience delivering end-to-end AI solutions for enterprises will enable Aicadium’s global expansion plans.

“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,” said Mr. Liu Feng-Yuan, Co-founder and Chief Executive Officer of BasisAI, who will assume an executive leadership position at Aicadium together with fellow BasisAI Co-founder Linus Lee.

“BasisAI shares Aicadium’s determination to deliver AI solutions that are responsibly and ethically designed, developed, and deployed,” said Dr. Michael Zeller, Head of AI Strategy & Solutions at Temasek.  “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,” Dr. Zeller said. “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.”

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