Aicadium Announces Acquisition of BasisAI

 

Temasek-founded Aicadium has announced the acquisition of BasisAI, the provider of AI software. Post the acquisition, both organizations will be known as Aicadium.

The acquisition will mean that Aicadium will have expanded operations to serve a global customer base.

"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.

Founded in 2018, BasisAI was co-founded by Liu Feng-Yuan, Linus Lee, and Silvanus Lee with the intent of deriving experience in building scalable AI from the Silicon Valley companies. The company wanted to build an AI powerhouse in the Asia-Pacific. The company raised $6 million in seed funding from Temasek.

BasisAI has deployed solution for DBS, UOB, OCBC, ComfortDelGro, the Singapore government, and Singapore Airlines. It has also partnered with Accenture, PwC, and AWS.

The acquisition by Temasek-founded Aicadium will mean that the two companies' combines efforts will deliver end-to-end AI solutions for enterprises.