Ailytics bags US$7.4M Series A to make old CCTV cameras earn their keep

Ailytics, a Singapore-based vision AI startup, has raised US$7.4 million in a Series A funding round led by Tin Men Capital. Joining Tin Men were SG Growth Capital, Japanese cloud camera firm Safie, and several other investors, including a major Japanese construction company and family offices. This round follows a US$2.7 million pre-Series A round led by Tin Men in April 2024.

Ailytics' software, called Ailyssa, works with existing CCTV cameras to provide insights and improve workplace safety. Its platform analyzes three-dimensional spatial relationships from single flat video feeds, detecting subtle differences between worker behavior and identifying potential safety issues. In June, Ailytics launched AilyssaX, a contextual reasoning engine that checks the proper execution of multi-step procedures.

The startup reports impressive results, with customers experiencing a 73% drop in total recordable incident rates (TRIR) and 84% fewer safety non-compliances. However, these figures are based on customer reports and have not been independently audited.

Ailytics has been deployed in 15 countries, including the US, Australia, the Netherlands, Hong Kong, Japan, the UAE, and Saudi Arabia. Its customers include large corporations such as NatSteel, PaxOcean, DHL, and Rome's Leonardo da Vinci International Airport. The company's CEO, Lenard Tan, plans to expand to the US, Japan, Australia, and the Gulf to target mid-sized industrial companies that have been overlooked by larger competitors.

The funding will be used to develop domain-specific models and keep the cost of running AI low as the number of camera feeds grows. Ailytics' advantage lies in its ability to handle complex, real-world data, creating a defensible moat in the market. However, the company faces challenges in scaling its operations across multiple continents and industries while maintaining strong unit economics and client retention.