Transparently Pte Ltd Completes Seed Funding Round

Transparently.AI, a Singapore-based AI regtech firm raises USD 1 million in a seed funding round, with support from Move Asset Management in New Zealand.

Transparently.AI is pleased to announce the completion of a USD 1 million seed funding round, half of which was invested by Move Asset Management in New Zealand.

Transparently.AI has developed a unique AI-based system for the automated detection of accounting manipulation and fraud in companies globally. In listed markets alone, approximately USD1tn is lost each year to fraud and misrepresentation. Transparently.AI provides a cloud-hosted SaaS solution that explicitly measures the probability of accounting manipulation in listed companies, how serious it is and whether it is likely to cause the company to fail.

The technology generates automated reporting to provide details on how the company is manipulating, where investigators should look next, questions that users should ask of the company in specific areas of risk, such as accruals management, income quality, asset quality and smoothing activity.

For investors, regulators, exchanges, auditors and others this technology provides the ability to track down, remediate and/or prevent highly embarrassing corporate failures, and in turn substantially increase returns and profitability. The direct benefits to large investors, for example, can run into hundreds of millions of dollars per year.

Transparently.AI was formed to commercialise the IP generated from a Monetary Authority of Singapore Financial Services Technology Innovation grant. In the last 12 months we launched a SaaS service, signed a multi-year contract with one of the world’s largest investing institutions, and we are currently running proof-of-concepts with two global banks.

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