SingTel Innov8, Foxconn back Singapore's KAI Square
KAI Square, a Singapore-based video analytics firm, has obtained S$4 million ($3 million) in Series B funding from Foxconn Technology Group and SingTel Innov8.
Innov8, the VC arm of Singapore's largest telecom service provider SingTel, is investing S$1.95 million in the round, raising its stake to 39.15% from 19.08%. It supported the start-up's Series A round in 2012.
KAI Square will use the new capital to expand its video analytic applications beyond Singapore, as well as for developing new products, including a surveillance system for family users which is set to launch later this year.
Founded in 2006, KAI Square offers video-analytics-as-a-service (VAaaS) based on video and other data-sourced from monitoring devices. The company's flagship product - KAI Unified Platform - helps retailers analyze video footage to gain real-time insights into customer behavior. KAI Square developed the service in collaboration with SingTel.
"This strategic investment and partnership will enable us to expand into new markets and territories with access to SingTel Group, through Innov8, and enhance our product development with the leading edge technology Ingrasys brings," said Neo-Shi Yong, CEO of KAI Square, in a statement.
Foxconn is investing through its wholly-owned subsidiary Ingrasys, which has worked with KAI Square on cloud storage solution and hardware supply. The Taiwanese firm is heavily involved in cloud computing applications, intelligent surveillance, and big data platforms.
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