The funds will be used to fuel research and development, as well as spur recruitment to drive Tookitaki’s expansion into the U.S. and Europe.
AI-powered regulatory technology firm Tookitaki has received another $11.7 million in funding, bringing its Series A round to $19.2 million, the Singapore-based company announced in a statement on Tuesday.
The firm, led by former JP Morgan associate Abhishek Chatterjee, provides AI/machine learning-powered enterprise software solutions for the financial services industry to fight money laundering and reconciliation issues.
The round was led by U.S.-based cross-stage fintech-focused venture fund Viola Fintech and global venture firm SIG Asia Investment, followed by Nomura Incubation Investment, the venture capital arm of Japanese financial services giant Nomura. They were joined by existing investors that include Illuminate Financial, Jungle Ventures and Enterprise Singapore's investment arm SEEDs Capital.
R&D Focus
The company said it will «aggressively» expand its R&D team in Singapore and Bangalore, India. To drive this initiative, it has appointed former LinkedIn director Subhas Samanta as vice president of R&D.
Incorporated in 2014, Tookitaki's revenue growth has surpassed 300 percent over the last two years, the firm said, noting that funds raised will go towards growing its presence significantly across the U.S. and the Asia-Pacific region.
