Tookitaki offers AI and ML-based software solutions to the enterprises
It optimises operational risk and compliance of financial institutions
The funding will be used to strengthen the company’s R&D capabilities
Singapore-based enterprise software solutions provider Tookitaki has raised $7.5 Mn (INR 51.6 Cr) in Series A round which was led by London-based Illuminate Financial and Singapore-based VC firm Jungle Ventures.
Other investors such as Enterprise Singapore, Supply Chain Angels and VWX Capital also participated in this round. Mark Rodrigues, partner at Illuminate will join the board of the startup as a part of this deal.
Tookitaki was founded in 2014 by Abhishek Chatterjee and Jeeta Bandopadhyay. The startup combines advanced technologies such as artificial intelligence (AI), machine learning (ML), distributed systems and deep business expertise to create the building blocks of sustainable compliance management.
According to Abhishek Chatterjee, a major portion of the funding will be used to strengthen the company’s R&D capabilities.
According to the startup, its enterprise software solutions as ‘scalable, auditable and actionable’. Currently, it has offices in Singapore, India and the US. It also announced the opening of its US office in September 2018.
The word Tookitaki means “hide and seek” in Bengali and thus the company was established with an aim to demonstrate the cognitive ability of human beings. According to the startup, in the business scenario, it uses machine learning to construct an automated model to simulate the hide and seek behaviour in humans.
Its products include Anti-Money Laundering Suite (AMLS) which is a machine learning-powered solution to improve operational efficiency, mitigate the risk of money laundering and reduce the cost of compliance.
Another product Reconciliation Suite (RS) is also an AI and ML-powered matching and substantiation solution, which improves quality and efficiency in the investigation process and reduces the cost of reconciliation.
In 2015, the startup had raised $1 Mn (INR 6.8 Cr) in seed funding from Jungle Ventures, Rebright Partners and Blume Ventures. Prior to this, Tookitaki had raised $200,000 in funding from a group of investors, including Blume Ventures, India Internet Group and Harvard Angels.
In August 2018, global technology services company Mindtree had also entered into a partnership with Tookitaki to offer banks with AI based solutions to reduce risks and improve compliance.
The startup was also a part of Nomura fintech accelerator programme called Voyager in 2017. The global investment bank Nomura had launched a Nomura accelerator programme in India, called ‘Voyager – Nomura fintech partnership’ to support startups providing banking solutions by using deep technologies such as AI and ML.