Investment secured from asset management giant as part of pre-Series A funding round for Singapore AI firm
Singapore, February 20, 2024 -- Transparently.AI, a Singapore-based maker of artificial intelligence software that detects accounting fraud, has won an investment from Franklin Templeton as part of its admission to the asset manager’s FinTech Incubator program.
Transparently.AI’s software is trained via machine learning to detect accounting red flags in corporate balance sheets. It produces a 0-100 risk score which measures the likelihood and extent to which a company is manipulating its accounts.
Asset managers, banks, auditors, exchanges and others can use the product as a due diligence tool to help filter for suspicious accounting, fraud in the accounts and weak corporate governance.
In addition to the investment from Franklin Templeton, Transparently.AI will receive mentorship and guidance from Franklin Templeton’s network of startup professionals, founders and experts through the FinTech Incubator program. The program also offers access to workspace in Franklin Templeton’s Incubator offices in Singapore and San Mateo, California.
“We are deeply privileged to be working with Franklin Templeton,” said Hamish Macalister, chief executive officer and co-founder of Transparently.AI. “Through our collaboration with a brand like Franklin Templeton, which has a strong presence and history in the U.S, we hope to significantly accelerate our go-to-market strategy, particularly in North America.”
Franklin Templeton’s investment in Transparently.AI is part of a US$3 million pre-series A funding round that values the three-year-old startup at US$20 million.
Margaret King, Vice President of FinTech Partnership & Corporate Strategic Investments at Franklin Templeton, said: “The changing face of fraud risk in an evolving digital landscape means that businesses have to be more vigilant now than ever. With advancements in AI, RegTech solutions have the potential to address gaps in financial crime risk management, and we look forward to seeing Transparently.AI bring advanced technologies to the market meaningfully.”
Transparently.AI’s partnership with the U.S. asset manager further enmeshes the company within its customer community. The AI firm already counts one of the world’s largest sovereign wealth funds, a global commercial bank and one of the Big 4 auditors among its customers.
The Franklin Templeton Incubator is the latest fintech program that Transparently.AI has been admitted to. In March 2023, the Singaporean firm was among 10 companies chosen from over 1,000 startups to join Plug and Play’s Fintech 2023 Accelerator Program.
Founded in 2021, Transparently.AI has developed an AI-based system for the automated detection of accounting manipulation and fraud in companies. The firm was named in the RegTech100 list for 2023, which is an annual list of the world’s most innovative regtech companies.
Press contact:
Darren Boey darren@transparently.ai
