Jakarta - Telkomsel, through Telkomsel Ventures, collaborates with M Venture Partners, East Ventures, Investible, and SBI Ven Capital, to fund startup Tictag, a data-centric AI company from Singapore.
"The quality and performance of AI is highly dependent on the data used to train it. Therefore, the strategic investment in Tictag is based on an analysis of Tictag's ability to unlock the full potential of AI through high-quality training data that accelerates data collection, labeling, and processing to help companies improve efficiency," said Telkomsel Ventures CEO Mia Melinda in a statement in Jakarta on Tuesday (16/7/2024).
According to Mia, the corporate action is a form of Telkomsel's commitment through opening collaboration opportunities to accelerate the growth of the digital innovation ecosystem, encourage Indonesia's digital transformation, and develop the use of artificial intelligence (AI) technology in Indonesia and Asia.
The strategic initiative is considered to be in line with the spirit of Indonesia that inspires this State-Owned Enterprise (BUMN) company to encourage technological progress in various industrial sectors.
"As a leading investor in the startup ecosystem, this investment is one of Telkomsel Ventures' important steps in realizing Telkomsel's vision and mission to encourage the acceleration of the national digital ecosystem and improve Indonesia's digital economy," explained the CEO of Telkomsel Ventures.
Meanwhile, Tictag's Co-Founder and CEO, Kevin Quah, expressed his gratitude to Telkomsel Ventures for supporting this startup in significantly developing expertise, knowledge, and access to expand influence in the Asian market.
Kevin also stated that the company will focus on the Indonesian market because it is a rapidly growing AI talent base and a market that is very ready to adopt AI.
"The trust and continued support from our investors encourages us to continue to bring innovation in strengthening the AI ecosystem by partnering with a diverse community of data annotation contributors, students, and people with disabilities, enabling them to participate in the AI economy," said the CEO of Tictag.
For your information, Tictag is a startup founded in 2019 in Singapore that currently serves more than 50 companies in various sectors, including real estate, autonomous vehicles, agriculture, and media throughout Asia.
Tictag has operations in Singapore, South Korea, Indonesia, Malaysia, Hong Kong and the United States.