HaiVe.Tech Raises $1 Million In Pre-Seed Funding Led By IppoPay CEO
The investment will enable the company to expand operations as the AI market grows.
HaiVE.Tech, an on-premise artificial intelligence solutions provider, has raised $1 million in pre-seed funding led by Mohan K, founder and chief executive officer of IppoPay Technologies Pvt. The capital injection is important as the company positions itself for further expansion and growth in the AI industry.
According to HaiVE.Tech, the funding will enable it to scale up operations by expanding its engineering and marketing teams. With an increased workforce, the company aims to better cater to its existing and potential clients. The primary focus of the expansion is to serve the increasing demand for AI services across industries and markets.
Deepika Loganathan, co-founder and CEO of HaiVE.Tech, said: "This investment will fuel our mission to provide on-premises AI services, ensuring data privacy and intellectual property control for our clients." Loganathan said that AI is a game-changer for businesses looking to scale up, and the company's AI solutions will not only ensure complete data privacy and control, but also allow customers to seamlessly integrate their preferred tools.
"HaiVE empowers businesses by accumulating crucial data insights. By understanding the most popular food types in every neighborhood, they cleverly established cloud kitchens. This strategic approach serves as a powerful lesson to any company relying on third-party hosted AI services," Mohan K said.
The Singapore-headquartered company aims to target the fintech sector in India and Australia as the initial expansion markets. India is among the fastest growing fintech markets globally, with the market size estimated to reach around $150 billion by 2025. AI is expected to be a driver of digital transformation in the fintech sector. According to estimates, the global AI market in fintech will reach over $31 billion in 2027, growing at a compound annual growth rate of 28.6%.
HaiVE.Tech said it has a waitlist of clients across multiple continents, demonstrating the global demand for its services. Along with the fintech sector, the company plans to expand its reach to e-commerce companies across geographies.