SGInnovate invests in Singapore AI start-up Aida Technologies

SINGAPORE - Singapore government-owned deep technology development firm SGInnovate has made an investment of undisclosed size into Singapore-based artificial intelligence (AI) start-up Aida Technologies. The announcement was made in conjunction with SGInnovate's Arise deep tech event, part of the innovfest unbound 2018 technology showcase. SGInnovate has a mandate to nurture deep-tech start-ups. SGInnovate said that its investment is centred on Aida Technologies' straight-through processing (STP) engine, which is deployed with a "major insurer" in Singapore and was built to speed up processing of its health insurance claims. Shortening processing times from "days to mere seconds", the STP engine processes thousands of claims monthly, SGInnovate said in a statement.