Parallel Loop, an enterprise AI startup incorporated in Singapore and the US, has officially launched with $6.6 million in seed funding anchored by 3one4 Capital, according to an announcement.
Other investors in the round include Picus Capital, Flourish Ventures, Economic Development Innovations Singapore, Paytm founder and CEO Vijay Shekhar Sharma, CRED founder Kunal Shah, and Philip Yeo, former chairman of Singapore’s Economic Development Board and A*STAR.
The company, founded by Prateek Jogani and Yujun Chean, seeks to help mid-market and large companies scale artificial intelligence adoption across Asia, Europe, and the Middle East.
It has teams in Singapore, Bengaluru, Bangkok, London, and Dubai and serves more than 10 clients across industries and markets, including Indian meat and seafood platform Licious; electrical equipment maker Havells; and Tokio Marine Safety Insurance in Thailand.
Parallel Loop combines an artificial intelligence software platform with engineers who work alongside client teams to integrate AI into existing systems, workflows, and business processes.
Its services cover AI strategy, software development, and the modernisation of legacy systems.
The startup said it aims to address a gap between the adoption of individual AI tools and their integration into company-wide operations, where business knowledge and processes are often spread across multiple systems and teams.
“Intelligence has become abundant. What many organisations lack is the context, systems and capability to turn this into tangible business outcomes,” Jogani said.
The founders previously co-founded Thai insurtech FairDee, which was acquired by regional insurance technology platform Qoala.
Jogani subsequently served as Qoala’s group chief technology officer, while Chean was group chief operating officer.
The funding comes as startup funding in Southeast Asia plunged in September, reversing August’s rebound, despite a slight uptick in transaction volume.
Privately-held companies in the region secured $112.13 million across 32 equity deals in September, reflecting a sharp drop in transaction size across major regional economies and startup sectors, according to proprietary data compiled by DealStreetAsia.
