Photo credit: www.forbes.com
Viact, a startup situated in Hong Kong focusing on enhancing workplace safety through artificial intelligence, has successfully garnered $7.3 million in a funding round that included backing from notable investors like Singtel Innov8, the venture capital arm of Singapore Telecommunications.
This Series A funding round, announced on Wednesday, was led by the Irish investment firm Venturewave Capital, with participation from Korea Investment Partners and the PolyU Entrepreneurship Investment Fund.
Gary Ng, cofounder and CEO of Viact, explained during an interview at the company’s headquarters that the newly acquired funds will primarily be utilized to advance their AI video analytics software. Furthermore, Ng indicated that the startup plans to enhance its operations in Singapore and the Middle East while also making inroads into new markets across Europe and the United States.
Prior to this round, Viact raised $2 million in a seed funding round in 2021, which included investments from the Alibaba Entrepreneurs Fund. Notably, the startup was recognized in 2022 on the Forbes Asia 100 to Watch list, highlighting its rapid growth and innovation within the industry.
Ng, a professional building engineer, partnered with childhood friend Hugo Cheuk to establish Viact in 2016. Their motivation stemmed from recognizing the significant potential to modernize the traditionally labor-intensive construction industry, particularly in the realm of safety inspections. Previously, safety checks were performed by personnel monitoring live feeds from surveillance cameras located in a control room.
The duo engineered a computer vision software capable of identifying various safety hazards, such as workers failing to wear protective gear, unauthorized entry into danger zones, and machinery collisions. In its early stages, the founders spent considerable time at construction sites setting up cameras to gather data essential for refining their software, as Ng recounted.
Launched in 2019, Viact’s software adeptly utilizes existing security cameras on construction sites to monitor potential hazards. Upon detection of a risk, the system triggers alarms on-site and sends instant mobile notifications to off-site managers. Data generated by this software is securely stored on clients’ servers or high-security public cloud platforms, ensuring that access is granted only with the clients’ approval, according to Ng.
Ng noted, “There are many specific applications tailored to the domain that larger AI firms, like Sensetime, may not be able to address effectively. Our deep understanding of the construction industry allows us to tailor our solutions more precisely.”
Over time, Viact has extended its services beyond construction to include sectors like oil and gas, mining, and manufacturing. The software now also identifies issues such as gas leaks, product defects, and employee posture challenges, while incorporating features aimed at boosting productivity, like optimizing fleet routes and monitoring environmental safety issues.
To date, Viact’s technology has been implemented across more than 300 work sites, predominantly in the construction sector, with notable clients including government agencies and major property developers in Hong Kong. In Singapore, Viact collaborates with government housing projects as well as land transport initiatives. In Saudi Arabia, the startup services industry heavyweight Aramco and the ambitious Neom megacity project. Although Ng did not disclose full financial details, he stated that the company has been profitable since 2019.
In a recent development, Viact is working in partnership with a confidential data center operator to roll out its safety software. In addition, the startup is exploring integrations with drones and robotics technologies. According to Ng, Viact’s computer vision capabilities could enable drones to inspect high-rise building facades and facilitate robotic monitoring of construction progress.
Viact is representative of the new wave of Hong Kong startups leveraging opportunities within one of the world’s densest urban markets. Other notable companies in the proptech arena include Ampd Energy, which is pioneering electric solutions to replace diesel generators on construction sites. This enterprise has also been recognized on the Forbes Asia 100 to Watch list, demonstrating the burgeoning innovation landscape in the region.
Source
www.forbes.com