Malaysian startup, Wise AI raises 8-figure Series A from MTDC, VT-SBI and Sunway Group

• Targets to create digital IDs for the 680 million Southeast Asian market
• Ranked by US-based NIST in top 25 globally for facial recognition matching speed

[Ed: Caption has been updated for accuracy.]

Wise AI, a Malaysian startup specialising in eKYC and Digital Identity solutions, said it has raised an eight-figure Series A funding, without disclosing the amount. The funding round was led by Malaysia Technology Development Corporation (MTDC), VentureTech SBI Sdn Bhd (VT-SBI) and Sunway Group’s Sunway iLabs Ventures. Launched in Sept 2018, Wise AI expects the partnership to further its mission to create digital identities for the 680 million people in Southeast Asia.

Sunway iLabs Ventures is a repeat investor, having invested in an earlier round along with PH Capital from Hong Kong.

MTDC said "With this strategic investment from MTDC, we are excited to support Wise AI in launching cutting-edge e-KYC (Know Your Customer) solutions across new markets, both locally and internationally. AI technology is transforming industries globally, and Wise AI stands at the forefront of this revolution with its innovative digital identity services. This partnership underscores our dedication to driving technology development and positioning Malaysia as a leader in AI innovation."

Mohd Jerry Tan, Principal of VT-SBI said “We believe that the technology or application of AI is still in its infancy in Southeast Asia, thus, promises a hopeful prospect for significant market growth. The real-world experience its AI technology is bringing provided more sense for VT-SBI to invest in the founder’s inspirational vision.”

Raymond Hor, Director of Sunway iLabs Ventures said, “Since its inception, Wise AI has positioned Malaysia at the forefront of the international AI scene. Our commitment towards proprietary AI technologies and intellectual properties was awarded by becoming the first and only Malaysian company to be certified by the National Institute of Standards and Technology (NIST) of the United States and ISO30107 for its superior deep-tech capabilities and prevention against malicious identity deepfakes. According to NIST, it ranks in the top 25 globally for its facial recognition matching speed.”

With the support of experienced partners, David Lim, founder and CEO of WISE AI is confident that the funding will elevate Wise AI to new heights. “Every transaction begins with identity, and the heart of the digital economy revolves around one thing – your customer’s identity. As this sector ramps up, there has yet to be a dominant player in Southeast Asia. We envision becoming this region's leading eKYC and digital identity provider. We intend to localise our offerings by working with partners in each country to fulfil their needs further,” he said. Wise AI is working with partners and resellers from Thailand, Indonesia, Philippines, Vietnam, and Brunei. It will now further strengthen its presence in these countries.

Wise began expanding its R&D capabilities from 2020, going into Generative AI, Machine Learning, and Large Language Models (LLM) to enhance its solutions and services.

Its proprietary AI technologies verify the authenticity of government-issued IDs, compare them against their facial biometrics, and detect deepfakes. This technology provides the market, from government to the private sector, with the confidence they need to onboard customers remotely and securely.

The Malaysian government chose Wise AI as the national success case for Malaysia’s AI Governance and Ethics framework. In this case, Wise AI demonstrated the alignment of its eKYC solution with seven principles of AI Ethics, including fairness, accountability, inclusiveness, robustness, privacy, happiness, and transparency. For example, under the transparency principle, Wise AI ensures evidence is provided when an AI solution is claimed to be proprietary and not using third-party AI technologies. This is to protect users from misrepresentation by sellers.