Singapore-based AI startup Taiger announced yesterday (April 4) that it would liquidate its holdings in Singapore due to insolvency.
Taiger has seen its liabilities exceed its assets by about S$3 million, and appointed Alvarez & Marsal as provisional liquidators. A creditors’ meeting is proposed to be held on April 29.
Additionally, over 80 of its employees in Singapore have also been terminated, though Taiger has said that it is offering assistance for staff to find new roles.
Founded in 2009, Taiger specialises in information access and knowledge extraction to provide companies with higher productivity and cost savings.
Since inception, the company has raised several rounds of funding, including a US$25 million Series B round in mid-2019 that saw its valuation hitting US$110 million.
Investors in Taiger include SGInnovate, a Singapore-owned venture capital organisation that invests in deep tech startups, as well as Tembusu ICT funds, a boutique private equity firm in Singapore that supports high growth ventures in Asia.
As of now, Taiger still has operations in Mexico and Madrid, and will focus on expansion in Europe and Latin America. Chief operating officer Stephen Watts stated that the closure is part of an ongoing restructuring effort.
Featured Image Credit: Taiger