Transparently.AI, a Singapore-based developer of AI software for detecting accounting fraud, has secured an investment.
SaaS Investors
The investment from Franklin Templeton was part of its admission to the asset manager’s FinTech Incubator program. The investment is part of a $3 million pre-series A funding round, valuing Transparently.AI at US$20 million.
Franklin Templeton Group is a global investment manager. It offers comprehensive investment and advisory services to individual investors, corporations, and financial institutions. The firm seeks to consistently provide investors with exceptional risk-adjusted returns over the long term, as well as reliable, accurate, and personal service.
About Transparently.AI
Founded in 2021, Transparently.AI specializes in AI-based systems for automated detection of accounting manipulation and fraud in companies, contributing to enhanced financial crime risk management. Transparently.AI’s software is trained via machine learning to detect accounting red flags in corporate balance sheets. It produces a 0-100 risk score which measures the likelihood and extent to which a company is manipulating its accounts. Asset managers, banks, auditors, exchanges, and others can use the product as a due diligence tool to help filter for suspicious accounting, fraud in the accounts, and weak corporate governance.
Funding Details
Company: Transparently Pte Ltd.
Raised: $3.0M
Round: Pre-Series A
Funding Month: February 2024
Lead Investors: Franklin Templeton
Additional Investors:
Company Website: https://www.transparently.ai/
Software Category: Accounting Fraud and Manipulation Detection
Source: https://www.transparently.ai/blog/transparently.ai-franklin-templeton-investment