Riyadh - Sharikat Mubasher: ViAct, a Hong Kong-based artificial intelligence (AI) company, successfully closed a $7.3 million series A round led by private equity firm Venturewave Capital, with participation from Singtel Innov8, Korea Investment Partners, and PolyU Entrepreneurship Investment Fund.
In a statement, the company unveiled that the investment will fuel its plans to expand globally by strengthening its presence in the Middle East, notably Saudi Arabia.
ViAct will utilize the investment to advance AI capabilities by developing more sophisticated models for hazard prediction, environmental compliance, and workforce safety across heavy industries. It also aims to expand its team by attracting top talent in AI, engineering, and sustainability.
Gary Ng, Co-founder and Chief Executive Officer of viAct, stated that the funding not only represents a financial milestone but also acts as a catalyst for change.
“Our goal is to redefine industry standards, positioning viAct at the forefront of this transformation. With our cutting-edge AI solutions, we aim to empower every stakeholder to achieve unprecedented levels of efficiency and responsibility,” Ng said.
Meanwhile, Hugo Cheuk, Co-founder and Chief Operating Officer of viAct, affirmed the company’s commitment to leveraging AI for smarter safety practices. “This investment allows us to enhance our technology and further our mission of creating a safer, more sustainable work environment,” he added.
ViAct is an impact AI company focused on improving safety and efficiency in high-risk industries like construction, oil and gas, manufacturing, and mining. Its AI-powered ecosystem continuously detects risks, ensures compliance, and enhances efficiency across construction projects and other critical industries.
