SINGAPORE 10 September 2018
FriarTuck, the leading provider of AI based workforce optimization solutions, announced today the completion of its S$5 Million Series A round of financing from Philips and SEEDS Capital, the investment arm of Enterprise Singapore. The funding will fuel the company’s next stage of product development, strategic investments in deep technology, talent acquisition, and regional expansion in South East Asia.
“Today’s CEOs think about building a lean, agile and flexible workforce,” said Mr. Alan Sevugan, who is the founder and CEO of FriarTuck, “and they want solutions that can predict the future labor demand, optimize the scheduling of workforce and dynamically redeploy the workforce in real-time based on unplanned events to realize that vision.” Alan Sevugan has brought together a team of optimization engineers, data scientists and seasoned enterprise software technologists who share this mindset.
The reason that FriarTuck’s WorkforceOptimizer makes this vision a reality, Alan Sevugan explained, is that its software is designed to take advantage of AI and mathematical optimization technologies that enable much more sophisticated and intelligent support in decision-making. As a result, workforce management significantly improves employee productivity and quality of service when compared to previous-generation technologies.
In many countries, healthcare bills are rising sharply for both patients and the government. Singapore plans to spend S$10.2 billion on healthcare this year – more than double the figure in 2010 (S$3.9 billion). As its population ages, Singapore is putting greater focus on healthcare innovation, and reconsidering how it approaches healthcare management. WorkforceOptimizer’s value for healthcare lies in its ability to parse through and analyze millions of data points and possible outcomes to optimize the use of its scarce resources.
“We are proud to partner SEEDS Capital in championing startups that deliver meaningful solutions to the healthcare industry. The aging demographics is putting a strain on healthcare systems so there is a critical need to address issues, such as productivity of healthcare professionals and workflow efficiency, through innovations such as FriarTuck’s optimization platform. This approach also reflects Philips’ transformation in shifting our focus towards digital technology to transform the delivery of care across the health continuum,” said Ivy Lai, Country Manager, Philips Singapore.
SEEDS Capital has been an early-stage investor in FriarTuck, supporting its development from a research entity at the National University of Singapore (NUS) into a commercial entity. Some of its early customers included the US National Aeronautics & Space Agency (NASA) and National University Hospital (NUH). The technology for FriarTuck began its life within the NUS School of Computing and Faculty of Engineering. NUS Enterprise, the entrepreneurial arm of NUS, was one of the early partners that provided incubation support to FriarTuck, including help to license the technology and raise funds.
Enterprise Singapore, the government agency championing enterprise development, also supported FriarTuck in building stronger capabilities for its product development. It is working with FriarTuck to go beyond their core focus in healthcare and expand into other sectors such as Food and Retail.
“FriarTuck’s AI-based optimization solutions contribute to better productivity and efficiency for the healthcare industry, addressing its crunch in specialized manpower. This is in line with our mission to catalyze strategic investments into emerging sectors such as healthcare. We look forward to backing more local, innovative and deep tech startups in meeting evolving demands in the global markets,” said Geoffrey Yeo, General Manager of SEEDS Capital.
“Products on the market today are also geared towards larger organizations with deep pockets and sizable IT departments, which are simply out of reach for most companies,” Alan added. One benefit of WorkforceOptimizer is that its hosted, pay-as-you-go model makes workforce optimization significantly more affordable.
This is an important point for both cost-cutting global enterprises and for other companies that were previously underserved by workforce optimization software. “We build WorkforceOptimizer so that large and mid-sized organizations alike can enjoy the benefits of AI, mathematical optimization and workforce analytics solution that enables them to manage their workforce for optimal productivity,” said Alan.
FriarTuck serves a range of industries like healthcare, retail and public sector that share a common need for reliable and efficient workforce optimization solutions. In healthcare, FriarTuck not only optimizes workforce planning across nursing, clinicians, ancillary and allied health, but also resource planning and appointment scheduling across treatment units like operating theatres, catheterization labs, diagnostic imaging and endoscopy. FriarTuck also provides long term and home care organizations with an integrated and automated real-time scheduling solution that optimizes caregiver (nurses, doctors and therapists) resources, increases productivity and revenue while decreasing travel, administration and call center costs.
The strategic investment from Philips and SEEDS Capital helps FriarTuck maintain its position as an industry leader in innovation and continue to produce advanced workforce optimization solutions available.
FriarTuck provides WorkforceOptimizer, an AI based workforce optimization software solution, that allows enterprises to improve workforce productivity, operation efficiency and business responsiveness. Unlike existing approaches, WorkforceOptimizer employs award winning AI and mathematical optimization techniques that predicts future labor demand, process millions of complex scheduling rules to automatically generate optimized schedules and dynamically redeploy workforce in real-time based on unplanned events. WorkforceOptimizer optimizes more than 20 million assignments annually and has over 60,000 users across Healthcare, Retail, and Public Sector organizations.
For more information, please visit https://www.workforceoptimizer.com.
FriarTuck and WorkforceOptimizer is a trademark of FriarTuck Pte Ltd. All other product or company names mentioned are the property of their respective owners.
About SEEDS Capital
As the investment arm of Enterprise Singapore, SEEDS Capital catalyzes smart investments into innovative Singapore-based startups with strong intellectual content and global market potential. We co-invest with independent investors in innovative startups. We help our startups commercialize and expand globally through leveraging on the expertise and strategic networks of our co-investment partners in areas such as technology translation, commercialization and market expansion. Through co-investments, SEEDS Capital aims to catalyze investments into nascent and strategic sectors. These include Advanced Manufacturing & Engineering, Health & Biomedical Sciences, Urban Sustainability & Solutions, and Services & Digital Economy.
About Enterprise Singapore
Enterprise Singapore, formerly International Enterprise Singapore and SPRING Singapore, is the government agency championing enterprise development. We work with committed companies to build capabilities, innovate and internationalize.
We also support the growth of Singapore as a hub for global trading and startups. As the national standards and accreditation body, we continue to build trust in Singapore’s products and services through quality and standards.
Visit www.enterprisesg.gov.sg for more information.
About Royal Philips
Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people’s health and enabling better outcomes across the health continuum from healthy living and prevention, to diagnosis, treatment and home care. Philips leverages advanced technology and deep clinical and consumer insights to deliver integrated solutions. Headquartered in the Netherlands, the company is a leader in diagnostic imaging, image-guided therapy, patient monitoring and health informatics, as well as in consumer health and home care. Philips’ health technology portfolio generated 2017 sales of EUR 17.8 billion and employs approximately 74,000 employees with sales and services in more than 100 countries. News about Philips can be found at www.philips.com/newscenter.
© Copyright 2018 FriarTuck Pte Ltd. All rights reserved.
FriarTuck Pte Ltd