The AI-powered company has raised RM8.4m in funding led by Berlin-based international VC firm Target Global
By HABHAJAN SINGH
“Hi, OSOME here. We manage your incorporation, secretary and accounting in Singapore online. Tell me what you need so I can get you to the point?
“We answer 24/7, usually within 15 minutes, and offer reasonable prices. Our specialists focus on your core problems, while robots do routine stuff.”
This is how Osome Pte Ltd, a Singapore-based company, greets its customers on its website.
The company has big plans to capture the market for new company registration in Singapore. At this juncture, it claims that it currently registers over 1% of all new Singaporean companies in a domestic market that amounts to S$2 billion (RM6.1 billion).
The company, which deploys artificial intelligence (AI) to improve business management, announced last week that it has raised US$2 million (RM8.36 million) in funding led by Berlin-based international venture capital (VC) firm Target Global.
Other investors included Phystech Ventures, AD.RU and several angel investors. Osome will use the funding to develop new products and expand their reach into new markets, the company said in a statement.
Osome was launched in January 2018 to facilitate business management crucial to small and medium- sized enterprises. Its suite of services includes within-the-hour business registration, company record-keeping, accounting, filing of annual returns, corporate secretary services and payroll management.
“As an entrepreneur, I know that when you launch your business, you want to focus on the most important things — your clients, your team and your products — and turn the routine over to someone reliable and, preferably, invisible”, said Osome founder Victor Lysenko (picture) in the statement.
The company skips the middleman by leveraging on AI technology, bringing these services directly to its clients.
“By delegating these routine tasks to robots, we are able to ensure greater quality of work, and in most cases, this turns out to be even more cost-effective for our customers,” he said.
The company’s new capital will be used for product development and expansion to new markets.
Automation tools and AI make Osome extremely efficient in terms of response time, accuracy and cost, the company said in the statement.
In essence, the company is a corporate management solutions platform that automates routine processes of running a business. These services include business registration, corporate accounting and payroll management.
At the heart of Osome’s technology is a proprietary chatbot that responds to its customers’ requests and aids them in the many crucial, but time-consuming tasks involved in enterprise management.
Osome promises that its platform allows entrepreneurs to resolve issues with a touch of a button, preventing them from getting lost in administrative routines.
Additionally, Osome is also positioned to aid existing secretary companies through streamlining and automation.
Osome plans to expand beyond Singapore, naming Australia and Hong Kong to be their next markets.