Osome, a Regtech and accounting app, has raised $3 million in funding from XA Network and AltaIR Capital.
Osome uses artificial intelligence (AI) and machine learning (ML) tech combined with human experts to help SMEs with administrative tasks soak up enormous amounts of work hours. The company provides online accounting services for SMEs especially those in E-commerce, with a range of services like incorporation, payroll and corporate secretarial work.
The company reports that more than 4100 companies across the UK, Singapore, and Hong Kong already use Osome on a daily basis.
AltaIR Capital is a European VC firm with over $300 million across its three funds. XA Network is an investment network comprising senior executives from technology companies investing across Southeast Asia.
Igor Ryabenkiy, Managing Partner of AltaIR Capital, explained they decided to invest in Osome as the service is vital for many new enterprises and has huge growth potential.
“Osome taps into a large and fragmented market opportunity and plays in an industry which is ripe for disruption. The company’s business model drives a step-change in both efficiency and customer satisfaction through automation, leading to a high potential for growth and profitability,” said Gilberto Gaeta, XA Network’s member and Director, Southeast Asia, Google Customer Solutions.
Victor Lysenko, founder and CEO of Osome, said they were happy that investors have backed the future they are pursuing.
Osome notes that the ongoing COVID-19 health crisis has accelerated digital transformation for SMEs. Osome says it has been at the forefront of this movement and is participating in Singapore’s Start Digital initiative alongside OCBC Bank – which is the second largest financial services group in Southeast Asia by assets.
“We are pleased that Osome has closed this new round of funding; this injection of funding will lend impetus to the company’s growth. This will increasingly help Osome to continue to innovate the automation process for corporate services, thus increasing the efficiency of how SMEs operate in today’s post-Covid norms,” said Edwin Low, Director of Innovation & Tech Ecosystem, Infocomm Media Development Authority of Singapore.