Osome raises US$2mil to develop new products and expand across markets
By Digital News Asia December 12, 2018
- Facilitates business managements crucial to SMEs
- Plans to to Australia and Hong Kong next
OSOME, the Singapore-based AI powered service for efficient business management, on Dec 11 announced that it has raised US$2 million in funding led by Target Global. Other investors included Phystech Ventures, AD.RU funds, and several angel investors.
Osome will use the funding to develop new products and expand their reach into new markets.
Osome was launched in January 2018 to facilitate business managements crucial to small- and medium-sized enterprises (SMEs). 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, your product – and turn the routine over to someone reliable and, preferably, invisible,” said Victor Lysenko (pic), founder of Osome, who also previously co-founded Rocketbank and Darberry (acquired by Groupon).
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,” added Lysenko.
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.
Osome usually answers all queries within 15 minutes any day and time of the week. Osome currently registers over one percent of all new Singaporean companies in a domestic market that amounts to S$2 billion.
“We know how much time and resources are spent on issues that have no direct relation to business”, said Mike Lobanov, general partner at Target Global. “Millions of projects in different countries face such problems, which is why Osome has a great opportunity to enter other international markets”.
The platform allows entrepreneurs to resolve all the issues with a touch of a button, preventing them from getting lost in the administrative routines.
Additionally, Osome is also positioned to aid existing secretary companies through streamlining and automation.
“Osome helps to solve all the principal problems that confront the micro, small and medium-sized enterprises; providing them with fast, efficient and relatively inexpensive services. This is so that entrepreneurs in Southeast Asia can focus on the things they do best, such as growing their business and increasing their contribution to their countries’ economy,” commented Olga Maslikhova, partner of the Phystech Ventures fund.
“We believe that Osome has a great potential because it’s changing the way small and medium-sized businesses approach the basic services required by all enterprises. We are happy to share our expertise and resources with such a strong team,” said Konstantin Gorshkov, partner of AD.ru.
Osome ultimately aims to provide SMEs with services ranging from easy, online access to quality administrative services, helping to modernise the industry.
Osome plans to expand beyond Singapore, naming Australia and Hong Kong to be their next markets.
On Osome, Company Registration for Singaporeans takes less than one hour and costs S$350 (including government fees). Foreigners can incorporate companies for S$2550, while a corporate secretary annual package is S$300 per year.
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