Accounting software provider Osome raised $ 16 million

Osome, a Singapore-based accounting software producer who describes his business as handling “all the routine tasks” for entrepreneurs, ad he raised $ 16 million in a Series A funding round.

“The new amount of capital allows the 3-year super-app that digitizes accounting and compliance services for SMEs to grow globally and fuel its plan for more product integrations,” declared a Publish on the states of the company’s internal blog.

“Back office operations are boring, tedious but essential for businesses, especially SMEs” Victor Lysenko, co-founder and CEO of Osome, said in a prepared statement. “Remarkably, the average entrepreneur spends 68% of their time dealing with routine tasks compared to 32% strategizing and achieving their long-term goals. Osome combines artificial intelligence software with operational excellence to (enable) strategize and achieve long-term goals. . “

The company declares that it contributes to the automation of administrative, accounting, salary and tax tasks.

Osome says in its marketing materials that it has more than 6,000 customers in Singapore, Hong Kong and the UK, and that the company’s growth rate has increased due to COVID-19.

Osome said it also offers “general secretarial services” which include “(assisting) in starting a business and providing general secretarial services”. Osome said it “checks for compliance, tracks deadlines, categorizes documents and responds to questions in a chat any time of the day or week.”

According to the fundraiser announcement, investors included: Target Global, AltaIR Capital, Phystech Ventures, S16VC, Ace & Company and new angel investor Osome Peng T. Ong.

Mike Lobanov, General Partner and COO of Target Global, said in a prepared statement: “We have supported Osome from the early days and are delighted to continue our partnership into the final cycle. We are particularly pleased with the strong growth Osome has shown in the growing e-commerce segment. Online sellers need unique tools and personalized approaches to be served effectively, and Osome’s blend of technology and human expertise is the perfect fit.



About the study: The AI ​​In Focus: The Bank Technology Roadmap is a research and interview report examining how banks are using artificial intelligence and other advanced IT systems to improve credit risk management and other aspects of their operations. The Playbook is based on a survey of 100 banking executives and is part of a larger series assessing the potential of AI in finance, healthcare and others.

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