Singaporean AI business services startup bags $16m in series A money

Singapore-based Osome, a startup that provides AI-backed business services, has raised US$16 million in its series A round to expand its global footprint.

Victor Lysenko, founder and CEO of Osome / Photo credit: Osome

Investors in the round include Target Global, AltaIR Capital, Phystech Ventures, S16VC, and Monk’s Hill Ventures co-founder and managing partner Peng Ong, who joined as an angel investor.

The company said it plans to dive deeper into the ecommerce industry in the next 18 months and will launch more specific products and apps soon. These would include integrations with ecommerce platforms and services aimed at improving the ecommerce admin experience, Osome’s co-founder and CEO Victor Lysenko tells Tech in Asia.

“Automation allows us to handle large volumes of transactions at affordable rates, while our custom integrations with marketplaces make transactional data transfer smoother and more affordable,” the executive said. “We are also looking to integrate with complimentary services to provide a fuller suite of offerings to ecommerce owners right inside Osome’s platform.”

In addition, Lysenko said that the company’s looking into expanding into more English-speaking markets as well as those with high labor costs, with Australia and the US currently on its radar.

Established in 2017, Osome offers online accounting services for small and medium enterprises and helps entrepreneurs set up their businesses. It also provides corporate secretary services to help clients check compliance, track deadlines, and file necessary documents.

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According to a statement, the company has seen increasing demands for its services over the past year as clients turned to automation amid the Covid-19 pandemic. Osome said this led to a 100% year-on-year revenue bump and also boosted its customer base to over 6,000 business across Singapore, Hong Kong, and the UK.