Osome, a Singapore-based startup providing an accounting and corporate compliance app for small and medium enterprises (SMEs), has raised US$3 million in a new funding round from XA Network and European VC firm AltaIR Capital.
As per a press statement, Osome will use the funds for product development and marketing efforts across its Singapore, Hong Kong and UK markets.
Osome leverages Artificial Intelligence and Machine Learning techniques, combined with the experience of human experts, to solve the problem of time-consuming administrative tasks, such as payroll and secretarial work. This way, it aims to disrupt the fragmented accounting and corporate services industry.
The startup claims more than 4,100 companies are using its product daily with an annual growth rate of over 200 per cent.
The recent economic crisis and global lockdown caused by COVID-19 has pushed SMEs to accelerate the adoption of digital solutions. Osome says it has been at the forefront of this movement and is participating in Singapore’s Start Digital initiative, where grants are distributed to SMEs for the adoption of digital solutions to reduce administrative workload.
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