OSOME, a startup that provides online accounting services for small and medium enterprises (SMEs), has raised US$3 million from angel network XA Network and European venture capital firm AltaIR Capital. The funding is an extension of Osome's 2019 seed round.
Launched in January 2018, Osome uses artificial intelligence and machine learning techniques combined with the experience of human experts to cut down the time spent on administrative tasks. Its range of services include company incorporation, payroll and corporate secretarial work.
The startup said more than 4,100 companies across the UK, Singapore and Hong Kong - especially SMEs in e-commerce - use Osome on a daily basis.
The fresh funds will be used to further invest in engineering, product development and marketing across the markets that it is present in.
Osome's new investor AltaIR Capital manages over US$300 million across its three funds. Its other investor XA Network comprises senior executives from leading technology companies investing across South-east Asia.
The startup's previous backers include Target Global, an investor in Rapyd and Delivery Hero.
"Osome taps into a large and fragmented market opportunity and plays in an industry which is ripe for disruption," said Gilberto Gaeta, an XA Network member and the director for South-east Asia at Google Customer Solutions. "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."