Osome uses artificial intelligence to help SMEs perform business management processes more conveniently

Singapore-based artificial intelligence (AI) platform for business management Osome today announced a US$2 million seed funding round led by Berlin-based venture capital firm Target Global.

Phystech Venturess, AD.RU funds, and several angel investors also participated in the funding round.

Osome plans to use the funding round to develop new products and expand their services into new markets, starting with Australia and Hong Kong.

Launched in January, Osome facilitates business managements for small- and medium-sized enterprises (SMEs) by utilising AI.

It uses chatbot to run tasks that include business registration, company record-keeping, accounting, filing of annual returns, corporate secretary services, and payroll management, enabling users to cut down on middlemen and perform these tasks more conveniently.

Also Read: Digitalising cashflow management and what it means for businesses

On the Osome platform, company registration for Singaporeans takes less than one hour and costs S$350 (US$255), including government fees.

Foreigners can incorporate companies for S$2,550 (US$1,860) while a corporate secretary annual package is S$300 (US$218) per year.

“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,” said Osome founder Victor Lysenko in a press statement.

Prior to founding Osome, Lysenko had co-founded mobile financial service Rocketbank, which had secured funding from Runa Capital and Life.SREDA before it was acquired by the Otkrytie, a large private bank in Russia.

He had also co-founded and led Darberry, which was later acquired by Groupon and became its Russian subsidiary.

Outside of his entrepreneurial activities, Lysenko was an Assistant Professor at his almamater Moscow Institute of Physics and Technology (MIPT); a Senior Implementation Officer at Strategy Partners, a leading Russian management consulting company; a co-founder of IST Laboratories; and a developer of web-based CRM and accounting systems.

Per November 2018, Osome said that it is being run by a team of 42 and has acquired more than 600 customers.

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