JoJonomic Reach Singapore After Grabbing $1.5m Series A Funding For Expense Management Software

Jojonomic

JoJonomic is an Indonesian startup that got their breakthrough when participating in Google’s launch pad accelerator in January 2016. One of just eight Indonesian companies selected, their expense management software stood out.

Originally designed to help everyday people keep track of the day-to-day expenses by using a smartphone app to digitize receipts, tickets and more, offsetting income against expenses, they have now added business functionality that will allow the app to function effectively as software-as-a-service for businesses.

Streamlining Company Expense Management

The app is designed to streamline the process of reimbursing staff for their expenses. Individuals digitize their receipts and tickets as they normally would through the app, then send a request to the relevant department. Someone at the department then receives a notification, reviews the claim and either approves or refuses the request.

Because everything happens inside one app, it means less can be lost or miscommunicated across multiple emails, software, accounting processes and so on.

Business To Business

The company will continue offering its consumer based expense management system, which can track expenditure and income on behalf of users.

Where they’ll make their money is through their business to business offer, which will help small businesses manage expense claims as effectively and quickly as possible. The business to business application is currently aimed at small businesses, but scalability and enterprise features are reportedly in the pipeline to make the app more attractive to businesses of all sizes.

Customers

The company’s customers are currently all in Indonesia, and many of them are start-ups. What they lack in prestige clients they more than make up for in volume: more than forty companies now use the app as their standard expense management system, showing what they have built has proven itself in the open market. Of these, Go-Jek, Lazada, and Kudo are the ones you’ve probably heard of.

Market Penetration

While they’re heavily invested in Indonesia right now, the opening of a new office in Singapore is making increasingly likely that the company will be looking to larger international markets for users sooner rather than later. This successful investment is also designed to be used for expansion, making now the time to get on board.

Series A Investors

This funding round was led by Maloekoe Ventures, and has attracted investment from Golden Gate Ventures, Fenox Venture Capital, and East Venture among others. This is likely because, with language support, the basic architecture of software as a service can very easily be adapted for multinational use, meaning the sky is the limit for the product if successful.

Maloekoe Ventures have gone on record saying the product has impressed them, and has their faith moving forward. Themselves a fledgling investment fund, they are sure to have wanted a sure thing to back in their first big play, and that should give people cause for confidence.

ViSenze Finds $10.5m On The Table To Help People Shop Direct From Their Environment

Visenze

ViSenze is a Singapore based start-up looking to change the way we use computer vision. That doesn’t mean Terminator style augmented reality, but rather using your smartphone to change the way you shop.

Their series A funding round raised them a healthy 3.5 Million USD to play with, and the results have been remarkable. Now they’ve bagged an additional $10.5 million, led by Rakuten Ventures, venture capital firm Enspire Capital, and perhaps most excitingly WI Harper Group, which focuses on US-China cross-border investment.

Visual Search Becomes A Reality

Their core product is a visual search and image recognition software that combines computer vision, machine learning, and artificial intelligence to finally create a usable image based search function – something Google tired years ago and failed pretty miserably at.

People can use their smartphone to take a picture and find products that match it online.

Retail

The app has immediately offered a new and novel approach to retailers, allowing people to take a picture of an item in a magazine, or even just worn by someone in the street, to enable matching and recommendations of products that are available for sale.

Consumer Facing, Business Focused

They have gone on record as saying their focus is business-to-business. They’re not developing an independent, consumer focused app as yet, instead seeing their product as added value for existing retailers and advertisers. But never say never. They are already using huge volumes of user data to optimize their product – who knows what new opportunities they’re identifying in the process.

Momentum

The company’s RnD department has 30 people already, but the funding will enable them to boost this number to 50. The business end also sounds positive, with a 300% year on year growth reported so far, with CEO Oliver Tan reporting a 20% increase month on month right now.

Motion Picture Search

The company’s most exciting project is integrating their tools into motion picture search. With 25 images a second or more in the typical streaming video, there are some sampling and processing challenges to be overcome, but the potential upside is gargantuan.

The internet is leaning more heavily into video every day, and augmented, unobstrusive, opt-in advertising could be a huge winner for premium streaming services and free sites like YouTube and Vimeo.

Market Penetration

The company currently has their sights set on China. This might seem crazy to some, but certainly not to one of their lead investors, who specialize in getting companies into the Chinese and US markets.

Customers and Competition

There are some big names, some small names, and some local names in the game so far. Heavyweights Rakuten are the lead investors as well as the first customers, while Lazada, Asos in the UK and Myntra in India are all on board already. Indian e-commerce store Flipkart is also in the game.

They have heavyweights like Cortexica and Superfish to contend with, both of which appear to have more funding. But the connections and strategy for the Singapore company mean they’re more globally focused than anyone else right now.