Thailand-based data entry services platform ZTRUS, which plans to raise Series A funding this year, aims to further expand in its home country and explore regional expansion after broke even last year, its chief executive said.
“Our result is at par in 2021. We hope to double the [revenue] figure in 2022 as we launch new software-as-a-service (SaaS) products and grow with partners,” said Panachit Kittipanya-ngam, who is also a co-founder of ZTRUS. Global TechNode in an interview. “We hope to expand into Thailand within two years and will explore some customers in Southeast Asia.”
According to him, the company has already had some success in delivering projects in 2021 for government sectors, global insurance companies, large trading companies and major accounting firms.
“In 2022, we are launching SaaS products focused on invoice-like documents and government documents for government sectors, insurance, accounting firms and commercial activities,” he added.
“We could scale those workflows with our technology in Thailand and Southeast Asia. The challenges are the speed of customizing client workflows and the speed of learning cognitive logics from foreign documents,” he explained.
ZTRUS (Accomate co., ltd) provides automatic data capture services with Optical Character Recognition (OCR) and AI-based cognitive models designed for various types of documents. In April 2020, NVEST Venture, which manages the PE fund of the Government Saving Bank (GSB) and the Stock Exchange of Thailand (SET), invested in the seed stage of ZTRUS.
Panachik said that ZTRUS is about to raise its Series A funding round. “We opened a convertible round for Series A. We are now raising $1.67 million,” he said, adding that the startup was looking at a post-money valuation of $10 million.
“We are in talks and are looking for a lead investor. [We] also spoke to some foreign VCs, but all committed investors are now local,” he said, adding that existing investor NVEST may follow.
ZTRUS plans to use the funds raised to improve its services and evolve its services.
“We are developing our system to manage more complex documents for logistics documents and laboratory test results for certificates of analysis. We plan to make our technology “out-of-the-box” such as faster learning and personalization with a small data set,” he added.
In the interview, Panachik also shared his perspective on the startup and VC ecosystem in Thailand. He also gave suggestions on how to improve the ecosystem.
Below is the edited excerpt from the interview:
We would like to know more about ZTRUS’ plans for 2022. Are there any plans to expand into other markets? which markets and why? Do you want to launch new products?
We have some success in delivering projects in 2021 for government sectors, global insurance companies, large commercial companies and major accounting firms. In 2022, we are launching SaaS products focused on invoice-like documents and government documents for government sectors, insurance, accounting firms and commercial activities.
ZTRUS is not limited to the billing and accounting industries alone, but works with partners to extend use cases to various industries such as retail, e-commerce, insurance, banking, finance, education, government and legal documents. How is the response so far? Are there priority industries for ZTRUS?
Partners and customers are satisfied with our solutions. Our partners specialize in document workflows in document management system (DMS) and enterprise resource planning (ERP). So far, we’ve saved over 50% on labor costs and doubled the speed of their workflows.
Want to know what stage ZTRUS is at? How soon would you need to raise funds?
We are raising Series A this year.
We have noticed that the business is already generating revenue. Could you share some numbers? A revenue growth target for this year? longer term goals?
Our profit/loss is at par [breakeven] in 2021. We hope to double the [revenue] figure in 2022 as we launch new SaaS products and grow with partners. We hope to expand into Thailand within two years and will explore some customers in Southeast Asia.
What opportunities and challenges does ZTRUS see?
We saw opportunities because we could scale them [companies’ documentation] workflow with our technology in Thailand and Southeast Asia. The challenges are the speed of customizing customer workflows and the speed of learning cognitive logics from foreign documents.
How is the overall startup and VC ecosystem in Thailand? What more could be done to improve the ecosystem?
Over the past two years, many mature startups have been acquired and invested in Series B and Series C. It’s a good sign for the ecosystem, but we lack newcomers in the early stages and we lack related people. to technology such as developers, project managers and tech-business developers. We need to find a way to improve our country and expand the founders networks to international networks.
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