Tessaract.io, a Singapore-based cloud-native, no-code workflow automation platform, has secured US$3.3 million in a pre-Series A funding round led by Wavemaker Partners.
PE firm CMIA Capital Partners, M Venture Partners, and angel investors including Anand Swaminathan and Doug Parker also co-invested.
Tessaract intends to leverage the new funding to enter new markets. It will also extend its product portfolio to accommodate a broader range of company types and sizes in legal, accounting, consulting, finance and insurance, amongst other sectors.
Additionally, the company has appointed Colin Lee as the new Chief Operating Officer. Lee has 20 years of experience in the US tech industry.
Launched in 2018, Tessaract is a no-code B2B SaaS technology provider aiming to assist professional services firms across the region to automate repetitive operations and focus on priorities that deliver a better experience to their customers.
“As digitalisation and cloud integration become workplace norms, businesses need to streamline their workflows and optimise their resources to stay abreast of the changing landscape,” stated Cherilyn Tan, CEO and founder of Tessaract.
Tessaract’s solutions include the Tessaract.io platform and the TessaCloud document management system (DMS).
Tessaract.io platform allows end-to-end management of various workflows, including project tasks, schedules, sales leads, customer relationships, and accounting and reporting. The TessaCloud DMS, on the other hand, features enterprise search functionality, with built-in Optical Character Recognition and secure digital signing via SingPass.
Tessaract’s products are integrated with third-party cloud providers such as Amazon Web Services or Azure.
As of 2021, the platform has established partnerships with a clutch of IT managed service providers such as Singapore-based Stone Forest and government agencies, including the Inland Revenue Authority of Singapore, Accounting and Corporate Regulatory Authority, and Infocomm Media Development Authority.
Workflow Automation market is predicted to surge to US$42.3 billion by 2026, growing at a CAGR of 5.6 per cent from 2021 to 2026. This hyper-growth is attributed to the growing business process automation adoption and demands for improving productivity, efficiency, and customer experience.
Image credit: Tessaract
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