PLATMA expands into MENA with $2.2M pre-seed funding
Deal News | Dec 09, 2024 | Zawya
PLATMA, an AI Business Automation Platform, has successfully completed a $2.2 million pre-seed funding round at a $20 million valuation. The funding round was led by Almaz Capital, with contributions from a diverse array of international investors, including those from Kazakhstan, Uzbekistan, Azerbaijan, and Estonia. Following this financing, PLATMA plans to expand its operations into the Middle East and North Africa (MENA) region, aiming to introduce its low/no-code AI automation solutions to local businesses. The platform facilitates software development and business process automation for non-technical users using advanced Natural Language Processing (NLP). PLATMA's commitment to growing its footprint in the MENA region aligns with the area's push towards technological innovation and economic diversification. By March 2024, the company boasts over 10,000 registered users and has achieved significant revenue growth, with Monthly Recurring Revenue (MRR) exceeding $250,000. PLATMA's efforts include collaborations with local banks, participation in global accelerator programs, and leverage of expert advisory from professionals like Christoph Daszkiewicz. The newly raised funds will advance PLATMA's AI capabilities and address regional business needs without the necessity for programming skills.
Sectors
- Artificial Intelligence
- Financial Technology
- Business Automation
Geography
- Middle East and North Africa (MENA) – PLATMA is targeting expansion into the MENA region as a strategic priority for its AI-driven business automation platform.
- United Arab Emirates – PLATMA has a strong presence in the UAE, which is home to its fastest-growing office and part of its expansion into the MENA market.
Industry
- Artificial Intelligence – PLATMA's main product offering is centered around AI-driven natural language processing to automate business workflows.
- Financial Technology – PLATMA's platform supports financial institutions, enabling them to create business processes and automation solutions.
- Business Automation – The core functionality of PLATMA revolves around automating business processes and creating software applications without requiring coding skills.
Financials
- $2.2 million – Pre-seed funding amount raised by PLATMA.
- $20 million – Valuation of PLATMA following the pre-seed funding round.
- $250,000 – Monthly Recurring Revenue (MRR) as of March 2024.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| PLATMA | Target Company | Company | An AI Business Automation Platform focused on transforming natural language into business processes. |
| Almaz Capital | Lead Investor | Company | A global venture fund leading the pre-seed funding round for PLATMA. |
| EA Group | Investor | Company | A Kazakhstan-based group participating in PLATMA's funding round. |
| Aloqa Ventures | Investor | Company | A venture capital firm from Uzbekistan involved in PLATMA's funding. |
| Startup Wise Guys | Investor | Company | An Estonia-based investor supporting PLATMA. |
| CAUCASUS VC | Investor | Company | An Azerbaijan-based venture capital firm in PLATMA's funding round. |
| Tumar Venture Fund | Investor | Company | A Kazakhstan venture fund participating in the funding round. |
| Oraseya Capital | Accelerator Partner | Company | One of the accelerator programs in which PLATMA participates. |
| Nvidia | Accelerator Partner | Company | A technology company offering accelerator programs involving PLATMA. |
| CBI Bank | Partner | Company | A regional partner collaborating with PLATMA. |
| Yaroslav Kologryvov | Co-Founder | Person | Co-Founder of PLATMA, involved in strategic decisions on expansion. |
| Christoph Daszkiewicz | Advisory Board Member | Person | Head of Software at Schneider Electric, providing expertise in No/Low-Code technology. |