Singapore-based Augmenteed, which provides an online process management platform to industrial companies to “quickly” deploy automated and optimised procedures, is in discussions to raise US$450,000 in its first external investment.
“We are currently in talks with seed-stage VC firms, angels and family offices based primarily in Southeast Asia,” Augmenteed Co-founder Patni told e27. “We are targeting seed-stage investors focusing on B2B enterprise SaaS and industrial tech.”
The capital will be raised via convertible notes.
Augmenteed expects to close this round in the next couple of months.
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Patni said that capital being raised will be deployed to hire developers in Singapore. “Our second area of the capital deployment is business development. Although this is somewhat constrained by COVID-19 as most trade shows have been cancelled or made virtual, we know a well-defined and aggressive sales pipeline will help us attain the targeted growth.”
Augmenteed was founded in 2019 by serial entrepreneurs Erwan Bodescot (Founder and CEO) and Patni (Co-founder and Chief Commercial Officer).
Bodescot is former entrepreneur at Antler and has earlier founded Pixel Patrol, an app development studio. Patni has previously co-founded Naturma and has in the past held the role of Singapore Country Manager at RISE.
Started in April 2019, Augmenteed has developed a solution that can digitise workflows and up-skill local technicians with remote assistance and Augmented Reality (AR) capabilities.
The platform is based on the proprietary Standard Operating Procedure (SOP) App Builder that allows workflow digitisation without coding.
“We help companies optimise and automate their processes, guide technicians in real-time with remote experts, and train technicians more efficiently with AR solutions,” Patni explained.
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A SaaS company, Augmenteed allows companies sign up, choose a template, select the features they need and pay on a per user per month basis. “If required, we can also bundle the hardware as often, our clients are new to the technology and require guidance in choosing the right smart device for their use case,” he said.
Augmenteed already has a paying client in Singapore. It is now looking to expand to other countries and currently are in discussions with potential clients in South Korea, Hong Kong, Japan and Germany.
Image Credit: Augmenteed
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