In its pre-seed funding round, PLATMA, the AI Business Automation Platform that turns natural language into useful workflows and business processes, successfully raised $2.2 million at a $20 million valuation. In a major move to bring low-code or no-code solutions to this quickly expanding region, the company also announced its intentions to join the Middle East and North Africa (MENA) market.
PLATMA already supports a variety of local businesses throughout the MENA region, with a strong presence in the United Arab Emirates, which is home to its office with the fastest rate of growth. The platform works with partners like CBI Bank and other regional organizations and was named the Best AI Startup at the FutureTech World Cup in Dubai.
A group of international investors, led by the global venture fund Almaz Capital, are supporting PLATMA’s growth. Other investors and angel backers include Kazakhstan’s EA Group, Uzbekistan’s Aloqa Ventures, and several others. Azerbaijan’s CAUCASUS VC, Estonia-based Startup Wise Guys, and Kazakh venture investors Tumar Venture Fund, MOST Ventures, ACTIVAT VC, as well as angel investor Murat Abdrakhmanov, also contributed to the round. PLATMA was valued at $20 million after securing $2.2 million in the pre-seed round.
By using natural English to describe complex business processes, PLATMA allows users without programming experience to create them. The platform uses artificial intelligence and sophisticated Natural Language Processing (NLP) algorithms to convert user input into usable solutions.
“The MENA region is a strategic priority for PLATMA as businesses here increasingly seek innovative solutions for digital transformation. Our platform’s ability to convert natural language into functional business applications aligns with the region’s vision for technological advancement and economic diversification,” said Yaroslav Kologryvov, Co-Founder of PLATMA.
In October 2023, PLATMA’s Monthly Recurring Revenue (MRR) increased by more than 4,000%, and by March 2024, it had surpassed $250,000. PLATMA has thousands of applications and more than 10,000 registered users, and its clients include the UAE, Ukraine, Kazakhstan, Turkey, Azerbaijan, and Slovenia. Additionally, the business participates in accelerator programs run by prestigious companies like Nvidia, Oraseya Capital, and others.
One prominent authority on No/Low-Code technology, Christoph Daszkiewicz, is the Head of Software at Schneider Electric and a member of PLATMA’s Advisory Board. In the past, Christoph oversaw Siemens’ enterprise clients’ digital transformation strategy and led the company’s acquisition of Mendix, a pioneer in low-code platforms.
The money raised will go toward expanding PLATMA’s AI capabilities and meeting local business demands.
With PLATMA, businesses of all sizes in the MENA region can now access digital transformation by using AI-powered natural language processing to create sophisticated digital solutions without the need for coding knowledge.
