To expand workflow automation solutions in new markets, Tessaract.io raised US $3.3 M
Wavemaker Partners led a pre-Series A investment round for Tessaract.io, a Singapore-based cloud-native, no-code workflow automation platform.
CMIA Capital Partners, M Venture Partners, and Anand Swaminathan, and Doug Parker, among others, co-invested.
Tessaract plans to use the additional funds to expand its business into other areas. It will also expand its product offering to fit a larger range of business kinds and sizes in industries such as legal, accounting, consulting, finance, and insurance.
Colin Lee has been named Chief Operating Officer of the firm. Lee has worked in the IT business in the United States for the past two decades.
Tessaract, a no-code B2B SaaS technology company, was founded in 2018 with the goal of assisting professional services companies across the area in automating repetitive activities and focusing on objectives that give a better client experience.
“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.
The Tessaract.io platform and the TessaCloud document management system are two of Tessaract’s products (DMS).
The Tessaract.io platform enables end-to-end workflow management, encompassing project tasks, timetables, and sales leads, customer connections, accounting, and reporting. The TessaCloud DMS, on the other hand, has corporate search capabilities, as well as built-in OCR and a secure digital signature with SingPass.
Tessaract’s solutions work with third-party cloud providers like Amazon Web Services and Microsoft Azure.
As of 2021, the platform has partnered with a number of IT managed service providers, including Singapore-based Stone Forest, as well as government organizations such as the Inland Revenue Authority of Singapore, Accounting and Corporate Regulatory Authority, and Infocomm Media Development Authority.
The Workflow Automation market is expected to expand at a CAGR of 5.6 percent from 2021 to 2026, reaching $42.3 billion. The usage of business process automation is increasing, as are demands for improved productivity, efficiency, and customer experience.
