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Enterprise software start-up Advotics raises US$2.75 million
The software developer is looking to expand its business in the SME sector to exploit Indonesia's burdgeoning enterprise software sector, which it puts at US$3 billion in market size by value.
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A handout photo from Advotics dated March 12, 2020 shows the software company's (from left) cofounder and CEO Boris Sanjaya, head of growth Venny Septiani, cofounder and CTO Hendi Chandi, and cofounder and CPO Jeffry Tani, as well as Danone online channel & business development manager Ardhi Hiang Sawak (right). (Courtesy of Advotics) (Advotics /-)
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akarta-based Advotics, which develops supply chain management software, announced on Tuesday that it had raised US$2.75 million in new funding led by Indonesia’s East Ventures.
The software company said it planned to use the funds to implement an integrated online-to-offline (O2O) system and grow its sales team to expand its footprint in the small and medium enterprise (SME) market.
“Advotics is also able to solve deep-rooted supply chain problems that most companies have in warehouse operations, delivery efficiency and dispatch sales team [using] advanced technology,” Advotics cofounder and CPO Jeffry Tani said in a statement on Tuesday.
The company aims to help big businesses and SMEs digitalize supply chain management, especially at a time when their field sales representatives cannot freely pursue sales leads under COVID-19 restrictions.
According to Statistics Indonesia (BPS), more than 5 million small, medium and big manufacturing companies depend on a supply chain network comprising around 15 million small and medium distributors and 288,000 large distributors. Each company works with 30 to 200 distributors, field agents and hundreds of thousands of retailers to plan the most optimal route to market in Indonesia.
The World Bank estimates that the complex and multilayered supply chain cost Indonesian manufacturers 25 percent of their sales revenue.
Founded in 2016, Advotics currently has nine SaaS (software as a service) products that provide supply chain management solutions across production, warehousing and distribution. Advotics helps companies use QR codes on their packaging to track inventory, routing and collection.
