Toku Closes USD 5 Million Series A Extension and Appoints Former Singapore Minister Lim Hwee Hua as Advisory Board Chair

Investment to Drive AI-Powered Innovation, Strategic Expansion, and Governance Leadership

SINGAPORE, Nov. 21, 2024 /PRNewswire/ -- Toku, Asia-Pacific's leading provider of enterprise cloud communications and customer experience solutions, announced today the successful completion of a USD 5 million Series A Extension round led by Betatron Venture Group. The funding, which included participation from the Hong Kong Innovation and Technology Venture Fund (ITVF) and other investors, brings Toku's total funding to USD 18 million since the launch of its operations in April 2018. This latest capital infusion will fuel Toku's continued international expansion and advance its proprietary AI-powered solutions in customer engagement.

In addition to this funding milestone, Toku has established an Advisory Board to guide its strategic growth, with Mrs Lim Hwee Hua appointed as Chair. This move underscores Toku's commitment to strong governance and strategic insight as it scales its operations.

Strategic Leadership Addition: Lim Hwee Hua as Advisory Board Chair

Lim, former Singapore Minister and experienced executive in both the public and private sectors, brings unparalleled expertise in governance, finance, and strategy to Toku. Her distinguished career includes several important positions in Parliament and ministerial roles after being elected to the Parliament of Singapore in 1996. It provides her with a profound understanding of economic policy and regulatory affairs. In the private sector, Lim held leadership roles such as Managing Director at Temasek Holdings, where she led strategic restructuring and partnerships. She currently serves on several corporate boards and remains active in private equity.

"We are honoured to have Mrs Lim join us as Chair of our Advisory Board," said Thomas Laboulle, Founder and CEO of Toku. "Her leadership, depth of experience, and proven strategic vision will be invaluable as we navigate this next stage of growth. Her appointment aligns perfectly with our mission to bring high-impact solutions to the market while establishing Toku as a leader in customer experience technology."

Reflecting on her new role, Lim expressed her enthusiasm for contributing to Toku's ambitious journey. "I am extremely pleased to be able to assist Toku in making further inroads into regional markets and across different sectors. I look forward to adding my experience to help shape the business strategy and enhance the range of enterprise cloud and customer experience solutions."

Advancing AI Solutions for a Transformative Customer Experience

The recent funding will support the ongoing development of Toku's AI Chat and AI Voice Agent technologies, designed to deliver enhanced customer interactions across multiple languages and regional dialects. Toku's proprietary solutions are especially valuable in markets with rich linguistic and cultural diversity, making them ideally suited not only for Asia-Pacific but also for other regions such as South America and Europe.

"Our focus is on creating AI solutions that excel in handling complex language and voice interactions, particularly in environments where mainstream providers often fall short," said Laboulle. "With this latest investment and Mrs Lim's guidance, we are well-positioned to bring innovative and adaptable solutions to businesses globally."

Achieving Profitability and Driving Global Expansion

Toku is targeting revenue above USD 30 million for 2024 and remains on track to reach net profitability. With this latest funding, Toku is set to solidify its presence in APAC, especially through its expansion in Hong Kong, while unlocking opportunities in new regions such as South America and Europe.

By focusing on revenue growth, cost efficiency, and targeted market entry, Toku anticipates becoming cash flow positive in 2025, as it scales to meet increasing demand across these diverse markets. 

"Our investment strategy is centred on identifying and scaling-up B2B tech champions in Asia's rapidly growing markets," said Matthias Knobloch, Managing Partner and CEO of Betatron Venture Group. "Toku has demonstrated its potential to lead in customer experience technology, and we are excited to champion their innovation and expansion efforts as they establish themselves as a global player."

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About Toku

Headquartered in Singapore, Toku empowers enterprises to elevate customer experiences with innovative, cloud-based communications and engagement solutions. Leveraging its expertise in the APAC region and an expanding global reach, Toku's platform features an Integrated Contact Centre, Programmable APIs, and Generative AI capabilities, including transcription, summarisation, conversation analytics, and virtual agents. Designed to integrate seamlessly with customer data and business processes, Toku's solutions streamline interactions and drive scalable growth. Trusted by leading brands, Toku helps organisations achieve optimised outcomes and deepen customer relationships.

For more information, visit www.toku.co.

About Betatron Venture Group

Betatron Venture Group is an exit-focused venture capital fund investing in early-stage technology companies from Hong Kong and Singapore. The fund focuses on digitising Asia's largest industries: manufacturing, logistics, construction, finance, trade, and communications.

For more information, visit: www.betatron.co.

source: Toku