SleekFlow Secures $7M In Funding For Conversational AI Expansion In Asia And Beyond
The latest funding round highlights the rapid growth of social commerce, where businesses use platforms like Facebook, Instagram, WhatsApp, TikTok, and YouTube to market and sell products.
SleekFlow, a social commerce platform headquartered in Singapore and Hong Kong that focuses on conversational AI for customer engagement, has secured an additional $7 million in funding. This infusion of capital will be used to develop its AI technology, broaden its reach in Southeast Asia and the Middle East, and establish a presence in Europe, according to a news report by TechCrunch.
The latest funding round was led by Atinum Investment, with participation from existing investors AEF Greater Bay Area Fund and Transcend Capital Partners, alongside Moses Tsang, former general partner of Goldman Sachs Group. This follows an $8 million Series A round led by Tiger Global. SleekFlow's expansion is poised to capitalize on the shifting consumer behaviors in key markets such as Indonesia, Saudi Arabia, and the UAE.
The latest funding round highlights the rapid growth of social commerce, where businesses use platforms like Facebook, Instagram, WhatsApp, TikTok, and YouTube to market and sell products. Social commerce is outpacing traditional e-commerce, with the Asia Pacific market alone projected to exceed $894 million by 2028, reflecting a 10.6% growth from 2022.
Conversational AI plays a crucial role in this growth, allowing businesses to scale customer service efficiently while maintaining lean operations. AI-powered chat functionality offers programmatic insights and automated responses, catering to diverse customer needs. The conversational AI industry is expected to reach $49.9 billion by 2030, up from $13.2 billion in 2024.
Henson Tsai, SleekFlow’s founder and CEO, emphasizes the company's commitment to innovation, supported by the recent appointment of new CTO Gao Lei, a Silicon Valley veteran with extensive experience in AI and big data. Tsai notes that SleekFlow's expansion plans include fully automated sales and support journeys across various communication channels.
SleekFlow’s growth is evident in its financial metrics, with annual recurring revenue (ARR) increasing to $8-9 million as of June 2024 from $1-2 million in December 2022. The company's staff has expanded from 60 to 160, and its customer base has grown by over 5,000 globally.
