A Software-as-a-Service (SaaS) startup focused on data compression services, Kecilin, announced its latest achievement by obtaining new capital injection in a Pre-Series A funding round worth US$4 million, or equal to Rp60 billion, led by Mandiri Capital Indonesia (MCI).
Multiple new investors also involve in this funding round, namely Provident Growth and BNI Ventures. On the other hand, Kecilin’s existing investors, including Arkana, also back the investment round. The company plans to utilize its fresh injection to stretch new business initiatives and elevate its products.
As delivered by the CEO of Kecilin, Christopher Farrel, this SaaS startup will continue to innovate in advancing its products, expecting to yield a more significant value added in serving the market, including Indonesia and other countries, in the three coming years. Furthermore, in 2023, Christopher claimed the company aims to enhance new customers by expanding new business verticals.
Established in 2018, Kecilin has developed an algorithm of up to 99% to minimize data compression, including video, document, and text, while maintaining the data quality and format. From the technology, this SaaS-based startup has flourished several products, covering CCTV Compression to reduce the video size of the CCTV and On-Premise Compression to extenuate data size in the server directly. The product offered has allowed MSMEs and giant companies to reduce expenses and expedite the data storage and transfer processes.
Realizing the rapid evolution of the digital economy, the Chief Investment Officer of Mandiri Capital Indonesia, Dennis Pratistha, admitted that the digital economy is forecasted to affect the enhancement of the data saved and transferred by the companies. He also observed the matters would unlock the potential of the SaaS industry to showcase its capabilities to simplify the current issues.
For this reason, the MCI party believes the startup could become a market leader in a fast-growing industry in the archipelago and able to support small businesses to reduce bandwidth expenses. By pouring the fund into the Kecilin startup, Dennis looks forward to strengthening a sustainable national digital ecosystem.
As additional information, Kecilin is one of the startups that took part in MCI Xponent Batch 2 on March 16th, 2023, and signed a Memorandum of Understanding (MoU) with Bank Mandiri’s IT Application Development Group. Regarding the scope of this cooperation, Bank Mandiri digital banking will use products and services from the Kecilin startup to support its banking activities.