PLATMA, the AI Business Automation Platform that transforms natural language into functional workflows and business processes, has announced the successful completion of its pre-seed funding round, securing $2.2 million at a valuation of $20 million. The company also unveiled its plans to enter the Middle East and North Africa (MENA) market, marking a significant step in introducing low-/no-code solutions to this rapidly growing region.
With a strong foothold in the UAE, home to its fastest-growing office, PLATMA is already supporting a range of local businesses across the MENA region. The platform was recognised as the Best AI Startup at the FutureTech World Cup in Dubai and collaborates with partners such as CBI Bank and other regional organisations.
PLATMA’s expansion is fuelled by a consortium of international investors led by the global venture fund Almaz Capital, with participation from Kazakhstan’s EA Group, Uzbekistan’s Aloqa Ventures, and several other investors and angel backers. The round also saw support from Estonia-based Startup Wise Guys, Azerbaijan’s CAUCASUS VC, and venture investors from Kazakhstan, such as Tumar Venture Fund, MOST Ventures, ACTIVAT VC, and angel investor Murat Abdrakhmanov. The pre-seed round secured $2.2 million, valuing PLATMA at $20 million.
PLATMA enables users without programming skills to create complex business processes simply by describing them in natural English. The platform leverages advanced Natural Language Processing (NLP) algorithms and artificial intelligence to transform user inputs into ready-to-use solutions.
“The MENA region is a strategic priority for PLATMA as businesses here increasingly seek innovative solutions for digital transformation. Our platform’s ability to convert natural language into functional business applications aligns with the region’s vision for technological advancement and economic diversification,” said Yaroslav Kologryvov, Co-Founder of PLATMA.
Since October 2023, PLATMA’s Monthly Recurring Revenue (MRR) has grown over 4,000%, surpassing $250,000 by March 2024. With over 10,000 registered users and thousands of applications created, PLATMA’s clientele spans countries such as the UAE, Ukraine, Kazakhstan, Turkey, Azerbaijan, and Slovenia. The company is also a member of accelerator programs by Oraseya Capital, Nvidia, and other esteemed organisations.
PLATMA’s Advisory Board includes Christoph Daszkiewicz, Head of Software at Schneider Electric and a leading expert in No/Low-Code technology. Christoph previously led Siemens’ digital transformation strategy for enterprise clients, spearheading the acquisition of Mendix, a leader in low-code platforms.
The funds raised will be allocated to further advancing PLATMA’s AI capabilities, addressing regional business needs.
PLATMA enables companies with no coding experience to build complex digital solutions using AI-powered natural language processing, making digital transformation accessible to businesses of all sizes across the MENA region.
