Toku, a Singapore-based provider of enterprise cloud communications and customer experience solutions, announced Thursday the successful completion of a $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 $18 million since the launch of its operations in April 2018, Toku said in a statement.

According to the statement, this latest capital infusion will fuel Toku’s continued international expansion and advance its proprietary artificial intelligence (AI)-powered solutions in customer engagement.

The recent funding will also 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.

Toku is also targeting revenue above $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, the firm anticipates becoming cash flow positive in 2025, as it scales to meet increasing demand across these diverse markets.

In addition to this funding milestone, Toku has established an Advisory Board to guide its strategic growth, with Lim Hwee Hua appointed as its Chair.

This move underscores Toku’s commitment to strong governance and strategic insight as it scales its operations.

“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,

“With this latest investment and Lim’s guidance, we are well-positioned to bring innovative and adaptable solutions to businesses globally,” said Thomas Laboulle, Founder and Chief Executive Officer of Toku.

According to the statement, 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.

“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,” Laboulle added.

Toku is a firm empowers enterprises to elevate customer experiences with innovative, cloud-based communications and engagement solutions.

Leveraging its expertise in the Asia Pacific (APAC) region and an expanding global reach, its platform features an Integrated Contact Centre, Programmable APIs, and Generative AI capabilities, including transcription, summarization, conversation analytics, and virtual agents.

“Our investment strategy is centered on identifying and scaling-up business to business (B2B) tech champions in Asia’s rapidly growing markets,

“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,” said Matthias Knobloch, Managing Partner and CEO of 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 digitizing Asia’s largest industries: manufacturing, logistics, construction, finance, trade, and communications.

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