Conicle, an edtech startup that provides companies with solutions to improve employee skills, has raised $900,000 in a Pre-series A funding round.
The Bangkok-based learning management platform secured the funds from 500 TukTuks, Stormbreaker Venture, HR solutions provider Humanica, and Thailand-focused microfund of Silicon Valley’s 500 Startups.
Founded in 2014, Conicle has built the revolutionized enterprise-class HRD and communication solutions to empower organizations and people to develop and transform even faster, easier, and better in the age of digital transformation. It provides the all-in-one learning and development solutions and ready-to-learn courses from the industry experts to empower organizations, learners, and instructors to teach, learn, and develop from anywhere through its cloud-based learning management system platform.
Conicle believes that digital technology can break the boundaries of learning. Thus, since its inception, the company has revolutionized the way people learn, teach and develop in the age of digital transformation. The platform claims to have over 500,000 registered users from more than 30 leading organizations in Thailand and South East Asia, including AIA, PTT Group, Makro, and Honda.
Speaking about the platform, the startup said in a statement, “Conicle is a learning management system (LMS) which acts as an executive assistant and HR in developing the internal workforce under the concept of modernized learning.”
The company plans to use the fresh funds to expand its presence in the international market and further develop a comprehensive solution for corporate clients to improve their employee’s skills, drive digital transformation and respond to future work trends.
According to Conicle, the learning management system market’s value in Thailand is 1 billion baht ($30 million), and corporate training market over 10 billion baht ($300 million). The company said both markets are expected to continue to grow as a result of digital disruption and the current crisis that is pushing organizations to online learning.
Highlighting the company’s future plans, Poon Nakorn, Founder and CEO of Conicle, said within next three to five years Conicle will move from just being a learning platform to becoming a people development ecosystem. In terms of growth, he said the company is aiming to become a regional tech company that helps organizations in the Southeast Asia region.
According to Janatanarak Tuekaew, Managing Director of Stormbreaker Venture who also commented on the investment, the global LMS market is growing at 19.9% a year and will become an $18.8 billion market by 2024, with Southeast Asia taking a $1.5 billion share.