Conicle, a Thailand-based startup that provides firms with solutions to improve the skills of employees, said that it had raised US$900K in a pre-series A funding from 500 TukTuks, Stormbreaker Venture, and Huamnica.
Conicle was founded in 2014, and since then, it has been providing businesses with an all-in-one learning solution that helps them develop as well as re-skill their workers via a learning management system (LMS). Conicle takes a data-driven approach to learning and personalizes content for every user.
The new funds will be used to expand the presence of Conicle in the international education market. Additionally, the company looks to invest further in product development so as to better capitalize on Thailand’s US$30 million LMS market and US$300 million corporate training industry.
Conicle plans to move from being just a learning platform and become a people development ecosystem in the next three to five years. It aims at getting partners and clients more involved in the learning process, Poon Nakorn, the CEO and co-founder of the startup, said.
“In terms of growth, we aim to become a regional tech company that helps organizations in the Southeast Asia region, which is a region of great growth and clear demands in terms of workforce development,” he added. So far, Conicle has over 500K users from over 30 companies, including Honda, PTT Group, and AIA Group.
According to Janatanarak Tuekaew, the managing director at Stormbreaker, the global LMS market is growing at 19.9% each year, and by 2024, it will be at around US$18.8 billion with the Southeast Asia region taking a US$1.5 billion slice.