This is a Row of Successful Startups through the SSI Program
6/21/2022
The Ministry of Communication and Information (Kemenkominfo) has officially opened registration for the 5th Batch Startup Studio Indonesia (SSI) program. digital startups in the early-stage country to be able to achieve product-market fit optimally.
In total, the SSI incubation program has spawned 65 startup alumni who have succeeded in growing rapidly after the training. It was noted that the total funding channeled to SSI alumni startup Batch 1-3 until May 2022 reached Rp332.1 billion. From each batch, 30-40% of them have received initial funding after participating in SSI.
One of the alumni who has grown rapidly after joining SSI is Verihubs, an alumni from Batch 1. With a vision to become the most inclusive verification platform in Indonesia, Verihubs develops Know Your Customer (KYC) solutions based on artificial intelligence (AI) technology for the onboarding digital customer
"Not only that, we also launched a Know Your Business (KYB) product, to help verify essential information in a business that can be used to assist the credit score verification process, as well as a Know Your Employee (KYE) solution, also known as Verika (Employee Verification) ) which is used to pre-screen employee candidates," said Williem, CTO and Co-Founder of Verihubs through a press release, Tuesday (21/6/2022).
Thanks to its innovation, Verihubs has been named the company with the recognition in Indonesia for two consecutive years, according to the National Institute of Standards and Technology (NIST). Today, Verihubs consistently processes more than 4.5 million verifications per month and has increased revenue by 25x within a year.
From Batch 2, SSI LingoTalk alumni managed to get 2 stages of initial funding from several well-known investors, such as Iterative Capital, Eduspaze by Spaze Ventures, and Kistech Pte Ltd. after joining the SSI program.
This foreign language education startup also launched a new product line for the children's segment through schools, namely LingoJunior. LingoJunior assists schools in foreign language learning by providing topic-based , certified by the Education Alliance Finland, and establishing a Learning Management System that helps teachers and parents monitor their children's language learning progress in an efficient and personalized .
"Throughout 2022, we will expand the scope of cooperation with private and public schools in Java and Sumatra (where there are 59% of the total TK-SD in Indonesia) to be able to build the foundation of foreign language learning abilities from an early age, in order to create talents. that can compete globally,” said Andre Benito, CEO of LingoTalk.
Meanwhile, one of the alumni of SSI Batch 3, Soulparking, has proven that he dares to step out of his comfort zone by ordaining a new business model in the form of a franchise and Hardware-as-a-Service (HaaS).
This startup that digitized the parking system also recorded revenue growth of more than 20% every month, and increased operational points by 50% by expanding to Bali - after previously focusing on Jabodetabek and Java Island.
"We are very grateful for the opportunity to participate in the SSI program, because we can get to know new founders, mentors, and friends, and learn from each other," said Andru Surya Wijaya, CBO and Co-Founder of SoulParking.
Apart from these three startups, there are many other SSI alumni who have put their knowledge into practice during the training and achieved achievements that are no less flashy.
Some of them who managed to get initial funding after participating in this incubator program were Justika and Practical (SSI 01), Finku, Gajiku, Keyta, and Fishlog, (SSI 03). Meanwhile, Verihubs, Deall Sejuta Cita (SSI 02), Finku and Sribuu (SSI 03) were also elected to represent Indonesia in the Silicon Valley incubator program, Y Combinator.
"We are committed to continuing to create and empower Indonesian startups that are agile, solutive, and able to meet market needs, through SSI and other programs," concluded Semuel Abrijani Pangerapan, Director General of Informatics Applications, Ministry of Communications and Informatics.
