It will use the proceeds to fund R&D, market expansion and to improve its financial position
[SINGAPORE] Technology startup Toku on Wednesday (Dec 10) lodged a preliminary prospectus for a listing on the Catalist board of the Singapore Exchange (SGX).
The company provides customer-experience platforms for businesses through technology that facilitates its interaction with its customers through channels such as voice, chat and e-mail.
One of its key technologies is in artificial intelligence (AI) for voice, which can transcribe, summarise and then analyse conversations for sentiment.
In its preliminary offer document, Toku said that it “occupies a distinctive position as an enterprise platform, purpose-built for complex and fragmented markets”, whereas its larger competitors offer “one-size-fits-all solutions adapted from Western markets”, and local players “lack comprehensive capabilities”.
The company started out in 2017 as Hybrid Networks, a private limited company founded by Thomas Patrick Laboulle, the current chief executive. In 2019, it was renamed Toku, and on Dec 8, it became a public company limited by shares.
Toku’s customers hail from 32 countries in the Asia-Pacific, the Middle East and Latin America, and include an online food and grocery delivery platform in Asia and other enterprises in telecommunications, logistics and the public sector.
It generates profit from subscriptions and licensing of its software, usage of its services, professional services on projects, maintenance and support, and hardware sales.
The group is headquartered in Singapore and has subsidiaries in Singapore, Malaysia, Vietnam, Hong Kong, South Korea and Taiwan.
In 2024, it raised US$5 million in a Series A extension funding round led by Betatron Venture, and set up an advisory board with former politician and business leader Lim Hwee Hua as chair.
Funding growth
Toku said that a Catalist listing will significantly elevate its corporate profile in the region and beyond, and align it with leading standards in corporate governance and transparency.
Proceeds from the initial public offering will go into funding the expansion of its customer-experience platform through increased research and development, talent acquisition and more, which will fuel the company’s global expansion.
The funds will also be used as a cash reserve to improve the firm’s financial position, for potential partnerships and acquisitions, and to pay down loans.
Toku’s audited financial results from 2022 to 2024 show revenue growth over those years: US$31.8 million in 2024, up 47.4 per cent from S$21.6 million in 2022.
However, its losses also widened in the same period, rising 24.5 per cent to US$5.3 million in 2024 from US$4 million in 2022.
Its latest unaudited results for the first half of 2025 recorded revenue at US$16.6 million, with a loss of US$961,780.
Revenue was up 4.7 per cent from H1 in 2024, on the back of growth in the usage of its platform in the Asia-Pacific and Latin America, and adoption of the company’s solutions. But this was offset by lower revenue from professional services and maintenance and support.
The loss for H1 2025 narrowed on reduction of costs of selling and marketing, general expenses, and research and development costs.
Toku added that it believes current market conditions for the next 12 months from November 2025 are favourable for it, with sales momentum and a “substantial” order book of US$23.4 million.
It said: “As enterprises worldwide face increasing complexity in customer engagement, demand is expected to continue growing for platforms that combine comprehensive capabilities with deployment flexibility and regional expertise.”
As a company that utilises AI, it acknowledges that it must devote resources to developing and implementing technology competitively, even as its competitors move quickly in these areas. It is also aware of the risks for AI use in the legal and regulatory realms.
PrimePartners Corporate Finance is the issue manager, sponsor, underwriter and co-placement agent for the listing, along with CGS International Securities Singapore.
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