Kecilin Raises IDR 60 Billion in Funding Led by Mandiri Capital Indonesia, Develops Data Compression Solutions

Kecilin, a solution-focused SaaS startup compression announced the acquisition of $4 million (nearly 60 billion Rupiah) pre-series A funding led by Mandiri Capital Indonesia (MCI). New investors participating in this round, namely Provident Growth and BNI Ventures, as well as old investors, namely, Arkana, and others.

The fresh funds will be used to expand new business initiatives and develop products.

In an official statement delivered today (02/5), Chief Investment Officer of MCI, Dennis Pratistha, said that the digital economy is getting bigger, causing the amount of data stored and transferred by corporates to increase. These conditions open up opportunities in the SaaS industry, in this case Kecilin which he believes can become the market leader here.

"This funding is one of MCI's efforts to strengthen an impactful and sustainable national digital ecosystem," said Dennis.

Founder & CTO Minimize Christopher Farrell said, "Together with MCI and other investors, Kecilin is committed to continuing to innovate in order to develop the best possible product so that it can provide value added larger to serve a wider market both in Indonesia and abroad."

He targets that this year the company can attract more new clients by expanding customer industry verticals, through product development and use cases new. "For the next three years, we will add to the products we offer and expand the market outside Indonesia," he added.

This pre-series A round has been going on for some time, when it came from angel investors with undisclosed details.

Minimize

For the record, Kecilin was founded by Farrell, together with Bisma Manda Samsu in 2018. Ferrell himself was the winner of the 2018 Mandiri Young Entrepreneur. This is an entrepreneurship program from Bank Mandiri which has been initiated since 2007 to create new entrepreneurs who are globally competitive.

Minimize develop algorithms which can reduce data filesize whatever (data compression), including videos, images, documents and text up to 99% without reducing quality and preserving formatting.

From this technology, Kecilin developed several products, such as CCTV compression which can reduce filesize from CCTV videos and also products on-premise compression which can utilize Kecilin technology to compress data directly in server-his. These solutions are needed by MSMEs and large corporations to reduce costs and speed up the process of storing and transferring data.

Before the Kecilin product was launched, the company had gone through a process product market fit for 1,5 years. At that time, the company targeted two types of users, B2B and B2C.

Kecilin is one of the startups that is following suit MCI Xponent Batch 2 on March 16 2023. From there, the company signed a cooperation agreement (PKS) with Bank Mandiri's IT Application Development Group. The scope is cooperation in using Kecilin products and services to support Bank Mandiri's digital banking activities.

MCI Xponent itself was presented as a form of MCI support for the digital ecosystem and the Mandiri Group to increase business growth.