Alii, a Cannon Hill-based start-up, recently raised $2.5 million in a pre-Series A capital round, bringing its total valuation to $10.25 million. The company offers secure business software solutions to schools and other organisations, a must in order to protect sensitive student and financial data, in light of recent instances of cyber attacks and data breaches.
The software company offers web-based accounts payable and business process automation software that caters to schools, legal and other organisations.
Alii was founded in 2018 as an end-to-end accounts payable solution with a fraud detection feature to help schools and other organisations combat cyber-attacks. Throughout 2022, the company added about eight to 10 new schools per month into its client base. The boost comes as several Australian private and independent schools falling victim to cyber hacking, compromising sensitive student and financial data.
In November 2022, Xavier College and Kilvington Grammar School experienced a data security breach that resulted in dozens of sensitive information being stolen by hackers.
At present, Alli’s clientele increased by 240 per cent over the past 12 months which now includes Maurice Blackburn Lawyers, Newington College, Mentone Grammar School, All Saints Anglican School and Brisbane Boys’ College. Likewise, its post-funding valuation is now up to $10.25 million, as the company realised a 300 per cent increase in revenue.
Alii chairman Gordon Tan said the company targets to penetrate about 60 per cent of the private and independent school market in three to five years. This is not counting the projected growth in other target sectors including legal services and not-for-profit organisations.
“It’s an exciting time for us at Alii and as an organisation, we are delighted to share our success and growth with our clients. As schools, firms and businesses of all kinds work towards streamlining their operational priorities, Alii clients continue to stay ahead of operational inefficiencies and fraud-related threats that come from legacy software and processes,” CEO of Alii, Chamil Fernando said.
The company intends to use the latest capital injection to boost its staff by 18 across customer engagement, sales, marketing and product development teams. The funding package comes as Alii plans to expand throughout Australia and New Zealand as well as other regions and sectors.