Bagan Innovation Technology (BiT), a digital content and mobile application solutions company based in Myanmar, has secured a “six-digit USD equity investment”, led by former Goldman Sachs executive Takashi Hatanaka, at a post money valuation of eight-digit USD.
“The funding will be used to expand BiT’s content-base, adding Japanese Manga and Webtoons. We also have plans to invest in our Big Data and Machine Learning efforts,” BiT Co-founder and CEO Thet Lynn Han told e27.
Founded six years ago, BiT is focussed on developing digital content and consumer applications. Its main products are Wun Zinn E-Book store, Bagan Keyboard, Frozen Keyboard and Min Thein Kha fortune-telling apps. According to Han, Wun Zinn is the largest e-book store and Bagan Keyboard and Frozen Keyboard are the most popular keyboards in Myanmar.
The firm has worked with different corporations, SMEs and sole proprietors internationally as well as locally. It claims to have created over 70 Android and iOS mobile apps, of which 40 are for local market.
“We just hit one million users on Wun Zinn last month. We have about 10 million active users across all of our apps,” Han added.
Previously, BiT has raised a seven-digit USD investment in Series A led by Group Lease Holdings and Alliance Technology Investments. Earlier, Myanmar-focused UMJ Ikeya Investment had invested seed funding in 2016.
Hatanaka has over 25 years experience at Goldman Sachs, and headed the quantitative volatility trading and strategies team in Asia before his retirement.