Our Portfolio

Fusemachines Inc.

DIF I Investment

USD 5.4 Million

Investment Date

December 2018

92%

Youth Employment

40+

Patents

32%

Female in Top Management

342

Direct Jobs

25,000

Engineers Trained

In 2019, Dolma invested in FM, which at that time was a fast-growing Al Solution provider with seed investment from many other institutional and individual investors focusing on scaling the business through new service offerings and expanding to broader geographies. In 2020, FM’s revenue fell by 41% because of the pandemic and FM revised its operational and marketing budgets by almost 50%. Despite this contraction, in 2021, FM started onboarding larger enterprise clients who initially started off with smaller contract sizes but started upselling due to their quality of service and dedication. They raised further investment of USD 1 Mn from BO2 in Nepal and are preparing for a bigger fund raise internationally in 2023.

The company currently serves 26 clients and houses over 350 employees across all divisions. New hires in the top management include VP of Sales and Marketing, VP of Data Eng. Services and VP of Finance. The proportion of enterprise clients in FM’s portfolio continues to increase, which serves as a major positive in the current global economic scenario. The company has turned EBITDA positive and continues to register a healthy margin in its services. In 2022, the company has onboarded clients such as WPP, NetApp, Husslup, Winks, QSC and UpaCare Health and has increased upsells with major clients such as Avodah, Butterfly and Omnicon Media Group. In Nepal, the company has signed an MOU with Kathmandu University to support with curriculum development and provide Al courses.

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