Dhaka, Bangladesh – May 26, 2025:
In a landmark achievement for Bangladesh’s burgeoning tech sector, Inovace Technologies Ltd. (Tipsoi) has been selected for Cohort 11 of Accelerating Asia, one of Asia’s most prominent and influential startup accelerator programs. This selection marks Inovace’s first international investment, underscoring global confidence in its innovative approach to workforce management.
Founded in 2017 by six graduates from Bangladesh University of Engineering and Technology (BUET), Inovace Technologies Ltd. has rapidly emerged as a leading force in the Internet of Things (IoT) space. Its flagship product, Tipsoi, is an IoT-powered biometric workforce management solution that integrates biometric attendance devices with a robust analytics platform. Tipsoi empowers organizations to manage employee attendance, shifts, and leave in real-time, streamlining workforce operations for over 1,200 clients nationwide—including industry leaders such as BRAC, Brac Bank PLC, and Radiant Pharmaceuticals.
Inovace’s acceptance into Accelerating Asia places the company alongside notable alumni such as Priyoshop.com, Markopolo.AI, Chhaya, Pulsetech, and Palki Motors—startups that have rapidly scaled and expanded into international markets following their participation in the program.
Accelerating Asia will lead Inovace’s pre-seed round, with the company currently raising USD 800,000 to fuel further operational growth and international expansion.
“As a bootstrapped company, we’ve grown steadily—generating revenue, identifying our ideal customer profiles, validating product-market fit, and building strong on-ground execution capabilities. Now, we’re at a point where we’re ready to scale faster. To do that, we’re seeking foreign investment that will allow us to leverage our expertise and expand both locally and internationally. Being part of Accelerating Asia is a perfect match for this vision, and we’re looking forward to making the most of this opportunity in the exciting days ahead,”
said Munirul Alam, CEO of Inovace Technologies Ltd.
Asif Aminur Rashid, Managing Director, echoed the excitement, with both leaders confirming the news via their personal and company social media platforms. Accelerating Asia has also officially announced the investment through its Facebook and LinkedIn channels.
With this new milestone, Inovace Technologies Ltd. is poised to amplify its impact in workforce management and further strengthen Bangladesh’s presence in the regional tech startup landscape.
About Inovace Technologies Ltd. (Tipsoi):
Founded in 2017, Inovace Technologies Ltd. is a Bangladesh-based IoT company specializing in biometric workforce management solutions. Its flagship product, Tipsoi, serves over 1,200 organizations nationwide, helping businesses streamline attendance, shift, and leave management with real-time analytics.
About Accelerating Asia:
Accelerating Asia is a leading Singapore-based early-stage venture capital fund and accelerator focused on pre-Series A startups across Southeast and South Asia. The program provides capital, expert mentorship, and global networking opportunities to help high-potential founders scale rapidly.
