Inovace Technologies Ltd: The Company Behind Tipsoi
Inovace Technologies Ltd. is the technology company behind Tipsoi. Founded in 2017 by six graduates of Bangladesh University of Engineering and Technology (BUET), Inovace Technologies builds IoT, biometric, and AI products for workforce and industrial operations. Tipsoi, its flagship workforce management platform, is now used in 11 countries.
If you searched for Inovace Technologies and landed on a Tipsoi page, this is why: Tipsoi is our product, and Inovace Technologies Ltd. is the company that makes it.
Founded 2017
By six BUET graduates
11 countries
Tipsoi deployments worldwide
1,200+ organisations
238,000+ active users
10,000+ devices
Deployed across sectors
What does Inovace Technologies do?
Inovace Technologies builds hardware and software for operations that need to be measured in real time. The company runs four lines of business.
| Business line | What it does |
|---|---|
| Tipsoi | IoT-backed people and workforce management. Biometric attendance devices plus HR software for attendance, shift, leave, and payroll. |
| SensorTrail | Industrial IoT platform. Connects to machines and streams raw data in real time for downtime, OEE, and production monitoring. |
| Custom hardware manufacturing | Electronics design and manufacturing for industrial, government, and international clients. |
| Inovace Talents | Design and engineering assistance: software, IoT systems, hardware and PCB design, firmware development. |
One thing separates Inovace Technologies from most vendors in this category. It builds both the software and the hardware in-house, rather than making one and integrating the other from a supplier [2]. That vertical integration is why attendance devices and HR software ship as a single supported package.
Who founded Inovace Technologies?
Six graduates of Bangladesh University of Engineering and Technology founded Inovace Technologies Ltd. in 2017. The company grew as a bootstrapped, profitable business before taking its first international investment in 2025.
Munirul Alam serves as Chief Executive Officer and Asif Aminur Rashid as Managing Director.
What is Tipsoi?
Tipsoi is Inovace Technologies’ flagship product and its best-known brand. It pairs biometric hardware with a cloud workforce management platform and a mobile app, so attendance, access, shifts, leave, and payroll run off one set of records instead of several disconnected tools.
The hardware line includes fingerprint scanners, facial recognition units such as the Fast Face 5, and RFID readers. The platform serves more than 1,200 organisations and over 238,000 active users, on more than 10,000 deployed devices. Clients include BRAC, Brac Bank PLC, and Radiant Pharmaceuticals. Deployments span airports, banks, educational institutions, factories, healthcare providers, NGOs, and enterprises.
The product has moved well beyond office walls. In late 2025 the company rolled out a weatherproof portable biometric device for seasonal agricultural workers in Panchagarh. In April 2026 Tipsoi partnered with BRACNet, pairing its workforce software with nationwide network infrastructure for sites where connectivity decides whether attendance data gets recorded at all.
You can read more on the Tipsoi About Us page, browse the biometric attendance system, or see the Tipsoi smart attendance devices.
Where does Inovace Technologies operate?
The company is headquartered in Singapore, with its technology office in Dhaka and its global sales headquarters in Dubai.
| Office | Address |
|---|---|
| Headquarters | 10 Bukit Batok Crescent, #10-05B, The Spire, Singapore 658079 |
| Technology office | H-18 (Level 4), Kazi Nazrul Islam Avenue, Shahbag, Dhaka-1000, Bangladesh |
| Global sales HQ | Meydan Grandstand, 6th floor, Meydan Road, Nad Al Sheba, Dubai, U.A.E. |
Tipsoi’s Bangladeshi-built technology is used in 11 countries. Named markets include Bangladesh, Turkey, Saudi Arabia, the United Arab Emirates, Singapore, Canada, Australia, Malaysia, Pakistan, and Mauritius [1][2]. The company continues to expand across the Middle East, Europe, and Asia.
Investors and recognition
Inovace Technologies was selected for Cohort 11 of Accelerating Asia in May 2025, a Singapore-based early-stage venture capital fund and accelerator for pre-Series A startups. That marked the company’s first international investment. Growth has also been backed by Orbit Ventures, formerly known as Orbit Startups.
The company reported that its revenue nearly tripled in 2025 compared with the previous year, and that it is targeting similar growth in 2026 [1][2].
The 2026 rebrand
In July 2026 Tipsoi unveiled a new brand identity, including a bilingual Bangla and English logo and a refreshed visual and verbal language. The rebrand is a brand system rather than a logo change, built to stay consistent across software, hardware, website, mobile apps, and customer communications in markets with different languages and regulatory expectations.
“A strong brand should grow with the business behind it. Technology has advanced. Our platform has expanded. Our ambitions have grown. It was time for our brand to reflect that progress.”
Ornob Sikder, Head of Marketing, Tipsoi [2]
Inovace Technologies in the news
The 2026 rebrand and the company’s international expansion were covered by 29 national and trade outlets in Bangladesh and beyond, in both Bangla and English.
How to contact Inovace Technologies
- General: info@inovacetech.com
- Sales (Bangladesh): +880 1313 359 294
- Support: +880 1313 359 293
- Singapore HQ: +65 8883 1386
- Dubai sales HQ: +971 54 567 9417
- Corporate site: inovacetech.com
For Tipsoi enquiries specifically, use the Tipsoi contact page or book a consultation.
Frequently asked questions
Is Tipsoi the same company as Inovace Technologies?
Tipsoi is a product, not a separate company. Inovace Technologies Ltd. builds and owns Tipsoi. When you buy Tipsoi, your contract and invoices are with Inovace Technologies Ltd.
Where is Inovace Technologies located?
The headquarters is in Singapore. The technology office is at H-18 (Level 4), Kazi Nazrul Islam Avenue, Shahbag, Dhaka-1000, Bangladesh, and the global sales headquarters is in Dubai, U.A.E. For UAE and Middle East enquiries, visit tipsoi.ai.
When was Inovace Technologies founded?
In 2017, by six graduates of Bangladesh University of Engineering and Technology (BUET).
Which countries does Tipsoi operate in?
Tipsoi is used in 11 countries. Named markets include Bangladesh, Turkey, Saudi Arabia, the United Arab Emirates, Singapore, Canada, Australia, Malaysia, Pakistan, and Mauritius.
What products does Inovace Technologies make?
Four lines: Tipsoi for workforce management, SensorTrail for industrial IoT, custom electronics design and manufacturing, and Inovace Talents for engineering assistance.
Is Inovace Technologies a registered company?
Yes. Inovace Technologies Ltd. is a legally registered company. Its Business Identification Number is published on the BIN certification page for verification by payment partners and customers.
Who are Inovace Technologies’ customers?
More than 1,200 organisations use Tipsoi, including BRAC, Brac Bank PLC, and Radiant Pharmaceuticals, across airports, banks, schools, factories, hospitals, NGOs, and enterprises.
References
- The Daily Star (6 July 2026). Tipsoi unveils new brand identity as it expands international operations. thedailystar.net
- Future Startup (15 July 2026). Tipsoi Rebrands, What is Tipsoi, Tipsoi’s Opportunities and Ambition. futurestartup.com
- Inovace Technologies Ltd. Corporate site. inovacetech.com