Thai listed property developer Sansiri Pcl and Siam Commercial Bank (SCB) have jointly formed Siri Ventures to invest in property-related startups and research and development, according to local media reports.
Siri Ventures, a corporate venture capital fund, will be 90 per cent owned by Sansiri and the remaining 10 per cent by SCB with the registered capital of 100 million baht.
Siri Venture plans to invest around 100 million baht to 500 million baht in property-related innovation and startups in Thailand and Singapore.
For the startups, it will inject between 500,000 baht to 10 million baht in each startup. It aims to invest in 40 startups over the next three years, said Siri Venture’s chief executive Shakrit Chaurungsakul.
Its preferences include various home technologies, robotics, drones and artificial intelligence, he added.
Besides, Siri Venture will launch the country’s first Property Technology Accelerator in the second quarter this year. The selective startups in the final round will be supported by Sansiri and develop their products and services into the commercial.
Prior to Siri Venture, Ananda Development, another listed property developer, announced the launching of Ananda Urban Tech last month to invest in innovation to improve or solve urban living problems.