Singapore-based Vulpes Investment Management Pte Ltd (VIMIC) has announced an investment in Bindez, a Yangon-based search engine and discovery platform, backed by 500 Startups, according to a company release.
Bindez claims to solve the challenges of easy access to data and content created in Myanmar language through the use of machine learning and natural language processing technologies.
“Bindez’s mix of linguistic data and machine learning capabilities are helping brands to overcome the well known Burmese language issues, such as font compatibility to better understand their customers and how their brand is being perceived online. Because of this, we are seeing a real demand for our products, more so than ever before. This investment from VIMIC will allow us to scale up the business to meet this growing demand,” said Yewint Ko, co-founder of Bindez.
Launched in 2014, Bindez has previously raised seed and angel investments from international investors including 500 Startups.
For Vulpes, this will be the third equity investment in Myanmar after sealing two seed investments in May, one in logistics startup KarGo and another in Chate Sat, an online platform for freelance job opportunities.
Upon the latest fundraising, Bindez will have VIMIC advisor Rita Nguyen on its board.
“The potential for harnessing the great technology which Bindez has already built is massive and will be transformative in Myanmar’s emerging technology story. We are very excited to be part of their future growth.”
Bindez’s offerings include Bindez Thadin, a B2C content discovery platform where people can access latest news and market updates, and Bindez Insights, a social media listening product where market trends and insights can be monitored.
Vulpes has set up a Myanmar focused venture capital fund, Vulpes Innovative Myanmar Investment Company, which makes seed and series A investments in technology companies in the frontier market.
The investment firm is looking to make investments of tickets size of up to $250,000 in the beginning and is open to make follow-on investments. Vulpes had made an investment of $100,000 in Kargo.
Vulpes was earlier known as Artradis Fund Management and was founded in 2001.