Singapore’s Pand.ai bags 7-digit USD investment from Thailand’s Bualuang Ventures

Bangkok, Thailand. Photo by Jakob Owens on Unsplash

Singapore-based AI start-up Pand.ai has raised an undisclosed amount in its pre-Series A funding round from Bualuang Ventures, the corporate venture capital arm of Thailand’s Bangkok Bank, according to an announcement.

The move comes shortly after the startup raised $1 million from a Hong Kong-based angel investor.

Although the value of this investment was not disclosed, we have learnt that it is a seven-digit (US dollar) sum.

Founded in 2016, Pand.ai serves financial institutions around South East Asia with its proprietary AI-powered chatbots, helping clients improve marketing efficiency by 5 to 10 times while delivering increased sales productivity for financial advisors through conversational-based micro-learning and gamification.

Its current clientele includes international and regional financial powerhouses, such as Allianz, Great Eastern, Schroders and Tokio Marine.

The company said that it will use the fund raised to expand the resources of its NLP Lab in Singapore that focuses on developing conversational AI engines for Southeast Asian languages.

“Pand.ai was one of the outstanding startups in the Bangkok Bank Innohub Season 2 global accelerator program. The team at Bualuang Ventures, Innohub and Pand.ai have been working closely to roll out a solution for the Thai market,” said Krit Phanratanamala, Investment Advisor of Bualuang Ventures.

“We believe that our investment, together with the network of Bangkok Bank, will provide consumers at home and abroad with a better digital banking experience as a whole,” he added.

Pand.ai enables financial institutions to converse digitally with consumers using a proprietary NLP engine which has the ability to understand intent, has contextual memory, and are multilingual.

Currently, the languages available are English, Simplified and Traditional Chinese, Bahasa Malaysia, and Bahasa Indonesia.

Last November, we reported that Bualuang Ventures was planning to raise $60-80 million for its second fund this year. The new fund will focus on small and medium enterprises, Gen Y lifestyle, and fintech/ digital branding.

The firm currently manages a $60-million fund, of which it has deployed $42 million in direct investments, including private equity and VC deals, and capital allocation to venture capital funds.

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.