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.