Thailand-based agritech startup Ricult has closed a pre-series A round from Bualuang Ventures and Krungsri Finnovate while Young On Top (YOT) has invested in Kejora Capital-backed media startup Hipwee.
Thai agritech startup Ricult closes pre-Series A round
Thai agritech startup Ricult has closed its pre-Series A round from Bualuang Ventures, the corporate venture arm of Bangkok Bank, and Krungsri Finnovate, the CVC unit of Bank of Ayudhya, the company said in a statement.
Ricult will use the proceeds to expand its presence in the domestic market and to further develop its products.
The firm uses deep tech, AI and machine learning to process agricultural claims, aiming to improve the quality of life of Thai farmers. The firm also plans to scale up and expand into neighboring countries such as Laos, Vietnam and Indonesia.
Founded in 2015, Ricult has secured seed funding from angel investors and VC investors, including from Bill and Melinda Gates Foundation. Ricult is expecting to raise its Series A round in 2021.
Indonesia’s YOT invests in Kejora-backed Hipwee
YOT Inspirasi Nusantara, also known as Young On Top (YOT), has invested an undisclosed sum in Kejora Capital-backed media startup Hipwee, the company announced in a release.
YOT, the community-based startup venture, has four verticals, namely, gdilab.com (digital analytics firm), topkarir.com (online career portal), maingame.com (gaming platform), and bizhare.id (startup equity crowd funding).
YOT founder-CEO Billy Boen also serves as a director at Orbit Fund for Kejora Ventures. YOT, which is spread across 24 cities in Indonesia, has more than 600,000 members.