Sansiri launched Siri Venture, Thailand’s first corporate venture capital specialising in full-scale research and development of property technology. The company says the new venture capital will create new opportunities for technology startups to develop innovations for home living and lifestyle all the way from concept to commercial viability.
“We conducted a feasibility study and decided to establish a corporate venture capital with aim to seek investment opportunity in property technology business that is related to the main businesses of Sansiri group, and can help enhance efficiency and streamline our business operations, as well as explore new opportunity, business innovation and business model to strengthen our main businesses,” says Apichart Chutrakul, Sansiri Chief Executive Officer.
Siam Commercial Bank is the strategic partner of the venture and will bring its experience of technology investment and financing startups to support the operations and integrating financial technology into innovation development.
“Our joint investment in Siri Venture is made possible by Digital Ventures, a subsidiary of Siam Commercial Bank that promotes innovation in financial technology, with aspiration to expand our access capacity to and collaboration with new startups and technology development efforts,” says Arthid Nanthawithaya, President & Chief Executive Officer at Siam Commercial Bank. “This reflects that our technology outlook is not limited to only financial products and services, but also the way to develop financial technology that can seamlessly fit into the changing ecosystem of everyday life.”
The new project focuses on investment and development of new technology and products through collaboration with researchers, innovators, manufacturers and startups. The two companies hope to build a network of at least 300 Property Technology startups by 2020. This would allow Thai innovations for home living to spread globally as well as create a strong and sustainable growth for the property industry.
“Siri Venture is Thailand’s first corporate venture capital focusing on full-scale property technology development,” says Apichart. “The clear benefits are we will have a dedicated business unit to explore and invest in property technology and innovation, which will be used and deployed for the first time by Sansiri in enhancing business operations, develop new products and services for our customers, and expand new business opportunities.”
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