Krungsri Bank’s VC arm joins Thai data analytics firm’s $7m round

Thailand-based Wisesight, a social media analytics provider, has secured US$7 million in a series B financing round from Krungsri Finnovate and TechMatrix Japan.

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Photo credit: Wisesight

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The partnership with Krungsri Finnovate, the fintech-focused venture capital arm of Thailand’s Krungsri Bank, will help Wisesight expand its business by leveraging the former’s network to co-develop projects.

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This will also allow the data analytics firm to better compete in domestic and international markets, according to a statement. In return, Krungsri will be able to use Wisesight’s data analytics to develop products and services in order to improve customer experience.

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Additionally, TechMatrix – now Wisesight’s second-largest shareholder – will be able to develop new products by merging the Thai startup’s engagement platform with its own customer relationship management system, FastSeries.

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The new investment is also expected to accelerate the growth of FastSeries in Thailand and other countries in the Asia Pacific.

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“We trust that it [Wisesight] will continue to be in a very competitive industry and have more opportunities to grow in the current trend of social media expansion and the ecommerce ecosystems,” said Sam Tanskul, managing director at Krungsri Finnovate.

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The deal comes after Krungsri Finnovate said in May that it will pump US$100 million over the next two years into at least 120 startups.

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See also: Alibaba-backed TrueMoney wants to be Thailand’s everyday app for financial services