Graas buys Temasek-backed Trustana in agentic commerce push

Graas, a Singapore-based retail commerce AI company, has raised US$17 million in a series B round and fully acquired AI product data platform Trustana, as it looks to strengthen its product data capabilities and expand its AI agents beyond Southeast Asia and India.

A majority of the funds raised will go into building a database combining product and customer information, which form the foundation of its AI agent platform, Graas co-founder and CEO Prem Bhatia tells Tech in Asia in an interview ahead of the announcement.

Graas co-founder and CEO Prem Bhatia / Photo credit: Graas

The funding round was led by LemmaTree, an investment firm founded by Singapore state investor Temasek, with participation from Integra Partners and Tin Men Capital, among others.

LemmaTree is also an investor in Trustana. It becomes the largest shareholder in Graas following this funding round, Bhatia says.

The acquisition of Trustana comes as Graas expands its agentic commerce business. Its revenue is growing at more than 50% year on year, Bhatia says, driven by verticals like agriculture, building and electrical, automotive, and consumer durables. Meanwhile, its B2B agentic business is growing at over 100% each year.

For Trustana, the integration – expected to be completed by end-December – comes after consecutive years of net losses, during which it shifted its business from an inventory-based trade services platform to an AI company helping retailers, distributors, and marketplaces manage product data. Between 2023 and 2024, its revenue fell 75%.

See also: Temasek-backed Trustana cuts losses in 2024 but still bleeds

Trustana CEO Rebecca Xing tells Tech in Asia via email that the decision to sell was driven by the “opportunity to accelerate growth.” She points out that building an end-to-end stack covering product, customer, and order data would have taken the company years on its own.

Xing adds that Graas and Trustana saw the same opportunity in agentic commerce, and that both companies “could see we held different halves of it.”

Making sense of the acquisition

The deal comes down to data. “Agents and AI are only as good as the context and data they draw from,” Xing says.

Founded in 2022 by Bhatia and Ashwin Puri, Graas operates a platform where businesses can build AI agents for tasks such as finding products, placing orders, reordering goods, and handling customer queries. AI agents, however, are only useful if they can access accurate information about products, customers, prices, and inventory.

Graas’ Commerce Knowledge Graph, a database combining product and customer information / Photo credit: Graas

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