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.

Photo credit: Wisesight

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.

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.

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.

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

“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.

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.

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