Tokocrypto founder bags seed money for AI-powered gifting startup

Pang Xue Kai, co-founder and CEO of Untukmu AI / Photo credit: Untukmu AI

Corporate gifting appears to be an under-the-radar but potentially lucrative space. A smattering of startups from countries such as the US and Vietnam are helping companies provide tokens of appreciation – whether to customers, employees, or other partners – through tech-enabled solutions.

Another Southeast Asian player in the space is Untukmu AI, whose founder Pang Xue Kai previously co-founded and led Indonesian crypto app Tokocrypto. As its name suggests, Untukmu AI uses AI functions to help corporations and individuals find personalized gifts from the vendors listed on its platform.

The company has raised an undisclosed amount of seed funding led by 1982 Ventures and several angel investors. While based in Singapore, the company is focused on the Indonesian market.

Pang, who also serves as the company’s CEO, founded Untukmu (meaning “for you” in Bahasa Indonesia) last year alongside Pang Xue Cong. Aside from its main features, customers can also use tools such as a gift tracker, a budget tracker, and an events calendar – all integrated with social media to streamline the gifting process.

In a statement, the company claimed that Indonesia’s personal gifting is worth US$20 billion. Since launching its app in January 2024, Untukmu has garnered over 10,000 registered users on its platform, the company added.

With the fresh funds, it aims to expand into healthcare, travel, financial, and lifestyle industries, while also using blockchain and crypto tokens to reward users.

Pang Xue Kai co-founded Tokocrypto in 2018 before stepping down in late 2022, after the company was fully acquired by Binance.

See also: The good, the bad, and the hallucinations: What SEA startups think of AI