Kumpulan Modal Perdana (KMP), a government-owned tech-focused VC, announced today their successful investment in SmartRetail, a leading AI computer vision profiling solutions and consumer engagement advertising technologies platform. The startup’s funding round is also joined by two strategic investors LMI Group Inc., one of the largest retail solutions providers in Japan, and MCP Group, one of Asia’s leading asset management firms.
SmartRetail will utilise the funds and expertise from this round of funding to drive the company’s strategic global expansion. In particular, KMP’s financial support will be targeted towards the startup’s deployment in the Malaysian market and the growth of the technology team in Malaysia. This includes recruiting the top local Malaysian tech talents and investing in upskilling initiatives to empower the Malaysian team. The company aims to leverage this investment to drive technological advancements and enhance its position as a leader in retail technology solutions.
Adam So, founder and CEO of SmartRetail shared, “We proudly welcome our new investors KMP, LMI and MCP in this latest round. With KMP’s expertise and partnerships, we hope to secure a strong presence in the Malaysian market and beyond. Our strategic collaborations and continued success in global deployments underscore the growing demand for SmartRetail’s revolutionary solutions in the retail industry. We look forward to revitalising the way businesses understand their consumers with our specialised computer vision AI profiling solution to effectively drive targeted advertisements for retailers.”
Founded in 2009, SmartRetail is the leading Engagement Out-of-home (EOOH) or Digital Out of Home V2.0 (DOOH 2.0) player in Asia, offering its disruptive action-based advertising technology, anonymous facial recognition technology, and consumer insights solutions to retailer partners that include convenience stores, petrol stations, vending machines, and others. With many blue-chip clients across Asia, including Malaysia, Hong Kong, Singapore and Taiwan., the startup is now engaging in strategic collaborations with key partners in Malaysia, including advertisers (brands and marketing agencies) as well as retailers and digital signage owners, to seamlessly introduce their innovative solutions in computer vision and groundbreaking advertising technologies to fulfil Malaysian market needs.
AI Computer vision and Consumer Engagement Advertising solutions for a flagging retail sector
As part of the global expansion, SmartRetail will be introducing its solutions to the Malaysian market. The company provides high-end retail technology solutions to support retailers and advertisers, using its proprietary AI computer vision profiling and recognition solutions, Perceptron and Ai: Dentify, to track consumer engagement and generate actionable data insights. By empowering businesses with advanced tools for better customer insights, SmartRetail paves the way for a future of personalised retail experiences, aligning perfectly with the evolving demands of today’s consumers driving engagement and boosting sales.
In tandem with these solutions, SmartRetail will also offer consumer engagement-focused advertising solutions to provide a complete package of solutions capable of understanding consumer behaviour and encouraging engagement. These efficacious solutions of AI computer vision have been integral in distinguishing the startup from its competition in the retail technology market.
Empowering retail with cutting-edge technology
In the face of evolving consumer behaviours and fierce competition, businesses across industries are actively seeking sophisticated solutions to deepen customer understanding and personalise interactions. 71% of customers expect companies to understand their unique needs and preferences. Traditional demographic-based segmentation is no longer sufficient, prompting businesses to explore high-end retail technology solutions like those offered by SmartRetail.
SmartRetail is also looking into expanding its Malaysian team, envisioning a future where the Malaysian office will have built its capabilities to become the technology development centre synchronously with its Hong Kong office. Seeing the potential in their outlook, KMP will be backing up their plans of building and strengthening their Malaysian tech team to meet the dynamic market demands while also working closely with the startup’s Hong Kong team to facilitate a transfer of knowledge and expertise.
“KMP is proud to support AI computer vision SmartRetail in its global expansion. As we know, the booming tech sector requires innovative solutions as well as the right talents to solve modern problems, and KMP is committed to assisting high-prospect companies like SmartRetail to expand. Our investment prioritises strengthening SmartRetail’s tech team, showcasing our full confidence in the business’ potential in the market, as well as our trust in the local talent to drive innovation in the retail technology industry. This isn’t just about financial support; it’s an investment in SmartRetail’s continued growth,” shared KMP Chief Executive Officer, Yarham Yunus.
Spanning over 10,000 touchpoints and deployments in over five regions, including Hong Kong, Japan, Taiwan, Singapore, and Malaysia, SmartRetail continues to strengthen its global presence. With a strengthened team, strategic partnerships, and a global vision, SmartRetail is poised for continued growth. The AI computer vision company remains dedicated to driving innovation in the retail landscape, empowering local talent, and ultimately, connecting consumers with convenient and engaging retail experiences worldwide.
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About KMP
Established in 2001, KMP is a venture capital firm wholly owned by the Minister of Finance (Incorporated) in Malaysia and under the purview of the Ministry of Science, Technology & Innovation (MOSTI).
KMP was established with a mandate to focus on technology development, aimed at spurring the growth of technology-based businesses.
Since its inception, KMP has invested in more than 40 companies, encompassing high-tech companies across a spectrum of technology sectors, including but not limited to the Internet of Things (IoT), advanced materials, semiconductors, automation, green technology and renewable energy
About SmartRetail
SmartRetail is a B2B2C Consumer Engagement Platform with a disruptive (1) “Engagement Out-of-home” (EOOH) advertising technology platform that enables retailers to reward consumers with in-store incentives upon completion of valuable advertising actions and (2) Computer Vision AI Profiling technology that provides actionable consumer insights for both retailers and advertisers. SmartRetail powers over 10,000 touch points of leading retailer partners across Hong Kong, Japan, Taiwan, Singapore and Malaysia. Please visit www.smartretail.co or email [email protected] (for MY enquiries) or [email protected] (for other regions).
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