InVent plots entry into 5G market

InVent plots entry into 5G market

Mr Wutthikorn (left) and Mr Narongpon celebrate a successful Series B funding.
Mr Wutthikorn (left) and Mr Narongpon celebrate a successful Series B funding.

InVent, a corporate venture capital arm of InTouch Holding Plc, plans to invest in three startups operating business and services related to 5G technology to create added value for the group.

The three companies are awaiting consideration by its board -- two are foreign startups and one is local. The three operate businesses using the Internet of Things and machine connectivity as well augmented reality and virtual reality.

Narongpon Boonsongpaisan, head of InVent, said investing in 5G-related businesses is critical for the group as it prepares for a variety of segments when 5G adoption becomes commercial.

InTouch Holdings has invested more than 500 million baht in 17 companies over seven years. Those companies booked a combined revenue of 1.2 billion baht.

Mr Narongpon said InTouch will invest in two startups by the second quarter this year, one running blockchain technology and the other in healthcare service.

The board of InTouch already approved investment in two companies.

"InVent's policy focuses on investing in digital-related business, including emerging tech, telecom and media," he said.

InTouch is set to spend some 200 million baht through InVent.

Yesterday, InVent announced an investment of 40 million baht in a Series B financing round for Ecartstudio, an enterprise location-based application developer, to capitalise on smart city development and promote convenience for digital lifestyles.

The move will help Ecartstudio expand existing service, especially for business-to-consumer interactions, expected to make it the leader in smart city platforms in Thailand within 3-5 years.

Wutthikorn Manomaiwiboon, chief executive of Ecartstudio, said the latest move would leverage the company's ability to expand its customer base, its business network and corporate customers, and enter the regional market.

The investment will be used to develop products and services as well as increase staff to achieve the goal of leading in smart city platforms.

Ecartstudio has also designed and developed a location-based information system, a location information management system, and EcartMap to support the country's infrastructure development and management.

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