FunP Innovation Group, the Taiwan-based digital advertising sales and advertising technology conglomerate, has on Wednesday announced it has secured $3.12 million from Ennoconn Corporation, a global leader in integrated cloud management services, industrial internet of things (IoT) and embedded technology.
FunP said in a statement that it will use this capital injection to develop and roll out smart retail and cloud services solutions for the Indonesian market and other asia pacific (APAC) countries, under its business unit cacaFly, in a partnership with Ennoconn.
“Ennoconn’s capabilities in AIoT, together with our own in cloud computing and marketing technology, equals the opportunity to develop pioneering retail solutions for Indonesia and beyond,” said Brian Yang, funP group Co-Founder, and Chief Strategy Officer.
“We are excited to increase our footprint in one of the fastest-growing markets in the world, with a rapidly expanding middle class,” he added.
According to the statement, the funP group has already made major inroads into the Indonesian market.
In June 2022, its subsidiary cacaFly, launched a joint venture with leading digital solution and electronics distributors, PT Metrodata Electronics (Metrodata), Tbk to form a data-driven digital marketing agency for Indonesia, named PT cacaFly Metrodata Indonesia (CMI).
Its marketing artificial intelligence (AI) subsidiary TenMax also opened an Indonesian office in 2022(TMI) after successfully working with unicorn Gojek, to develop its one-stop digital advertising solution, Gojek Ads Network (GoGAN).
The firm’s solutions targeted for Indonesia include smart-vending machines and programmatic digital out-of-home (pDOOH) advertising. All solutions will be developed and rolled out locally in Indonesia.
At the 2022 G20 Summit held in Indonesia, President Joko Widodo expressed his intention to focus on the digital transformation of the economy through investments in technology such as cloud computing and 5G.
He also plans to develop a new capital city, Nusantara as a green city that will harness smart technologies, renewable energy, and IoT. CacaFly in partnership with Ennoconn intends to help aid these initiatives.
According to the statement, Ennoconn also plans to leverage cacaFly’s know-how in digital marketing and cloud computing to add value to its IOT and industrial computing offerings in verticals such as gaming, video-conferencing, smart city, smart building, and retailing.
“We look forward to creating synergy through this investment partnership and generating new business models for Ennoconn’s existing hardware-focused business and ecosystem partners,” said Nelson Tsay, President of Ennoconn.
According to the statement, this investment will also help an ongoing drive to transform funP into a cloud services company.
In 2022, cacaFly and Google Cloud partnered up to launch Cloud AI+ Solution Center in Taiwan, to help local and regional enterprises accelerate their digital transformation and move from on-premise computing to cloud computing.
Ennoconn has also announced a new focus on AIoT technology deployments across global vertical markets, technology integration with ESG applications, and ESaaS software solutions.
FunP Innovation Group (BVI) was established in 2009, and controls cacafly.com, a leading digital advertising sales, consulting agency and Tenmax.io, an advertising technology development.
Headquartered in Taiwan, the firm has offices and operations in Japan, Indonesia, Malaysia and Vietnam, Hong Kong, and Singapore.
As of 2023, funP has 300 people across various entities and countries.
Backed by leading venture capitals such as CDIB, CID, Darwin Ventures, and industry veterans, funP set itself apart with engineering know-how uncommon in the advertisement world.
Ennoconn Group, a global technology solutions provider, delivers industrial IoT and embedded technology, design manufacturing services, information technology (IT) and system integration services into high-growth markets including, smart city, smart manufacturing, smart retail, financial services and media and entertainment.
With a commitment to digital transformation, Ennoconn’s ESaaS Ennoconn as a Service’ strategy integrates and delivers manufacturing systems with emerging technology solutions that address the revolutionary demand in cloud data storage, machine learning / AIoT / 5G / cloud IoT integration with a digital transformation strategy across all internal design, manufacturing and supply chain platforms and disciplines.