Kumpulan Modal Perdana (KMP), a Malaysian government-owned tech-focused venture capital, announced Tuesday their successful investment in SmartRetail, a Singapore-based computer vision artificial intelligence (AI) 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 said in a statement.

According to the statement, 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.

“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,” said Adam So, Founder and Chief Executive Officer of SmartRetail.

Founded in 2009, SmartRetail is an 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.

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 behavior and encouraging engagement.

These efficacious solutions have been integral in distinguishing the startup from its competition in the retail technology market.

It is noted that in the face of evolving consumer behaviors and fierce competition, businesses across industries are actively seeking sophisticated solutions to deepen customer understanding and personalize interactions.

71 percent 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 center 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 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,” KMP Chief Executive Officer Yarham Yunus said.

“Our investment prioritizes 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,” he added.

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 said it is poised for continued growth.

The 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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