InVent, the venture-capital arm of Intouch Holdings, has invested Bt40 million in a Series B financing round for Ecartstudio, a Thai enterprise location-based application developer and consultant.
Ecartstudio’s latest development is a Smart-City Platform for Business to Business (B2B) and Business to Consumer (B2C) interactions, to support the smart-city concept and promote a more convenient lifetstyle. The funding will be used to expand Ecartstudio’s business and support the development of products and services that are expected to make it the leader in smart-city platforms in Thailand within three to five years.
Narongpon Boonsongpaisan, head of InVent said that “location- and map-based applications were very useful for many businesses, such as when searching for restaurants, food and product deliveries, ordering taxis, media advertisements and sales promotions via mobile phones. Ecartstudio is leading the development of location-based services technology, to address the needs of consumers, businesses and even the government in offering services and manipulating the city to increase efficiency, create revenue and reduce costs. The use of location-based applications by service businesses, retail, transport, real estate, media advertising and other businesses has huge pote
ntial for growth.”