SIRI VENTURES, a capital venture focusing on full-scale research and development of Property Technology (PropTech) in partnership between Sansiri and Siam Commercial Bank, announced 2018 business direction and a major move in creating synergy with local and international partners e.g., Plug and Play from Silicon Valley, USA and SOSA from Israel, to open up a new platform to complete modern people’s living experience. The company allocated an investment of Baht 1,500-million for three years to develop and innovations that are seamlessly integrated into everyday life in the digital age.
Sansiri Public Company Limited said that “2017 is the year of our extensive corporate restructuring. Digital transformation is also a part of this and marked a step ahead for us to become real estate developer with unrivalled technology capability in all aspects of business and living experience. Key to our transformation strategy is Siri LifeTech, which encompasses new technology and innovation for living in the digital age, and application of big data and Sales Force to enhance operation to become high-performance organization. SIRI VENTURES is established with a mission to develop new living innovation through partnership with leading startups. After one year of operation, the company has accomplished achievements in investing in startups with the launch of ‘SIRI VENTURES Partnership’ program. Sansiri has also adjusted operating procedures to align with the fast paced growth of startup business, as well as develop new products and services and support sustainable proptech startup ecosystem in Thailand.”
This year SIRI VENTURES decided to come up with long-term plan with an investment budget of Baht 1,500-million for the next 3 years. The plan includes the development of technology, co-investment with business partners and leading local and international startups. Our previous partnership with Farmshelf, the smart indoor farms that help you to grow food easily from the US, has received an overwhelming response from Sansiri residents. Future expansion in international markets e.g., France and China, is also in the pipeline.
SIRI VENTURES, revealed that “The current fast-changing technology disruption and consumer behavior post a big challenge for businesses, pushing them to learn and adjust to stay relevant in the changing environment. The previous success of SIRI VENTURES’s technology acquisition in 2017 has pave way for the connection between Sansiri’s residents and innovative service providers. Our next step is to enhance business capability and introduce new customer experience through three approaches, as follows:
1.Startup Investment: focusing on technology that is in line with Sansiri’s core business with an investment of Baht 1,500-million in three years;
2.Ecosystem Partnership: creating synergy with partners to drive the development of sustainable ecosystem for PropTech and LivingTech startups; and
3.Lab & Development: enhancing Home Service Application to open up the door to new dimension of living for Sansiri residents, as well as reaching new prospective customers through the network of local and international partners.
Focusing on four fields of technology that is in line with Sansiri’s core business, as follows:
1. PropTech – innovation that facilitates property trading, property management and know how to better meet diverse consumer needs
2. LivingTech – living innovation that completes Sansiri resident’s living, in terms of convenience, entertainment, safety and cost saving, e.g., Appysphere, a home automation software startup; Onionshack, Thai voice AI startup; and Techmatics, startup that develops Sandee delivery robot.
3. Health & Wellness Tech – innovation that enhances quality of life, health and well-being of Sansiri residents including FoodTech, health monitoring system to embrace the upcoming aging society in Thailand
4. Construction Tech – innovation and technology that facilitate design, construction and quality control, as well as new construction materials that make Sansiri projects better meet consumer needs in the digital age and achieve better cost efficiency, e.g., the application of augmented reality technology from BIM (Building Information Management) for construction quality control
SIRI VENTURES’s previous investments in local and international startups included Farmshelf, a highly popular LivingTech startup from the US. Recently, SIRI VENTURES formed partnership with two world-class innovation platforms – Plug and Play from Silicon Valley, USA and SOSA from Israel, which help connect SIRI VENTURES to a global network of almost 10,000 startups worldwide as well as faster access potential startups through joint activities including identifying issues, hosting accelerator program, pitching and exploring investment opportunity.
Plug and Play, said that “We are a global innovation platform that connects startups to corporations and investors throughout the world. Our introductions help both parties thrive together through investments, pilots, acquisitions, and mutual growth. Our network encompasses over 6,000 startups in various disciplines worldwide, with over 220 corporate partners and a presence in 28 locations globally. We are delighted to join force with SIRI VENTURES and keen to drive a new wave of innovation through the partnership.”
SOSA, “SOSA brings together high growth potential startups and connects them to investors and corporations around the world, and together bringing a sustainable growth. The partnership with SIRI VENTURES is a major move to link our network of over 5,000 startups in the field of ConstructionTech and other disciplines with SIRI VENTURES and potentially develop innovation for Sansiri residents.”
Focusing on creating synergy with partners with common interest and specialization. SIRI VENTURES looks beyond giving direct support to startup, but works together with partners to drive a robust startup ecosystem which is essential in nurturing high quality Thai startups and enable them to compete in the global arena. In 2018, the company partners with Microsoft by joint sponsoring Microsoft Imagine Cup Thailand 2018 in the topic Smart Living on the Cloud; and invited Unicef, one of Sansiri’s partners, to join the program. Other partnership projects include participating in accelerator program hosted by universities and government organizations.
Lab & Development
Enliven Home Service Application to be more a mobile app that offers living convenience to Sansiri residents, but a platform to connect them to SIRI VENTURES’s partners in creating new home automation, Thai voice AI solutions and other innovations for all aspect of daily living, as well as expand Home Service Application service capacity in a wider market.
“With the three-approach business plan, coupled with Baht 1,500-million investment for three years, SIRI VENTURES is ready to open up the door to the new business dimension in completing modern consumer’s living through the creation of innovation that fulfill people’s daily life. In the near future, we plan to launch exciting innovations like alternative energy solution, upgradable home and new Home Service App partners, together with carrying on our mission to elevate Thai real estate industry with the development of sustainable ecosystem for PropTech and Living Tech in Thailand,”