Sansiri, Thailand’s leading fully-integrated property developer, announced the launch of SIRI VENTURE, the country’s first corporate venture capital specializing in full-scale research and development on Property Technology. The new venture capital opens up opportunities for technology startups to develop innovations for home living and lifestyle, from conception to commercial viability, with direct access to sustain business in the property market. Siam Commercial Bank, as strategic partner of the venture, lends experience on investment in technology and startups in supporting the operations and integrating fintech into innovation development. Established with initial registered capital of Baht 100 million, SIRI VENTURE focuses on investment and development of new technology and products in collaboration with researchers, innovators, manufacturers and startups, with aim to build a network of at least 300 PropTech startups by 2020, while driving Thai innovations for home living to spring up globally as well as create a strong and sustainable growth for the property industry.
Sansiri Public Company Limited revealed that “we join hands with Siam Commercial Bank to set up SIRI VENTURE, Thailand’s first corporate venture capital dedicated to investment and development of Property Technology, innovation for real estate and future home living, with Sansiri holding 90% stake and Siam Commercial Bank 10%.”
“We conducted a feasibility study and decided to establish a corporate venture capital with aim to seek investment opportunity in Property Technology business that is related to the main businesses of Sansiri group, and can help enhance efficiency and streamline our business operations, as well as explore new opportunity, business innovation and business model to strengthen our main businesses. Our strategic partner, Siam Commercial Bank, possesses deep understanding and always seeks new opportunities in the changing business landscape in the digital age, and leads the industry in fintech development. SIRI VENTURE is Thailand’s first corporate venture capital focusing on full-scale Property Technology development. The clear benefits are we will have a dedicated business unit to explore and invest in property technology and innovation, which will be used and deployed for the first time by Sansiri in enhancing business operations, develop new products and services for our customers, and expand new business opportunities by selling these innovations to other real estate developers or even other businesses, leading to new income channels that drive new leaping growth cycle. This ultimately benefits our customers, due to our improved business efficiency and continued stream of new products and services. A perfect example is our new Smart Home Integration system, which will be implemented for the first time at the 98 Wireless and the XXXIX projects,” added Sansiri.
The Siam Commercial Bank Public Company Limited, revealed that “Our joint investment in SIRI VENTURE is made possible by Digital Ventures, a subsidiary of Siam Commercial Bank that promotes innovation in financial technology, with aspiration to expand our access capacity to and collaboration with new startups and technology development efforts. This reflects that our technology outlook is not limited to only financial products and services, but also the way to develop financial technology that can seamlessly fit into the changing ecosystem of everyday life. This venture allows us to integrate FinTech into the development of PropTech and thus creating an integrated Living Ecosystem, resulting in co-creation of product and service offerings like online shopping and property loans, which bring an enhanced financial service and living experience that meets every lifestyle needs. SCB will gain a wider consumer perspective, and be able to precisely position product and service innovations as well as have access to new consumer reach. We are committed to creating advanced financial innovations that meet the needs of corporate customers, real estate developers, SME customers and individual property-purchasing consumers. This is also a great opportunity for us to exchange expertise and innovation in business operations with Sansiri in the fields of Digital Payment, Blockchain and Big Data.”
According to SIRI VENTURE, “Sansiri is a real technology pioneer in the real estate space. They have adopted digital technology in marketing for many years now, being Thailand’s first property developer to introduce digital sales kit in multi-touch device in 2009 to help boost sales efficiency, and launching Home Service, a mobile application for Sansiri customers since 2012. The setting up of SIRI VENTURE marks another major step further for Sansiri in developing and investing in property technology and innovation slated for the future of living, and ultimately bringing a sustainable development for the real estate sector. We strive to create innovation that helps make life easier, faster and cheaper, in forms of new product, research, design or business model within holistic property technology landscape. This includes data system, project design, construction, sales promotion, business management and property services as well as technology for home living. Innovation that has undergone the ‘idea-startup-survival’ processes will be a crucial driving force for a new leaping growth cycle in the property business. Moreover, we plan to launch intellectual property management business to create a new revenue stream in international markets.”
SIRI VENTURE sets primary three missions, comprising 1. Investment in development of technology and innovation for real estate and home living, with budget of Bt 100 million, in Thailand and Singapore; 2. Investment in the revamp project of Home Service, mobile application for Sansiri customers, to become a comprehensive home living service for every lifestyle needs with capacity to reach a wider market; and 3. Launch of Thailand’s first Property Technology Accelerator Program to select startups in property technology with high investment potentials.
The revamp of Home Service, a highly-successful mobile application for Sansiri customers launched since 2012 with user base growing from hundreds to ten-thousand within only three years, aims to redefine digital service innovation to the next level, and interwoven into every aspect of daily life like never before. From messaging, notification, request for home maintenance, online shopping, to home automation, as well as other add-on services in the future to meet changing needs, life is made easier at consumer’s fingertips. The new face of Home Service is a revolutionary technology with strong potential to reach a wider market beyond the realm of Sansiri properties, and can be offered for sale to other real estate projects by other developers, in Thailand and international markets. Currently, Home Service has over 13,000 subscribers in 135 Sansiri properties, mostly condominiums.
The Property Technology Accelerator Program, designed with concrete objective, will start in the second quarter of 2017, with opening for application of 100 startup teams. 15 teams will be selected for business incubation, with extensive tutorial courses led by business specialists and Sansiri management team during the third quarter. In fourth quarter, final 8 - 10 startup teams will be selected for further commercial viability development. SIRI VENTURE will also support in seeking patent protection for successful innovations.
“Our R&D database shows that technology development is evolving from formless, to borderless and limitless stages. Technology will be more and more accessible to the mass. We are eyeing investment in a range of potential technologies in the near future. These include mobility technology in new, different perspectives; Smart Home technology like home automation, home security and home AI, voice recognition and preventive maintenance; robotics technology for building delivery robot in the building for more security; and exoskeleton technology for development of exoskeleton suit designed to help construction workers work faster and more efficiently with reduced costs, as well as applied in other areas to bring a better quality of life for people,” added SIRI VENTURE