February 29, 2024 by Andrew Philipps: Kumpulan Modal Perdana (KMP), a Malaysian government-owned venture capital firm focused on technology, today announced a significant investment in SmartRetail, a computer vision AI profiling solutions and consumer engagement advertising technology company.

This investment round also welcomed strategic investors LMI Group Inc., a major retail solutions provider in Japan, and MCP Group, a leading asset management firm in Asia.

SmartRetail plans to use the new funds to drive its strategic global expansion, with a particular focus on the Malaysian market. This includes the recruitment of top Malaysian tech talents and upskilling initiatives to bolster the company’s technological capabilities.

Adam So, the founder and CEO of SmartRetail, emphasized the importance of the investment for expanding their presence in Malaysia and beyond, highlighting the demand for the company’s innovative retail solutions.

Founded in 2009, SmartRetail has emerged as a leading player in Engagement Out-of-home (EOOH) advertising in Asia, offering action-based advertising technology, anonymous facial recognition, and consumer insights solutions.

The company’s technologies, including Perceptron and Ai:Dentify, aim to revolutionize the retail industry by enhancing customer engagement and providing actionable data insights.

With this investment, SmartRetail is set to introduce its high-end retail technology solutions in Malaysia, catering to the evolving demands of today’s consumers for personalized retail experiences.

The company’s expansion into Malaysia is supported by strategic collaborations with local advertisers, retailers, and digital signage owners, aiming to introduce innovative solutions in computer vision and advertising technologies.

KMP’s investment reflects a commitment to fostering innovation and supporting high-potential companies in the booming tech sector. Yarham Yunus, CEO of KMP, expressed confidence in SmartRetail’s market potential and the ability of local talent to drive advancements in the retail technology industry.

As SmartRetail continues to expand its global footprint and strengthen its team, it remains dedicated to innovating in the retail landscape and connecting consumers with engaging retail experiences worldwide.