BuzzAR, a Singapore-based mixed reality and AI company, has announced raising $1.16 million in funding from HSBC New Economy Fund, HSBC’s vehicle that focuses on tech-led businesses.
Founded in 2018 by Bell Beh and Ken Lim, BuzzAR said it will use the fresh funds to expand its presence in the Middle East and North Africa (MENA) region, particularly in Saudi Arabia.
The startup is working with the Saudi Tourism Authority to digitalise the country’s hospitality industry. It is integrating its AI tour guide, BAE (Buzz AI Experience), with the Saudi Tourism Authority.
BuzzAR together with the Saudi Arabian Monetary Authority (SAMA) projects that BAE’s refinement and deeper integration can bring in 1 million travellers to account for $3.2 billion of tourism dollars by 2026.
SOUTHEAST ASIA DEAL MONITOR
DealStreetAsia has put together a table listing prominent venture capital transactions in Southeast Asia for the week starting October 28, 2024.