A Guide for Thailand Tech Venture Capital for AI Start-Ups

By Craig June 20, 2025 Case Study

A research-backed guide for AI and tech founders raising capital in Thailand. Covers VC firms, angel investors, CVCs, and funding strategies for startups building in deep tech.

Introduction

Thailand is often celebrated as a hub for affordable living, rich culture, and growing digital infrastructure. But when it comes to raising serious capital—especially for startups in artificial intelligence, deep tech, or SaaS—the landscape is far less straightforward.

While the Thai government has made strides with initiatives like the SMART Visa, DEPA grants, and True Digital Park, institutional venture capital in Thailand remains underdeveloped compared to regional peers like Singapore and Indonesia. Local capital often gravitates toward low-risk, fast-return ventures, and few firms possess the technical depth to properly evaluate AI products or R&D-heavy startups.

This guide is designed to give founders—especially foreign founders—a grounded, research-backed view of what the startup funding environment actually looks like in Thailand in 2025. It includes:

• A curated list of active VC firms and corporate venture arms
• Available grant and government-backed support programs
• Foreign and Thai angel investor ecosystems
• Strategic considerations for incorporation and cross-border fundraising
• Alternative capital strategies and bootstrapping options

Whether you’re building a GenAI tool, a robotics platform, or a SaaS company with global ambitions, this guide will help you navigate the current funding channels, understand local limitations, and craft a strategy that maximizes both Thai and international resources.

This is not a hype piece. It is a practical reference for startup builders trying to make informed capital decisions in an emerging—but still maturing—ecosystem.

Active Venture Capital Firms in Thailand (2025)

Below is a curated list of venture capital firms actively investing in AI, deep tech, and SaaS startups in Thailand. All firms included have public portfolios, have completed at least seed-stage investments, and remain open to fresh AI/research-heavy deal flow.

Beacon VC (Kasikornbank)

• Website: beaconvc.fund
• Type: Corporate VC arm of Kasikornbank (KBank) :contentReference[oaicite:1]{index=1}
• Focus: Fintech, consumer + enterprise tech, sustainability (climate tech, AI-enabled platforms)
• Ticket Size: Seed to Series A/B (~USD 1M–10M)
• Notable Investments: HumanSoft (AI-powered HR), Neutreeno (carbon analytics) :contentReference[oaicite:2]{index=2}
• Apply Via: Portfolio page contact or direct outreach to MD Thanapong Na Ranong

InVent (Intouch Holdings)

• Website: via Intouch/Upseed directory :contentReference[oaicite:3]{index=3}
• Type: CVC of Intouch Holdings (AIS/Thaicom parent company) :contentReference[oaicite:4]{index=4}
• Focus: Telecom/Media/IT, digital services, AI, blockchain, e‑commerce
• Ticket Size: Seed–Series B (USD 0.5M–5M) :contentReference[oaicite:5]{index=5}
• Notable Investments: Digio (e‑payments), Wongnai, EventPop :contentReference[oaicite:6]{index=6}
• Apply Via: Intouch PR contact; formal pitch via Intouch VC page

Krungsri Finnovate (Bank of Ayudhya)

• Website/Source: Not publicly self‑branded; linked to Krungsri Group’s Finnovate initiative
• Type: Corporate VC focused on fintech and enterprise tech
• Focus: Financial inclusion, B2B SaaS, payment infrastructure
• Ticket Size: USD 1M–8M
• Notable Investments: Local fintechs (no public portfolio)
• Apply Via: Contact through Krungsri innovation team

AddVentures (SCG)

• Website: scglifescience.com and AddVentures insights
• Type: CVC of SCG (industrial conglomerate)
• Focus: Deep tech, industrial AI, digital logistics, R&D-active platforms
• Ticket Size: USD 0.5–5M
• Notable Investments: Local AI logistics and industrial automation startups
• Apply Via: Submit via SCG tech partnerships portal

Digital Ventures (SCB)

• Website: Digital Ventures official site
• Type: CVC arm of Siam Commercial Bank
• Focus: Fintech, InsurTech, enterprise SaaS, blockchain
• Ticket Size: USD 1–15M
• Notable Investments: Multiple rounds in Thai fintech and digital identity platforms
• Apply Via: Pitch on SCB innovation bridge portal

Gobi Partners

• Website: gobi.vc
• Type: Regional VC with Thailand presence
• Focus: Cross-border SaaS, AI, digital economy plays
• Ticket Size: Pre‑seed to Series A (USD 0.3–5M)
• Notable Investments: Regional SaaS unicorns, occasional Thai investments
• Apply Via: Online submission via Gobi regional portal

500 TukTuks (500 Global)

• Website: 500.co
• Type: Southeast Asia offshoot of 500 Global
• Focus: Early‑stage SaaS, consumer apps, AI‑enabled services
• Ticket Size: USD 50K–1M
• Notable Investments: Thai SaaS and marketplace startups
• Apply Via: 500 TukTuks intake form via 500 Global site

SEA Capital / SCB10X

• Website: SCB10X and 10X Growth Studio pages
• Type: Strategic VC division of SCB’s innovation arm
• Focus: AI, digital wellness, blockchain, incubating new platforms
• Ticket Size: USD 0.5–10M
• Notable Investments: Early-stage AI and web3 startups
• Apply Via: Open application via SCB10X website

KK Fund

• Website: kkfund.co
• Type: Regional early-stage VC headquartered in Bangkok
• Focus: Consumer-facing tech, SaaS, AI tools for Southeast Asia
• Ticket Size: USD 100K–2M
• Notable Investments: Social commerce, B2B SaaS waves in SEA
• Apply Via: Contact via online form

Wavemaker Partners

• Website: wavemaker.vc
• Type: Regional fund with SEA and US thesis
• Focus: Deep tech, enterprise, SaaS, AI/ML
• Ticket Size: USD 200K–3M
• Notable Investments: Climate tech, Agri-tech, B2B SaaS
• Apply Via: Wavemaker SEA submission web form

Rise Ventures

• Website: rise.vc
• Type: Regional early-stage VC (Philippines HQ, invests across SEA)
• Focus: SaaS, fintech, digital health, AI tools
• Ticket Size: USD 50K–1M
• Notable Investments: Thai digital platforms, regional SaaS plays
• Apply Via: Pitch via Rise Ventures online portal

Summary Table

Takeaways for Founders

• Thai corporate VCs (Beacon, Digital Ventures, AddVentures) dominate local funding, but tend to invest strategically—with sector alignment.
• Regional and SEA funds like Gobi, 500 TukTuks, KK Fund, and Wavemaker provide more standardized seed funding paths with thematic overlap in AI/SaaS.
• Most international and regional funds expect foreign founders to incorporate in Singapore or Delaware.
• Pre-seed founders should target Gobi, 500 TukTuks, Rise; Series A+ founders should engage corporate VCs.
• Always tailor pitch decks to show alignment with investor’s core domain (e.g., sustainability for Beacon, enterprise tech for Digital Ventures)

Government-Backed Investment & Grant Programs

Thailand offers several public funding and support mechanisms aimed at nurturing early-stage startups—especially those in AI, deep tech, and digital industries.

DEPA Digital Startup Fund

• Overview: The Digital Economy Promotion Agency (DEPA) runs multiple initiatives, including grants and programmatic support for digital startups. Their Digital Startup Fund offers awards to promising ventures in areas like AI, fintech, and media-tech. :contentReference[oaicite:1]{index=1}
• Fast-track AI Accelerator: DEPA co-sponsors the Google Cloud TH.AI Leaders Accelerator, supporting AI-innovators with compute resources, mentoring, and ecosystem access. :contentReference[oaicite:2]{index=2}
• Application & Timing: DEPA issues calls quarterly; turnaround is typically 8–12 weeks. Focus is on market-validated solutions in partnership with tech ecosystem stakeholders.

National Innovation Agency (NIA)

• Overview: NIA supports R&D-heavy and IP-driven startups through grants, mentorship, and co-investment schemes. Their corporate co-funding matches private capital up to ~THB 10M per startup. :contentReference[oaicite:3]{index=3}
• Corporate Spark Program: Facilitates collaboration between Thai corporates and international startups in sectors such as climate-tech, agri-tech, and health. :contentReference[oaicite:4]{index=4}
• Startup Targets: Goal of incubating 10,000 new startups by 2027 through grants and programs tied to DEPA and BOI initiatives. :contentReference[oaicite:5]{index=5}
• Application Workflow: Rolling application rounds; expect 8–10 weeks for grant evaluation and co-funding confirmation.

NSTDA & Thailand Science Park

• Overview: Under the National Science and Technology Development Agency (NSTDA), Thailand Science Park offers infrastructure, R&D support, and soft incubation to tech startups. :contentReference[oaicite:6]{index=6}
• Facilities: Access to labs, prototyping hardware, co-working studios, and tech support from centers like NECTEC and BIOTEC.
• Target Users: Ideal for deep tech, biotech, and engineering-led startups seeking technical validation and lab prototyping.

BOI Matching Funds (NSTDA & BOI joint program)

• Overview: Thailand’s Board of Investment (BOI) launched a matching-fund scheme targeting 13 “S-curve” industries—including digital, biotech, and automation. They co-fund up to THB 20M–50M per startup, conditional on receiving at least THB 15M from VC/CVC. :contentReference[oaicite:7]{index=7}
• Foreign Founder Incentives: BOI status enables 100 % foreign ownership, tax holidays up to 8 years, and simplified hiring of skilled expats. :contentReference[oaicite:8]{index=8}
• Application & Timeline: Tied to receiving external funding first; typical matching-fund approval cycles are 3–4 months after application.

Summary Table

How to Access

1. Map to your tech domain (e.g., AI = DEPA, deep tech = NSTDA, R&D scale = BOI).
2. Build credibility first—apply for seed funding or grants from DEPA/NIA before approaching BOI matching.
3. Seed-level VC required for BOI; ensure capital partners are registered with NIA.
4. Foreign founders benefit from BOI incentives, but must structure company for compliance (Thai registration required).

Quick Links

• DEPA Digital Startup Fund & accelerator programs :contentReference[oaicite:9]{index=9}
• NIA Corporate Spark & co-funding details :contentReference[oaicite:10]{index=10}
• NSTDA / Thailand Science Park lab and incubation support :contentReference[oaicite:11]{index=11}
• BOI matching fund for tech-focused startups :contentReference[oaicite:12]{index=12}

Bottom Line: Thailand’s government-backed programs can be powerful accelerators for AI or deep-tech startups—but unlocking their full value involves multi-stage coordination: start with DEPA or NIA, secure private investment, then scale with BOI-matched capital.

Corporate Venture Capital (CVCs) – The Real Money in Thailand

Thailand’s startup funding landscape is dominated by corporate venture capital (CVC)—deep-pocketed arms of major conglomerates and banks—rather than independent VC firms. While this offers access to sizable capital, it also adds layers of bureaucracy and strategic alignment constraints.

Why CVCs Matter

• Scale of investment: CVCs can deploy tens of millions USD per round, far exceeding smaller local seed funds.
• Strategic value: CVCs often integrate portfolio startups into their parent company’s business units (e.g. banking, retail, telecom).
• Market access: Startups gain testbeds, distribution channels, and enterprise-grade contracts via corporate partners.
• Bottlenecks: Decision cycles move slower, and fits are hierarchical—ventures must align closely with corporate priorities.

Key CVC Players in Thailand

Beacon VC (Kasikornbank)

• Website: beaconvc.fund :contentReference[oaicite:1]{index=1}
• Focus: Fintech, AI, enterprise platforms, sustainability
• Fund size: $255M AUM (expanded from $30M in 2018) :contentReference[oaicite:2]{index=2}
• Notable Investments: Cryptomind, FWX (blockchain), EV startups
• Why it matters: Offers deep integration with KBank—but mandates strategic alignment with property, climate-tech, or financial roadmaps.

AddVentures (SCG)

• Focus: Industrial innovation, sustainability, construction-tech
• Fund structure: Corporate arm of Siam Cement Group
• Why it matters: Ideal for hardware-heavy or engineering-intensive AI; offers strategic production/test partnerships.

InVent (Intouch Holdings)

• Type: CVC arm of telecom/content giant
• Annual budget: ~$7M :contentReference[oaicite:3]{index=3}
• Focus: Telecom, cloud, mobile apps, digital media
• Notable portfolios: Conicle (edtech), PARONYM (interactive video), Choco CRM :contentReference[oaicite:4]{index=4}
• Strengths: Access to infrastructure, media channels, and Intouch’s distribution.

Krungsri Finnovate (Bank of Ayudhya)

• Website: krungsrifinnovate.com :contentReference[oaicite:5]{index=5}
• AUM: ~US $120M across multiple funds :contentReference[oaicite:6]{index=6}
• Focus: Fintech, sustainability-tech, cross-border scaling
• Value-add: Accelerator via Krungsri RISE, access to ASEAN market priorities :contentReference[oaicite:7]{index=7}

Digital Ventures (SCB)

• Type: CVC arm of Siam Commercial Bank
• Focus: Fintech, digital infrastructure
• Investment activity: Multiple rounds in payment, blockchain, and insurtech via SCB 10X

LINE Ventures

• Parent: LINE (messaging/social media)
• Verticals: Social-tech, chat-commerce, digital services
• Edge: Instant market access via LINE’s regional user base

Siri Ventures (Sansiri)

• Affiliation: Thai real estate giant
• Focus: Proptech, home automation, startup-enabled lifestyle services
• Fund size: Several hundred million Baht

Comparison Table

Benefits & Trade-offs

Pros

• Large venue checks: Ideal for startups needing growth capital or enterprise deals.
• Embedded integration: Easier to pilot products with parent corporation.
• Brand credibility: Association with stable corporates enhances reputation.

Cons

• Slower processes: Corporate governance extends decision timelines.
• Strategic fit essential: Funding depends on alignment with business units.
• Limited VC-style freedom: Less focus on breakout exits; more value consolidation.

How to Engage

• Research alignment: Match your startup’s verticals to the parent corp’s roadmaps.
• Explore demo days: Many CVCs run programs like Krungsri RISE or SCB 10X.
• Direct application: Visit corporate VC websites and follow submission forms.
• Network via ecosystem events: CVCs frequently attend Techsauce and AIS Connect.

Bottom Line: In Thailand, CVCs are the most significant sources of serious venture funding—outpacing traditional VC. For startups in fintech, enterprise AI, deep engineering, or vertical-specific tech (proptech, green-tech), partnering with a CVC offers scale and strategic market channels. But expect slow cycles and heavy alignment demands.

Foreign VCs in Thailand: What You Need to Know

Most international venture capital firms are hesitant to invest directly in Thai-incorporated companies due to legal complexity, tax ambiguity, and challenges around investor protections. While the local startup ecosystem is growing, it remains under-structured compared to regional hubs like Singapore. This section outlines how foreign VCs operate in Thailand and how founders can align accordingly.

Why Most Foreign VCs Avoid Thai Entities

• Preference for Singapore or Delaware Incorporation
  The majority of international investors require startups to be legally registered in jurisdictions with robust corporate governance and clear exit frameworks. Singapore and Delaware are standard due to:

  • 100% foreign ownership allowed
  • Familiar corporate structures (Pte Ltd / C-Corp)
  • English-language legal systems
  • Proven exit pathways for acquisitions or IPOs

• Accelerator-Driven Deal Flow
  Foreign VCs often rely on trusted accelerator networks for deal sourcing. If you’re part of:

  • Y Combinator
  • AppWorks (Taiwan)
  • Antler (Singapore)
  • Google for Startups (Global) …you’re more likely to get international VC attention. These accelerators also mandate incorporation in investor-friendly jurisdictions, effectively disqualifying Thai-only setups.

• “Singapore-First” Investor Policies
  Many VCs apply a “Singapore-first” rule, meaning they only review companies incorporated in Singapore. This simplifies due diligence and legal agreements. A Thai entity adds friction, especially during exits or follow-on funding.

Practical Advice for Foreign Founders

1. Incorporate in Singapore or Delaware First
Use services like:

• Stripe Atlas
• Sleek
• Firstbase

This gives you access to capital pools without being blocked by legal jurisdiction.

2. Operate in Thailand, Raise Abroad
Use Thailand for operations, team building, and product development—while using your Singapore/Delaware parent entity for fundraising. You retain low operational costs while staying investment-friendly.

3. Join Global Accelerators
Get accepted into programs that are connected to VCs:

• Google for Startups
• AppWorks
• Antler
• Plug and Play

These programs offer credibility, networks, and introductions.

4. Maintain Thai Traction with Foreign Cap Table
Investors will fund your foreign-incorporated entity, but traction in the Thai market is still valuable. Build metrics in Thailand, report globally.

Realignment Strategies – Table Overview

Summary

Foreign VCs rarely back Thai-registered startups directly. Instead:

• Incorporate abroad (Singapore or Delaware)
• Build and operate in Thailand for cost-effectiveness
• Raise capital via international programs or global VC networks

This “dual structure” lets you benefit from Thailand’s affordability and talent while aligning with international investor requirements.

Best practice: Register a Singapore Pte Ltd, operate from Thailand, and pitch globally. Investors will expect it.

H2: List of Thai Angel Investors and Syndicates

Thailand’s angel ecosystem, while smaller than in Singapore or Indonesia, features a growing number of experienced founders-turned-angels, networked syndicates, and family offices that actively back early-stage AI and deep-tech companies. Below is an overview of the most prominent investors and how to connect with them.

🔹 Krating Poonpol

• Profile: Venture Partner at 500 TukTuks (Thailand arm of 500 Global) and Group Chair at KXVC, the AI/web3‑focused fund of KBank/KBTG :contentReference[oaicite:0]{index=0}. Former exec at Kasikorn Business‑Technology Group, integral to Thailand’s digital ecosystem.
• Focus & Ticket Size: Seed to Series A, deep‑tech, fintech, AI/web3. Often invests TD $100k–500k+.
• Why it matters: Combines startup expertise with corporate synergy; key bridge between Thai tech and Stage‑1 AI investors.

🔹 Amarit “Aim” Charoenphan

• Profile: Co‑founder of Hubba, Bangkok’s pioneering coworking network, Managing Partner at AIM Ventures, and Advisor at Mandalay.VC :contentReference[oaicite:1]{index=1}.
• Focus & Ticket Size: Early-stage AI, SaaS, community tech. Investments typically USD $50k–250k.
• Why it matters: Deep roots in Bangkok’s ecosystem and strong mentorship network.

🔹 Thai “Super Angels” & Syndicates

• Ted Poshakrishna Thirapatana: Former Intouch Deputy CEO, active in tech and deep-tech syndication :contentReference[oaicite:2]{index=2}.
• Tiwa York: Former CEO of Kaidee and board member at Seekster/Seven Peaks. Brings product-to-scale experience :contentReference[oaicite:3]{index=3}.
• Business Angel Network of Southeast Asia (BANSEA): Carries Thai representation and provides monthly pitch sessions across SEA :contentReference[oaicite:4]{index=4}.

🔹 Foreign Angels in Thailand

Platforms like Angel Match and OpenVC list global angels with Thai ties—oftentimes senior execs or family-office managers living locally who invest USD 50k–200k per round :contentReference[oaicite:5]{index=5}. Example investors:

• Frank Cid (focus on AI/fintech)
• Kadan Capital (solo-angel backing prototypes) :contentReference[oaicite:6]{index=6}.

🔹 Angel Syndicates & Clubs

• BANSEA (Thailand arm): Invitation-based network providing curated access to SEA angels :contentReference[oaicite:7]{index=7}.
• Bangkok Venture Club / Thai Angels: Semi-formal networks emerging from events like Techsauce and BKK Startups :contentReference[oaicite:8]{index=8}. Often stage matter-of-fact bridging between angels & founders.

🔹 Family Offices & Deep-Tech Investors

• Korawad Chearavanont (Amity): Tech entrepreneur and CP Group heir with deep AI/enterprise focus :contentReference[oaicite:9]{index=9}.
• James Yenbamroong (mu Space): Space-tech CEO building a Thai-based venture capital arm targeting AI/deep-tech :contentReference[oaicite:10]{index=10}.

How to Engage

1. Build relationships via local platforms – sign up on Angel Match or OpenVC to identify matching angels.
2. Attend startup events – pitch nights hosted by BANSEA, Techsauce, BKK Startups or Hubba are primary sources of intros.
3. Leverage coworking communities – AIM Ventures and Hubba hosts pitch series and demo-days where angels attend.
4. Show traction in AI/deep-tech – these investors prioritize innovation; demonstrate tech edge and real product progress.

Summary

Thailand’s angel market is developing rapidly but remains relationship-driven and localized. Tier-one players like Krating and Amarit bring ecosystem leadership and capital. Syndicates like BANSEA and local networks amplify visibility and access. Foreign angels and family-office investors inject strategic deep-tech support. For AI founders, the optimal path is strategic networking, evidence of traction, and presence in Thai startup hubs.

Bootstrapping, Revenue Funding & Alternative Options

In Thailand’s capital-scarce startup ecosystem—particularly for AI and deep-tech ventures—bootstrapping isn’t just a fallback strategy. It’s often the primary route to product-market fit. This section explores viable, non-equity paths to finance your early-stage AI startup in Thailand, focusing on revenue-based options, service-led funding, and grants.

🔹 Revenue-Share Financing Platforms

Global platforms like Pipe (pipe.com), Capchase (capchase.com), and Lighter Capital offer non-dilutive financing based on your company’s recurring revenue. These are ideal for SaaS startups with predictable MRR.

• Eligibility Caveat: Most require incorporation in the U.S. or Singapore, and Thai-incorporated entities are typically ineligible.
• How to use: Incorporate via Stripe Atlas or Sleek (Singapore), route payments through Stripe/Chargebee, and link MRR to secure upfront capital.

Pros:

• No equity dilution
• Speedy disbursement

Cons:

• Requires consistent revenue history
• Currency and jurisdiction constraints

🔹 Freelance-Funded Startups

In Chiang Mai and Bangkok, many founders self-finance via high-paying freelance work (e.g., software engineering, UX/UI design, copywriting). Platforms like Toptal, Upwork, and CodeMentor offer $30–$100/hr income streams that can sustain R&D.

Tips:

• Use a personal vs. company split to manage taxes and capital use
• Freelance as a “technical founder for hire” in AI/NLP/ML verticals to stay aligned with core product skillsets

🔹 Consulting-to-Product Pipeline

Some of the most capital-efficient startups in Thailand began as consulting firms. Examples include:

• Building custom AI models for local SMEs
• Offering API integrations or data analysis for corporates
• Using client work to fund core product development

This model keeps early-stage equity intact and builds real-world market validation before fundraising.

🔹 Grant Stacking: BOI + DEPA + Google

Thailand offers grant stacking opportunities through national programs and corporate support. Examples include:

• BOI Smart Visa Pathways: Leverage BOI promotion to gain visa/work rights and tax incentives while raising capital separately.
• DEPA (Digital Economy Promotion Agency): Offers early-stage funding for tech pilots and co-working support.
• Google for Startups Cloud Program: Up to $200k in credits, with fast-track eligibility via Google’s Thailand AI Accelerator.

Stacking Strategy:

• Apply DEPA for prototype grant
• Register for Google credits
• Apply BOI or NIA endorsement for visa/investment incentives

🔹 Pros and Cons of Bootstrapping in Thailand

Pros:

• Low cost of living (especially in Chiang Mai)
• Access to high-quality talent at lower salary benchmarks
• Long runway with minimal capital
• Less competitive hiring market for early-stage roles

Cons:

• Limited access to deep-tech investors locally
• Slower feedback loops without growth pressure
• Difficult to scale team aggressively without outside capital

Summary

Bootstrapping in Thailand works—especially for AI founders who treat early capital as leverage rather than necessity. Whether through freelancing, consulting, or grant stacking, founders can extend runway, build traction, and eventually attract foreign VC with a proven product and cost-efficient model. In a region where capital flows are uneven, sustainability and scrappiness are strategic advantages.

Final Thoughts: Can You Raise Capital for an AI Startup in Thailand?

Raising venture capital for an AI startup in Thailand is possible—but requires strategic alignment with regional and global realities. Unlike the US or Singapore, Thailand is not yet a mature capital hub for deep tech. Traditional VCs are cautious, angel networks are still forming, and most investors lean toward low-risk, fast-scaling B2C ventures. That said, Thailand offers significant advantages in cost efficiency, infrastructure, and quality of life—especially for early-stage technical teams.

An Honest Assessment

If your goal is to raise $2–$5M for an unproven GenAI product built by a remote team with no traction—Thailand is likely not the place to do it. But if you are a technical founder with a working MVP, a long runway, and a global mindset, the Thai ecosystem can provide the operational base you need to iterate cheaply and prepare for international capital.

The Most Viable Playbook

The optimal path for most founders looks like this:

1. Incorporate in Singapore or Delaware

   • Use Stripe Atlas or Sleek to establish an international HQ
   • Gain legal credibility and VC-favorable jurisdiction

2. Build Your Team and Product in Thailand

   • Hire locally, use Chiang Mai or Bangkok as a low-cost R&D base
   • Qualify for programs like SMART Visa S or BOI promotion

3. Raise Capital Abroad

   • Target SEA-focused VCs with regional scope (500 Global, AppWorks, Wavemaker)
   • Join accelerators that unlock international networks (Antler, Google for Startups, Iterative)