Latest news with #Bangkok-based
Miami Herald
a day ago
- Business
- Miami Herald
Spacely AI Secures US $1 Million Seed Round to Supercharge Generative AI Design for Architects Worldwide
BANGKOK, TH / ACCESS Newswire / July 21, 2025 / Spacely AI, the Bangkok-based startup bringing generative AI to architecture and interior design, has raised US $1 million in Seed funding led by PropTech Farm Fund III, with participation from Wannaporn Phornprapha (Managing Director, P Landscape Co., Ltd.), Ted Poshakrishna Thirapatana (Founder, UTC Holdings Co., Ltd.), and Mek Srunyu Stittri (former VP Engineering, GitLab). The round follows Spacely AI's pre-seed investment from SCB 10X. The new capital will accelerate product development and expand the company's footprint in key global markets. Spacely AI's mission is to help architects win more business, unlock greater creativity, and cut costs. Its cloud suite delivers AI rendering for interior and exterior spaces, intuitive image-editing tools, AI virtual staging, and automated 3D model generation. Fully integrated with SketchUp via Extension Warehouse, the platform is adding support for more leading CAD tools so professionals can work inside the software they already know. "Every architecture firm is rebuilding its workflow around AI," said Paruey Anadirekkul, CEO of Spacely AI. "Success now depends on how quickly you adapt - especially as clients are already experimenting with these tools." Seed proceeds will launch Spacely AI's next-generation 2D-to-3D automation engine, which removes up to 80 percent of manual concept work, establish a U.S. market presence, and equip global partners with sales and co-marketing resources. "Design speed now determines deal speed," noted Fredrik Bergman, CEO of PropTech Farm. "We at PropTech Farm believe Spacely AI's instant visualisation turns hesitant prospects into committed buyers long before the first brick is laid." Wannaporn Phornprapha, Managing Director of P Landscape Co., Ltd., added, "Design workflows can be painfully slow. Spacely AI shows how technology can save time and energy for the work that truly matters." Over the past year, Spacely AI has grown revenue 10×, served more than 1,500+ architecture and interior-design firms in 50+ countries, and produced over two million unique renders. The company has won 1st Place at the Krungsri Finno Efra Accelerator, People's Choice at Paddle AI Launchpad, 2nd Runner-Up at the SketchUp Innovation Challenge, 1st Place at the Property Portal Watch Conference, a Top-10 spot in Echelon Top 100 Southeast Asia, and 2nd Runner-Up at Tech in Asia Startup Arena. The Verge recently named Spacely AI one of the most-recommended AI tools for design professionals. Spacely AI invites architects, interior designers, and real estate professionals to integrate AI into their workflows and experience a new standard of speed and creativity. Start a free trial or book a live demo at Together, Spacely AI and its members will eliminate bottlenecks, spark bold ideas, and win projects faster. About Spacely AI Spacely AI is a SaaS company bringing generative AI to the Architecture, Engineering, and Construction industry. Spacely AI's mission is to empower design professionals to win more business, unleash greater creativity, and cut project costs. About PropTech FarmPropTech Farm is a venture capital firm investing in early-stage real estate technology companies across Asia-Pacific and Europe. Backed by an experienced team with a track record of successful exits, the firm focuses on startups transforming the built environment across the full lifecycle-from planning and construction to property management and energy optimization. PropTech Farm combines hands-on support with global networks to help founders scale innovative solutions in complex, high-growth markets. PropTech Farm Fund 3 is structured as a sub-fund of Florissant VCC and managed by Swiss-Asia Financial Services. SOURCE: Spacely AI Related Images press release
Mint
5 days ago
- Business
- Mint
ASIA RICE-Surplus supply, tepid demand push India rates to over two-year low
(Repeats without changes to text) Thai rates widen on increase in production costs Summer-autumn harvest in Mekong Delta peaking, trader says Bangladesh to import rice ahead of upcoming flood season July 17 (Reuters) - Indian rice prices fell to their lowest level in more than two years on subdued demand and surplus supplies, while Vietnamese rice exports to Africa and the Philippines remained steady. India's 5% broken parboiled variety was quoted at $377-$382 per ton, its lowest since early December 2022, and down from last week's $380-$385. Indian 5% broken white rice was priced at $373 to $378 per ton this week. "Overseas buyers have multiple options, everyone from Thailand, Vietnam, to India wants to sell their excess stocks, so buyers are trying hard to negotiate a lower price," said a New Delhi-based trader with a global trade house. Vietnam's 5% broken rice was offered at $380-$390 per metric ton, traders said. The price was $382 a week ago, according to the Vietnam Food Association. "Demand from the Philippines and Africa remains steady," a trader based in Ho Chi Minh City said. Preliminary shipping data showed 256,583 tons of rice is to be loaded at Ho Chi Minh City port in July, with most of the rice heading to the Philippines and Malaysia. Traders said the summer-autumn harvest in the Mekong Delta, the country's key rice growing area, was peaking. Thailand's 5% broken rice was quoted at $380-$385 per tonne, compared with last week's $380. Traders said prices slightly widened over the week due to an increase in the cost of rice production in the domestic market as international demand remains quiet. A Bangkok-based trader said new supply of rice will likely enter the market at the end of this month and early next month. "Many buyers are waiting for the new crop which could drive the price down," the trader added. Meanwhile, Bangladesh will import 400,000 metric tons of rice to strengthen food security ahead of the flood season, food ministry officials said. (Reporting by Ishaan Arora in Bengaluru, Rajendra Jadhav in Mumbai, Panu Wongcha-um in Bangkok, Ruma Paul in Dhaka, and Khanh Vu in Hanoi; Editing by Sahal Muhammed)
Indian Express
14-07-2025
- Business
- Indian Express
Why Thailand's ‘weed wonderland' may be about to disappear
Just three years ago, Thailand made history by becoming the first country in Asia to decriminalise cannabis. What followed was a rapid and unprecedented boom: neon-lit dispensaries sprang up across Bangkok's tourist hotspots, 'green' cafes dotted the islands, and entrepreneurs—from street vendors to seasoned investors—rushed in to claim a slice of the estimated $1 billion market. But that cannabis free-for-all may be coming to an abrupt end. In June, the Thai government imposed sweeping new rules that re-criminalise recreational cannabis use, triggering panic among shop owners and raising uncertainty over the future of the country's burgeoning marijuana industry. The new guidelines require all cannabis purchases to be backed by a prescription from a certified medical professional. However, the practical implementation of this policy—how prescriptions will be issued, how shops should adapt, and what will happen to existing businesses—remains murky. The abrupt change has left many wondering whether Thailand's short-lived experiment with legal cannabis is now over. Since decriminalisation in 2022, thousands of dispensaries have opened across Thailand. Along Khao San Road in Bangkok—a famous backpacker strip—bright storefronts have offered a smorgasbord of highs: cannabis strains promising everything from relaxation to euphoria, with catchy names and menus written in English. But after the government's announcement, many shops are bracing for shutdown. 'Most of the registered shops will shut down,' Bangkok-based entrepreneur Natthakan Punyathanaworakit told The Guardian, adding that many are likely to go underground. She has already closed one of her three cannabis stores in the capital, citing mounting pressure and the cost of compliance. The new regulations could force dispensaries to register as clinics and hire licensed doctors—an expensive and bureaucratic shift that small businesses say they cannot afford. 'It's the little guys—the mom and pop shops, the family business where the wife is helping trim while the husband is growing—they're the ones that will suffer,' cannabis entrepreneur Chokwan Chopaka told The Guardian. Chokwan, who once welcomed Thailand's progressive approach, now fears the rollback will only entrench big players and criminalise small-scale operators again. 'Even past rules weren't properly enforced. When there's no enforcement, there's just no way I can compete,' she said. The shift in policy comes amid a political shake-up. The Bhumjaithai Party, which had pushed for decriminalisation, has now exited the ruling coalition. Thai Prime Minister Paetongtarn Shinawatra, facing criticism over his handling of other political issues, has leaned on health minister Somsak Thepsutin to oversee the reform. Somsak has framed the new rules as necessary to 'improve public safety and protect young people and children.' But critics argue that the cannabis issue has become politicised. What started as a reform aimed at reducing drug-related incarceration and boosting the economy has become a lightning rod for conservative backlash, fuelled by concerns over youth exposure, cannabis tourism, and smuggling. The previous decriminalisation, while historic, was widely criticised for being rushed through with minimal safeguards. Piecemeal regulations followed—such as bans on sales to minors and pregnant women, or in proximity to schools—but enforcement was spotty. Now, the pendulum is swinging hard in the opposite direction. At Khao San Road, footfall has already dropped. 'It's going to affect [profits] because the tourists, they're scared,' Thammarat Siritanaratanakul, who works at a dispensary called iStoned, told The Guardian. Oler Silasilarat, 28, who works at Hygge Flower, said he supported reforms in principle, but feared for small farmers. 'They have a lot of knowledge, but they cannot grow any more because they cannot compete with the big companies,' he said. 'After legalisation, everyone had the opportunity to try to make money. You could open a shop, you could make a career,' Oler added. 'And then they change it.' Small growers will now be required to obtain new certifications, while dispensaries must convert into medically licensed businesses or risk being shuttered. For many, the cost of adapting to the new system is simply too high. Decriminalisation had marked a sharp reversal in a country long known for its harsh anti-drug laws. Thousands of people jailed for cannabis-related offences were released, and Thailand's leaders positioned the policy as a symbol of progress and economic rejuvenation. But the explosion of dispensaries and a flood of marijuana into the market stoked public unease. Reports of cannabis smuggling and arrests of foreign nationals added to the controversy. Earlier this year, two young British women were arrested in Georgia and Sri Lanka after flying from Bangkok with large quantities of cannabis; both now face prison. Despite the backlash, many argue that rolling back legalisation is not the solution. 'What we needed was proper regulation—not criminalisation again,' said Chokwan. She fears that closing dispensaries will only revive the black market, pushing users and growers into legal limbo. Back in Bangkok, Natthakan is holding on to her two remaining shops—barely. 'If one of the shops cannot keep up with the new rules,' she said, 'I will have to close.' Thailand's green rush may not be over yet—but the haze of uncertainty is thick, and its once-celebrated weed wonderland may soon become a cautionary tale.
Bangkok Post
12-07-2025
- Automotive
- Bangkok Post
Detailing Neta's fall from grace
Jutamas Tadthiemrom, an employee of a Bangkok-based media corporation, has been using her Neta electric vehicle (EV) for just over a year. The main reason she bought it was to reduce her fuel expenses, as she had used her previous car for more than 12 years. But the Chinese EV maker, which has attracted interest among motorists worldwide, failed to impress Ms Jutamas after the delivery of her vehicle was delayed. "The quality of the car has been decent, considering the price. There have been no major faults," she told the Bangkok Post. However, TQM, Neta's insurance broker in Thailand, called Ms Jutamas to cancel the second-class insurance policy she held offered by Viriyah Insurance, even before Hozon New Energy Automobile Co, the Chinese parent of Neta, formally announced its bankruptcy. At that point, she decided to secure a third-class insurance policy offered directly by Viriyah Insurance in case Neta's Thai subsidiary also entered into bankruptcy. However, she wondered which company would be responsible for her car's maintenance going forward and whether it would be difficult in the future to secure some form of compensation, given the parent company's status. WHAT HAPPENED TO THE NETA BRAND? Ms Jutamas is not the only concerned Neta owner in Thailand, as the Chinese company that entered the Thai market in 2022 has struggled to compete with BYD, a rival Chinese EV brand. As a consequence, Neta Thailand has struggled to meet the Thai government's requirements for its incentive programme aimed at boosting EV production. Under the scheme, car manufacturers were exempt from import duties in 2024, but were obliged to match import volumes with domestic production. Citing decelerating sales and tightening credit conditions, car manufacturers asked the government to adjust the scheme and the production shortfall in 2024 has since been rolled over into this year. As Neta's parent firm entered bankruptcy proceedings in China last month, according to state media, the Thai unit is unable to produce the required number of cars locally. According to Reuters, the Excise Department received a complaint filed last month by 18 Neta dealers in Thailand seeking to recover more than 200 million baht of allegedly unpaid debt. Neta's share of Thailand's EV market peaked at 12% of total sales in 2023 when the industry was growing, according to data based on industry research. BYD secured a 49% market share in 2023. In the first five months of 2025, new registrations of Neta vehicles slumped 48.5% year-on-year and its share of EV registrations dropped to just 4%, according to government data. Neta car owners took to social media in droves to share their experiences with maintenance issues and limited after-sales support. A consumer watchdog agency is investigating some of these complaints. Meanwhile, industry analysts said Neta's issues are specific to the company and do not indicate flaws in Thailand's policies or market. However, external shocks such as geopolitical tensions and higher US tariffs on imports of Thai products have added pressure to the sector. HOW IS NETA'S PROVISION OF AFTER-SALES SERVICE AND BUSINESS CONTINUITY HERE? This question was put to Sun Baolong, head of Southeast Asia business for Zhejiang Hozon New Energy Automobile, but he did not respond. Mr Sun transitioned to this position from his previous role as general manager of Neta Auto Thailand when the company appointed a new board of directors last month, with representatives from the headquarters in China joining the board. The Office of the Consumer Protection Board is investigating Neta's business in Thailand after summoning Neta representatives for talks on how to prevent negative impacts for Thai consumers following a report from a state-owned news agency in China that Neta Auto Thailand's parent filed for bankruptcy. The company's financial shortcomings were brought to the court in China after a creditor sued the company over an unpaid debt of roughly 5.3 million yuan (US$730,000), amid total liabilities exceeding 10 billion yuan ($1.4 billion). Mr Sun previously told the Bangkok Post Neta would continue to manufacture and sell Neta cars in Thailand. To alleviate motorists' concerns over maintenance services and the availability of spare parts, Neta opened a new spare parts distribution centre in Nakhon Pathom in May, attempting to improve after-sales services. A shortage of some replacement parts led to delays in repairs, with some repairs taking up to 10 months. It remains unclear how Neta Auto Thailand will address its financial difficulties as the company's executives could not be reached for comment. Bangchan General Assembly, a local partner of Neta, must pay a fine if Neta is unable to meet the battery electric vehicle (BEV) production target, a requirement for participants in the government's EV incentive scheme, according to an observer from the Electric Vehicle Association of Thailand (EVAT) who requested anonymity. Neta partnered with Bangchan General Assembly to commence the assembly of BEVs here in March 2024, becoming the company's first BEV plant outside China. Annual production at the plant in Bangkok's Min Buri district is 10,000 units. As of May this year, the company has sold roughly 25,000 cars in Thailand. Bangchan General Assembly, an original equipment manufacturer assembling internal combustion engine cars for many brands, must take some responsibility for the production shortfall as it signed a memorandum of understanding with the Excise Department on Nov 28, 2022, obliging it to produce the amount of BEVs as required by the government, according to the EVAT source. The company risks failing to meet the production target as Neta has not supplied it with the EV components required since its parent encountered cash flow issues. EV manufacturers are required to pay a fine of around 400,000 baht per car to authorities if they fail to meet the government's production requirements, said EVAT president Suroj Sangsanit. These companies are also required to return any subsidies received under the EV incentive scheme to the government, according to Deputy Finance Minister Paopoom Rojanasakul. Neta joined the second-phase EV incentive scheme, dubbed EV3.5, offering passenger car and pickup manufacturers a subsidy of up to 100,000 baht per unit. The government also reduced import duties on completely built-up EVs to a ceiling of 40% for 2024 to 2025, and cut the excise tax to 2% from the original rate of 8%. Participating companies have to produce vehicles domestically to compensate for imported units, at a ratio of two locally produced BEVs for each one imported until 2026. If participants are unable to meet this production target, they must compensate at a ratio of three locally-produced BEVs for each imported vehicle in 2027. In addition to Bangchan General Assembly, Neta dealers may also be in hot water. The dealers lodged a complaint with the Excise Department last month, accusing Neta of "deceiving them into selling cars" after the company failed to pay off debts worth 200 million baht it owed to them, according to media reports. The complainants believe there is little chance of Zhejiang Hozon New Energy Automobile being able to continue its business. HOW DO INSURERS FEEL ABOUT THE SITUATION? Seree Gavinratchatarot, chairman of the motor insurance committee of the Thai General Insurance Association (TGIA), said Neta's service centres in Thailand remain operational, and customers with insurance policies can still file claims and get their vehicles repaired as normal. However, he admitted the bankruptcy of Neta's parent company could affect Thailand's insurance sector, particularly if the company fails to expand its repair centre network. Mr Seree reassured policyholders that insurance companies in Thailand continue to support all Neta owners, even after the parent's collapse in China. If Neta eventually closes its service centres in Thailand, insurers have said they are prepared to arrange alternative EV repair garages for their clients. "We have contracts with general repair garages that understand EV body and structural repairs. These garages are still limited in number, so customers might experience longer waiting times," said Mr Seree, who is also chief operating officer of Tokio Marine Insurance (Thailand). "Those holding Neta policies should not be concerned as claims can still be processed as normal. If Neta service centres are closed, repairs would simply be carried out at alternate garages." Regarding premium calculations for Neta EVs, each insurer will evaluate the risk and pricing individually, he said, as insurers continue to underwrite policies for Neta and other EV brands, although terms and conditions may be adjusted. Insurance premiums are unlikely to increase significantly, as rate adjustments depend on various factors including claim costs and driver behaviour, said Mr Seree. He acknowledged that EV insurance remains unprofitable at this stage, with loss ratios still running high. "The EV insurance market is still in its early stages, and insurers are working to find a sustainable balance," said Mr Seree. Somporn Suebthawilkul, TGIA president and managing director of Dhipaya Insurance, said motor insurance growth this year is likely to stagnate compared with 2024, as the economy shows signs of slowing down. Consumer sentiment towards EVs has started to shift, with more people hesitating on purchases, he said. "The bankruptcy of Neta in China combined with emerging concerns about other major Chinese EV brands could lead to a drop in EV sales in the second half of this year, likely resulting in a corresponding decline in EV insurance premiums."
Bangkok Post
11-07-2025
- Business
- Bangkok Post
UOB Empowers Youth Through Sustainability Workshop
UOB Thailand, in partnership with social-impact education organisation Mindventure Co., Ltd., is inviting young people aged 15–25 to apply for Wonder Lab: Youth for a Greener Tomorrow Powered by UOB a hands on sustainability workshop designed to equip participants with essential leadership and project development skills for a cleaner, greener future. As Thailand continues to address global carbon emissions and embrace evolving green technologies, UOB one of the country's leading green finance providers aims to nurture the next generation of changemakers through practical education and community-driven environmental initiatives. This is the first edition of Wonder Lab, which encourages youth to engage with real-world sustainability challenges by developing actionable projects for everyday life. Organised by Bangkok-based Mindventure, the workshop blends science-based, interactive training with a focus on mental resilience, emotional intelligence, purposeful leadership, and sustainable thinking. Workshop highlights include: Applications close at 9:00 AM on 14 July 2025.
