Cambodia's startup ecosystem remains small by Southeast Asian standards, but a new generation of founders is building with regional and global ambitions in mind. Newwave Tech Foundry, a Phnom Penh-based artificial intelligence and software development company, has secured seed funding from Canadia Impact Fund Co., the corporate venture capital initiative of Canadia Group. The investment amount was not disclosed, but the deal marks a notable milestone for the young company and Cambodia's emerging technology sector.
A Strategic Backing for a Young AI Firm
The agreement was signed by Canadia Impact Fund co-founder Carolyne Pung and Newwave founder and chief executive Kim Chan Amrithvatey, according to a September 16 media release. The announcement took place during the third Digital Trade Forum in Phnom Penh, an event supported by the Asian Development Bank and opened by Cambodia's commerce minister, Cham Nimul. This is only the fund's second disclosed startup investment since its launch in 2025.
Founders and International Traction
Newwave was founded in 2024 by Cambodian entrepreneurs Kim Chan Amrithvatey and Nhek Pich Panharith. Kim studied AI and IT business in South Korea, while Panharith joined low-code software company FlutterFlow's core team in 2024. The company has 17 employees and reports that more than 70 percent of its clients are outside Cambodia, spanning markets such as the United States, France, the United Kingdom, the United Arab Emirates and Australia.
Building RE:AI for Small Businesses
Newwave provides AI transformation and software development services to medium and large organisations, spanning customised software, automation and AI deployment. It is also building RE:AI, a hybrid enterprise-resource-planning and AI platform with 10 specialised agents aimed at small and medium-sized enterprises. The first services will focus on sales, marketing, accounting, supply chain and human resources, although no launch date has been given.
Cambodia's Digital Opportunity
Newwave enters a market that is growing quickly but from uneven foundations. Southeast Asia's AI sector is projected to expand from US$12 billion in 2025 to nearly US$80 billion by 2031, according to figures cited by the company. Cambodia's digital economy accounts for just 1.8 percent of GDP, leaving room for local companies to help businesses leapfrog older systems, and Newwave has worked locally with Lucky Supermarket, part of DFI Retail Group.
Policy Momentum and National Ambitions
Cambodia's startup landscape remains early, with Startup Cambodia recording 235 startups in 2025. Plug and Play is active in the country, and the government has launched its National Strategy on Startup Development 2026-2030 targeting US$30 million in startup investment and 100 funded startups by 2030. The country will also host FrancoTech from 14 to 16 November in Phnom Penh.
A Broader Push for Ecosystem Growth
The investment also reflects a broader attempt to give Cambodia's startup ecosystem more institutional backing. Canadia Impact Fund's first disclosed investment was in Jalat Logistics, a last-mile delivery startup serving merchants across Cambodia. Since receiving CIFC backing, Jalat has completed two million deliveries, achieved a 98 percent success rate and grown its client base to nearly 10,000 merchants, according to the fund.
Competition and Strategic Outlook
Newwave faces competition from large consulting and technology services firms such as Accenture, Deloitte, FPT Software and NCS, as well as global software platforms adding AI features for small businesses. Its advantage may lie in serving companies that need more handholding than a software subscription can offer but cannot afford a multinational consulting engagement. The undisclosed terms limit comparisons with other seed financings, but the transaction adds a locally founded AI and software company to a Cambodian corporate investment vehicle.
The importance of Newwave's raise goes beyond the funding itself. Seed capital remains useful, but Cambodia's ecosystem needs proof that local founders can win customers abroad, hire teams at home and build products for regional markets. If Newwave executes on its plans, it could become a visible example of Cambodia's shift from technology adoption to technology creation.