The mixed reality and artificial intelligence (AI) startup BuzzAR, headquartered in Singapore, has raised $1.16 million from HSBC Revolving Credit Facilities.
In a statement released on Friday, BuzzAR stated that the money is being used to support the company’s growth in the MENA area.
It is noteworthy that the company is collaborating with Saudi Arabian government organizations, including the Saudi Tourism Authority, to promote travel between the Asia Pacific (APAC) and MENA regions via Buzz AI Experience (BAE), a travel platform powered by artificial intelligence.
BuzzAR is expected to generate $3.2 billion in tourism revenue in Saudi Arabia by 2026, thanks to its increased revenue in the country thanks to funding from HSBC Revolving Credit Facilities.
Since its founding in 2018 by Bell Beh and Ken Lim, BuzzAR has achieved notable milestones, such as the launch of BAE and a $3.8 fundraising campaign in 2022.
After recognizing the potential of the MENA region as a top travel destination, BuzzAR started to enter the market in 2022.
In order to diversify the economy, the Public Investment Fund (PIF) of Saudi Arabia has unveiled Vision 2030, a $64 billion investment plan designed to help the entertainment industry contribute over $23 billion, or 3% of GDP, by 2030.
There is a shortage of certified tour guides in Saudi Arabia, and 150 million tourists are anticipated by 2030.
Tour guides can target a larger audience, manage larger groups, and free up bandwidth to further customize services and improve the visitor experience with BAE.
Since receiving funding from HSBC, BuzzAR has increased its revenue in Saudi Arabia, hired important personnel, and developed a committed staff to open travel routes between APAC and MENA.
In order to further develop BAE for the MENA region, BuzzAR and the Saudi Tourism Authority formed a partnership, which was strengthened by this development.
As a digital tour guide, BAE is trained to empathize with each user’s feelings.
In addition to providing travelers with personalized content discovery and storytelling, it has integrated booking and payment features to manage transactions for on-the-go travelers with ease.
In order to manage BAE’s improvement and deeper integration, BuzzAR has collaborated with regional banking partners and hospitality stakeholders through its fintech division, BuzzPay.
By 2026, the objective is to attract one million tourists and generate 12 billion Saudi Riyals, or $3.2 billion, in equivalent spending.
