Canadia Impact Fund backs Cambodian AI startup Newwave Tech Foundry in Seed round
Canadia Impact Fund has participated in the seed funding round of Cambodian software and artificial intelligence startup Newwave Tech Foundry, making it the fund’s second publicly disclosed startup investment since its establishment in 2025.
Neither party revealed the size of the investment, Newwave’s valuation or the percentage stake acquired by the fund. The investment agreement was signed by Canadia Impact Fund co-founder Carolyne Pung and Newwave founder and chief executive Kim Chan Amrithvatey, according to a media release issued on September 16.
The investment was announced at the third Digital Trade Forum in Phnom Penh, an event supported by the Asian Development Bank and inaugurated by Cambodia’s commerce minister, Cham Nimul.
Newwave targets AI adoption and business software
Newwave Tech Foundry provides AI transformation and software development services to medium-sized and large businesses. Alongside these services, the startup is building RE:AI, a platform aimed at enabling smaller companies to incorporate AI into functions such as sales, marketing, accounting, supply-chain management and human resources.
The company describes RE:AI as a hybrid enterprise resource planning and artificial intelligence platform featuring 10 specialised AI agents. While the investment announcement said the platform’s initial services would be launched soon, it did not provide a specific launch date. As a result, the product should currently be regarded as an upcoming offering rather than a broadly available service.
Newwave was established in 2024 by Cambodian entrepreneurs Kim Chan Amrithvatey and Nhek Pich Panharith. According to the company’s release, Kim studied artificial intelligence and IT business in South Korea, while Panharith became part of the core team at low-code software company FlutterFlow in 2024. The founders’ earlier professional backgrounds have not been independently verified.
The startup currently employs 17 people, according to the release. It also claims that more than 70% of its customers are located outside Cambodia, with clients across the US, France, the UK, the UAE and Australia. Locally, Newwave counts Cambodian retailer Lucky Supermarket, which is part of DFI Retail Group, among its customers. The company’s reported employee and customer figures have not been independently verified.
Thierry Tea, CEO and co-founder of Canadia Impact Fund, said the fund’s focus is on founders seeking to build businesses beyond Cambodia. He added that Newwave could play a role in advancing business digitalisation both within Cambodia and in international markets.
Newwave becomes the fund’s second disclosed investment
Canadia Impact Fund was launched under Canadia Group in 2025 as a corporate venture capital initiative targeting early-stage businesses across Southeast Asia. Its investment focus includes digital transformation, sustainability and inclusive growth.
The fund’s first publicly announced investment was in Jalat Logistics, a Cambodian startup operating in last-mile delivery. Canadia Group disclosed the investment in November 2025 when it announced the launch of Canadia Impact Fund. The financial details of that transaction were not disclosed either.
With the Newwave deal, the fund has now publicly identified two portfolio investments. However, it has not disclosed how Newwave intends to allocate the newly raised capital, established specific performance milestones or indicated when the startup may pursue another funding round.
The investment was announced against the backdrop of Cambodia’s efforts to strengthen its startup and technology ecosystem. These initiatives include a national startup strategy covering the 2026–2030 period. However, the announcement did not provide an independent evaluation of Newwave’s competitive standing or estimate the potential market size for its RE:AI platform.
Because the financial terms of the transaction remain undisclosed, the deal cannot be directly compared with other seed-stage investments in the region on valuation, ownership or capital raised.
Nevertheless, the investment adds another Cambodian-founded software and AI company to a locally backed corporate venture portfolio, as Cambodia seeks to broaden its startup ecosystem and accelerate the development of its digital economy.
