Cambodia’s Newwave wins CIFC backing to build AI tools for regional businesses
Cambodia’s startup ecosystem is still small by Southeast Asian standards, but its newest crop of founders is starting to build with a wider market in mind. Newwave Tech Foundry, a Phnom Penh-based artificial intelligence and software development company, is one example: barely two years old, it already says more than 70 per cent of its […] The post Cambodia’s Newwave wins CIFC backing to build AI…
Cambodia’s artificial intelligence and software development startup, Newwave Tech Foundry, has secured seed funding from Canada’s Impact Fund Co. (CIFC) to build AI tools for regional businesses. The Phnom Penh-based company, founded in 2024 by Kim Chan Amrithvatey and Nhek Pich Panharith, currently serves over 70% of its clients outside Cambodia.
CIFC, the corporate venture capital initiative of Canadia Group, is Newwave’s second investment since launching in 2025. The funding comes as many small and mid-sized businesses in the region struggle to adopt generative AI tools despite their potential for productivity gains. Founded during a time when Southeast Asia's AI sector is projected to grow from $12 billion in 2025 to nearly $80 billion by 2031, Newwave aims to help businesses use AI across sales, marketing, accounting, supply chain, and human resources.
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