SHAH ALAM – Maxis takes a significant stake in Malaysian-based retail analytics startup ComeBy in a bid to empower innovation and digitalisation in the retail industry.
The initiative was part of the converged solutions provider’s initiative to commit toward corporate venture building and its overall strategy to invest in and grow tech-driven startups and companies.
Maxis Head of Brand and Marketing Tai Kam Leong said the company leveraged its network by providing startups and gave companies greater access to technology and human networks to create more economic multipliers for the country.
"We are excited to see our venture building efforts on a good momentum, which clearly shows our strong commitment to fostering innovation in the country.
"Our investment in ComeBy will empower local entrepreneurs and businesses that demonstrate potential in making a significant impact to industries through digital innovation.
"We believe ComeBy's innovative approach to shopper data can help unlock new growth for retailers,” he said.
ComeBy co-founder Barry Ooi said the venture was exciting as it would help the company scale faster through Maxis’ network.
"In addition to the financial investment which will help us expand our team and scale more quickly, we are excited to be able to tap into Maxis’ own extensive network of retail partners, as well as its vast tech resources,” he said.
ComeBy provided offline retailers insights into their shoppers’ individual preferences before the point of checkout.
Through utilisation of active and passive tracking combined, the company increased in-store engagement and optimised in-store sales, remarketing, and merchandising.
ComeBy had commenced pilots with several popular retail partners, including Senheng, and welcomes interested retailers to visit their website at ComeBy.io.
Before this, Maxis had announced its foray into venture building with a significant stake in edutech startup GuruLab.
It had also developed several innovation programmes with the startup ecosystem through many initiatives such as the Maxis IoT Challenge, SPARK series, Market Access Day, and collaborations with the Malaysia Digital Economy Corporation.