Vietnam's Tech Start-Up Revolution: The Rise of Pioneering Innovators
Vietnam's technology start-up scene is witnessing remarkable growth, driven by a generation of young entrepreneurs who captivate major foreign investors with their innovative products, strategic thinking, and relentless focus on delivering real value. Leading the charge in this burgeoning ecosystem are dynamic figures like Tran Quang Duc from AI Hay, Tran Van Vien from Filum.ai, and Nguyen The Vinh from Ninety Eight. Each founder exemplifies a unique approach to harnessing the potential of cutting-edge technologies, bolstering Vietnam's reputation on the global stage.
AI Hay: Bold Vision Earns Investor Confidence
AI Hay, a groundbreaking platform leveraging artificial intelligence for search and knowledge research, recently marked a significant milestone by raising US$10 million in a Series A funding round. This investment was spearheaded by Argor Capital, with contributions from prominent venture capital firms such as Square Peg, Northstar Ventures, Appworks, and Phoenix Holdings. This achievement catapults AI Hay's total capital raised to over $18 million, underscoring the rapid maturation of Vietnam's AI ecosystem amidst global economic uncertainties.
CEO Tran Quang Duc shared insights into the strategic vision that fuels AI Hay's success. Despite the broad recognition of AI as a high-growth sector, many investors in Southeast Asia remain cautious. During an early-stage meeting, an investor's probing question about AI Hay's potential to achieve unicorn status within two and a half years served as a pivotal moment for the company. "It pushed us to think bigger and act faster," Duc reflected.
In the AI-driven world of today, global growth can occur at an exponential pace, and start-ups that embrace a bold, global mindset can experience accelerated success. AI Hay's triumph can be attributed to a company culture that embraces challenges, learns global strategies, and remains committed to sustainable development. By combining technical excellence with strategic vision, AI Hay not only earned investor trust but also positioned itself as a company capable of delivering real value to over 100 million Vietnamese users, illustrating that ambition and responsibility can harmoniously coexist.
Filum.ai: Sincerity and Real Value Build Success
Filum.ai, pioneered by co-founder and CEO Tran Van Vien, stands as a beacon of innovation in the AI technology space. Vien believes that sincerity is the most potent strategy for winning investor confidence. "I'm not a polished presenter; I prefer speaking from the heart," Vien shared, recounting how a Korean investor chose to support Filum after their first encounter.
This philosophy—prioritizing investment in people over business models—guided Filum.ai through a successful $1 million funding round in March. This investment was supported by venture capital firms such as Nextrans, VinVentures, TheVentures, and several individual investors. Established in 2020, Filum.ai specializes in AI-powered customer experience management platforms designed to help businesses better understand and serve their clients.
Vien sees fundraising not as a final achievement but as a profound responsibility. "Investment is a prepayment of trust," he explained. "If we don't deliver real value, that trust is lost immediately." Filum.ai prioritizes solutions that yield tangible results for clients while fostering meaningful, sustainable work opportunities for its team. Vien's approach demonstrates the significance of transparency, empathy, and human connection in achieving start-up success, proving that Vietnamese founders can excel on the global stage through innovation and authentic relationship-building with investors.
Ninety Eight: Innovative Products Draw Investment
Nguyen The Vinh, CEO and co-founder of Ninety Eight, has consistently placed emphasis on vision and long-term impact, favoring these over short-term gains. Before embracing the blockchain platform Solana, Vinh and his team meticulously researched the technology and identified opportunities to simplify user interaction. This led to the creation of the Coin98 Super Wallet, the first mobile library for Solana, which significantly enhanced the accessibility of blockchain technology in a landscape where wallets were typically complex and intimidating.
These efforts piqued the interest of major global investors, including FTX, a cryptocurrency exchange based in the Bahamas, and Alameda Research, a Hong Kong-based cryptocurrency trading firm. Ninety Eight's first $4 million funding round in April 2021, led by Alameda, was followed by additional rounds totaling $16.5 million. These rounds included strategic investments from South Korean venture capital firm Hashed and Spartan Group, a renowned blockchain investment and advisory firm based in Singapore.
Despite these achievements, Vinh emphasized that securing funding remains challenging, particularly during economic downturns. "Convincing investors requires clear vision, a real product, and a capable team," he stated. For Ninety Eight, investment extends beyond financial support to include strategic partnerships that offer global exposure and expertise. The company's unwavering commitment to Vietnam is evident in its exclusively Vietnamese staff and diligent fulfillment of tax and social obligations. Vinh envisions building a world-class blockchain ecosystem from Vietnam, benefiting the nation, nurturing local talent, and fortifying its role in the global digital economy.