Cambodia’s Newwave Secures CIFC Backing to Scale AI Tools for Regional Enterprises

Cambodia’s startup ecosystem, though nascent compared to its Southeast Asian neighbors, is increasingly producing founders with broader market ambitions. Newwave Tech Foundry, an artificial intelligence and software development firm based in Phnom Penh, exemplifies this shift. Despite being barely two years old, the company reports that over 70 percent of its clientele are located outside of Cambodia.

This early cross-border success facilitated Newwave’s acquisition of seed funding from Canadia Impact Fund Co. (CIFC), the corporate venture capital arm of Canadia Group. The financial terms of the investment remain undisclosed.

The announcement was made at the 3rd Digital Trade Forum in Phnom Penh, an event supported by the Asian Development Bank and inaugurated by Cambodia’s Minister of Commerce, H.E. Cham Nimul.

For CIFC, this marks only its second investment since its inception in 2025. For Newwave, the funding arrives as regional enterprises experiment with generative AI, yet many small and mid-sized businesses (SMBs) still lack the necessary tools, talent, and confidence to integrate it into their daily operations.

Established in 2024 by Cambodian entrepreneurs Kim Chan Amrithvatey and Nhek Pich Panharith, Newwave delivers AI transformation and software development services to medium and large organizations. Their offerings include customized software, automation, and AI deployment for business functions historically reliant on manual processes or fragmented systems.

The company is also developing RE:AI, a platform tailored for SMBs. Its initial service suite aims to assist businesses in leveraging AI across sales, marketing, accounting, supply chain management, and human resources.

This focus is particularly significant in Southeast Asia, where SMBs constitute the majority of businesses but often trail larger enterprises in technology adoption. Many still rely on spreadsheets, messaging applications, and informal workflows to manage operations. While AI tools promise substantial productivity gains, implementation remains challenging for firms lacking technical teams or the budget for expensive consultants.

Cambodia’s AI opportunity

Newwave is entering a rapidly growing market, albeit one built on uneven foundations. According to figures cited by the company, Southeast Asia’s AI sector is projected to expand from US$12 billion in 2025 to nearly US$80 billion by 2031. The region’s largest economies—Singapore, Indonesia, Vietnam, Thailand, Malaysia, and the Philippines—have already attracted significant investor attention regarding AI adoption, cloud infrastructure, and enterprise software.

Cambodia faces a distinct challenge. Its digital economy accounts for merely 1.8 percent of GDP, according to Newwave co-founder Nhek. This presents a substantial gap, but also an opportunity for local companies to help businesses bypass legacy systems.

“The idea emerged from identifying areas where we could improve,” said Nhek. “With our digital economy representing just 1.8 percent of Cambodian GDP, we believe Cambodia can capture a significantly larger share of the global tech industry.”

Newwave states its international clients are spread across the United States, France, the United Kingdom, the United Arab Emirates, and Australia. Domestically, it has collaborated with companies such as Lucky Supermarket, part of DFI Retail Group. The team has expanded to 17 employees.

The founders offer complementary expertise. Kim is a serial entrepreneur holding an MBA in AI and IT Business from South Korea. Nhek joined FlutterFlow, a San Francisco-based low-code platform backed by Google Ventures, as a core team member in 2024 and was recognized among the top one percent of builders globally that year.

This combination—local market knowledge, international exposure, and product-building experience—is central to Newwave’s value proposition. While Cambodia possesses abundant young technical talent, many developers have historically sought opportunities abroad. Startups like Newwave aim to demonstrate that global-facing technology companies can be successfully built from Phnom Penh.

A small ecosystem gains more structure

CIFC’s investment also signifies a broader effort to provide Cambodia’s startup ecosystem with greater institutional support. Launched in 2025 as Canadia Group’s corporate venture capital arm, the fund is mandated to support young entrepreneurs across Southeast Asia.

Its initial investment was Jalat Logistics, a last-mile delivery startup serving merchants throughout Cambodia. Since receiving CIFC backing, Jalat has completed two million deliveries, achieved a 98 percent success rate, and expanded its client base to nearly 10,000 merchants, according to the fund.

Newwave now joins CIFC’s portfolio as its second company. Thierry Tea, CEO and co-founder of Canadia Impact Fund, noted that the firm targets Cambodian founders whose ambitions extend beyond the domestic market.

“In Cambodia, we are witnessing a new generation of entrepreneurs building companies with aspirations beyond our borders,” Tea said. “Newwave is precisely the type of company we want to support.”

Cambodia’s startup landscape remains in its infancy. Startup Cambodia recorded 235 startups in 2025, a modest figure compared to more mature regional ecosystems. However, signs of growing investor and policy interest are emerging. Plug and Play, a global innovation platform and venture capital firm, is now active in the country. In August 2026, the Cambodian government launched its National Strategy on Startup Development 2026-2030, targeting US$30 million in startup investment and 100 funded startups by 2030.

The country is also preparing to host FrancoTech from 14 to 16 November as part of the Francophonie Summit in Phnom Penh. This event is expected to attract entrepreneurs, investors, and francophone technology networks, including French Tech, to the capital.

Competition will not stay local

Newwave faces the reality that its target market is not vacant. In enterprise AI and digital transformation, it competes with large consulting and technology services firms such as Accenture, Deloitte, FPT Software, and NCS, which already operate with corporates across Southeast Asia.

At the SMB level, global software platforms are increasingly integrating AI features into accounting, marketing, customer service, and workflow tools, facilitating the adoption of off-the-shelf solutions.

Its potential advantage, if sustained, lies in serving companies that require more hands-on guidance than a software subscription provides, yet cannot afford the cost or complexity of a multinational consulting engagement. This middle ground is particularly relevant in markets like Cambodia, Laos, and Myanmar, where digital adoption remains uneven and local context often determines whether technology is effectively utilized post-installation.

For Cambodia, the significance of Newwave’s funding extends beyond the capital itself. While seed investments are valuable, the ecosystem urgently needs validation: proof that Cambodian founders can win international customers, hire technical teams domestically, and build products for regional markets rather than solely local clients.

Newwave remains in its early stages, and execution will be the ultimate challenge. AI services businesses can scale rapidly, but productizing that expertise into a scalable platform like RE:AI presents a different test. If successful, the company could become a prominent example of Cambodia’s transition from technology adoption to technology creation.

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