Bangkok Post – Thai deep-tech startups call for revamped rules to lure investors
PUBLISHED : 10 Jul 2024 at 10:14
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Lalitphat Suppraphakorn, chief product officer of Thailand’s Spike Architectonics
Thailand’s deep-tech startups are finding it challenging to draw investors, urging the Board of Investment (BoI) to adopt a more suitable criteria for the sector’s unique business model, says Spike Architectonics Co Ltd, a Thai startup specialising in medical equipment and cosmetics.
Lalitphat Suppraphakorn, chief product officer of Spike Architectonics, one of nine deep-tech startups under the National Science and Technology Development Agency startup programme, said the company has commercialised Thai research on micro-needle technology.
This technology involves the design, development, production and application of a small needle-like structure to create channels for delivering essential substances through a layer of skin without causing pain or a permanent scar.
The highlight of the technology is the micro-needle can be produced on a piece of fabric or other flexible materials.
Initially targeting the health and beauty industries, which grow each year, this innovation is set to revolutionise the cosmetics and health industries, eventually extending to the medical field, she said.
Ms Lalitphat said the company is in the stage of seed funding from a Japanese company.
Overseas investors key
Finding investors in Thailand for startups is challenging, especially for deep-tech startups, which focus on high innovation in science and engineering, she said.
“We are receiving more investment from overseas investors,” said Ms Lalitphat.
She recommended the BoI to reconsider its criteria to support startups.
The BoI supports startups that have successfully raised at least 5 million baht from venture capital and/or corporate venture capital.
These requirements do not match the unique nature of startups, said Ms Lalitphat.
During a startup’s early stages, it often receives funding from angel investors, which makes them ineligible for support from the BoI, she said.
Ms Lalitphat said the company uses a business-to-business model by cooperating with hospitals in Thailand, such as Phyathai Hospital.
The company plans to increase its microneedle patch production capacity from 5 million square centimetres per month to 40 million sq cm within three months, aiming to achieve 16 million baht in revenue this year, she said.
