AI Hay, a Vietnamese AI-driven knowledge discovery platform backed by Square Peg, has secured a $10-million Series A round led by Argor Capital, according to an announcement.
Existing investors including Square Peg, Northstar Ventures, AppWorks and Phoenix Holdings also participated in the round, bringing the total capital raised by the company to over $18 million.
DealStreetAsia was the first to report that AI Hay was understood to be in talks with investors to raise a new funding round last year.
According to the company, this round marks a significant milestone as AI Hay scales its mission to deliver hyperlocal, intelligent, and accessible AI tools to 100 million Vietnamese.
Users can ask any question and receive reliable, context-rich answers drawn from large language models, curated local content, and a vibrant community of peers and experts.
AI Hay claims that its platform has over 15 million downloads and more than 100 million questions asked and answered each month.
The fresh funding round will support the company’s expansion into Web-based experiences, continued product innovation across both education and entertainment use cases, and AI companions.
“We were very impressed by the experience, depth, and ambition of the founding team at AI Hay. The company’s ability to combine technical excellence with cultural relevance has unlocked standout user growth and engagement,” said Siddharth Pisharody, partner at Argor Capital.
Argor manages funds and investment vehicles that primarily invest in Southeast Asia’s technology or technology enabled companies, ranging from early-stage to mid-stage investment rounds. Argor is backed by leading sovereign wealth funds, institutional investors, family offices and corporate investors.
In Vietnam, Argor Capital Management invested in tech-enabled B2B e-commerce startup Vigo Retail in June last year.
“It has been a real privilege to witness AI Hay’s incredible journey over the past three years. We’re excited to see a homegrown champion emerging from this region, setting a powerful example for other founders that building world-class innovation right here is not just possible—it’s already happening,” said Piruze Sabuncu, Partner at Square Peg.
DealStreetAsia reported last year that Australian venture capital firm Square Peg plans to raise $550 million for its sixth fund in the second half of 2024 while maintaining its focus on investment activities in Southeast Asia, Australia, and Israel.
In Vietnam, Square Peg has also backed the country’s first digital banking platform Timo.
