Mr. Sithi Nerngchamnong, Corporate Development Director of Modernform Group Plc (MODERN), states that aside from operating the furniture business, Modernform is looking for opportunities to invest in businesses that command high growth such as health and healthcare businesses as well as those involving new technology that can help expanding Modernform's main and affiliated businesses vertically and horizontally. This includes, among a few, Robotics, IoT and the likes, which will support Modernform's manufacturing, logistics and supporting mechanisms to enhance customer experiences when purchasing and utilizing Modernform's products and services. The move is to get the company ready for technological disruption and pave way for its future growth. The company has set aside Baht 1.5 billion as its investment budget.
Deep Tech Startup is one of the new S-Curve businesses of the future identified by the firm. Most deep-tech startups are driven by innovative concepts aimed to enhance efficiency and capacity to accommodate today's rapid expansion. The deep-tech ventures strive to respond to current and future lifestyles through different business models with a goal to generate rapid growth.
In its latest move, Modernform has invested in the Southeast Asia Exponential Venture Fund. Known in short as SeaX Ventures, the venture capital fund, established through RISE, a leading corporate innovation powerhouse, mainly invests in early-stage companies concentrating in deep technology in six areas, namely, blockchain, food tech, biotech & life science, artificial intelligence, robotics and IoT & hardware. These early-stage technology companies command exponential growth in their businesses both in Asean region and Silicon Valley. Currently managed by Dr. Supachai Parchariyanon, an experienced fund manager, the SeaX Venture capital fund's performance has been so outstanding with its IRR of up to 308%.
Modernform is of the view that if we can access deep technology and implement it internally, this will result in collaboration and innovation, which can then be developed to deliver great customer experiences and therefore enhance our business opportunity in the future.
Modernform Group Public Company Limited manufactures and distributes office, home and kitchen furniture. The company also imports furniture accessories as well as home and office decoration items for sale. The company has been listed in the Stock Exchange of Thailand since 1992 and has registered healthy growth during the past four decades.
Aside from the furniture as its main business line, Modernform has expanded into related businesses, namely, decoration items, interior decoration and installation as well as other businesses ranging from health and healthcare to those relating to new technology to sustain future growth.
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