Tevo, an emerging artificial intelligence (AI) applications and services startup based in Hong Kong, has closed an undisclosed amount in a seed funding round.
The investment was led by EZTech and UX Foundation.
Concurrently, Tevo announced a strategic partnership with MobiFone Global, a subsidiary of one of Vietnam’s largest telecom corporations.
The Tevo-MobiFone collaboration aims to jointly introduce mobile applications to global markets, with the short drama application, Dramini, being their inaugural joint venture.
Van Vu, CEO of MobiFone Global, commented, “We have entered a strategic partnership to export technology products to global markets and introduce international premium digital services into Vietnam.”
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Thanh Luu, CEO and founder of Tevo Global, said the firm is in progress for a pre-Series A funding round with several leading Asian funds, which will further accelerate its growth, global reach and AI initiatives.
According to market research by Statista, the global mobile app market is projected to generate US$522.67 billion in total annual revenue in 2024. Advertising contributes significantly to this figure, accounting for nearly two-thirds of all app revenue, at over US$344 billion. Gaming and social networking applications are identified as the highest-earning categories, each generating over US$150 billion annually.
Tevo’s ambition is to become a leading company in AI applications and services and rank among Southeast Asia’s top five most prominent firms in the mobile apps and games industry by 2030.
Established in 2007, MobiFone Global Technology Joint Stock Company is a subsidiary of MobiFone Telecommunications Corporation, one of the top three largest telecommunications providers in Vietnam. The company has expanded its domestic and international operations, with established subsidiaries in the United States, Singapore, and Hong Kong.
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