TLDR: Forbes Asia has recognized two Vietnamese startups, AI Hay and Kamereo, in its prestigious ‘100 to Watch 2025’ list, highlighting their innovation and growth in the Asia-Pacific region. AI Hay, an AI-driven consumer technology company, is lauded for its proprietary large language model and educational application, while Kamereo is noted for its B2B food supply e-commerce platform. The list underscores a broader trend of recovering venture capital funding and a strong focus on AI and deep tech across the region.
Forbes Asia unveiled its fifth annual ‘Forbes Asia 100 to Watch 2025’ list on August 25, 2025, spotlighting 100 promising small companies and startups across the Asia-Pacific region. This year, Vietnam proudly features two representatives: AI Hay and Kamereo, both recognized for their significant contributions to technological innovation and rapid expansion within their respective sectors.
AI Hay, founded in 2022 by CEO Tran Duc, operates in the consumer technology sector with a strong emphasis on artificial intelligence. The startup has developed a proprietary large language model (LLM) that powers its innovative app and chatbot. This technology is designed to understand linguistic nuances and cultural contexts, while also tracking user behavior to deliver highly curated content responses. Primarily utilized by students, the AI Hay mobile application allows users to photograph assignments and receive step-by-step guidance across various subjects, including mathematics, literature, and essay writing. It also integrates social networking tools, fostering an online learning community. The company’s success is further underscored by a recent survey from Decision Lab, which ranked AI Hay sixth among 11 popular AI platforms in Vietnam and second in user satisfaction, trailing only ChatGPT. In July 2025, AI Hay successfully closed a Series A funding round, raising $10 million led by Argor Capital, bringing its total funding to over $18 million. The executive team includes CEO Tran Duc, CTO Nguyen Chuong, and COO Nguyen Hiep.
Joining AI Hay on the esteemed list is Kamereo, established in 2018 by CEO Taku Tanaka. Kamereo operates as a vital B2B food supply platform within the e-commerce and retail sector, bridging restaurants and retailers across Vietnam with a network of producers and suppliers of fresh vegetables, meat, seafood, and dried goods. The startup has built an integrated logistics and warehousing system that streamlines the procurement process, offering features such as order tracking, inventory management, and direct farm-to-table delivery. Kamereo secured $7.8 million in Series B funding in December of the previous year (2024) from Sumitomo Corporation and Inspire, bolstering its capacity to scale operations and enhance its supply chain capabilities.
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The ‘Forbes Asia 100 to Watch’ list provides a comprehensive snapshot of the dynamic startup and small business ecosystem in the Asia-Pacific. Forbes highlights that the ecosystem is increasingly focusing on AI and deep tech to drive innovation and growth. The report also notes a promising recovery in venture capital funding across the region, particularly in markets such as India, Japan, and Singapore, after hitting a decade-low in late 2024. Collectively, the 100 companies on this year’s list have raised nearly $3 billion in total funding, a significant increase from the $2 billion raised by the previous year’s cohort. The 2025 list features companies from 16 countries and territories, with India leading with 18 entries, followed by Singapore and Japan (14 each), China (9), Indonesia and South Korea (8 each), and Australia (7). These companies span 10 diverse sectors, including biotechnology and healthcare, aerospace, consumer technology, green energy and technology, finance, agriculture, e-commerce and retail, enterprise technology and robotics, food and hospitality, and industrial and manufacturing. Emerging sectors like biotechnology, aerospace, and green tech are receiving particular attention from investors, with AI underpinning many of the innovations showcased.
