Overview
<cite index="2-1">Graas, a Singapore-based retail commerce AI company, has raised $17 million in a Series B round and acquired Trustana, a Singapore-based product-data platform.</cite> The two transactions were announced together in mid-August 2026 and represent one of the more notable consolidation moves in Southeast Asia's retail artificial intelligence (AI) sector.
Funding Details
<cite index="2-3,2-4">The round was led by LemmaTree, an investment firm founded by Singapore state investor Temasek, and also featured participation from Integra Partners, Tin Men Capital, The Xander Group, IncredWealth, and Orzon.</cite> <cite index="4-14">LemmaTree, already a Trustana investor, becomes Graas's largest shareholder following the round, according to co-founder and chief executive officer (CEO) Prem Bhatia.</cite> Financial terms of the Trustana acquisition were not disclosed.
Strategic Rationale
<cite index="12-6">Graas said the acquisition adds Trustana's product-data enrichment to its Commerce Knowledge Graph, the database underpinning the AI agents it deploys for retail clients.</cite> <cite index="8-10,8-11">The Commerce Knowledge Graph organises retailer data — including conversations, product catalogs, orders, and invoices — into a single place and forms the foundation of Agent Foundry, which enables the deployment of autonomous AI agents.</cite> <cite index="3-10">By combining product and customer data, enterprise customers can run AI agents that recommend and sell across text, voice, and vision.</cite>
<cite index="4-11">Most of the Series B funds will go into building a database combining product and customer information, which forms the foundation of Graas's AI agent platform.</cite>
Company Backgrounds
<cite index="12-12">Founded in 2022, Graas builds AI tools for retail commerce, and its platform draws on more than $1 billion in live commerce transactions.</cite> <cite index="11-16">The platform enables businesses to build AI agents for tasks such as finding products, placing orders, and handling customer queries.</cite>
<cite index="2-13">Trustana, founded in 2020 and also based in Singapore, automates the enrichment and structuring of product information for retailers and distributors.</cite> <cite index="17-15,17-16">The platform transforms unstructured supplier catalogs into organised, search-ready product content and powers mid-market and enterprise operations across Southeast Asia, Australia, the Middle East, the United States, and the United Kingdom.</cite>
Customer Base and Geographic Expansion
<cite index="3-12">The deal adds Trustana clients such as David Jones, Chemist Warehouse, and Toys"R"Us to Graas's existing portfolio, which includes Unilever, Puma, and Schneider Electric across markets in Australia, Southeast Asia, and the Gulf.</cite>
Trustana's Prior Performance
<cite index="11-6,11-7">For Trustana, the sale follows consecutive years of net losses; between 2023 and 2024, its revenue fell 75% after it shifted from an inventory-based trade services platform to an AI company.</cite> Trustana CEO Rebecca Xing has cited the combination as an opportunity to accelerate growth rather than build an end-to-end stack independently.
Growth Metrics
<cite index="15-6,15-7">Graas's revenue is growing at over 50% year on year, driven by verticals including agriculture, building and electrical, automotive, and consumer durables, while its business-to-business (B2B) agentic segment is growing at over 100% annually.</cite>
Integration Timeline
<cite index="4-13">The integration of Trustana into Graas is expected to be completed by end-December.</cite> The combined entity is positioned to serve enterprise retail clients seeking to automate commerce workflows across both digital and offline trade channels.