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There’s still a big funding gap in Malaysia’s growth-stage startup space: RHL Ventures’s Raja Hamzah

He also says SMEs in the country lack exposure, whether to the corporate world or to regional players

Raja Hamzah, Managing Partner of RHL Ventures

Malaysian private investment firm RHL Ventures has just announced a new US$24.3-million fund. While its previous fund focused only on tech startups across Southeast Asia, the current fund is more broader and sector-agnostic and is targeting only Malaysian startups and SMEs. SME Corp. Malaysia, a central co-ordinating agency under the Ministry of Entrepreneur Development, is a significant investor of the new fund.

According to RHL Ventures’s Managing Partner Raja Hamzah, the VC firm has already identified a few startups for investments.

In a quick chat with e27, he talks about the plans with the new fund and the trends in the startup industry in Malaysia.

Edited excerpts:

You backed primality tech startups with your earlier fund. What prompted you to change the strategy this time and decide to be sector-agnostic? Is it because Malaysia’s tech startup ecosystem has matured and offers enough financial resources to tech startups?

Tech can be used as an enabler for growth for all early-stage companies. We are not forgetting technology, but we are using it as a tool to help companies grow across all sectors. There is still a gap in growth-stage funding across all sectors in Malaysia, including tech, and we aim to bridge that.

Can you explain what you meant by being “sector-agnostic and more broader”?

We see opportunities across all sectors e.g. logistics, manufacturing, services. If we do see opportunities in any of these sectors, assuming the diligence checks out, we will invest.

Can you share the names of the other backers of this fund? How is the partnership with SME Corp. Malaysia going to mutually benefit the two firms? What does this mean for the industry?

We are unable to share specific names due to confidentiality requirements. SME Corp. is the agency in charge of developing SMEs all the way up to the pre-IPO stage. There are significant synergies that can be had with RHL’s investments and SME Corp’s guidance and support to SMEs. It is a game changer for the Malaysian early-stage ecosystem, that there is an investor who can support their business from the early stage all the way up to exit.

How is the new fund going to be fundamentally different from your previous one? Will the average ticket size be the same? How many startups are you planning to invest from this fund?

This new fund will invest in Malaysian startups only. Rather than targeting a specific number of startups, we are committed to deploying capital to a company across multiple growth funding stages, and see ourselves as a partner to our investee companies to help them expand.

Meet the VC: RHL Ventures on sniffing out a good deal and why VCs need to work together

Which sectors are you going to invest from this fund? Do you have any specific industry in mind?

We’ve looked at opportunities across numerous sectors including healthcare, logistics, and the consumer sectors. There are exciting growth opportunities seen across all sectors.

Is your previous fund completely exhausted? How many startups have you backed from that fund?

No, we still have plenty of capital to deploy from the previous Southeast Asian fund.

Malaysia has a thriving startup ecosystem and the VC funding industry is also growing fast. What are the current trends? Are startups still finding it tough to access funding, and is this why startups go to ECFs first?

Despite all the initiatives by both the public and private sector, there is still a big funding gap in the growth stage. The RM 1 billion fund championed by the previous government failed to materialise. With this fund, we aim to bridge that gap.

How is the non-tech startup ecosystem growing in Malaysia? What do SMEs lack? How are you going to help them?

The SMEs in Malaysia lack exposure, whether to the corporate world or to regional players. With our global network of investors across the region and Asia, we aim to help them bridge that gap.

Have you already identified any startups for potential investments?

Yes, we have identified a variety of Malaysia startups to invest in, and are finalising due diligence for these names.

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Do we need a Big Data infrastructure to get with the times?

There were five exabytes of information created between the dawn of civilisation through 2003, but that much information is now created every two days — Eric Schmidt, Google, (in 2003).

Handling huge data sets in applications have many challenges. By now, you probably have heard or mentioned the same statement in every data-oriented team discussion.

Big Data is no longer a growing trend. Last year it vanished from the list of emerging technologies in Gartner’s chart – it last featured on the chart in 2013, described as “peak of inflated expectations” (See below for the comparison).

In fact, Big Data is now time-tested, accepted with a sound, secure, stable architecture. It is synced with information, generating efficient analytics by organisations, ranging from data-oriented start-ups to big technology giants around the globe.

gartner-hype-2013-to-2016

“So, does that mean I should start thinking about Big Data solutions for my existing/new systems?”.

Well, (obviously) it depends.

Given the plethora of tools exhibited on the Internet, there is much more to it than “big data” alone. If in essence, you hold a large “variety” of data, present in large “volume”, through which you need to generate answers with optimum “velocity”, you might be looking at the opening gates, called “the three V’s” of big data.

This might potentially mean that you are ready to look at better solutions that complement your data needs. But that alone is not enough.

Also Read: Malaysia Boleh! for our TOP100 Judge’s Choice winners

Do you need to turn your existing application assets to a bigger store for a theoretically possible performance? How big are your existing data security concerns and how would you deal with the same on the new infrastructure? Is your data “big” enough for these solutions?

These questions bring you to a point where you need to consider a few important things. You realise that preceding the thought of building an efficient big data infrastructure, lies the very need to build a decision on whether to introduce a big data infrastructure or not.

Understanding the ‘Why?’

Microsoft’s MSDN puts it in a very “simplistic” fashion – “Organisations need a big data solution to enable them to survive in a rapidly expanding and increasingly competitive market where the sources and the requirements to store data are growing at an exponential rate.”

Bigdata santa

Moreover, these organisations are looking at solutions to store complex unstructured data which do not have predetermined schemas. Big data solutions do not force a schema onto the stored data.

Rather, you can store almost any type of structured, semi-structured, or unstructured data and then apply a suitable schema when you query this data. Big data solutions store the data in its raw format and apply a schema only when the data is read, which preserves all information within the data.

This is directly in contrast to the way your existing traditional database does it.

Data magnitude determination

Now, let’s determine if your data is big enough. In 1997, the first documented use of the term “big data” appeared in a paper by scientists at NASA, describing the problem they had with visualisation (i.e. computer graphics) as one that “provides an interesting challenge for computer systems: data sets are generally quite large, taxing the capacities of main memory, local disk, and even remote disk.

We call this the problem of big data. When data sets do not fit in main memory (in core), or when they do not fit even on local disk, the most common solution is to acquire more resources.”

Though it was a very vague definition which gradually led us to a more refined one given by Wikipedia today, their reasons to shift to additional resources should be the primary basis of your problem statement.

The next most important factor is what you wish to do with the data you have. The problem with big data solutions is that they are numerous. You get a Swiss knife when all you want is a screwdriver.

Getting the right tool for the right job is often a big challenge to realise with the perspective of cost, efficiency and delivery constraints. Creating an understanding of these factors is a core requirement of big data infrastructure requirements.

Need for advanced analytics

A very interesting case that gives an idea on analytics, is one of a financial services firm which turned to big data in order to better identify which new client opportunities warrant the most investment. The company supplemented its customer demographic data with third party data purchased from eBureau (a provider of predictive analytics and information solutions).

The data service provider appended sales lead opportunities with consumer occupations, incomes, ages, retail histories and related factors. The enhanced data set is then applied to an algorithm which identifies which new client leads should receive additional investment and which should not. The result has been an 11 per cent increase in new client win rates while at the same time the firm has lowered sales related expenses by 14.5 per cent.

Getting answers to complex business problems, analysing existing values to predict faster and better business decisions, creating cost-effective requirements to bring in more customers, exploiting machine learning analytics to make self-learning systems: some benefits that big data analytics brings to the table.

If your data is meant to give you such quick answers that your traditional databases can work out in significant timelines, or worse, cannot come down to these answers at all, then it’s time you start browsing through the inevitable.

Today’s ability to remain agile in the market with these benefits give organisations with DevOps services in this competitive edge that they didn’t have before.

The right time for data transition and security concerns

The data-driven transition must begin with your business goals and objectives. Once you understand your business objectives, you are ready to create a roadmap for leveraging new data sources to help you achieve them.

Jeff Hunter, vice president of the NA Insights & Data practice at Capgemini rightly says “By proper alignment of business and technology, firms can start to systematically go through business process and business models and start to ascertain whether a process contains qualitative elements that could be replaced by quantitative elements.”

Also, technology is not enough to transform your organization into a data-driven organization. Creating a culture that understands data, securing the data and how to use it is just as important.

Also Read: The things online marketplace veterans can teach us

In 2011, Sony suffered a public relations nightmare in the form of a data breach in its PlayStation Network that exposed the personal information of 77 million users of its cloud-based systems. Among many other examples such as these, the challenge of detecting and preventing advanced persistent threats has bought the importance of security responsibilities in light.

Hence, where you start in terms of both data security and technology will dictate the course of your data journey.

Conclusion

Big Data is the right way to look at, provided you know why you need it. Data is evolving and so is the outlook of organisations managing them. Several verticals of technology like IoT Application, Web and Cloud Analytics, Image Processing, Data science etc. have grown to realise the potential of data mining and the ‘magic’ answers they bring to the table.

No doubt, the count of technology solutions provided in this field is growing at a fast pace, but catching the right fish on your application rod is a challenge in itself. There is no debating the fact that big data technologies are evolving rapidly.

Hence the sooner you adapt, the better answers you reach.

Originally published on the Cuelogic Blog.

e27 publishes relevant guest contributions from the community. Share your honest opinions and expert knowledge by submitting your content here.

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Today’s top tech news, April 17: Deskera works with ITE to equip students with tech skills

Also, Aptiv to enter China, and JD.com CEO accused of harassing a student

Deskera collaborates with ITE looking to equip students with tech skills [Press Release]

Cloud-based platform provider Deskera announces its collaboration with the Institute of Technical Education (ITE) to train its students and staff using Deskera’s cloud-based suite of Integrated Enterprise Suite Business Management software to gain digitalisation skills. The modules will include enterprise resource planning, customer relationship management, and human resource management

The parties said that the program will make students digitally equipped and broaden their spectrum for excellent career opportunities among SMEs.

Deskera is among the government’s pre-approved solutions provider for the “SMEs Go Digital Programme”. As a government-supported company, it will provide SMEs with function-specific and integrated digital solutions.

Self-driving vehicle software company Aptiv soon enters China [Techcrunch]

U.S.-based auto supplier and self-driving software company Aptiv has opened a mobility center in Shanghai, China, Techcrunch reported. The company said that the autonomous facility will focus on the development and eventual deployment of its technology on public roads.

The Chinese expansion makes it the fifth market where Aptiv has set up R&D, testing, or operational facilities after Boston, Las Vegas, Pittsburgh, and Singapore.

Also Read: Fintech Adyen partners Singapore Airlines to facilitate digital payment

Even though Aptiv has never had any AV operations in China, it counts its long history in the country setting up manufacturing and engineering facilities. The company in its earlier forms was Delphi and Delco, had an operation in China since 1993 making it ahead in terms of the familiarity of the market.

Aptiv will have self-driving cars testing on public roads by the second half of 2019.
Aptiv Autonomous Mobility President Karl Iagnemma is also the co-founder of self-driving car startup nuTonomy, which is one of the first to launch a robotaxi service in 2016 in Singapore.

NuTonomy then was acquired by Delphi in 2017 for US$450 million. NuTonomy then became part of Aptiv after its spinoff from Delphi was complete.

JD.com’s CEO Richard Liu accused of raping a student [Bloomberg]

An undergraduate student of University of Minnesota accused CEO of JD.com Richard Liu of rape. The victim, identified as Jingyao Liu, was a 21-year-old student at the time of the incident,

Liu filed a civil suit against the chief executive officer of e-commerce giant and the company itself, seeking monetary damages almost four months after prosecutors decided not to press criminal charges.

Liu said that she was attending a doctor of business administration program at the university. A public relations executive allegedly purchased 32 bottles of wine for more than US$3,600 with a company credit card at a dinner leading up to the incident, then paid the dinner tab with the same corporate card, according to the complaint.

Another woman said to be affiliated with JD rode in the limousine while the CEO allegedly groped and pressed himself on the student, before forcibly assaulting her in her apartment after keep supplying her with alcohol at the business networking dinner with more than a dozen Chinese male executives, according to the complaint filed Tuesday in Hennepin County court in Minnesota.

After police arrived at the apartment to investigate, Liu allegedly tried to intimidate her in an exchange recorded on the officers’ body cameras, according to the suit.

Also Read: Indonesian fishery platform Aruna wins Alipay-NUS Enterprise Social Innovation Challenge

The rape accusations have hung over JD.com’s stock since they were made public in September. Liu’s outsize control of voting rights closely linked the firm’s fate to his own. Bloomberg reported this month that JD.com Inc. is preparing deep cuts to its workforce and rescinding some job offers as the Chinese e-commerce giant struggles to revive dwindling morale and rein in losses.

Liu, his attorneys, and JD have denied wrongdoing. Jingyao Liu is seeking “significant compensatory damages” and will also pursue punitive damages against both Liu and JD.com, according to a statement issued by her attorneys.

Juliana Jan succeeding Dzuleira Abu Bakar as CEO Cradle Seed Venture [e27]

Cradle Seed Ventures, the venture capital (VC) arm of Cradle Fund Sdn Bhd, today announced the appointment of Juliana Jan as Acting CEO. Juliana Jan has been with Cradle Seed Ventures since 2004.

The appointment is effective immediately from April 15, 2019, replacing its last CEO for two and a half years, Dzuleira Abu Bakar. CSV will continue its operations in the interim period under Jan’s stewardship.

She has more than 15 years of experience in senior management experience, including a decade of involvement in venture capital funding as well as in market research and grants.

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Listen to these expert speakers at Echelon to know whether blockchain is just a hype or not

Some skeptics have still their doubts about the security, scalability and reliability of blockchain

 Already excited for Echelon? Buy your tickets here! Enter promo code ECHELONFUTURE for free tickets!

After hype, comes lull.

Blockchain and cryptocurrency were two of the widely-discussed topics of 2018. Both these industries caught the imagination of the public; while cryptocurrencies became a hysteria among individuals (despite a ban in some countries), blockchain became a rage among startups.

However, the hype began to die down towards the end of 2018. The value of prominent cryptocurrencies nosedived. As for blockchain, skeptics have their doubts about the efficacy, security and reliability of this technology.

Are crypto and blockchain done and dusted already, or are they here to stay long?

Experts are discussing the these two topics at Echelon 2019.

Panel: Blockchain and crypto: Is the hype over or can the industry overcome headwinds and skepctism?

Moderator: Ryan Chew, Managing Partner, Tribe Accelerator

Ryan Chew is a serial entrepreneur. He spent several years in the startup scene, having founded several startups ranging from gaming apps to utility apps, including Fixir.

Also Read: Everyone talks about cryptocurrency, but the real hero is blockchain

Chew is currently Managing Partner at Tribe Accelerator, a Singapore government-supported blockchain accelerator, championing to be a platform in driving collaboration and growth of the blockchain ecosystem. It aims to provide promising startups a hyperconnected platform to develop innovative solutions together with its network of global corporations, government agencies and top blockchain companies.

The accelerator is already mentoring a few cool blockchain startups, including Limestone Network and WhatsHalal.

Panelist: Shaun Djie, COO and Co-founder, DigixGlobal

Djie is a regular speaker at at blockchain-related topics and is also Lead Co-ordinator at Ethereum Singapore Meetup His startup Digix is a next-generation digital asset tokenisation platform, which turns physical assets (say gold) into tokens, and makes them fungible online through the Ethereum protocol.

Djie has several years of woking experience with various crypto and blockchain-related companies, including Kenetic, IMDA, and Tokocrypto.

Panelist: Michael Ou, CEO & Founder, CoolBitX

Michael Ou is a fintech entrepreneur passionate about blockchain security. Michael owns a 17 year-old banking security solution company, which was originally founded by his father, that helps 50-plus banks in 30-plus countries protect their users’ assets. With his family’s years of expertise in building display cards for Visa, MasterCard, and UnionPay, Ou witnessed the growth of the traditional finance framework.

Also Read: What’s in store for blockchain and cryptocurrency?

When Ou first heard about Bitcoin in 2013, he foresaw similar evolutionary path for cryptocurrency’s infrastructure. Equipped with traditional banking security background along with passion and vision for the crypto and blockchain technology, he decided to start a company that fully focused on the efforts to help crypto space grow.

In 2014, Ou founded CoolBitX, a blockchain security company that offers a mobile hardware wallet, CoolWallet S. Combining the security of cold wallet, and the ease of use of hot wallet, VCs-backed CoolWallet S provides mainstream the highest standard wallet to manage their crypto assets.

Panelist: Xinshu Dong, CEO & Co-founder, Zilliqa

Dong is a computer security expert currently developing secure and scalable blockchain. He used to work on several other aspects of systems security as well, including defence against the threats to web applications, web browsers, mobile platforms, and cyber-physical systems (e.g., smart grid, transportation systems).

Zilliqa is a public blockchain designed to implement sharding (a type of database partitioning that separates very large databases the into smaller, faster, more easily managed parts called data shards) — allowing for linear scaling as the blockchain grows in size. It also promises to support smart contracts.

Panelist: Carylyne Chan, Global Head of Marketing, CoinMarketCap

Carylyne claims herself to be a proven executor, delivering product decisions and operational improvements in fast-paced, agile teams. She has built and launched products in the Artificial Intelligence (AI), payments and consumer space so far. Carylyne is an also an avid student of various AI and blockchain research.

She is currently working with CoinMarketCap, an online platform for crypto market cap ranking and charts. The platform analyses data to offer up-to-the minute updates.

Already excited for Echelon? Buy your tickets here! Enter promo code ECHELONFUTURE for free tickets!

Photo by Thought Catalog on Unsplash

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Tricella’s smart pillbox sends you notifications if your loved ones forget to take pills

The pill drawers in Tricella are held in place by magnets which make them easy to slide open for people who have arthritis, but when closed, are secure enough to help prevent accidental openings

Tricella smart pillbox

Tricella smart pillbox

When he was just 15 years, Daniel Weng’s ageing parents, who were living with him in California, wanted to move back to spend rest of their lives in their home country Taiwan, as they had developed conditions that required medication.

After their return, for Weng and his siblings, who remained in the US city to continue their education, the routine long-distance calls with parents would start off with them asking how their health was, and if they were following the doctor’s prescriptions religiously. However, over time Weng started to feel that parents were getting nagged by the regular calls and questions about medication by their children. But Weng had no other option, but to insist on his dad and mom to continue medication without fail.

“Taking this as a starting point, I wanted to build a thoughtful user experience that encompassed pleasant family interactions with patients. And this was the starting point of my entrepreneurial journey. This eventually led me to the creation of Tricella,” Weng told e27 over a Skype call.

Based in Mountain View and Taipei, Tricella is an Internet of Things startup, which has designed a smart pillbox that sends you notifications if your loved ones forget to take their pills. It also features a messenger for you to send them personal reminders, too.

Tricella — which means “three cells”(it embraces three core values: family, health and education) — was founded in 2014 by Weng, a Sociology graduate from the University of California Los Angeles (UCLA). Tricella is the result of years of hard work and research. When he designed the product, Weng wanted a form factor which was familiar to the end user.

Also Read: IoT should be like the air we breathe: UnaBiz on making the technology accessible to everyone

“It’s important that we do not force a complete change in user behaviour when we introduce a new concept. Users still fill the pillboxes as they would with any traditional pillbox. They sort their pills into the pill drawers based on what they need to take a given dose interval,” he said, narrating his journey.

The pill drawers in Tricella are held in place by magnets which make them easy to slide open for people who have arthritis, but when closed, are secure enough to help prevent accidental openings. The pillbox can hold more pills than a traditional arthritis-friendly extra-large capacity pillbox while having a smaller footprint making it very portable, Weng claims.

“We have sensors in each compartment that can detect individual openings of the pill drawers. This also gives us the scalability to add more features that are in our roadmap to improve user experience,” he explained. “The pillbox connects to smartphones and tablets over Bluetooth low energy (BLE) to communicate with our app. By connecting to smartphones, our product fits better in various lifestyles, because many people need to take pills when they are away from home.”

A US$300 billion market

Drug non-adherence is a US$300-billion-per-year problem. It accounts for nearly 10 per cent of healthcare costs in America, that’s approximately US$300 billion in avoidable costs. The cost is not just due to wasting medication, but disease progression and re-hospitalisation rates are also attributed to non-adherence

Drug adherence has a near one to one correlation with health outcomes. For example, if a heart failure patient forgets to take his/her pills in the morning, he/she can potentially have adverse reactions by afternoon. Or, if an organ transplant patient is non-adherent, his/her body may reject the organ, and  this will have a profound impact over his health outcome.

“This is the problem we try to address with Tricella. With this, we aim to replace the existing most popular 7-day/compartment pillboxes in the market,” Weng indicated.

Studies suggest that text messaging alone can significantly increase drug adherence. And family involvement in patient health regimens is likely to increase patient outcomes. Tricella has gone beyond the basics by creating a user experience that incorporates automated reminders for patients/pill users and family interaction. For instance, when a user needs to take his/her pill at 8:00am, he/she will receive a reminder in every 15 minutes. If he/she fails to take it at the one-hour mark (9:00am), an escalated notification will be sent to family members.

“We didn’t stop there. The family members, who have also downloaded the app, will receive a notification screen with three simple call-to-action buttons; they can text, record, or send audio message, or call the users directly through the app. It is important to reduce the friction to respond to drive engagement of family/caregiver with patients/pill users,” Weng elaborated.

For those who need to take pills more than once a day can use multiple pillboxes. The app can show progress over time via the history view inside the app.

But what if someone opens the pill drawer and closes it?

“Well, let me ask you a counter question: what if the person opens and takes out the pills and throws it away? That’s not the market we are serving, we can only help those that want to improve their quality of life by adhering to drug regiments, but need extra help,” he counters.

Building a wearable device startup

Tricella Founder Daniel Weng

Tricella Founder Daniel Weng

In his previous avatar, Weng led the North America efforts in spearheading new commercial channels for Foxconn’s Mobile Group. He was responsible for developing Google, Amazon, Microsoft, Blackberry (RIM), nVidia and also other strategic accounts grossing over US$2.2 billion, annually. He also worked closely with Foxconn’s venture arm for due diligence and deal flow.

Prior to Foxconn, he was a field sales team lead for a 2nd tier telecommunications company that served the SMB (small, medium businesses).

“Following Foxconn, I co-founded a wearable startup called Phyode (now Rooti Labs). We made a wearable (bracelet) that can detect how well a person’s autonomic nervous system was performing, and also his/her emotional susceptibility. It can also infer how a person is breathing, so we built a rhythmic breathing coach that can help regulate the autonomic nervous response,” he said.

“It was because of Phyode I realised that wearable devices have their limitations. The data they collect can be extensive. However, the correlation between the data and health outcomes can be quite low. Detecting biometric data can tell you what state you are in, but it rarely can tell you how your body got there,” Weng went on.

Also Read: IoT is growing exponentially, and Asia Pacific takes top market share

Moreover, if it’s not being worn, wearables have zero value. Studies suggest that consumers tend to abandon their wearable devices by the six-month mark. In most cases, biometric data in the hands of consumers are often rendered useless. They need meaningful information that can be digested and it needs to be actionable.

The startup has a strong engineering team, in addition to in-house design and marketing communications teams. The designs are done in California while the product engineering and execution is done in Taiwan. The final product is manufactured in China.

The smart pillbox is just a starting point, and the startup will continue to build its portfolio of products and services that will contribute to its “pro-active” commerce platform. “This will expand beyond medication and supplements. Our strategy is to eventually have our pillbox subsidised by the payers in healthcare industry — by providing personalised medicine and better out-patient care.”

As of now, it targets markets such as North America (Canada and the US), Europe, and APAC. “So far, we have already launched in North America with Target Corp, one of the largest mass market retailers, and Amazon. We have recently launched in Canada via Amazon Canada. In Taiwan, we launched with the nation’s most popular premium Apple Reseller, Studio A. We are continuing our market expansion in Asia this year,” he said.

Big Data, big opportunity

While its flagship product will continue to be Tricella, at least for the next few years, the startup wants to go beyond as it sits on loads of Big Data of patients.

“Data is the core to our business. However, we are not to sell the data. By gaining insights into our users, we can continue to provide value-added services to our users. This is extremely important because IoT products are inherently negative revenue generators. What I mean is the longer the user uses the product, the more the money a company spends. Because there are costs associated with maintaining an app (man power), server storage, customer service etc,” he observed.

A universal product, Tricella doesn’t want to restrict itself to its existing markets. Said Weng: “Consumer behaviour is strikingly similar in all the markets we operate in. However, it seems like the Asia markets prescribe more medication that is to be taken throughout the day than the US market. We target markets that have high adoption rates for smartphones to start off in.”

Japan and Taiwan market are also unique as they have a rapid growth in the ageing population. Birthrates are low in both these countries, and private and public institutions are trying to find better ways to keep the ageing population living independently in their own homes. “It’s a huge opportunity for us, because if we can help ensure people are able to control and slow down disease progression, they can continue to reside in their homes independently longer. This helps drive the social and healthcare cost lower for the government,” he shared.

A bootstrapped startup, Tricella said it has been receiving lots of inbound interests from many investors. However, Weng feels that it is important to be disciplined.

“I believe if a startup is not trying to raise funds, it needs to focus on its core business. Fundraising is extremely distracting to a business and at times, it can be detrimental to the business, too.”he noted.

“
However, this doesn’t mean we are not open to the idea of outside investment. When/if we do decide to raise a fund, we will want to work with strategic investors that will help us scale the business. I believe that investors and institutional VCs should be an extension to the team, if they don’t provide strategic value, it’s not wise to raise a fund with them,” he concluded.

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8 events you shouldn’t miss in Asia this week

From large conferences to intimate community events, here’s what’s coming up this week

The e27 events page is a treasure trove of activities. If you’re looking for learning or networking opportunities, or generally just want to hang out with the Asia’s tech and startup community, join one (or more) of these:

 

Block Live Asia

Featured event: Block Live Asia

When: 18-19 April, 2019
Where: Marina Bay Sands Expo and Convention Centre, Singapore

Block Live Asia is a lifestyle blockchain festival that is focussed on interactively educating the public on blockchain technology. The two-day festival includes panel discussions and keynote speeches by over 60 guest speakers, and 50 exhibitors, creative installations, experiential zones and retail booths curated by ExpatFairs Singapore across the 45,000 square feet exhibition hall.

With renowned names such as DASH, TenX, bitcoin.com, Consentium, Digifinex and BlockON Group on board as sponsors and partners, Block Live Asia is set to give attendees a whole new experience into the blockchain space. Unlike typical blockchain conferences which are ticketed at high prices and catered towards blockchain professionals, Block Live Asia is open to the public with free entry.

Attendees can expect authentic, constructive and necessary discussions about real work that is being done in the blockchain space through a mix of conference and lifestyle activities, such as keynote speeches, panel discussions, a premiere screening of documentary “Trust Machine”, creative installations, interactive zones and retail booths.

Attendees will get the chance to greet some of biggest change-makers of the blockchain industry players; including Roger Ver, CEO of Bitcoin.com, Garrett Jin, Co-Founder of BitForex, Kiana Shek, Co-Founder of DigiFinex and more. Those who are not ready to learn about blockchain can take Instagram-worthy photos at several installation zones, play interactive games, attend free workshops by Singapore Bitcoin Club, NewCampus and CoinMarketCap, or shop at the retail zone curated by Hoolah.

Get your tickets here

 

 

Other events you can join this week:

1. Echelon Roadshow 2019: Kuala Lumpur
16 April 2019
WeWork Equatorial Plaza, Kuala Lumpur, Malaysia
Register here

 

2. GA Singapore Meet & Greet: Hiring Event for Digital Marketers
16 April 2019
General Assembly, Spacemob Level , Singapore
Register here

 

3. Should We All Be Venture Capitalists?
16 April 2019
WeWork, Anson Road, Singapore
Register here

 

4. Dev Talk: Building on Blockchain for Businesses
17 April 2019
79 Ayer Rajah Crescent, Singapore
Register here

 

5. SME Centre Conference 2019 : Accelerate Digital Transformation, Grow Globally
17 April 2019
Raffles City Convention Centre, Singapore

 

6. Echelon TOP100 Qualifiers 2019: Sarawak
18 April 2019
iCube Innovation, Sarawak, Malaysia
Register here

 

7. STARTUP LAUNCHPAD: Asia’s Largest Consumer Electronics Trade Show
18-21 April 2019
Asia World Expo, Hong Kong
Register here

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Singapore-based GECo to run Brunei accelerator program

Golden Equator Consulting (GECo) will be involved for three consecutive cycles of Accelerate, a Brunei-based accelerator program

The previous cycle top startups

DARe (Darussalam Enterprise), Bruneian national SME body just confirmed a partnership with Golden Equator Consulting (GECo) of Singapore. The partnership will have GECo run the next three cycles of the 100-day Startup Bootcamp, now named Accelerate.

Accelerate will continue to equip Bruneian startups with the core skill sets to help their business succeed. So far, Accelerate has run for four cycles, with the most recent one facilitated by GECo.

The past four cycles of Accelerate claims to have guided more than 100 startups, raised more US$1 million in investments and helped provide employment to approximately 450 people in Brunei.

“We have received very positive feedback from early-stage investors in the region during our Demo Day this year in Singapore, and we are looking forward to helping more startups from Brunei scale and expand into the region. The bootcamps will continue to be facilitated by a blend of our in-house specialists and experts from the Golden Equator ecosystem,” said Adam Flinter, Managing Partner of Golden Equator Consulting.

The next cycles of Accelerate are said to also include more hands-on components such as having startups conduct field surveys. It will also include inspirational and lifestyle elements including sharing sessions by successful startups in the region such as Go-Jek.

Also Read: TheLorry raises funding from Unilever, plans to scale SE Asian wide

“Through Golden Equator’s network in the last cycle, two of our startups are working together with international startups to develop products and services that will benefit both parties,” said Javed Ahmad, CEO of Darussalam Enterprise.

One success story from the fourth cycle of Accelerate, which was facilitated by Golden Equator Consulting, was Memori. The company managed to raise US$100,000 in its seed round.

“The Accelerate bootcamp is a good example of how a connected and dynamic ecosystem promotes innovation, ease of doing business, collaborations, investments as well as education and learning while helping to accelerate the growth of businesses looking to expand into these regions via Singapore as their base,” said Shirley Crystal Chua, Founder and Group CEO of Golden Equator.

To date, the fifth cycle of Accelerate has seen more than 50 signups in sectors such as F&B, digital services, FinTech, and EduTech, and will close registrations by 17 April. The programme will commence on 27 April with an Ideation Day, an introductory workshop to select the startups to join the bootcamp.

Image Credit: DARe

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Go-Jek and Jokowi share flatteries before Indonesia election

Joko Widodo made a campaign appearance at a major Go-Jek event, a calculated risk for the ride-sharing company

Just a few days ahead of Indonesia’s general election, Go-Jek Founder and CEO Nadiem Makarim offered words of support for the incumbent Joko Widodo (Jokowi), according to Nikkei Asian Review.

Makarim, speaking at the company’s ceremony for its drivers, merchants and other partners, said he was grateful for the “working cabinet” and expressed gratitude that the the government viewed technology as a key contributor to economic growth.

Jokowi leveraged the event to make a campaign stop and said that the digital economy is key to the future of Indonesia. He also congratulated the startup for achieving Decacorn status (being valued over US$10 billion).

Widodo is hoping that the support from Indonesia’s largest startup can help him regain momentum in the polls, especially amongst millennials, whose support remains uninspired. For example, according to the article, Jokowi publically defended Bukalapak after the CEO Achmad Zacky criticised the government.

To him, the startup ecosystem in Indonesia is one path for Jokowi to regain a bit of the ‘cool factor’ he has lost as President.

Also Read: Grab to integrate GrabFood into main app starting May

For Makarim, supporting the Widodo administration is a calculated risk. The business community is often hesitant to dive headfirst into politics, under the logic that if things go astray it could hurt their company.

A notable example of this is AirAsia CEO Tony Fernandes, who had to publically apologies for backing Najib Rajak during the 2018 Malaysian election. AirAsia shares also tumbled after Mahathir Bin Mohamad won the campaign.

Although Jokowi is considered the favourite ahead of tomorrow’s polls, it is not a foregone conclusion that he will win.

As for the competition, Prabowo Subianto is working to woo the business community by proposing an eight per cent corporate tax cut. According to the article, local business leaders are dubious that he can follow through with this campaign promise.

Also Read: These fantastic Echelon speakers are set to tackle this crucial ecosystem challenge

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Today’s top tech news, April 16: YouTube confuses Notre Dame with 9/11 and Byton’s Co-Founder leaves out of boredom

Also, Grab is adopting GrabFood into its app and Monk’s Hill has its first ever female Partner

KIEV, UKRAINE – JUNE 05, 2014: Brand new Apple iPhone 5S with YouTube application service on the screen lying on a desk with headphones. YouTube is the world’s most popular online video-sharing website that founded in February 14, 2005

YouTube accidentally fans the flame by sharing 9/11 info on Notre Dame fire livestream — [CNET]

While Notre Dame was burning on Monday, YouTube accidentally released a 9/11 related entry from the Encyclopedia Britannica to its live coverage of the tragedy. Netizens were quick to voice their criticism on YouTube’s loose algorithms and the company said that the algorithm, “made the wrong call”.

Some speculate that the video site’s algorithms may have misinterpreted the chaotic imagery from Paris as footage from the World Trade Center tragedy. Regardless, CNET reports that this mishap has sparked concerns over Youtube misleading viewers toward videos with fringe or extremist viewpoints.

Grab to integrate GrabFood into everyday super app — [e27]

GrabFood, Grab’s food delivery service, will soon be integrated into its everyday app and will be beta-tested in May. The test will commence in Southeast Singapore covering Kallang, Marine Parade, Geylang, and Bedok at the end of the month before being brought islandwide, the official statement of the company said.

The move comes just before GrabFood’s first anniversary in Singapore, and is a part of Grab’s everyday super app strategy. The unicorn attempts to provide the most frequently used daily services in one app.

Co-founder and former CEO of China’s Byton is abandoning ship to pursue newer startup endeavours — [TechCrunch]

Chinese electric car startup, Byton has just lost its Co-Founder, former CEO and Chairman, Carsten Breitfield “to start(ing) a new adventure within the start-up industry”, sources from TechCrunch reported.

Byton is currently on a hunt for a new CTO and is trying to close its US$500 million Series C funding amidst reports that it was losing money fast nearing the end of 2018.

Monk’s Hill Ventures appoints Michele Daoud and Justin Nguyen as its new partners — [Tech in Asia]

Monk’s Hill Ventures, a Singaporean tech venture capital firm, has just appointed Michele Daoud and Justin Nguyen to be their new partners. According to Tech In Asia. This is a double-pronged move that will help augment its deal-sourcing presence in Southeast Asia and cushion the growth of its portfolio companies.

Interestingly, Daoud is set to become the first female partner at Monk’s Hill and has previously supported a slew of startups including Ninja Van, Padlet and C88 Financial Technologies.

Nguyen is from Vietnam and already had a seat on Monk’s Hill executive board as their operating advisor since 2016. Prior to this position, he helped launch three startups in China and the US.

Cathay Sustainable PE Fund invests in Whoscall, Taiwan’s answer to Truecaller — [e27]

Taipei-based startup Gogolook, which owns and operates caller ID app Whoscall, has received an undisclosed sum in investment from Cathay Sustainable Private Equity Fund in return for 30 per cent stake.

Whoscall is not just a caller ID app that identifies unknown callers and blocks spam calls for users, but it also offers value-added services to small and micro businesses. The firm claims it can analyse a long history of data with the goal to prevent crimes by simulating call patterns of scammers, with the support of the government as well as telecom companies.

In addition, Whoscall intends to develop Internet of Things (IoT) devices which can be connected to its database of one billion, in order to protect more Whoscall users.

Image by gurgenb

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RHL Ventures launches US$24.3M sector-agnostic fund to invest in Malaysian startups, SMEs

While a large portion of its previous investments had been channelled towards tech startups, the focus of the latest fund will be broader and more sector-agnostic

(L-R) RHL Ventures’s Teng Chen Shun, Jo Jo Kong, Rachel Lau, Tengku Ahmad Ridhwanuddin, and Raja Hamzah Abidin

Malaysia’s private investment firm, RHL Ventures, has announced the launch of a RM100 million (US$24.3 million) sector-agnostic fund, which will focus on backing startups and early-stage SMEs with significant operations in Malaysia.

Several notable investors backed the fund, with significant money coming from SME Corp. Malaysia, a central coordinating agency under the Ministry of Entrepreneur Development.

While a large portion of its previous investments had been channelled to grow innovative startups within the tech space, the focus of the firm’s latest fund will be broader and more sector-agnostic.

Meet the VC: RHL Ventures on sniffing out a good deal and why VCs need to work together

“Ever since we started RHL Ventures, we have been inspired by how small businesses — even those with the humblest of beginnings — can make transformational impact in their industries and the greater economy,” said Rachel Lau, Managing Partner of RHL Ventures.

“The government has typically led investments that support local businesses during their early stages, so we are glad that the current administration is ramping up its support to instil more innovation within the local business sector. What RHL Ventures aims to do with this fund is to invest in new businesses that are looking to bring new ideas and disruption in the current ways of doing business,” Lau added.

“In Malaysia, SMEs comprise over 98 per cent of total business establishments and contribute more than 37 per cent to the national GDP — they form a central pillar of Malaysia’s economy,” said Noor Azmi Mat Said, CEO of SME Corp. Malaysia. “To ensure a higher contribution of SMEs to the national economy, there is a need for more concerted efforts to be affected by stakeholders within the SME ecosystem; an example which private sector players such as RHL Ventures is helping to lead.”

Founded in 2016, RHL Ventures is led by Rachel Lau, Raja Hamzah Abidin and Jo Jo Kong. To date, it has invested several tech startups, including healthcare SaaS company HealthMetrics, and healthy snacks e-commerce platform Signature Market.

In February, RHL Ventures invested an undisclosed sum in Atap.co, an online marketplace for interior designer sourcing and hiring.

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