Day: November 2, 2019

Facebook announces that it has partnered with Infocomm Media Development Authority (IMDA) for the second edition of Facebook Accelerator Singapore (previously Startup Station Singapore). The programme will run for six months, looking to support data-driven startups.

By joining the programme, startups will have access to in-person training, mentoring, and an opportunity to network with regional venture capital and investors as an effort to help them grow.

For the second edition, participating startups are required to demonstrate the use of Facebook tools and trends, such as Augmented Reality, Virtual Reality, Messenger, and social commerce. Also, startups that intend to adopt trusted data and AI practices, such as IMDA’s trusted data-sharing framework and/or model AI governance framework would also be considered for the program.

The official statement from the companies states that it aims to continue the support for Singaporean and regional startups to grow and develop a community of innovative businesses.

Virginia Yang, Director of Developer Partnerships and Programs, Facebook APAC said, “We see that the startup community is making the most of building with new technologies. Through this program and with our partners we are proud to continue to support by offering mentorship, design and product deep dives as well as access to the investor community — so that they can build and grow sustainable businesses that can impact our lives and our communities.”

Also Read: Facebook launches “hangout spot” for startup, developer communities in Jakarta

The programme was known as Startup Station Singapore before, and it welcomed 10 startups from the region to participate in a specially designed program that empowered data-driven startups in Asia to accelerate their businesses with values of people’s trust, transparency, and control over their data at the core. Participants also presented at Demo Day back in August 2019.

“IMDA supports Facebook Accelerator Singapore as part of our effort to nurture a vibrant data innovation ecosystem. We are encouraged to see many startups incorporating best practices in the responsible use of data as part of their data-enabled services and applications,” said Yeong Zee Kin, Assistant Chief Executive (Data Innovation and Protection Group) of IMDA.

The second edition of the program is now open to applicants from across the region. The Facebook Accelerator Singapore team will be reaching out to startup communities in Vietnam, Thailand, Indonesia, Singapore, Taiwan, and Malaysia to encourage them to apply to the program.

Applications for startups open 1 November and close on 14 January 2020, powered by Plug and Play, an innovation platform for tech startups around the world.

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Photo by Glen Carrie on Unsplash

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Countless people wonder what it takes to be a leading futurist. I have broken down the process into five easy steps.

1. Update your LinkedIn Profile. You may be surprised what a difference that makes. Before you know it you, will be inundated with messages by people seeking your help with the future.

2. Pay a freelancer to make you a nice animated video featuring cyborgs, U.F.O.s and upbeat music. Be sure to include lots of 0s and 1s in the background. Think matrix. A light sabre or two also don’t hurt. But stay clear of the aliens (too 90s).

3. Take a picture of yourself wearing an augmented reality device. You can also use a free stock photo. People don’t need to know how you look. Your job is to focus the eyes of your audience on the future. (Note: the picture above is not me)

4. Watch all the science-fiction movies you can get your hands on. And be sure to tell anyone you meet in future that the future just needs a little imagination (that’s where you come in.)

5. Don’t overdo the technology bit. Talk about grand, heart-wrenching topics like love, world peace and what it means to be human. An odd philosopher’s quote also won’t hurt. As Aristotle put it, …

By the way, that bit about science-fiction may actually work. It apparently did for Arthur C. Clarke, the American science fiction author credited with predicting today’s computers and videoconferencing in 1976. Some other things he got wrong. So perhaps it’s best to stick to the immediate future (aka the second after this.) It’s less exciting, but a lot easier to predict.

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This article originally appeared on LinkedIn

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Livspace, digital home interiors, and renovations platform announced that it has launched its operations in Singapore.

Livspace was founded in 2015 by Ramakant Sharma and Anuj Srivastava, seeking to provide a three-sided marketplace and a design automation platform that connects designers, vendors, and consumers. It is a full-stack service that offers consumers a home decoration and renovation experience from design to installation.

Livspace also has Canvas, its proprietary design-to-installation cloud platform, launched in 2016, that unifies the fragmented ecosystem of home renovations – including homeowners, designers, micro-studios, and vendors.

Livspace uses data science-enabled algorithms to match homeowners with designers based on style preferences, budget, the scope of work and timelines. Homeowners – through the Canvas platform – can see quick mock-ups that give the look-and-feel of their home.

The company then assures the delivery of the project, using technology to make the experience as seamless as possible.

Also Read: Livspace raises US$15M to help you personalise the interior of your home

“Over the next 30 months, we are aiming to build Livspace into a US$500 million business operating across APAC and solving the renovation problem for tens of thousands of homeowners. Singapore marks the first step in our APAC growth and will serve as the headquarters for our global expansion,” said Livspace’s CEO and Co-Founder, Anuj Srivastava.

Ravindran Shanmugam, Country Head of Singapore for Livspace. “We are looking to strengthen our presence in Singapore by injecting US$30 million for our business expansion and to grow our team.”

The company plans to base central teams and over 250 employees in Singapore.

Over the next two years, Livspace said it will onboard thousands of freelance designers, contract manufacturers, OEMs, and brands to build the e-commerce supply chain for the home improvement industry.

Livspace also plans to create an omnichannel experience using AR, VR, and platform-integrated physical design experience centres.

Also Read: Livspace secures US$70M from TPG Growth, Goldman Sachs, Jungle Ventures, others

Livspace has raised over US$103 million in the capital by investors including TPG Growth, Goldman Sachs, Bessemer Venture Partners, Jungle Ventures, Helion Ventures, and UC-RNT.

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Japan’s Paidy gets US$143M in funding – Press Release

Paidy Inc, a Japan-based payment provider offering instantly-issued credit, today announced additional funding worth US$143 million.

The funding consisted of a US$83 million Series C extension from the likes of PayPal Ventures, Soros Capital Management LLC (a Robert Soros Enterprise), JS Capital Management LLC (the family office of Jonathan Soros), Tybourne Capital Management Ltd. and one more undisclosed company. It also included the participation of existing investors such as Eight Roads Ventures.

The remaining of the funding is a US$60 million in debt financing.

In a press statement, Paidy said that it will focus on increasing its customer base to 11,000,000 accounts by the end of 2020. It plans to achieve this by acquiring large-scale merchants and offering additional financial services.

Indonesia to open startup ecosystem hub in Papua – DailySocial

Indonesia’s President Joko Widodo announced the upcoming launch of a startup ecosystem hub in Papua, DailySocial reported.

In a press statement, the president said that the setup of the facility –which will include an incubator and accelerator programme and a dormitory– is aimed to foster tech entrepreneurship in the region.

Set to be built in the city of Kotaraja, the facility will be run by locally owned company PT Papua Muda Inspiratif.

Also Read: Paying online without a credit card? Japanese startup Paidy just raises US$15M to push the effort

Govt officials around the world targeted for hacking through Whatsapp – Reuters

In an exclusive report, Reuters wrote that senior government officials in multiple US-allied countries were targeted earlier this year with hacking software that used WhatsApp to take over users’ phones.

Citing people familiar with the investigation process, the report stated that a “significant” portion of known victims are high-profile government and military officials spread across at least 20 countries on five continents.

It suggested that the hacking could have broad political and diplomatic consequences.

Keyless raised US$2.2M in pre-seed funding – Dealstreet Asia

London- and Singapore-based cybersecurity startup Keyless has raised US$2.2 million in pre-seed funding led by blockchain venture firm gumi Cryptos Capital, Dealstreet Asia wrote.

The funding round also included the participation of Ripple Labs, Blockchain Valley Ventures and LuneX Ventures.

Describing itself as the world’s first distributed biometric authentication and identity management platform, Keyless is in the midst of developing a deep tech solution that aims to tackle cybercrime and make passwords obsolete.

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Image Credit: Timo Volz on Unsplash

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Singapore-based e-commerce company Qoo10 has acquired ShopClues, an online marketplace in India, for US$70-100 million, The Economic Times reports.

This an all-stock deal is the culmination of a prolonged hunt for a buyer by ShopClues, which at its peak was valued at US$1.1 billion in late 2015, says the report citing three unnamed sources.

ShopClues has confirmed the development to ET.

The deal is not completed yet. As part of the buyout, Qoo10 will also acquire Momoe, the payments arm of Clues Network, parent of ShopClues.

Qoo10 operates localised online marketplaces across Singapore, Indonesia, Malaysia, China and Hong Kong.

ShopClues was founded in 2011 by Sandeep Aggarwal. Unlike other marketplaces, which tend to focus on mobile, electronics, computers and branded fashion, ShopClues mainly focusses on unstructured categories. The firm is backed by GIC, Tiger Global, and Nexus Venture Partners.

The e-commerce company had a tumultuous past as its co-founders fought with each other over several issues, including an illicit relationship. In September 2017, Sandeep filed first information report or FIR (the equivalent of Writ of Petition) against his co-founder-wife Radhika Aggarwal and CEO Sanjay Sethi, accusing them of criminal conspiracy to kick him out of the company.

Also Read: These early-stage funding rounds have made October the busiest time of the year

This came almost six months after Aggarwal accused Radhika of stripping his voting rights at the company and having an illicit relationship with Sethi. In a series of Facebook posts, he had also accused her of “intentionally and deliberately kicking out other founding team members by collaborating with once illicit love affair partner” and “changing web history, tempering with Wikipedia and lying in the press.”

The problem between the couple started when Sandeep, a former equity analyst at US-based financial services firm Collins Stewart, was arrested in 2013 by the FBI over insider trading charges. According to the investigation agency, Sandeep tipped off Richard Lee, a portfolio manager at hedge fund SAC Capital about a pending deal between Microsoft and Yahoo. Sandeep was consequently banned by the US Security and Exchange Commission (SEC) from trading after he pleaded guilty. He was later released on a US$500,000 bond until trial.

After a few months, he came back to India. Upon his return, he found something wrong in the company and that his wife deliberately avoided him. He grew suspicious about her behaviour, as she appeared more close to Sethi.

Sandeep claims that he founded ShopClues in 2010 using his personal savings. Radhika and Sethi were hired later as Vice Presidents. Sethi was later inducted as Co-founder. When Sandeep was arrested in the US, he nominated Sethi as the new CEO to the Board and Radhika to be a Board member.

When he came back to India in August 2014, Sandeep claims, he found that ShopClues changed Sandeep’s right to nominate a board member way back in April 2014 and he was kept in dark by the two.

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