Day: April 7, 2020

Agaeti Ventures and Convergence Ventures, two active venture capital firms in Indonesia, has announced their merger this morning. AC Ventures (ACV), as the new entity is known, will continue to make early-stage investments.

The merger has been in the works since the third quarter of last year. According to Adrian Li, one of the Partners of ACV, the objective is to consolidate the resources of both firms “to create a platform of exponential value that can provide significant support to our portfolio founders as they build and scale successful businesses across Indonesia, the largest market in Southeast Asia”.

In this interview with e27, Li talks about ACV’s plans, the COVID-19 crisis, and more.

Edited excerpts:

What was the primary motive for the merger? Where do you see a ‘convergence’ of interests for both? Does it have anything to do with the current COVID-19 crisis?

Our primary motive was to combine the experience, network and teams of both platforms to form a stronger overall venture firm. Our prior firms both had similar strategies — our focus on Indonesia, early-stage technology, as well as we believe in being strong operating partners of founders.

Also Read: Indonesian VC firms Convergence and Agaeti merge to form AC Ventures

It has nothing to do with the current crisis as the merger has been in the works since Q3 2019.

What is the total size of ACV?

We are currently in the process of working on the new fund. Given the present macro environment, we do not have the total size confirmed.

The press release says ACV will continue to make early-stage investments in Indonesia. Do you expect to cut bigger cheques, given the rapidly-changing market dynamics?

Our plan for ACV is to invest in early-stage companies from a few hundred thousand to a few million US dollars.

Does ACV have special focus on any particular vertical? Also have you made any investment from ACV yet? Can you share the names?

The investment thesis of the new fund continues their prior funds’ respective successful investment strategies of investing in Indonesia-focused, early-stage, technology opportunities.

In particular, the teams are seeking investment opportunities into areas of e-commerce, digital content enabled services, financial technologies and MSME enabling technology.

We have made investments in several ventures to date. We will be announcing them in due course.

The COVID-19 is ravaging industries. Do you think the crisis will alter the startup landscape for ever if the situation persists longer than expected?

COVID-19 crisis is different compared to previous financial recessions; in this situation, there are serious health considerations. Quarantines and lockdowns are forcing people to change behaviours and driving faster adoption to technology such as online education, health consultation, digital entertainment and e-commerce.

Also Read: The global financial crisis gave birth to fintech. What will COVID-19 recession bring?

Like all crises, economies and societies will recover. This time, technology- enabled businesses will be better positioned than ever to serve consumers and businesses.

How can startups come out of this crisis?

The COVID-19 crisis affects startups asymmetrically. Some are experiencing a surge in demand such as online education and e-commerce and delivery. Others, such as travel and hospitality, have seen revenue go to zero.

In all cases, startup ventures, which are dependent on investor funding and are still burning cash, will need to focus on conserving cash and ensuring their survival during this period. Once the market recovers, those who are best capitalised will be best positioned to gain market share and grow.

What are the trends in the early-stage VC investment space in Indonesia?

Increasingly funds are seeking out opportunities that focus on the MSME space and moving on from pure consumer-focused opportunities. The 60 million MSMEs drive half of Indonesia’s economy but the vast majority do not use any technology-enabled services or applications. This is a huge opportunity for efficiency and value and it is drawing strong investor interest.

I recently read in an interview that Indonesia is facing an early-stage investment fatigue. What is your view?

I don’t think so. We believe there is still plenty of opportunities for early-stage investment and the market is ripe for further disruption by technology-enabled companies with better talent, consumer/SME adoption and capital available for entrepreneurs than ever before.

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Same-day delivery service startup RaRa raises over US$800K in seed funding from 500 Startups

RaRa Delivery, a last-mile, same-day delivery service for e-commerce businesses in Southeast Asia, has secured US$834,000 in a seed funding round, led by 500 Startups, with angel investment from Angel Central led by Der Shing Lim.

Other investors in the round are GK-Plug n Play; Royston Tay, Co-founder and former CEO at Zopim (acquired by Zendesk); Yang Bin Kwok, Co-Founder and ex-CTO at Zopim; Vidit Agarwal, Head of BD at Stripe; Neelesh Suryavanshee, VP Marketing, Unilever Indonesia; and Vishal Gupta, VP Digital Transformation, Unilever.

Also Read: Indonesia is ripe for further disruption by tech-enabled firms: Adrian Li of AC Ventures

Karan Bhardwaj, Founder and CEO of RaRa Delivery, said that the funds will be used to acquire talent in Business Development, Operations, and Technology to further expand RaRa’s business in Indonesia.

With e-commerce GMV in Indonesia expected to reach around US$97 billion by 2025, consumers are now looking for faster and convenient delivery options, preferably a one-day delivery.

E-commerce giants such as Lazada, Shopee, and Bukalapak have already leveraged RaRa’s express same-day delivery services. RaRa is a graduate of GK-Play and Play Indonesia Batch 4 in April 2019.

Indonesian genomic startup Nusantics completes a COVID-19 qPCR test kit design prototype

Nusantics, an East Ventures-backed genomic startup, has finished a design prototype of qPCR diagnostic that can specifically detect SARS-CoV-2 virus on Friday.

The design process and laboratory testing of the test kit, named NUSANTARA TFRIC-19, was carried out by Nusantics as a member of COVID-19 Research and Technology Innovation Task Force (TFRIC19) formed by Indonesia Technology Assessment and Application Agency (BPPT).

CTO of Nusantics Revata Utama explained that Nusantics designed the NUSANTARA TFRIC-19 using genomic data from the SARS-CoV-2 Asia strain. Nusantics conducted a bioinformatics analysis of aligning the genetic sequences of the SARS-CoV-2 strains to specify target genes.

Based on the result, Nusantics decided to target two SARS-CoV-2 genes called as RDRP gene (that the virus uses to self-replicate after infecting a human cell) and N gene (which protects its nucleus).

It then tested the sensitivity and specificity of the prototype using RNA isolates acquired from abroad. Isolates from other countries are used to accelerate development while waiting for local RNA isolates to be available.

The test showed that NUSANTARA TFRIC-19 can specifically detect the SARS-CoV-2 that causes COVID-19, and not sensitive to the genome of SARS-CoV-1 or other Coronaviruses.

Also Read: BIT, parent of Myanmar’s e-book store Wun Zinn, nets “7-figure USD” Series B funding

As the next step, Nusantics will validate the kit using samples from local COVID-19 cases. The BPPT Task Force for COVID-19 is currently still waiting for samples from the Indonesia Agency of Health Research and Development (Litbangkes). After the local sample is available, the validation process will take two to three days.

Indian omnichannel beauty retailer Nykaa raises US$13M funding from Steadview Capital

India-based online beauty and skincare retailer Nykaa has raised US$13 million in funding from Steadview Capital, just a year after it closed a Series E financing round led by TPG Growth.

According to EconomicTimes, the company was founded in 2012 by former merchant banker Falguni Nayar. So far, it has expanded into newer categories such as the men’s grooming segment, and launching Nykaa Pro, and also stepped into an offline retail business.

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Image Credit: Nusantics

The post News Roundup: RaRa Delivery raises over US$800K funding; Nusantics completes COVID-19 test kit prototype appeared first on e27.

 

Updates: The article has been updated on how users will be contacted 

Singapore-headquartered Madison Technologies has launched an independent contact-tracing website, called CovCT, to control and limit the spread of the virus globally.

The platform requires users to scan a QR code at different locations or visit the URL on the browser, where they can check in with their details. This will allow them to remember the places they have been to and help local authorities trace and isolate cases of the virus with the information.

Building management, business owners and community leaders can get the QR Code poster by registering their venue on the CovCT website. After this, a CovCT kit will be provided along with instructions.

If a positive case has been detected at a location, it will be highlighted in the user’s history. Authorities can request for the data and choose to notify the users in the event of an outbreak in certain locations.

According to the company CovCT will never reach out to users with the personal details collected.

Also Read: [Updated] Singapore develops contact tracing app to limit COVID-19 spread

While governments around the world have directed for a lockdown, there is still some room for the virus to spread as asymptomatic carriers come into contact with others when they go out to buy essential items.

“Currently, our platform requires users to scan a QR code or visit a URL on a browser. However, we are working on solutions where this can be rolled out in a “kiosk mode” where visitors can check in the absence of a smartphone or working internet connectivity,” an employee of the company told e27.

According to the firm, this is not a money-generating project but is an initiative that aims to contribute to the collective war against COVID-19. ” CovCT was built to provide authorities from different countries a solution to gather information on the movement and spread of the virus,” said CEO Praburaajan Selvarajan.

Many people worldwide have expressed their concern about data privacy when using contact tracing apps. However, CovCT ensures that data remains anonymous for users, claims the CEO.

“The CovCT platform will protect all personal data. The data collected will be stored privately and anonymised on the platform and will not be shared with any individuals, businesses or the locations where the users have checked in. Instead, the data will be held in trust until requested by relevant local authorities who will, with their respective contact tracing protocols, choose to contact these users,” he added.

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Image Credit: CovCT

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I have been having really dramatic dreams lately that including falling, crying and waking up with regrets. But when I read a similar NYT article on how this is not uncommon, I felt comforted.

The COVID-19 pandemic has promulgated a sense of uncertainty amongst all of us that is not letting us sleep very peacefully on most nights.

From work to eating and especially to social interaction; all aspects of your lives are undergoing a massive shift. While the hope is that the situation will improve soon, and we all will go back to ‘life as usual’, managing the ensuing anxiety and stress are necessary.

Instagram influencers, hustlers, VCs, and governments cannot stress enough on the need to remain calm and focus on the positive. In India, PM Modi even organised a nation-wide ‘light a candle’ movement to reinforce a sense of unity and calm in the mind of the billions in India struggling with the lockdown.

But how can one do it at an individual level? MindFi founder, Bjorn Lee said it only takes 100 seconds for our mind and body to calm down. I almost didn’t believe it until the e27 webinar last week.

Not only did Lee, share his 100-second mindfulness technique, but he also helped us all experience a sweet sense of calm in the middle of a busy day and week for most of us.

From calming our nerves to checking in with every part of our body (even the often ignored wiggly toes), he guided us to shirk off any stress hidden anywhere inside our body, such that our minds could feel lighter.

If you missed it, here’s the session recap. Find a quiet spot, sit in a comfortable position and slowly follow his lead. I bet you will feel refreshed.

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Register for our next webinar: Best practices for communications during the COVID-19 crisis

Image credit: Victor Garcia on Unsplash

The post Good vibes only: Sailing through COVID-19 crisis with mindfulness meditation appeared first on e27.

Lifetrack Medical Systems partners with Philippines government to identity COVID-19 patients

Lifetrack Medical Systems, a health-tech company based in Singapore, is partnering with the provincial government of Antique to identify and prioritise molecular testing for potential COVID-19 patients using CT scans.

The company will be providing its software platform for free so that hospitals can perform the tests easily.

“The CT tests will determine the patients who have a high probability of having COVID-19, giving them a basis for isolating and further testing themselves, given the current situation of  limited test kits being available,” said Carl Nicholas Ng, COO of Lifetrack.

Prior to this initiative, the company had launched a secure, anonymised COVID-19 image repository on March 6 to aid radiologists and researchers identify potential COVID-19 cases quicker via chest CT scans. A method which was proven to be useful for screening in China.

“With the COVID-19 cases in the Philippines rising exponentially over time, additional measures should be taken to contain the spread of the disease,” said Antique Governor Rhodora Cadiao.

“We partnered with Lifetrack Medical Systems to provide Antique with remote reading capabilities for chest CT scans as well as the added assistance of Artificial Intelligence (AI) technology to support the triage of potential COVID-19 patients. With this partnership, we can assure each of our Kasimanwa (citizens) we are covering all fronts to battle COVID-19,” aded the Governor.

UiPath appoints Andrew McBean As Director of Thailand

UiPath, an American Robotic Process Automation (RPA) software provider, has appointed Andrew McBean as its Director of Thailand, according to a company statement.

McBean’s new role will include managing all operations in Thailand, including recruitment, client servicing, and business development.

Also Read: News Roundup: RaRa Delivery raises over US$800K funding; Nusantics completes COVID-19 test kit prototype

McBean brings in experience from large corporates like Microsoft and IBM but more recently he was appointed as the CEO of PKF, business accountancy and advisory firm in Thailand.

“RPA is a catalyst for helping human workers exceed their own expectations by taking away the mundane and repetitive tasks and allowing them to focus on what matters most. I’m a strong believer in UiPath’s vision of a robot to assist every worker, to unleash value and performance within today’s enterprises,” he said.

India’s healthtech startup Akna Medical raises US$7M funding

Akna, which aims to streamline healthcare equipment delivery in India, has raised a new round of US$7 million from LGT Lightstone Aspada, according to EconomicTimes.

The company will be investing the money in scaling operations across the region within two years. A portion of the capital will also be used to enhance the technology and analytics offering.

“The healthcare value chain in India is primed for intervention through systemic changes and technological innovation…Our strategy is to back high-growth platforms like Akna Medical, which have the ability to leverage technology, transform supply chains and support delivery of healthcare outcomes at scale,” said Kartik Srivatsa, Managing Partner of LGT Lightstone Aspada.

Popular hospitals such as Fortis, Max Healthcare, Medanta and Cloudmine are some of the company clients.

Zenius, gojek support students with free lessons amid virus outbreak

Edtech startup Zenius has partnered with ride-hailing super app gojek to offer free lessons to students on the gojek app as Indonesian schools suspend classes amid the COVID-19 outbreak.

Zenius will offer direct services such as live teaching and study planning through the app. The edtech company claims to offer more than 80,000 learning videos and practise questions for elementary- to high-school students.

Also Read: Afternoon News: gojeks senior management donates 25 per cent of annual salary to COVID-19 affected partners

“Since the start of this pandemic in Indonesia, Zenius Education has not stopped exploring various innovations to give students the easiest access to independent study at home,” said Zenius CEO Rohan Monga in a statement.

Singaore’s Grab to temporarily suspend GrabHitch from April 7

As Singapore announced partial lockdown many businesses participate to reduce the risk of exposure. Grab, a ride-hailing super app based in Singapore has announced that it will be temporarily suspending its service from April 7th onwards.

However, other services such as transport, food delivery, and parcel delivery services will continue to operate.

Grab has also suspended GrabShare service during the virus outbreak in February.

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Image Credit: Markus Spiske

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