Singapore’s quantum computing software startup Entropica Labs snags US$1.8M

Entropica Labs, a quantum computing software solution that is based in Singapore, announced that it has taken home S$2.6 million (US$1.8 million) in seed funding led by deep tech investor Elev8. Joining the round are government-owned deep tech investor SGInnovate, early-stage enterprise and deep tech venture capital (VC) firm Wavemaker Partners, Japanese software enterprise group TIS Inc, talent investor Entrepreneur First, family-owned heritage business Lim Teck Lee Group -chaired by Razer-backer Lim Kaling, VC firm V1 Capital, and US-based quantum computing startup Rigetti Computing, also participated in the round.

According to The Business Times, Entropica plans to use the funding to expand its technical team and continue the development of its proprietary software architectures as well as gaining greater access to a growing number of quantum computing systems.

Quantum computing is yet to reach large-scale adoption and to do so, users and researchers will need an extensive software layer analogous to the one that exists for conventional computers. Entropica offers the software to its users so it can give access to processors that are capable of solving problems that even the most powerful supercomputers cannot tackle.

Revolut welcomes new Singapore’s CEO, CCO, and Head of Growth into its team

Global fintech company Revolut has welcomed into its leadership team in Singapore a new Chief Executive Officer, Chief Compliance Officer, and Head of Growth shortly after announcing Martin Gilbert as Chairman of its Board, who previously sat on the MAS International Advisory Panel until early 2020.

Revolut appointed James Shanahan as Chief Executive Officer, responsible for growing Revolut’s local business and expanding into wider Asian markets. Shanahan joined Revolut in March 2020 and was previously Chief of Staff for Railsbank Technologies in SE Asia and Chief Operating Officer for Singlife.

Also Read: Revolut integrates with GooglePay for more seamless user transaction

Further reinforcing Revolut’s leadership team, Rayson Tan has been appointed Chief Compliance Officer, Chief Risk Officer, and Head of Legal at Revolut Singapore. Tan is a career Compliance and Risk professional with 20 years of financial services experience in some of the world’s largest financial services firms with a past stint as Managing Director in the Compliance & Regulatory Affairs department at Credit Suisse.

A seasoned executive with close to two decades of experience, Pam Chuang has been appointed as Singapore’s VP of Growth. She previously held leadership positions in financial institutions of all sizes across Asia, most recently as VP of Sales & Partnerships at GoBear, whereas part of the pioneer team she was instrumental in scaling GoBear across Southeast Asia and Hong Kong.

IDN Media acquires Demi Istri Production, launches IDN Pictures

Millennials and Gen Z-targeted online media IDN Media has acquired an independent film company, Demi Istri Production, and has launched IDN Pictures.

Demi Istri Production was founded in 2013 by Director ​Fajar Nugros and Producer ​Susanti Dewi​. After the acquisition, Fajar Nugros and Susanti Dewi will join IDN Media to lead ​IDN Pictures​.

By launching IDN Pictures, IDN Media is committed to continuing its vision to democratise information and become a one-stop content platform for Millennials and Gen Z in Indonesia.

Winston Utomo, Founder & CEO, IDN Media said: ​“Today we proudly announce the launch of IDN Pictures that marks the new beginning of IDN Media’s journey in the film industry. Through IDN Pictures, we want to continue our commitment to our vision: to democratise information and to become a one-stop content platform for Millennials and Gen Z. I am very excited to work together with Fajar Nugros and Susanti Dewi. I am confident and optimistic that under the leadership of Fajar and Susanti, IDN Pictures can become the leading film company in Indonesia that will bring positive impacts and inspiration to society.”

AnyMind Group launches cloud manufacturing platform AnyFactory

Marketing technology, entertainment technology, and HR technology company AnyMind Group, has announced the launch of AnyFactory, a cloud manufacturing platform that connects individuals and businesses with factories across Asia.

Also Read: AnyMind Group closes Series B funding at a total of US$21M

Starting with apparel and cosmetic manufacturers, the objective of AnyFactory is to help individuals and businesses produce a wide variety of products within the shortest amount of time at the best price and quality, instead of mass-producing a single product in that same amount of time.

Initially, AnyFactory will be rolled out to AnyMind Group’s direct-to-consumer business line, leveraging on a customer pool of social media influencers and talents. The platform will ease the production process and enable influencers to design, source and produce their own branded-merchandise.
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Picture Source: IDN Media

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Indonesia-based online beverage retail Kopi Kenangan announced that it has raised US$109 million of Series B funding led by existing investor Sequoia Capital. It also welcomes new investors including B Capital, Horizons Ventures, Verlinvest, Kunlun, and Sofina, as well as the company’s first institutional investor Alpha JWC Ventures.

The company plans on using this round of funding to strengthen its operations in Indonesia, launch new products, invest in technology to better serve its customers, and protect employees amid the COVID-19 pandemic.

Kopi Kenangan was founded in 2017 and has since filled a market gap between the high-priced coffee served at international coffee chains, which is priced out of reach of most Indonesians, and the instant coffee sold in the country’s many street stalls. Kopi Kenangan’s approach of offering recipes that cater to local tastes and its ‘new retail’ model combining the online and the offline world was its main selling point, allowing customers to order its locally sourced coffee blends ingredients through an app.

“The hospitality industry is facing the biggest existential crisis of our generation,” Edward Tirtanata, Co-founder and CEO of Kopi Kenangan, commented on the COVID-19 situation, “It’s hard to tell when the sector will return to normal but when it does, it will look very different. As a growing startup, we are adapting quickly to the challenge through contactless commerce and uncompromising hygiene standards throughout our stores.”

Also Read: [Updated] Indonesian coffee chain Kopi Kenangan raises Series A extension from Jay-Z, Serena Williams’s VC firms

In addition to the latest fundraising, Kopi Kenangan also has added to its portfolio a commitment to help local F&B entrepreneurs with technology, investment, and mentorship through the food accelerator program Digitarasa. Kopi Kenangan has set up a new training academy for baristas and workers in the F&B sector to re-skill themselves for a changing landscape.

To help accelerate Kopi Kenangan’s growth, Eduardo Saverin, Co-Founder of social media company Facebook, will be joining the Board of Directors, bringing in his versatile and transformational leadership to the team.

The new funding follows Kopi Kenangan’s US$20 million Series A round in June 2019 led by Sequoia Capital and its seed round in 2018 led by local investor Alpha JWC. In December 2019, Kopi Kenangan also announced an expansion of its Series A round with additional investment from Arrive, a Roc Nation company, Serena Ventures, world-renowned basketball player Caris LeVert, and Sweetgreen CEO & Co-Founder Jonathan Neman, amongst others.

Going forward, the company plans to offer a wide range of food and beverage products from local merchants as well as its cloud kitchens. It also plans to expand across neighbouring countries post-pandemic with stores in Thailand, Philippines, and Malaysia.

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Image Credit: Kopi Kenangan

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Malaysian venture capital firm-cum-accelerator NEXEA has launched an initiative, called DigitalSME, which aims to enable small and medium enterprises (SME) to transition into the digital age with the help and support of tech startups.

Through the programme, SMEs will be able able to operate digitally beyond their physical stores, breaking limitations and barriers to the market and adhering to the required protocols in light of the current pandemic.

For this initiative, NEXEA has united with its portfolio companies and other partners, including Hauz (cloud-based workforce management company), RedDino (e-commerce solutions provider), Lapasar (B2B procurement marketplace firm), and co-working space provider Common Ground, among others.

Also Read: Going big? Then Go e27 Pro.

According to Ben Lim, Managing Partner of NEXEA, while changing business models and transition to e-commerce are the flavour of the day, most SMEs are at a loss on how to transition their current business to the web smoothly.

“When it comes to changing business models, from our experience at NEXEA, a lot of complex validation and transitions need to take place. This is where we find that SMEs will benefit the most invalidating and transitioning their business models — by leveraging the services provided by these tech startups,” he said.

“While the Malaysian government sees a possible 2.4 million job losses and RM2.4 billion in daily economic losses during the movement control order (MCO), we also note that Vistage (a leading CEO group) did a survey with top 750 CEOs in the country to show that over 50 per cent of their businesses intend to change their business model,” he further added.

In order to become a part of this initiative and utilise the resources,  Malaysian SMEs can sign up via NEXEA’s website.

Since inception, NEXEA has invested in over 35 startups. It also continues to invest in startups via its Corporate Accelerator programme 2020.

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Image Credit: NEXEA

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MoneyMatch and Ripple partner to improve payment for Malaysian SMEs

Malaysian fintech startup MoneyMatch has partnered with blockchain company Ripple to enhance payment services for Malaysian SMEs, according to Tronweekly.

In the interview with Tron, MoneyMatch founder Adrian Yap admitted that because of their small company size, the partnership with Ripple would be beneficial for SMEs due to their presence in 120 markets around the world could.

“Banks typically focus on larger customers who are sending higher volume transactions and can afford higher fees. SMEs don’t have much choice other than to accept these same rates, which adds to the cost of dealing with foreign suppliers. We worked with Ripple to create an improved cross-border payment process that offers these customers better rates and faster transaction times,” said Yap.

Draper Startup House launches online platform to match startups with investors

Draper Startup House has launched an online platform called Draper Startup House Ventures to match startups with investors from around the world, not confined to the Draper Venture Network.

Through this platform, startups can submit their pitch decks to the Draper Venture Network to help founders raise funds beyond physical borders.

The platform is currently live and is open to startups of all sizes.

Headquartered in Singapore, Draper Startup House is a hostel chain specifically for founders to assist them in their journey of entrepreneurship. It was recently rebranded from Tribe Theory to Draper House on January 2020.

Indonesian crypto exchange Tokocrypto receives investment from Binance

Indonesian crypto exchange company Tokocrypto has received an undisclosed amount of funding from global cryptocurrency exchange Binance, according to Businesstimes.

Also Read: How getting digital transformation right can help businesses get through a pandemic.

The company has said that it will use the added capital for hiring, marketing and customer support. Moreover, the company has revealed plans to launch new products in Indonesia.

“We are using these funds to set up remote offices in different parts of Indonesia … As of now, we plan to remain in Indonesia and to tap in this market,” Tokocrypto chief executive Pang Xue Kai said.

According to the CEO, the partnership with Binance will be beneficial for the company as it plans to leverage its technical expertise to offer customers a more secure experience.

“This partnership is something that will be very beneficial for Tokocrypto. Binance has the technical expertise, and we will be leveraging on that so that we can protect our customers’ assets with a very high level of confidence.”

Tokocrypto claims to have an average daily transaction volume of about US$700,000.

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Image Credit: Unsplash

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