B Capital Group, an active VC fund run by Facebook Co-founder Eduardo Saverin, has announced the final close of its second fund worth US$820 million.

In a Medium article, the VC firm said that the final close brings its total assets under management to US$1.44 billion.

The group has invested in nearly 30 companies across Asia, Europe and the US, including Singapore-based Ninja Van and CXA.

As per a TechCrunch report, the second fund is more than two times what the group raised for its US$360 million debut fund in 2016.

The Fund II will invest in growth-stage startups transforming large industries and scaling rapidly.

Also Read: As IDX commissioner, this is how Pandu Sjahrir aims to help more Indonesian startups go public

“Although technology is already embedded in nearly every sector and aspect of daily life, the last three months show us there is still extensive unmet need when it comes to digitisation,” said B Capital Co-founder and Managing Partner Raj Ganguly.

“We believe the next ten years will see a major shift in innovation as entrepreneurs examine industries and practices from new angles and find ways to accelerate connectivity between systems, companies and people,” he added.

Founded in 2014 by Ganguly and Saverin, B Capital invests in B2B and B2B2C companies in enterprise technology (including SaaS, infrastructure AI/ML and security), fintech, health-tech, consumer enablement technology, and transportation and logistics.

It typically invests between US$10 million and US$60 million in companies at Series B, C and D stages.

Ganguly claims that B Capital has experienced significant growth over the past year, adding key roles in areas including investing, operations and the company’s platform team.

Through its exclusive partnership with BCG, B Capital connects entrepreneurs and corporates to explore mutually-beneficial relationships that apply cutting-edge technologies at scale.

The group’s other portfolio companies include AImotive, Atomwise, Blackbuck, Bounce, Bright.md, Evidation Health, Icertis, INTURN, Plastiq, Notable Labs and SilverCloud Health.

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The end of June also marked the end of a tumultuous first half of the year –and it has been a wild ride for the Southeast Asian tech startup ecosystem.

We were rocked by news of shutdowns and layoffs that involved even the bigger players in the ecosystem. This was an anxiety-inducing knowledge. But the good news is that, even during this dark time, there is still good news.

The most important of all is that the global health crisis did not seem to affect startup investment too greatly. Yes, as acknowledged in several episodes of the e27 Webinars series by our guest speakers, investors are becoming more careful in times of crisis. There is also the argument that funding rounds announced in the first and second quarters were likely to be closed before the pandemic hit the region hard.

But let us have a look at how the ecosystem fared based on the news coverage published on e27.

1. Series A rocks

Funding announcements in June were dominated by companies announcing their Series A rounds. We counted that there were at least eight Series A funding round announcements, many of them are in the million US dollar range.

Apart from Series A, there was also some noticeable seed funding round by companies such as Ula, which raised US$10.5 million. In addition to raising a massive amount of money, the company had just launched its platform in January.

Also Read: Report: COVID-19 might result in US$28B missing startup investment this year

Some popular names such as Indonesia’s Fabelio and Thailand’s SYNQA (formerly known as Omise Holdings) had also announced their Series C funding rounds in June.

2. Making quarantines more bearable

The lockdown and self-quarantine measures imposed in many countries had led to a surge of popularity for some verticals. Instinctively, people are doing more online shopping activities as movements were restricted. Entertainment platforms, such as gaming and video streaming, had also been predicted to become more popular as customers were looking to be entertained.

This was the case with Cinepoint and GoPlay; both companies announced funding rounds involving Ideosource Entertainment. The case of GoPlay was quite unique as many video streaming platforms in Southeast Asia were known to be struggling. This peaked with the acquisition of iflix by Chinese tech giant Tencent.

Fintech also continued to remain popular, particularly for companies that implement blockchain in their platforms, such as Wallex Technologies, Sparrow, and SYNQA.

There were also announcements from other sectors such as legal tech (INTELLLEX) and construction (Hubble).

For countries such as Singapore, where the ecosystem is more prepared for the deep tech sector, we saw funding announcements by Horizon Quantum.

Also Read: Why angel investor Eddie Ler thinks startup investment is like The Lord of the Rings

3. gojek does it again

Indonesian ride-hailing giant gojek continued to make headlines. While the company had to close down several of its services due to the pandemic, it also announced a new investment by Facebook and PayPal in June.

This movement was remarkable as it marked Facebook’s first investment in Indonesia. It is also interesting to see the kind of partnership that we can expect from the investment: There is a possibility of having PayPal integrated into the gojek platform.

What is next?

Considering the likelihood for these funding rounds to be closed before the pandemic reached its peak in Southeast Asia, we do not think it is safe yet to say that the pandemic “does not affect startup investment in the region.” Because we definitely saw how the global health crisis impacted the startup ecosystem, and this is going to affect investors’ decisions as well.

The next six months will actually determine how exactly the pandemic is affecting startup investment. While the number of early stage investments may decrease, we predict that the startups might walk out with heavier pockets, especially if they are able to prove the strength of their team and products.

Another thing to note is that, while there are verticals that become more popular among investors, it does not mean that there will be no hope for startups working in other sectors. Popularity will eventually lead to saturation; besides, we will continue to need innovation in other sectors such as the law or construction. There is plenty of room for creativity, and this is where our challenge lies.

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Image Credit: Gabrielle Henderson on Unsplash

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Quantum computing has gained significant interest over the years because of its potential to solve problems beyond the reach of the most powerful supercomputers.

Singapore’s Horizon Quantum Computing is a startup that aims to make quantum computing much easier to access and in turn become a part of a bigger tech revolution.

In a recent interview, Horizon’s Founder and CEO Joe Fitzsimons, originally from Dublin, sat down with e27 to give us a glimpse into his entrepreneurial journey.

Excerpts from the conversation:

Tell us more about Horizon Quantum Computing. What makes its approach unique from other quantum focussed companies?

At Horizon Quantum Computing, we are building tools to simplify the process of developing software for quantum computers.

We think about programming and quantum computers in a way that is more like programming a general computer rather than using some kind of special-purpose hardware accelerator.

Our approach is unique. We are developing capabilities that, as far as I am aware, no other
company or academic group have.

We build quantum algorithms directly from conventional computer code, automatically identifying places where it can be sped up.

What type of job were you working in before launching of your own business?

Most recently, I was a tenured associate professor at Singapore University of Technology and Design (SUTD) and a principal investigator at the Centre for Quantum Technologies.

Why did you pick Singapore to launch your company?

I did my undergrad in Ireland. But about six months into my PhD, my supervisor moved to Sydney and at that time I was going out with someone who later became my wife. And I thought that moving to Australia would not be great for
the relationship, and instead, I looked to continue my journey somewhere closer by.

So in 2005, I moved to Oxford to do a doctorate and ended up staying on as a research fellow. Artur Ekert, the then director of Centre for Quantum Technologies in Singapore and a fellow at the same Oxford college as me, suggested I apply to SUTD.

I joined SUTD 3 years later. So I’ve been in Singapore for 10 years already. It’s been a fantastic place to be in terms of support for entrepreneurship, but also culturally, it’s been a very good fit as well. Even though, it was a coincidence on how I ended up here.

What sparked your decision to quit your job?

I was at a point where my view of quantum computing was that we were at this inflection point where progress in the field was starting to shift out of academia and towards the industry.

Just in terms of judgment, I thought it was the right time to make the transition. If I had done it beforehand, I think the technology wouldn’t be quite there. And if I delayed it I felt that it would have been too late.

It would be like trying to start a computer company today. Maybe it’s possible, but it’s not the same.

Also Read: Singapore’s Horizon Quantum raises US$3.2M to make quantum computing accessible to every developer

For a long time, I have viewed quantum computing essentially as a new computer revolution. 

What have been your biggest challenges in building your company and how did you overcome it?

One of the challenges is that quantum computing inherits a hardware risk. We’re a software company but we also depend on running on hardware and that hasn’t been developed fully yet.

The other challenge is hiring. Recruiting skilled quantum computing people is tough.

But we’ve been active in the quantum area for quite a long time, so a fair number of researchers and people coming out are prepared to take the risk and work with us with the vision of making good scientific progress as well as from a business perspective.

We are also working quite closely with hardware manufacturers and have been developing techniques to reduce the error rate in processors and software. And have seen some success on this.

What are some things that quantum computers can do that other computer cannot? 

There are potentially many examples of problems that are hard for computers
to solve.

In quantum computers, there’s something we call amplitudes which allows it to solve more complex calculations than a conventional computer.

Take the example of aircraft loading. Maybe, you want to put on as much as much weight as you can, but you need it to be distributed in such a way that the centre of gravity is within a particular region. But you also have the restriction
that each of the packets you put on can only be in certain positions.

To figure out the optimal configuration or the best order to load the parcels can be very problematic. So just finding a solution to these can take a very long time on a regular computer, especially with so many restrictions.

When do you plan on bringing your product to the market?

We have already started working with our early customers right now but it will be a little while before we’re ready to announce dates on that.

What are some of the short-term milestones that you wish to achieve with Horizon?

At the moment, our priority will be getting the first version of our tools up and running. We will continue working with our existing customers and attracting more early adopters in key industries such as finance, aerospace and energy
that we feel would benefit from quantum computing.

As the quantum hardware still needs to be further developed, I would not recommend anyone to go ahead and spend US$20 million today on a quantum device to solve business-related problems.

But it totally makes sense for various industries to identify what would be the impact of quantum computing for them
and start working today on the use cases for this revolutionary technology.

—

Image Credit: Horizon Quantum Computing and EmTech Asia

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Temasek to invest US$100M in India’s food delivery business Zomato

Singapore government-owned Temasek is in talks to invest up to US$100 million in India’s food delivery company Zomato, according to The Economic Times.

The discussions between the two parties have been ongoing since the end of last year, said the report citing unnamed sources.

The round was almost finalised, but the terms of the deal are being renegotiated given the impact of COVID-19 on business operations, India’s investment policies and competitive landscape with Amazon’s launch (of its food delivery business, said the source

Temasek currently owns a 3 per cent stake in the startup.

SGInnovate launched new AI accelerator Deep Tech for Good

Singapore-based deeptech facilitator SGInnovate has announced a new initiative called Deep Tech for Good.

Also Read: Why this professor quit writing academic papers to start his own quantum computer company

According to a report by the Singapore Business Review, the initiative aims to accelerate the development and use of Artificial Intelligence (AI) along with other technologies to improve the human condition and drive sustainable development across different markets.

Furthermore, the report stated that the project seeks to drive awareness among global leaders across the public and private sectors to facilitate the sharing of knowledge and success cases where research-based innovations have helped improve lives.

It’s also on a mission to build and scale deeptech solutions as well as catalyse collaborations amongst corporates, startups, and governments.

Deep Tech for Good will follow through with a series of thought leadership events that are expected to involve startup founders, investors, corporate leaders, researchers, and government representatives in 2020.

One of the events that will take place on July 23 is AI for Good, headlined by Professor Yoshua Bengio, Scientific Director of Mila and Co-founder of Element AI; and Dr Kai-Fu Lee, Chairman and CEO of Sinovation Ventures and President of Sinovation Ventures Artificial Intelligence Institute.

Sunway iLabs launches new super accelerator programme

Sunway iLabs today announced the launch of a new 4-month “super accelerator programme” for early-stage startups.

The programme is aimed at improving startups’ chances to successfully commercialise their products and services in the market.

Supported by Sunway Group, SunSEA Capital and Gobi Partners, the programme will provide the startups with capital, mentorship and market access.

Led by Sunway Group chief innovation officer and Sunway iLabs director Matthijs Van Leeuwen, the Super Accelerator programme focuses on delivering value within five key verticals — smart cities, edutech, digital health, food and agritech and e-commerce.

The programme will provide selected start-ups up to RM100,000 (US$23,000) of seed funding and assist them in getting a followup funding after graduation.

Embracing and leading the new normal due to Covid-19, the programme will be mostly delivered virtually through iLabs Dojo, a newly developed online learning and training platform.

Interviews, pitching, mentoring and business meetings will be conducted via video conferencing.

Also Read: In June, startup investment in Southeast Asia continued to weather the storm

Participating startups can also look forward to academic support from Sunway University in talent recruitment and research and development opportunities.

Unicorn India Ventures invests US$650K in blockchain startup ChitMonks

Mumbai-based early stage venture capital fund Unicorn India Ventures has invested US$650,000 pre-Series A in Hyderabad based fintech/blockchain startup ChitMonks.

ChitMonks has developed a product to empower the state government regulators to administer chit fund operations across the state on a private permissioned blockchain network.

They are extending their services to Chit fund companies of any size and anywhere in India by digitally enabling them with process efficiency (payment collections, online* auctions, eKYC, eSign etc), better underwriting (bank statement analysis, credit profiling, credit liabilities) and making their offerings more inclusive.

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Singapore-based Qualee Technology, which offers customisable employee on-boarding and engagement solution for companies, has raised US$1 million in funding from Tandem Technology Partners.

Qualee said in a press release it will use the capital to enhance its product, recruiting, consulting, marketing and support.

“We are humbled by the success of this fundraising round, particularly during challenges COVID-19 has presented all companies,” said Qualee Co-founder Vipula Samarakoon.

Also Read: Why this professor quit writing academic papers to start his own quantum computer company

Qualee is an online platform for organisations of all sizes to enhance their engagement and on-boarding processes with employees. Using the latest in cloud and mobile app technology, its proprietary self-service, digital platform automates procedures and provides clients with the ability to securely create employee experiences that measurably improve employer familiarisation and engagement.

Its cloud platform, featuring AI and Machine Learning at its core, provides clients with the ability to design customised on/off-boarding and micro-learning journeys, manage multimedia content repositories, meet compliance requirements and regularly engage staff.

“Qualee was founded on the principle that people are the driving force behind every business,” said Charley Zuidinga, COO of Qualee. “Our mission is to enable companies with a highly secure, self- service application to empower their talent and instil a sense of belonging. Every day.”

Also Read: Eduardo Saverin’s B Capital hits final close of US$820M Fund II

Bob Boughner, Managing Partner at Tandem Technology Partners, said: “There is an strong synergy between Qualee and our extensive insights into contingent and mobile workforces across multiple verticals. Many organisations have been forced to furlough staff recently and using Qualee allows employers to remain connected with displaced staff and quickly reinitiate as conditions improve.”

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