InfraDigital, a digital school management startup in Indonesia, has announced the closing of its Series A funding from Taiwanese accelerator AppWorks.

The deal size has not been disclosed.

This capital infusion follows seed round of funding last year.

Edutech has the potential to substantially elevate Indonesia’s quality of education, while improving outcomes and overall standards of living for over 50 million students. Unfortunately, most schools struggle with tracking even basic student data and often lack the digital tools for proper financial management and planning.

Also Read: NextBillion.ai, a 6-month-old startup founded by the brains behind Grab Maps, raises US$7M Series A

The high cost of existing solutions has also inhibited widespread access to digital technologies, especially for schools in more rural areas which are often strained for resources.

Founded in 2018, InfraDigital aims to assist schools to address these pain points, targeting two of the most impactful areas of school management — financial operations and data transparency.

The edutech firm helps schools digitise student and financial data, automates back office processes, and facilitates online tuition payments. To achieve this goal, it has partnered with a variety of stakeholders, including banks, education foundations, and government bodies.

Through its platform, schools can transition to cashless tuition collection, increasing income up to 16 per cent in some cases. With InfraDigital, school administrators are granted full visibility into the operational health of their organization, enabling them to make smarter financial decisions and create a better student experience.

InfraDigital is also offers Jaringan IDN, a payments processing network established in conjunction with gojek, Tokopedia, LinkAja, Alfamart, Ayopop, and Indomaret to help educational institutions seamlessly collect tuition fees both online and offline.

The edutech company is active in 13 provinces in the archipelago, from North Sumatera to South Sulawesi, with its platform deployed in over 350 schools serving over 165,000 students.

The company is currently dedicating all its resources to assisting new and existing clients and helping them meet the added demands and complexities during COVID19 closures.

Moving forward, InfraDigital hopes to expand its footprint to other regions of Indonesia and eventually become a full-stack digital solution for educational institutions.

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Image Credit: InfraDigital

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On Monday, June 22, in Jakarta, the Indonesia Stock Exchange (IDX) released the list of its new commissioners for the 2020-2023 period, which is to be confirmed through an annual general stakeholder meeting today.

One of them was a familiar name in the local, perhaps even regional, tech startup ecosystem: Pandu Sjahrir.

Currently holding the position of Founding Partner of AC Ventures, Sjahrir has a long track record in the startup scene. He is widely known for his involvement in leading names such as gojek (as Board Member) and Sea Group (Chairman of Indonesia) as well as Xurya (Board Member) and Antler (Advisory Board).

He is also the Managing Partner of Indies Capital, which controls Indies Special Opportunities Fund, the leading alternative asset manager in the region, and Indies Pelago, a secondary tech fund in Southeast Asia.

Outside of the startup ecosystem, Sjahrir is the CFO of publicly listed energy company PT. Toba Bara Sejahtera Tbk, that was selected as Forbes’ Top 30 leading companies in Indonesia.

“My goal here is to find an outlier,” he speaks to e27 over the phone.

Also Read: Portable wifi rental service startup Passpod officially listed on IDX, raises US$3.2M

In this special interview, the startup investor reveals more details about the vision and mission for IDX –and how he is going to bring more Indonesian startups to get listed on the stock exchange.

A fresh start for IDX

Sjahrir begins our conversation by explaining the stock exchange goals in the next period: Increasing the participation of the younger generation –particularly Gen Y and Z– in the capital market and encouraging Indonesian tech startups to go public.

“As you might be aware of, there has not been any major tech company listed on the IDX,” he points out.

“It’s a completely different story with China and the US where the top 10 capitalisations are owned by tech companies. In Indonesia, it is still being dominated by banking and telco companies –exactly how it was 10 years ago,” Sjahrir continues.

He further elaborates how these two goals will support each other. By having more younger investors, major tech companies such as the local unicorns are expected to consider listing in Indonesia instead of other capital markets.

“We need to take a more active role in preventing them from leaving to other capital markets. Because we have to remember: The bigger guys, they have options,” Sjahrir warns.

Also Read: IDX-listed M Cash launches new partnership to digitise ‘warung’

By having these “cool” tech companies on IDX, the younger generation is also expected to be more interested in investing in the capital market.

“What we are doing here is deepening the demand, particularly by having more young investors on board. This is something that starts with education about the capital market,” Sjahrir says.

Trouble in the ecosystem?

In 2017, Kioson and M Cash made headlines when they became the first local tech startups to get listed on IDX, followed by several other companies.

These movements had led to speculation in the media on the possibilities for major tech startups in Indonesia –particularly the unicorns and decacorns– to have their IPOs soon after. But three years have passed and we are still waiting for these companies to make their move.

What will be the stock exchange’s strategy to encourage these unicorns to get listed on IDX, and not anywhere else?

“We have to be more market-friendly in various aspects, [starting] from regulation to the founder’s shares treatment. Like in the US, there is a difference in the treatment, and this is what Indonesia is currently studying. There is also got to be minority shareholder protection, which OJK is concerned about,” Sjahrir states.

Also Read: Portable wifi rental service startup Passpod officially listed on IDX, raises US$3.2M

But what is actually the challenges faced by Indonesian startups that have been preventing them from being listed? According to Sjahrir, there are two main hurdles: Profitability and founder shares treatment.

“The latter is the part where we are still ‘stuck’ on. In the US, founders are allowed to have different voting rights. We aim to address these issues to remain competitive with the other stock exchanges,” he says.

The focus

In this new period, IDX aims to get 20 to 40 companies on board, but Sjahrir says that they do not wish to be burdened by quantity. There is got to be a focus on the quality as well, he stresses.

“We need to start with the mindset first, how to capitalise on tech companies in Indonesia. Because the main difference between us and Singapore and Thailand is that our capital market is smaller than our GDP,” Sjahrir points out.

“So our focus is on how to increase the market capitalisation of the companies on the stock exchange,” he closes.

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Image Credit: Pandu Sjahrir

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Grab CTO Mark Porter quits to join MongoDB

Mark Porter, CTO (Core Technologies and Transport) is leaving Grab, making him the second CTO to depart the firm since the start of 2019.

Group CTO Theo Vassilakis had relinquished his position in April last year but remained an advisor at the Singapore-based company.

Porter wrote in a blogpost that he will be assuming the CTO role at NASDAQ-listed SaaS firm MongoDB on July 20.

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

“Grab has been a privilege and a gift; being a tech leader with the mission to bring the economy and people of Southeast Asia forward has been amazing. I’m leaving one family and joining another – and for anybody who knows me, they know that’s hard – I’m pretty sappy and emotional about this kind of stuff,” he said.

“My goal at MongoDB is to help our great teams develop technology and products that delight anybody who touches them. That’s been my goal for over 40 years, from my first 6502-assembly game or HP41CX program, to the latest Grab ride-hailing app,” he added.

Singapore’s health-tech startup Plano receives investment from Santen

Singapore-based health-tech startup Plano has received an undisclosed sum in investment from Japanese company Santen Pharmaceutical as part of strategic alliance between the two firms.

Under this deal, Santen, through Plano, will initiate to tackle the burden of myopia using both a holistic approach and innovative technological solutions.

“This funding and strategic alliance with Santen will play an instrumental role in growing Plano’s user engagement, strengthen its Big Data analytics and Artificial Intelligence capabilities, and drive its international expansion plans,” said Plano’s Managing Director Associate Professor Mohamed Dirani.

Launched in 2017 by Dirani, Plano is an eye health-tech company and is a spin-off from the Singapore Eye Research Institute (SERI). Its key products include the plano application and the online optometry booking system, Plano Eyecheck.

The science-based plano application has been adopted by more than 250,000 households.

Santen specialises in ophthalmology based on a thorough customer orientation, including patients and healthcare professionals.

In recent years, it has focused its attention on medical devices and digital technologies, and has continued to take on the challenge of contributing to the health of the eyes of people around the world through activities that meet the needs of customers in each region, as well as offering products and solutions that cover a wide range of disease fields.

Eko acquires Thai chatbot platform ConvoLab

Eko, a virtual workspace technology platform in Thailand, has acquired Artificial Intelligence (AI) and chatbot platform ConvoLab in a “8-figure USD” deal.

Additionally, Eko has has launched parent company Amity, which is focused on helping organisations, teams, and people to fully-benefit from new mobile technologies and digitisation.

Amity brings together three pre-existing technology solutions to make up its portfolio — Eko, Upstra (an app development kit for building in-app community experiences), and ConvoLab.

Further, the company will continue to power and expand these products out of their four core global offices in Bangkok, London, Austin, and Milan.

ConvoLab’s acquisition, completed through a mix of stock and cash, was finalised ahead of Amity’s launch.

Established in 2016, ConvoLab automates business processes by helping their clients engage with their customers through various channels using best-in-its-class AI natural language processing (NLP).

“ConvoLab is at the forefront of developing machine learning, chat management platforms and work automation. By joining forces, we’ll be able to provide customers with an ecosystem of expertise and services competitive and unique at a global level,” said Korawad Chearavanont, who now becomes the CEO of Amity.

Cocoon Capital launches Female Founders Mentoring Hours in SEA

Cocoon Capital has launched Female Founders Mentoring Hours (FFMH) for Southeast Asian entrepreneurs.

FFMH will offer female founders 1-on-1 remote mentoring sessions with some of the region’s most prominent VCs, creating a rare opportunity to both pitch ideas and to receive friendly, on-the-spot advice.

Also Read: AppWorks joins Indonesian edutech startup InfraDigital’s Series A round

Supported by Enterprise Singapore and Amazon Web Services (AWS), the inaugural FFMH event will allow over 50 female founders to meet investors over four 15 minute sessions to discuss their tech business ideas, ask for advice, and/or simply pitch for investment.

The focus will be on tech startups at the seed and Series A stages.

The venture industry has long acknowledged that there is still a huge funding gap between male and female founders. A large part of a successful fundraise is in building relationships with investors over time.

FFMH aims to give female founders a good starting point, with the chance to cultivate relationships with the best of the best early on.,

The post In brief: Grab CTO quits; Cocoon Capital launches initiative for female founders; Santen invests in Plano appeared first on e27.

Malaysia-based startup Rush’s premise is simple. Whenever you’re in need of smartphone energy to ensure connectivity, go to the nearest store to rent a power bank. Scan code on any Rush kiosk, grab the power bank, and once you’re done using it, drop it back to the nearest kiosk you can find.

Rush believes that our day-to-day life is not something that can be done without a properly working smartphone. “As the world evolved, smartphones have become part of an important device in our daily life. All our work, communication, social, transportation, wallet, food, and more are solved by using a smartphone. It’s made life more efficient and convenient,” says Dylan Wong, co-founder of Rush.

Malaysia has 26 million internet users, and the country is currently the top four country in the world who spent an average of 4.02 hours a day on smartphones in 2019. This kind of lifestyle provides plenty of opportunities for startups such as Rush.

Why powerbank

“Running out of battery on our phones happens at least two times for us in a day. Like anyone else we have also tried different methods, including buying extra phone charging cables, powerbanks, and even carrying phone chargers wherever we go. Then we notice the problem didn’t really go away, because you would need to either remember to bring these extra items on top of what you need everyday. And as an additional tool, there could be times when you don’t remember to charge them! We also noticed that these problems happened to most people around us,” explains Wong.

To validate this issue further, Rush’s team conducted a survey in Klang Valley, about their phone usage and charging habits. The results showed that 56 per cent of the people surveyed are experiencing the same mentioned issues on an everyday basis.

Also Read: Indonesian Wi-Fi rental startup Passpod to raise US$2.6M via IPO

“Some funny but common scenarios include, asking around for cables, or trying to look for a power plug socket to charge their phone. It all happened as a part of the daily lives of people with smartphones,” Wong comments.

In the dawn of 5G

In the sense of welcoming the highly anticipated 5G, Rush aims to be ahead of innovation.

“New phone technology is almost everywhere today, and with 5G coming soon, and the battery consumption of a 5G phone is 2.5 times more compared to 4G phones. Phone innovations continuously evolve, but battery technology remains stagnant for the next few years with battery capacity expansion not significantly ‘catching up’ to cater to the actual needs and increasing usage of these new phone features,” says Wong.

So according to Rush, the immediate solution is to have a power bank ready to rent anywhere at any time.

Challenges in familiarisation

As power bank sharing is a relatively new product and business in the Malaysian market, there are challenges to face in promoting the use of the service.

“The biggest challenge would be helping our users to understand and change their phone or mobile devices charging habit that has been with them for a long time,” Wong points out.

Furthermore, based on the results of the survey the company has conducted in the Klang Valley area, 83 per cent of the respondents have also expressed that they are receptive to power bank rental or sharing service, something that boosted the confidence of Rush that there are untapped markets for ready-to-rent power bank.

“Our approach is direct to users, promoting our products through events, and on-ground roadshows. Besides that, we also work closely and extensively with all our partners, who are from different industries: F&B, entertainment, hotels, and services,” says Wong.

Wong mentions that they have partnered with established names such as Tealive and Holiday Inn Express.

Also Read: HostelHunting rebrands into LiveIn.com; to expand into Indonesia, Philippines

“We strive to create an ecosystem by understanding both our partners and our users’ needs and wants, hence our approach mainly aims to help our partners’ business drive awareness, footfall and consequently sales, while at the same time having Rush users enjoying the convenience of our power bank sharing service and the various features that benefit their everyday lifestyle,” Wong adds.

Behind Rush

Currently, Rush is operating in a team of 15 people. It was established by co-founders Dylan Wong, who is also the CEO, and Ng Yong Ching as the COO, who is also Wong’s long time friends.

Both Wong and Ng were part of the pioneer team of Grab and e-scooter oBike and shared a few years working together in several startups before co-founding Rush.

What to expect after pandemic

COVID-19 pandemic undoubtedly has thrown a curveball for most businesses and startups in particular, and Wong says that the company’s not immune to it.

Like other startups trying to survive, Rush also did some adjustments to the situation by trying to cater to their customers and partners better.

“We’ve worked with partners or kiosks to help them to promote their business by providing and selling exclusive e-voucher to our users which we subsidise as well. Our focus is to help merchants to gain some cash flow and conserve more cash. It also can attract users to visit the retails,” Wong elaborates.

As for the post-pandemic era, Wong adds that sanitisation is their main priority to provide comfort and convenience. “We will sanitise all the power bank and our partner/merchant will help us to sanitise after users use it.”

Focussing on user experience

User experience is at the core of Rush’s product developments, as Wong emphasised.

“We constantly review our app functions and features and rolls out new features that enhances the Rush user experience. Just this month, we have launched a new reward and advertising features in our app, which Rush users can now enjoy to get their hands on exclusive deals and rewards from our partners. These rewards wrap around our users’ everyday activity and lifestyle, and most are redeemable as long as you have a Rush account.”

To ensure service availability, as well as enhance user convenience, in the coming months, Rush will be launching its loyalty programme that aims to benefit both partners as well as users.

Also Read: Fashion rental startup Style Theory secures US$15M funding led by SoftBank Ventures Asia, eyeing expansion

Power bank sharing and rental service still being considered as a novelty. Not only in Malaysia, but also in other Southeast Asian countries.

“Compared to other regions like China that are more matured with this service, Chinese people are now very familiar with the power bank rental service as the solution to everyday device charging and/or battery issues. They find it convenient as it has become a necessary service to be provided by most businesses,” Wong draws an example.

With the country’s effort in building and improving our public infrastructure and transportation, mobile devices and internet usage will only increase significantly for the next few years.

“The potential is definitely there, if we look at the trend and how prepared the country is,” Wong concludes.

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Image Credit: Rush

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Ackcio, a Singapore-based provider of wireless solutions for industrial monitoring, announced today the completion of its pre-Series A capital, co-lead by Wavemaker Partners, and Michael Gryseels, President of True Digital Group.

Existing and new investors, including SEEDS Capital, AccelerAsia Ventures, Aletra Capital Partners, Foundamental, and Entrepreneur First, participated in this round.

The size of the round was not disclosed.

Ackcio was founded in 2016. Its technology helps contractors monitor their projects to manage risks and increase safety. This, in turn, helps the construction and mining industries reduce costs, improve worker safety and also comply with regulatory requirements on geotechnical monitoring that govern construction and mining operations in many countries.

The startup has recently opened a sales office in Canada to penetrate the North and South American markets. It currently serves clients globally with a presence in over 15 countries in Southeast Asia, China, Oceania, Europe, and North America.

Also Read: Your smartphone battery runs out at least twice a day. This Malaysian startup has a solution for that

“The additional funds will help us expand our presence in our existing markets and also expand to new markets in the coming months,” said Co-founder and CEO Dr. Nimantha Baranasuriya.

In Singapore, Ackcio’s solutions have been used for monitoring geotechnical sensors in major infrastructure development projects, such as the Thomson–East Coast MRT line, Bedok Canal expansion, and Paya Lebar Quarter.

The company was recently awarded a large contract to supply its equipment to a new infrastructure development project at the Changi Airport.

Along with this new funding round, Arnoud Balhuizen recently joined Ackcio’s advisory board.

Foundamental is a global investor in construction, mining and renovation technology with offices in San Francisco, Berlin and Singapore.

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SEEDS Capital, the investment arm of Enterprise Singapore, along with other six co-investment partners, has unveiled its plans to invest US$36 million into maritime tech startups, Sea Trade Maritime has reported.

The partners are Schultz Group’s capital arm Innoport, Kuok Singapore’s venture capital unit KSL Maritime Ventures, PSA unboXed, Rainmaking, ShipsFocus-Quest Ventures, and TecPier.

The initiative seeks to invest in early-stage ventures to develop sustainable solutions that improve operational efficiency and safety across the different segments of the maritime sector.

Ted Tan, Chairman of SEEDS Capital and Deputy CEO of Enterprise Singapore, said: “The COVID-19 pandemic has underscored the need to accelerate the transformation of our industries. As a global hub for trade and connectivity, we have continually leveraged technology and innovation to develop and facilitate efficient, resilient, and secure trade flows.”

Startups will also receive hands-on assistance in fast-tracking commercialisation, with mentorship and connection to potential clients through their networks.

Also Read: These are the top three startups chosen by PIER71, offering latest maritime tech solution

The initiative is also supported by ESG and the Maritime and Port Authority of Singapore (MPA), with the aim to drive the growth of the maritime sector through technology and innovation.

In total, there are more than 50 promising Singaporean startups that can benefit from the joint investments.

According to Tan Beng Tee, MPA’s Assistant Chief Executive (Development), maritime technology startups play an even more important role in accelerating digitalisation and innovation efforts to prepare the maritime industry for a new normal post-COVID-19.

The maritime tech sector in Singapore has seen a rise since last year, when PIER71 (Port Innovation Ecosystem Reimagined @ BLOCK71), a collaboration between the Maritime and Port Authority of Singapore (MPA) and NUS Enterprise, launched a PIER71 Accelerate – a five-week market and business model validation programme joined by 24 startups in November. PIER71 has a mission to build a maritime entrepreneurial and innovation ecosystem in Singapore.

A year ago, Techstars had started dedicated global maritime accelerator called the Eastern Pacific Accelerator powered by Techstars, with Singapore’s largest shipping company Eastern Pacific Shipping (EPS).

The programme saw the first class of nine startups, selected from hundreds of worldwide applicants, selected with consideration and input from EPS’s Operations, Marine Technical, Commercial, IT, Fleet Personnel, and Management teams.

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Photo by Billeasy on Unsplash

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SINO Hua-An’s F&B biz Craveat International to go tech

Malaysia-based investment holding company Sino Hua-An International has announced its plan to invest RM30 million (US$7 million) to transform its subsidiary, Craveat International, into a technology company for the F&B industry.

This is a kickoff for Techna-X, the technology division, to grow the group’s revenue stream as a digital enabler to lead digital transformation of the old economy in the Asia Pacific region.

“In line with Hua-An’s direction of focusing on the digital transformation space, we want Craveat, our F&B subsidiary to be known as a technology company that serves excellent food and drinks. Drawing on the Techna-X infrastructure, today signifies the day of the transformation of the F&B operations and mindset,” said Jared Lim, Executive Director of Hua An.

Also Read: Ackcio raises pre-Series A co-led by Wavemaker for expansion of its wireless monitoring solutions

Homegrown F&B brand, Teh Tarik Place (TTP), will lead in the transformation which targets to open 100 outlets in 36 months throughout Malaysia and in the Asia Pacific region.

The Techna-X platform will provide advantage to TTP via its POS system, business intelligence platform and data engine as well as TTP’s Halal-certified central kitchen in order to better plan and manage operation processes with the aim to deliver a superior customer and business experience to its customers.

TTP also uses data analytics in traffic flow to allow TTP’s management to make more informed decisions in the selection of locations for outlet expansion.

Snap to open office in Singapore as part of SEA expansion

Snap is expanding its operations into Singapore, with Anubhav Nayyar tapped to lead Snap’s market development efforts across the Southeast Asia region.

According to a BrandingAsia report, Snap plans to open an office in Singapore later this year.

“The company is monitoring the global COVID-19 pandemic, and following local guidance by encouraging remote working. Once the situation eases, the company will accelerate plans to establish a local presence,” said Nayyar.

Prior to joining Snap, Anubhav spent seven years at Viber where he was the Senior Director & Head of Asia Pacific. Anubhav was Viber’s first regional employee, and was responsible for establishing it in multiple countries in Asia as well as setting up operations across the region.

GrabPay expands its merchant base in Malaysia

Grab today announced the expansion of GrabPay’s merchant-partners to include household brands from all essential categories, such as groceries, pharmacies, food, electronics and hardware across the nation.

The list of brands includes a variety of chained outlets such as MyNews, Tesco, Guardian, Watsons, KFC, McDonald’s, Mr.D.I.Y and SenHeng.

“The expansion of GrabPay’s merchant base is part of Grab’s on-going commitment to create awareness about the benefits of digital payments and nurturing the cashless adoption in Malaysia. The expansion of GrabPay’s partner base is also timely with the government’s recent PENJANA announcement to encourage Malaysians to spend as a means to help revive the economy post the impact of the pandemic and movement control period,” said Priyanka Madan, Head of GrabPay Malaysia.

Inflection Point Ventures invests in Indian foodtech startup Samosa Party

Indian angels investment platform Inflection Point Ventures (IPV) has invested an undisclosed amount in snacking startup Samosa Party.

IPV has been investing in startups in sectors like health-tech, edutech, delivery, online grocery and social distancing tech to help companies working in these areas scale up and eventually create a large-scale impact for helping people in managing the COVID situation.

Also Read: Do you have a burgeoning startup trying to attract investor capital?

Ankur Mittal, Co-founder, IPV, said: “Samosa Party has grown tremendously over the past couple of years and has risen to amongst the top brands for Indian snack food in Bangalore. In a post-COVID world of increasing focus on hygiene standards, startups like Samosa Party will be relevant as customers would trust hygienic and professional managed brands to serve them food with safety being the guiding force from kitchen to table.”

Samosa Party was launched with a mission to make good quality samosa accessible to customers across all channels in a hygienic and trustworthy environment. It operates by solving the supply side problem with the production and consumption of samosa at scale using technology.

The startup has scaled to serve 150,000 samosas per month. It combines the traditional cooking processes to solve the problems of scale using food technology and production innovation at every stage.

Samosa Party intends to utilise these funds to set up the infrastructure for scale, open cloud kitchens across Bangalore and other tier 1 cities.

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Botsync, a Singapore-based robotics startup that builds heavy-duty autonomous mobile robot solutions, has secured a seed round of funding, jointly led by Wong Fong Industries, SEEDS Capital, Angelhub, and Artesian Venture Partners.

The company will use the capital  — the amount was not disclosed — to accelerate product development, build new technology teams and scale up production.

“This funding support empowers us to scale up the commercialisation of our robotics solution and enhance the features of our automated vehicles for safer and more reliable use,” said Rahul Nambiar, CEO and Co-founder of Botsync.

Botsync was founded in 2017 by graduates from Singapore’s Nanyang Technological University (NTU) — Nikhil Venkatesh, Prashant Trivedi, Singaram Venkatachalam and Rahul Nambiar.

The startup enables companies to simplify automation of their material movement processes with an intelligent fleet of autonomous mobile robots that can transport payloads between 500 and 1,000 kg.

The robots are designed to be modular and can be deployed without any dependence on infrastructure-based sensors like QR codes. This allows companies to automate daily material handling processes without stopping their existing operations, claim the founders.

The robots can be configured and commissioned in minimal time, in some cases less than a week, the firm boasts.

Also Read: Your smartphone battery runs out at least twice a day. This Malaysian startup has a solution for that

Powered by deep learning engines, Botsync’s in-house built autonomous mobile robots traverse the local area to create maps of their operating environment. Using this data, they intelligently execute autonomous manoeuvres while avoiding other people and equipment.

To date, Botsync has completed sales contracts across Singapore and India and is currently working with a global energy management solutions company and an international transport and logistics company on pilot projects.

In 2020, the company expects to complete two to three commercial deployments of their MAG robots, increase sales of their industrial training products, and expand its market reach in Southeast Asia and India.

Botsync was incubated at the EcoLabs Centre of Innovation for Energy (EcoLabs), Nanyang Technological University, Singapore (NTU Singapore), where its product commercialisation was accelerated and its funding rounds supported by the EcoLabs co-investor network.

Botsync’s early investors also include Brinc and Nanyang Technological University’s Ecolabs Center of Innovation.

SEEDS Capital is the investment arm of Enterprise Singapore, Wong Fong is a SGX-listed group specialising in several businesses, including customised engineering solutions, industrial and hospitality training, education and talent management and placements.

Angelhub is a startup investor based in Hong Kong, and Artesian is an alternative investment firm in the Asia-Pacific region with over 400 startups in its portfolio.

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Image Credit: Botsync

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With social distancing as the prime method adopted to combat the COVID-19 pandemic and the subsequent lockdown measures undertaken by governments globally, we have seen an almost total immediate reliance on digital sales as a result of mandated closure of brick-and-mortar stores.

As a result of the crisis, digitalisation is rapidly growing and solidifying their presence both in the way we interact and make purchases (e.g. digital business conferencing, home-based online learning, online food order and delivery as well as virtual social interactions amongst friends).

Many consumers have turned to digital channels and apps to shop given safety precautions, creating significant business growth for companies who enable business-to-consumer (B2C) online retail shopping.

According to the “COVID-19 Impact on Global E-Commerce & Online Payments – 2020” report from ResearchandMarkets.com, many have turned to online and mobile shopping due to COVID-19, resulting in a double-digit share of online shoppers with more digital purchases. Some are even embracing this mode of shopping for the first time during the outbreak.

Also Read: A beginner’s guide to the B2B e-commerce business

Hence, if we were to observe the current B2C landscape, the same report highlighted that the share of global retail sales generated via e-commerce is rising and is projected to reach one-third by 2024. This crisis has forced many who are less digitally oriented to accept new digital possibilities, facilitating greater growth in the B2C sector.

However, such online shopping is not new to B2C businesses, many of whom have already established digital channels as part of their business strategies prior to the pandemic.

However, are we seeing the same kind of momentum from business-to-business (B2B) companies adopting digital transformation in the way businesses are conducted as a result of this crisis?

Is COVID-19 increasing B2B digital adoption?

B2B and B2C e-commerce are completely different business propositions. B2B transactions are more complex and of higher price value than those dealing in the B2C space, thus demanding a more complex set of capabilities such as product configurators and real-time inventory information, request for quotation, and procurement approval flow.

However, COVID-19 has raised the imperious need for digital channels for B2B companies. According to a recent survey by McKinsey, sales leaders on average rate digital channels approximately twice as important now as they were prior to the pandemic.

The necessity of remote selling as a result of quarantine was also responded incredibly quickly by B2B sellers, where around 90 per cent of them are working via videoconferencing or phone. In technology, media and telecommunications sectors, that figure is near 100 per cent. Consequently, many B2B customers have to quickly understand and adopt online purchasing as well. This has made COVID-19 a catalyst for significant growth in the B2B e-commerce landscape.

Also Read: Roundup: E-commerce enabler iPrice Group names new CEO

Frost & Sullivan predicted prior to the pandemic that the global B2B e-commerce sales were to reach over US$6.6 trillion by this year, surpassing B2C valued at US$3.2 trillion by 2020. However, with digital sales potentially being the only available option in the interim, this growth trajectory can be hastened further with B2B companies needing to digitally transform their current sales channels and processes.

As such, B2B companies that invested in digitalisation and e-commerce prior to the crisis would have the upper hand. In contrast, those who had decided to wait and previously invested little in e-commerce will have to play catch-up – presuming that they are able to tide through the pandemic.

A shift towards digital B2B payments

Another thrust in the B2B eCommerce arena in which COVID-19 is also having a big influence in accelerating is the growth in the adoption of B2B payment processes. It’s a matter of time before we will see the end of manual check printing and physical mailing and companies begin to be more comfortable in digital B2B payments.

The B2B payments market in the APAC region has been booming even before the COVID-19 pandemic, driven by the growing adoption of eCommerce and financial technology solutions, according to Frost & Sullivan. B2B payments revenue is estimated to double, reaching US$1,356.28 billion by 2025. This is up from US$671.32 billion in 2018 and represents a compound annual growth rate (CAGR) of 10.5 per cent.

This growth can only get more pronounced with greater travel restrictions between countries. As a result, most businesses would be conducted digitally and hence the flow of funds for goods purchase will also happen digitally.

Also Read: Roundup: Singapore’s e-commerce market expected to reach US$9.5B this year

This may, in fact, drive greater innovation in the area of B2B payments beyond just escrow into other areas such as eKYC (know-your-customers), e-contracts enforcement, and potentially the use of blockchain to authenticate and verify documents as well as in the area of trade finance.

B2C’s influence on B2B

There are, however, significant characteristics of B2C e-commerce that the B2B space can greatly learn from. The user experience that B2C e-commerce consumers currently enjoy could potentially lead to similar expectations for B2B e-commerce experience, with a key difference being bulk purchases as opposed to individual item purchases.

Given that the B2C shopping experience has been in existence for more than two decades, this would hence set the benchmark for the digital user experience and transactions under B2B e-commerce. Buyers want to be able to search quickly and place orders without hassle, coupled with very detailed product information, quick order processing and delivery, and an enjoyable customer journey.

In other words, self-service is increasingly becoming a requirement for many buyers who prefer independence over spending time clarifying with a staff member.

These are pointers that B2B companies should be taking into consideration amidst growing their business digitally. There will however be some B2B-specific nuances to the user flows which would have to include features such as digital purchase order creation, purchase approval processes, and integration into third-party inventory and logistic systems to necessitate bulk orders and special wholesale pricing.

Also Read: Are B2B marketplaces finally entering their boom time in Asia?

Turning this pandemic into your advantage

There is no short-term panacea to bringing your B2B business online. As previously mentioned, B2B e-commerce is much more complex and requires B2B companies to relook at their business strategies once again and adapt them to the digital arena.

We’ve added a list of tips to help take advantage of the digital push for B2B e-commerce businesses:

• Go back to the drawing board and formulate a clear online business strategy

Similar to B2C, a customer journey should be focused consistently on customer benefit. B2B-specific details have to be considered, such as extensive purchasing and approval processes and real-time inventory information. Thus, being strategic and thoughtful in the brainstorming process would help B2B businesses be better prepared and adaptable to similar situations in the future.

• Be transparent

Whether it is for your online product information, order fulfilment or availability of stocks, be realistic, and translate that information to your customers regularly. During any crisis, everyone has more questions than answers. As such, transparency and support are necessary to reassure and strengthen your customer relations.

• Don’t wait anymore

If anyone thinks they can wait on their eCommerce plans, the coronavirus pandemic would have clearly signaled that there is no time to waste, particularly given that digital sales are the only viable option at this juncture. Even so, be strategic in how you roll out your online channels.

COVID-19 is surely going to create a new norm for all of us, in every aspect of our lives. In the case of B2B companies, the momentum that eCommerce is accelerating at as a result of the pandemic could potentially become a permanent fixture post-crisis as well.

Quoting McKinsey once again, we believe that we are at a digital inflexion point, where B2B sales operations going forward will look fundamentally different from what they were before the pandemic. The level of change would, however, depend on how B2B businesses strategise and effectively ride on this new digital wave.

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In a recent webinar with e27, Jeff Lin, Principal at iGlobe Partners, spoke about the VC firm’s investment philosophy and the challenges faced by the industry due to the COVID-19 pandemic. He also shared some tips to help entrepreneurs/startups tide over the crisis.

In a follow-up interview, Lin also shared some insights on things to consider to become successful in local markets.

Founded more than 20 years ago by Soo Boon, iGlobe is run by a team of tech and financial veterans with cross-border regional experience. The VC firm invests in a number of regions, including Silicon Valley, Southeast Asia and Japan.

Some of its portfolio companies include Unity, Nerdwallet, ACSL, Hoolah and SWAT. The VC firm is currently focused on investing in three high-growth industry clusters — smart cities, fintech, and synthetic biology.

Entering unknown territories

According to Lin, for a cross-border VC firm, it is necessary to work closely with local VC firms in each country market. iGlobe’s strategy is to syndicate deals with strong local business assets to gain deeper insights on the complexities of each
region.

Over the years, iGlobe has been helping Singapore start-up companies scale out to other markets in the region, and has also been helping a lot of western portfolio companies scale-out to Southeast Asia, with Unity being one such example.

But what are some aspects that are crucial for the success of a startup that wants to enter a new region, say, Southeast Asia?

“As a company, it is important for founders to have a regional or global ambition. For example, a Singapore based startup from inception shall think about eventually setting up a regional presence in countries such as Vietnam or Indonesia,” according to Lin.

Also Read: What are the key trends in mobile gaming ads in Southeast Asia?

“First of all, startups need to be solving a problem not just for a single country; exceptions can be made for large enough single market such as Indonesia,” Lin added.

Lin suggests that western startups which intend to expand to Southeast Asia must first establish themselves in their own markets first. Entering a new market prematurely may lead to unnecessary hardships.

Matterport, another portfolio company of iGlobe, is a leading spatial data company focusing on digitizing and indexing the built world. Founded in silicon valley in 2011, Matterport only recently set up its regional headquarters in Singapore last year when it became a well-recognised brand globally.

“For those startups outside of our region, it may not be ideal to come to Southeast Asia too early without building a strong customer base and certain revenue traction first. For those portfolio companies which are already well established in their home markets, iGlobe can assist them in their global expansion by identifying the right local talents and setting up operations, making the process much easier,” he shared.

A good understanding of the market is a necessity, he argues. Someone in the management team, who has a good exposure with the local market dynamics, will be helpful. If that’s not possible, the founder should be good at hiring
someone who knows the ins and outs of the specific country.

Surviving the new normal

As startups move from the first phase of the pandemic to the reopening phase, VCs will have to decide what tech investments are worth funding and what will provide them with the most value in the new normal.

Asked what advice would he give to his portfolio companies and founders in general to survive the pandemic, Lin said under the new normal, founders will figure out how to let teams perform and collaborate without sitting in the same office.

Also Read: As a startup investor, here is why we aim to focus more on Vietnam in 2021

“Most of your team members including yourself will need to continue to work remotely in the next half of the year or even longer. You have to continue to engage your employees to keep their morale high and make sure everyone continues to work towards a common goal,” he explained.

Citing the example of one of iGlobe’s portfolio companies, Lin said that the founder spends extra efforts to maintain team spirit through virtual team building activities like quizzes, coffee morning sessions, etc. As soon as the management figured out that the whole organisation can operate without an office, this firm terminated the lease contract with its co-working office to cut loss and conserve cash.

Another advice that he is giving to the founders is to quickly raise funding from different sources to extend the runway, especially from the government’s funding schemes.

“Valuation doesn’t matter that much as survival is the top priority. Keep the runway, retain your employees and you still have a chance for tomorrow,” he concluded.

Missed the webinar? Check out the video here:

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