An imperative vision for tech startups is emerging as the industry embraces greater disruptions in the form of new competitors, innovation and increasing regulatory and compliance demands.

With the rise of new unrivalled technologies, the race is on to elevate digital transformation beyond a surface level facelift. As such, many organisations are looking to evolve and transform with a vision grounded in superior customer experience and enterprise leadership.

However, the future demands business agility to win. And the solution lies within a holistic cloud system, capable of scaling new heights for the business.

Therefore, as the Digital Enterprise Director leading the team in a global tech company, here are three key learnings why forward-thinking businesses must deploy cloud technology as a strategic tool and navigate challenges to unlock full business growth potential:

Driving change and innovation

The first step to building business resilience begins with embracing a digital-core mindset, recognising the need to take advantage of new technologies to stay competitive, improve customer retention and increase employee satisfaction.

According to NTT’s 2021 Hybrid Cloud Report, while 96.3 per cent of Singapore firms agreed that cloud technology is critical in ensuring minimal business disruption amid the pandemic, only 63.8 per cent of local firms have implemented it.

This highlights the mindset gap in implementing cloud infrastructure, security and network architecture capabilities which is imperative to support business growth and agility.

Through cloud-based solutions, organisations can drive digital innovation, effecting a fundamental shift in IT – from an operational function to a technology business partner. We have seen this in startups where by unifying silos and automating processes, teams and individuals now provide more value-adding strategic counsel.

This empowerment breeds collaboration and transforms teams to change the way the business operates, eventually becoming more productive and efficient.

Also Read: How Globe Telecom used Google’s cloud-based services to empower its employees

Future-proofing the workforce

IT resiliency is key to future-proofing your business. Alongside realities that shifted in 2020, many employees have also experienced tech-related business disruption. This has led to detrimental consequences such as revenue loss, unhealthy employee work-life balance, security breaches and more.

In the backdrop of the Hybrid Workforce Economy, a robust tech ecosystem will help leaders navigate the digital culture and create an agile environment to future proof the workforce by reducing risk from disruption.

As we have seen with some start-ups, it is also a great opportunity to upskill employees’ digital capabilities. This serves as a blueprint not only to building high performing teams but also provides seamless digital experiences for customers.

Beyond closing the knowledge-skills gap, business owners can leverage a holistic cloud system to deliver real-time insights and make informed decisions using accessible cloud data. The increased employee flexibility and access to data enables quicker oversight to customer’s evolving needs which is essential to business agility.

A growth launchpad

Often times, business leaders and especially start-ups are challenged with strategically driving engagement and productivity through effective employee management. As a result, business scalability and growth takes a back seat due to inefficiency creeping into workplace processes.

With a comprehensive cloud-based system, organisations can now expand their global footprint with digital tools. Startups no longer need to be confined to geographic boundaries. Instead, increasingly they have leveraged cloud capabilities to rapidly establish their presence by expanding existing operations in  any country without having to set up a physical office.

This marks a new milestone for organisations, regardless of size, to build a legacy that is at low cost and minimal risk. Most importantly, the process is compliant and transformative, aimed at strengthening the business proposition in the VUCA world.

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WaveScan Technologies, a Singapore-based smart sensors company, has raised seed capital in a round led by Silicon Solution Ventures (SSV), an investment fund managed by Silicon Solution Partners.

Joining the round were SEEDS Capital, Koji Ventures, she1K global, KK39 Ventures, Plug & Play Venture Group, Plug & Play Singapore, and Leave A Nest Singapore.

The company said in a statement that it will use the money to launch the first version of its modular scanner system. This system is designed to integrate with automated robotic platforms such as arms and crawlers.

A portion of the funds will also go into testing the drone version of the scanner for more focused applications and delivering on its committed full-scale projects slated for the year ahead, besides scaling the team.

WaveScan also disclosed its plans to collaborate with over 20 large infrastructure companies in Singapore, Malaysia, Hong Kong, Thailand, and the UK — in addition to currently conducting pilot trials in Europe and Japan.

Founded by Kush Agarwal, WaveScan focuses on a preventive, instead of a reactive approach, to infrastructure maintenance.

Also Read: Decacorn Capital backs Estonian startup Fyma that can turn your CCTV cameras into smart sensors

Its wireless scanners utilise electro magnetic (EM)-based microwave and millimetre waves that could penetrate a variety of structural materials, including wood and concrete. Capable of high-resolution four-dimensional sensing, the EM waves are sent and received back to indicate building and infrastructural defects.

“Today, inspection and maintenance is a slow, costly and inefficient process, inhibiting stakeholders from raising their proactivity. With our solution, we seek to bring unprecedented levels of automation in all aspects of the inspection and defect analysis processes of structural infrastructure elements,” explained Agarwal.

The startup claims to have received interest from over 50 multinational companies, including those in the transport (aerospace/railway) and oil & gas industries, besides infrastructure.

Additionally, WaveScan will also be embarking on projects that will impact the local domestic market by conducting water leakage inspections.

It will be engaging in full-scale deployment and test-bedding on various ages of buildings with a view towards larger island-wide adoption.

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Investible, an Australian seed-stage investment firm with a focus on Southeast Asia, announced today it has surpassed the first close of its second fund at SGD35.9 million (US$27 million) in committed capital.

The first close comes less than three months after the VC firm announced plans to raise its second early-stage fund with a target of US$39 million.

“The speed and success of Investible’s second capital raise to date reflects the fact that more investors are seeking opportunities to diversify their portfolio and back high-potential tech companies early,” said Rod Bristow, CEO of Investible, which has offices in Australia and Singapore.

Also Read: Investible aims to raise US$38M fund targeting early-stage startups in SEA, Australia

Launched in 2014 by entrepreneurs-turned-angel investors Creel Price and Trevor Folsom, Investible invests in early-stage startups across Southeast Asia and Australia. The fund’s inaugural US$17.4-million fund, which was oversubscribed in late 2019, has to date made over 36 investments.

The first fund’s notable portfolio companies, representing 19 sectors across nine countries, include Filipino restaurant management company Mosaic Solutions and Indonesia-based agritech startup Eden Farm.

It has also created ‘Club Investible’, which provides investors with the opportunity to increase their exposure to startups they are especially confident in. Club members can then put greater resources behind and get more actively involved with particular startups at their discretion.

Investible claims that when combined with Club Investible, the firm has achieved an Internal Rate of Return (IRR) of more than 55 per cent and 3.9 times cash return on deals prior to 2015. Its failure rate sits at 16 per cent.

Given SEA’s enormous growth potential and the maturity of its startup ecosystem, Investible is optimistic about the prospects in Southeast Asia and is positioned to support cross-border startups.

As a result, Investible has increased the percentage of funding available to international businesses (based outside of Australia) from 20 per cent to 30 per cent.

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Image Credit: Investible

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Aevice Health, a Singapore-based startup developing novel wearables for remote respiratory monitoring, announced today it has secured S$2.8 million (US$2.1 million) pre-Series A funding.

Investors are Toho Holdings (Japan), and Pureland Group Venture, Silicon Solutions Partners, AIP Ventures, and SEEDS Capital (all Singapore).

The medtech venture will utilise the capital to further develop its proprietary technology and expand its remote respiratory monitoring solution into Japan.

“With the support of our investors and partners, we will continue to accelerate our global footprint, advance our remote patient monitoring pipeline, and develop new ways of enhancing workflows of hospitals, pharmaceutical companies, insurers, and health systems to re-envision the future of respiratory care,” CEO Adrian Ang said.

Also Read: Singapore startup StretchSkin develops wearable sensors for the healthcare and gaming industries

A spin-off from Nanyang Technological University, Aevice Health develops non-invasive wearable devices that enable early detection of cardiopulmonary abnormalities remotely and in real-time, so that patients can receive fast and targeted care from the ease of their homes.

Clinicians can also gain insights into their patients’ health and track their responses to treatment plans easily from the Aevice analytical platform.

The firm has developed a remote patient monitoring solution AeviceMD. It is a wearable smart stethoscope that complements tele-health services to facilitate self-management of chronic diseases.

Powered by Artificial Intelligence, it listens to the patient’s chest sounds remotely, continuously and in real time, and detects cardiopulmonary abnormalities (such as wheezing) that are typical of chronic respiratory diseases, so that patients can receive fast and targeted care on time from the comfort of their homes.

With its system packed into a miniaturised sensor, the device can be placed on the patient’s chest for hours of continuous monitoring.

Overtime, the AeviceMD can help healthcare providers to understand how treatments uniquely impact patient symptoms, enabling them to personalise treatment to optimise patient outcomes.

Partnership with Toho

As part of the deal, Aevice has entered into an agreement with its strategic investor Toho Holdings — a wholesaler of medicine, and medical tools and equipment with over 700 pharmacies across Japan — to develop and commercialise AeviceMD.

The collaboration will provide patients with chronic respiratory diseases in Japan with a tool to stay connected to their healthcare provider, anytime anywhere.

“The pandemic has accelerated the growth and adoption of telehealth, transforming the way patients interact with their healthcare providers. The AeviceMD is a cutting-edge solution that provides patients with a continuum of comprehensive and personalised care remotely,” said Ang.

Chronic respiratory diseases remain the top few leading causes of death in Japan. In 2019, lower respiratory tract infection, lung cancer, and COPD (chronic obstructive pulmonary disease) rank fourth, fifth, and ninth in top causes of total number of deaths in the year.

Also Read: Indonesian wearable startup Zulu confirms investment by gojek, aims to expand team and launch projects

Many of these patients, particularly the elderly with higher co-morbidities, require regular check-ups and constantly monitoring. With the disparity in the number of physicians between urban and rural parts of Japan widening, many patients living in rural parts of the country may face difficulties accessing regular care for their chronic conditions.

“Aevice Health is a homegrown company providing a novel and relevant solution in today’s post-pandemic climate. It has the potential to help health systems deliver quality care to their patients from the comfort of their homes, and we are excited to support them in their journey in improving patient outcomes,” said Tan Kaixin, General Manager, SEEDS Capital.

Singapore hosts several smart wearable startups in the healthcare space. One of them is StretchSkin, which develops affordable wearables for different use cases in healthcare, gaming and smart clothing. Its products can be deformed into curvilinear shape to enable functionalities that are hard to achieve by traditional electronic devices.

AWAK Technologies is yet another local firm, which is focused on dialysis using regeneration technology for end-stage kidney diseases. In 2019, it raised US$40 million in an oversubscribed financing round.

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Image Credit: Aevice Health

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Coinomo, the company behind the latest cryptocurrency exchange OMO which is focused on Southeast Asia, has secured an undisclosed amount in a new round of financing led by Vertex Ventures Southeast Asia & India.

The round was also joined by zVentures, the corporate VC of Razer; Spartan Group, a blockchain advisory and digital asset management firm based in Singapore and Hong Kong; and Leo Cheng, an investor with MetaCartel Ventures, a community-driven investment decentralised autonomous organisation consisting of founders and builders.

Existing investor Turn Capital, the family office of 17LIVE’s co-founder and non-executive chairman Joseph Phua, also participated.

This development comes just a month after Singapore-based Coinomo acquired Taiwanese crypto wallet Dapp pocket and yield aggregator Cappuu.

OMO merges Dapp Pocket Wallet and Cappuu into a single platform and is aimed at being the gateway for Southeast Asia’s new and mainstream adopters to the world of crypto.

Also Read: Joseph Phua’s Turn Capital acquires Dapp Pocket to create SEA-focused retail crypto exchange

As per a press statement, OMO offers a high-quality user experience and eliminate unnecessary details and confusion.

Coinomo also offers OMO finance, a platform that serves as a higher order product, catering to more seasoned crypto investors, to join and enjoy the raging waves of crypto movement on the main street. Diligently crafted investment-grade products will be offered exclusively on this platform.

The company has also announced the launch of OMO’s beta version that allows users to buy and sell cryptocurrency pairs and participate in yield products of various return profiles.

The crypto space has seen a strong resurgence in the last 12 months, and especially high levels of publicity and trading in the past months. New use cases for cryptocurrencies have breathed new life into the already booming industry, the division between main street and crypto is getting thinner and thinner.

“There is increasing interest and continued innovative applications in the crypto space. Coinomo is putting in place a platform to enable retail investors to easily participate in the ecosystem according to their return profiles. It provides significant value by abstracting away the complexity and perplexity for the general public retail users, while also mitigating risks away from many projects,” said Genping Liu, Partner at Vertex Venture SEAI.

“Vertex sees this as an infrastructure play to facilitate further development of the cryptocurrency ecosystem,” Liu added.

“We want to bring our expertise in consumer products into Coinomo and make this a fun and vibrant community. Investing with Coinomo is fun, our customers would love to open our app and to stay in the app. Easy-to-use and fun are the foundation for consumer products. We keep that in mind in every detail and product feature in our design,” said Evie Zhang, CEO of Coinomo.

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Image Credit: Coinomo

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As a startup that is working closely with the F&B and retail sector, one might imagine that the pandemic must have hit Mosaic Solutions hardly. But surprisingly, in 2020, the Philippine-based company recorded its highest revenue in December –exactly at the height of the pandemic.

According to Mosaic Solutions CEO Brett Doyle, the number was even higher than their pre-pandemic ones. It is also continuing to grow.

“We were impacted last year, obviously, but we were able to make some shifts … where we were able to increase our addressable market,” he explains in an interview with e27.

“We have moved into the cloud kitchen [segment] in a pretty big way, and have the top three providers of cloud kitchens in the Philippines as clients now … We have also moved into retail and have some clients in the retail side as well.”

Doyle acknowledged that the most challenging part of the situation was the unknown nature of the factors that are involved in it. But looking back into March 2020, when the lockdown measure was being announced in Metro Manila, Doyle recalls seeing the massive change coming.

“We moved our employees to work from home before everything got shut down. Because we wanted to be able to control the process and make it as easy as possible for everybody,” he says.

“I said [to the team], ‘Listen, we have two choices, right? Now we can hunker down and hope for the best and see what happens. Or we can get out there … and do what we need to do to help our clients and the community in general,’” he continues.

This impressive milestone has led Mosaic Solutions to exciting new progress such as its latest funding round: An additional US$1 million in its Series A funding round which Doyle says has enabled the company to further continue its growth.

Also Read: Mosaic Solutions raises US$1.5M to provide data analytics, inventory management solutions to SEA’s F&B industry

In addition to that, it has landed Mosaic Solutions in the list e27 Luminaries companies, a new initiative by e27 that is meant to celebrate the unsung heroes Southeast Asia’s tech startup ecosystem.

In their participation in this programme, Mosaic Solutions nominated Aziel Salve, Director of Client Onboarding, for her contribution in ensuring the company’s continuous growth and fostering clients’ trust during the pandemic.

In this opportunity, e27 also speaks to Salve to understand more of her background and how she managed to achieve the milestones that she had made in 2020.

Putting the clients first

Salve starts the conversation by explaining that she graduated with a Bachelor’s Degree in Information Technology, so building a career in the tech industry has always been an aspiration for her. Prior to joining Mosaic Solutions, she worked in a company that builds a hotel management system, where she did support implementation and training.

“We make sure that the hotel staffs … know how to use your system and deploy it properly,” she describes her responsibilities in more details.

This experience provides a background for the next steps in her career. After meeting Doyle, Salve joined Mosaic Solutions in 2016 when the situation was completely different than today. Apart from the company having a different set of products, she started out as a senior analyst and training head.

“After a few years, the products evolved, and now I am handling the training, onboarding and support for the POS and the purchasing products,” she says.

When asked about her approach in handling clients, Salve begins by saying that most of Mosaic Solutions’ clients discovered the products through word-of-mouth as the company did not have massive marketing campaigns before.

Once these clients are onboard the solutions, Salve believes in providing a service with empathy as its foundation.

“I always believe in making sure that the client receives the support that they need, and make sure that the support is always there, that Mosaic will always be there for any concerns that they have … We have to make sure that on my end, I am always available for them,” Salve elaborates.

Also Read: Mosaic Solutions raises US$1.5M to provide data analytics, inventory management solutions to SEA’s F&B industry

“We always put the customer first … by putting ourselves in the customers’ shoes. How would I like to be served if I were the client?” she continues, stressing that this is where her past work experience plays a role.

For people who would like to enter the tech industry, Salve shares a piece of advice: Believe that one person can do whatever they want as long as they put their heart in it. She also brings a gentle warning about the nature of the tech industry.

“Technology is ever-changing, so you must have a heart for learning. Always welcome new learning [opportunities],” she stresses.

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The e27 Luminaries is an initiative by e27 to celebrate the unsung heroes of the SEA startup ecosystem. Discover these notable companies and individuals here.

Image Credit: Mosaic Solutions

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Singtel-owned restaurant reservations and dining deals & rewards portal HungryGoWhere is shutting down.

“HungryGoWhere will be ceasing operations, and our last day of service is 11 July, 2021”, the company said in an announcement on its website.

The closure is “due to the competitive pressure in the industry which has been exacerbated by the COVID-19 pandemic”, a spokesperson of Singtel told Channel News Asia.

Most of the HungryGoWhere team will be deployed to other roles within Singtel Group, and the rest will be provided with re-employment assistance.

“We hope that we’ve helped make dining out a better experience for you and that you will continue to support the awesome restaurants, eateries, and hawkers in Singapore. Thank you for being with us all these years and we are really proud to have served you,” the company said in a Facebook post.

Also Read: HungryGoWhere Co-founder Dennis Goh joins Wavemaker, now hungry as VC

HungryGoWhere was launched in 2006 when the restaurant reservation industry was still in its early stages but was growing in Singapore.

It first launched as a food review site but gained popularity and expanded its offerings to provide restaurant reservations, dining deals, and dining rewards to users.

After six years of operations, it was acquired by Singtel for S$12 (US$9) million.

Singapore recently imposed a month-long aggressive restrictions, including on dining inside restaurants, due to an increase in the number of COVID-19 infections.

The F&B industry globally has been hit as uncertainty wavers around when the situation will improve.

Restaurants continue to face lower demand and decreased sales due to closures or declining traffic. Many customers are showing signs of caution about dining out with COVID-19 cases still on the rise in many areas of the world and the fear of another wave.

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The story: Grab CEO Anthony Tan has said he is confident its merger with a US-based blank-cheque company will be completed by the end of the year, following a delay caused by a review of its financials, reports Bloomberg.

According to Tan, Grab wanted to be proactive and transparent in reporting the financials of special purpose acquisition company (SPAC) Altimeter Growth, hence the delay.

It is considering a secondary listing in Singapore as one of its options, but it’s currently focusing on the Nasdaq listing.

Vistas Media Capital to expand footprint in MENA

The story: Homegrown media investment holding company Vistas Media Capital (VMC) will expand its footprint in the Middle East and Africa (MENA) across the media and entertainment sector.

Also Read: Vertex Ventures, zVentures invest in SEA-focused crypto exchange Coinomo

VMC founders have set up alternative investment fund management business, Vistas Media FZ-LLC, within the Abu Dhabi Media Free Zone’s “twofour54” for content creation and entertainment events production services in the region.

Under content production services, Vistas Media FZ-LLC will focus on creating original local content along with providing and facilitating pre-filming, production and post-production services for Arabic, Bollywood along with other Indian regional languages and Hollywood films in Abu Dhabi.

This announcement follows the announcement of special purpose acquisition company (SPAC) merger of Anghami with Vistas Media Acquisition Company on Nasdaq New York

About VMC: It is the parent of the sponsor for Vistas Media Acquisition Company, a SPAC that is taking Anghami, a music streaming platform in MENA, public on the Nasdaq exchange.

VMC also plans to set up a US$150+ million multi-strategy investment fund, leveraging its expertise across SPACs and content specialty financing within the Abu Dhabi Global Market (ADGM) to invest across the:

1. The entire ecosystem of SPACs (from funding sponsor capital, investing in a portfolio of SPACs as an IPO investor and for PIPE financing) and pre-IPO financing for companies across key focus sectors in MENA and across the globe.

2. Structured finance in the content space across films, web series, music in India and the MENA region.

Malaysian state-owned accelerator opens applications for fourth cohort

The story: The Selangor Accelerator Programme (SAP) announced it has opened applications for the fourth edition of its startup incubator.

The accelerator is a three-month programme that aims to prepare 30 early-stage startups and help them become investment-ready businesses.

Focus sectors: Agritech, fintech, greentech, ecommerce, and smart-city solutions.

Also Read: Singtel-owned HungryGoWhere shuts down amidst COVID-19 crisis

About SAP: It is an initiative of Sidec (the Selangor Information Technology & Digital Economy Corporation), a company created by Malaysia’s Selangor state government.

German fintech Moonfare plans Singapore foray

About Moonfare: It runs an online platform for individual investors to bet their money on a curated portfolio of private funds.

Goals: The plan is to ramp up its Asia operations, says a DealStreetAsia report. Moonfare forayed into Hong Kong early this year. It is now looking to launch its second office in Asia with the establishment in the city-state as early as the end of the third quarter.

It is in the process of applying for Capital Market Services License from the Monetary Authority of Singapore.

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Malaysia-based Carro has raised US$360 million in a Series C funding round led by SoftBank Vision Fund 2, making it the first automotive marketplace unicorn in Southeast Asia.

This news follows Carro’s US$110-million raise in debt financing last year.

The company plans to use the fresh capital to strengthen its market position and expand the retail offering across Indonesia, Thailand, Malaysia, and Singapore.

Carro has plans to enhance its portfolio of financial services by expanding beyond in-house loan financing, as well as accelerate the development of its AI capabilities.

Launched in 2015, Carro is a subscription-based service that allows customers to drive a car without the hassle of owning it.

The service is currently available in four plans: Daily, Roomy, Fancy, and Luxury. With the service, subscribers can pay a flat monthly fee that includes all costs associated with car ownership — such as insurance, road tax, warranty, 24-hour assistance, and maintenance costs. At the end of the term, customers can return the car.

Also Read: Carro raises US$110M funding as contactless car buying boosts its revenues

During the pandemic, it launched a contactless car purchase service in Singapore that allows customers to purchase pre-owned vehicles without any face-to-face interaction.

Carro claims to have closed its financial year ending March 2021 with over a 2.5x growth in revenue and continues to be EBITDA positive for the second year running.

Its group of companies include Genie, myTukar and Jualo.

As of June 2021, Carro has raised over US$470 million from SoftBank Vision Fund 2, EDBI, Mitsubishi Corporation, MS&AD Ventures, Insignia Ventures Partners and B Capital Group.

“We are grateful for the strong support from our investors, which reaffirms our belief in the transformative power of AI in the automotive industry to deliver an exceptional customer experience. As digitalisation shapes the global landscape through new consumer habits and business practices, it is a very exciting time for an end-to-end online car marketplace like Carro,” said Aaron Tan, founder of Carro.

“Carro is transforming the automotive industry in Southeast Asia by providing a seamless buying and selling experience for both consumers and car dealers. Powered by AI, its technology platform provides consumers with full-stack services and transparency throughout the car ownership process,” said Greg Moon, Managing Partner of SoftBank Investment Advisers.

Carro is Southeast Asia’s 14th unicorn. Other companies belonging to the coveted club are Sea Group, Razer, Trax, Grab, Lazada, and Patsnap (all Singapore); and Gojek, Traveloka, Tokopedia, and Bukalapak (all Indonesia); Revolution Precrafted (Philippines); VNG (Vietnam); and Flash Group (Thailand) which recently made to the club after raising US$150 million.

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Image Credit: Carro

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