Eazy Digital, a Thai startup providing digital platforms for insurance companies, has raised US$850,000 in an oversubscribed seed funding round.

Wavemaker Partners led the round, with participation from Seedstars International Ventures, Wing Vasiksiri, and Sasin Bangkok Venture Club.

The insurtech firm plans to use the funding for development, marketing efforts, and building its team.

Eazy Digital was founded by Harprem Doowa and Maethavee Sukul.

Doowa is the co-founder and former CEO of Frank Insurance, an online digital broker in Thailand. Frank was funded by Nova Founders and Pacific Century Group before being acquired by Bolttech. Previously, Doowa co-founded the e-commerce startup Moxy/Orami (funded by Eduardo Saverin, Sini Mars, Ardent Capital, Gobi Partners, and Velos Partners).

Also Read: The power of insurtech: Reshaping the insurance industry in 2022

Sukul previously led operations at Frank, Bolttech Insurance Broker, and Benix.

Eazy Digital helps insurance companies manage their agents, operations, user referrals, and engagement. It provides a SaaS solution to small and medium-sized insurance companies that lack the resources to digitise their processes and distribution.

“The insurance industry is still in its infancy in digitisation. Current startups focus on the digital distribution of products via partnerships (embedded insurance), direct-to-consumers, and agency platforms. However, insurance companies have been left unattended and have to often find their solutions to the digitisation of processes and distribution,” Doowa said.

Thailand, the Philippines, and Indonesia are home to many insurance companies. In the current landscape, however, larger players in the industry enjoy major advantages due to their funding sources or parent entities’ support for digitisation projects. At the same time, smaller-to-medium insurers may not have those resources at their disposal, putting them at risk of being left behind. Eazy Digital is working to close this gap.

“Our primary goal is to provide a platform that helps insurance companies, large and small, to digitise and streamline their operations,” Sukul said.

Eazy Digital has also seen use cases of their referral and engagement platform become applicable to industries outside of insurance, such as financial industries, education, property, and more.

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It’s always something new. Yesterday, it was cryptocurrency. Today, blockchain. Tomorrow, NFTs. Wait, no, NFTs was yesterday, we’re floating bits of pixels in the metaverse now. 

The list of ‘emerging technologies’ grows ever longer, ever quicker. In the last five to ten years, we’re constantly told that we live in a time of ‘unprecedented growth’, of ‘revolutionary change’ — a ruthless treadmill whose speed only increases. From gamification to design thinking, AI to cybersecurity, there’s always some new skill to hone, some bleeding-edge technology to harness, and some avant-garde mindset to adopt.

No wonder we are burnt out. It’s not just the teetering work-life integration, the overbearing managers, and the solitude that arises from working remotely — it’s the information overload that both employers and employees are expected to learn and learn quickly. While the tech industry is hit particularly hard, everyone in an office is in a similar place. As the saying goes, today, every company is a tech company. 

Researchers call this information overload: “the difficulty in evaluating and selecting relevant information increases as more and more diverse sources and content is available.” The study found that younger people with less information-seeking self-efficacy were more susceptible to experiencing information overload. 

Creating a robust mental laboratory 

As you grow older, learning also becomes more difficult—research has shown that neural connections, which receive, process and transmit information, can weaken with disuse or age. This makes tasks like learning, multitasking, or remembering difficult. 

This is why it’s important to develop an experimental mindset. To have an experimental mindset is to accept risk and the unknown, it’s creating habits that are biased towards exploring what is possible, not simply an endless grind of rote learning that is based on the traditional sense of what is impossible. 

After all, to experiment simply means to try—to come up with a hypothesis and test it. For instance, if every article claims that blockchain technologies will liberate, democratise and bring riches to the masses—then experiment with it. Whether it’s actively investing in cryptocurrency, going into in-depth research, or learning about it through a course. 

Also Read: Are you ready to put on a Founder’s hat?

It’s important to remember that it isn’t about experimenting with whatever is deemed important at the moment—it could be AI, crypto, or NFTs. What’s important—and will help with burnout—is creating the mindset to learn.

By looking at everything through the lens of experimentation, learning about different technologies ceases to become a chore or an overwhelming tide threatening to drown you. It becomes another method to explore, a different tool to use, allowing new opportunities to emerge and critical unknowns to become known. 

It’s important to explore what it means to have an experimental mindset in the digital age by exploring new tools, ways of doing, thinking and working. The focus here is developing key habits and mindsets that will set you up to be comfortable with experimentation. To create a mind laboratory and see yourself as the zany scientist tinkering with the various tools of your trade, concocting the imaginative chemical reaction through experiment, experiment, experiment. 

One should know the value of their experimentation to be able to identify actions and behaviours that help or hinder experimentation; apply prototyping, testing and feedback as a way to learn and iterate solutions further; involve stakeholders and team members in experiments; select and apply effective tools and techniques that support experimentation. 

There is an art to experimentation, and learning it will open up many ways of learning other things. It’s like learning how to walk: with the ability to walk, one can learn how to dance, jump rope, and ride a bicycle. 

Not a sponge, but a sieve 

When there is an infinite amount of knowledge to take in, be a sieve, not a sponge. A sieve takes everything you put in it but filters out the unnecessary stuff. Take time to set up your mental laboratory, configure it to your liking, move the furniture around and optimise it to your interests and skill sets. 

Be experimental within the limitations you set for yourself in order not to get overwhelmed, and remember that learning can simply be trying by experimenting.

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Indonesia’s leading agritech platform EdenFarm has raised US$13.5 million in a pre-series B round of financing led by Telkomsel’s investment arm TMI Ventures.

AppWorks, AC Ventures, and Capria Ventures, among others, also joined.

EdenFarm will use the proceeds to expand across the country, imrove the customer experience, and scale technology.

With this round, the total capital raised by the agritech firm has reached US$34.5 million.

Also Read: Eden Farm closes US$19M Series A to supply food ingredients to HORECA, wet markets, e-commerce firms

Founded in 2017 by David Setyadi Gunawan, Ramavito Mountaino, and Febrianto Gamal, EdenFarm is a B2B food service platform providing fresh produce from farmers to restaurants, caterers, street vendors, and startup partners in Indonesia.

It collects, selects and redistributes fresh produce purchased from farmers, reducing the inefficiencies of other intermediaries to offer lower prices, better margins, consistent quality and efficient last-mile delivery to customers.

With three fulfilment centres and ten collection facilities across Java, the firm claims to have over 5,500 farmer partners and 50,000 B2B customers. According to Founder and CEO David Setyadi Gunawan, EdenFarm has seen almost 60X growth in the last 40 months. It aims to widen the profit in the next 12 months, along with 3.5-4X growth on a YoY basis.

In November 2021, EdenFarm announced closing a US$19 million Series A round of financing co-led by AppWorks and AC Ventures. Trihill Capital, OCBC Ventures, Investible, Corin Capital, and existing investor Global Founders Capital also joined the round.

Also Read: A comprehensive guide to Indonesia’s agritech ecosystem

According to the Central Bureau of Statistics, Indonesia is home to 33.4 million farmers, with the agriculture sector contributing 14 per cent of Indonesia’s GDP.

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In Indonesia, many individuals believe they are fully protected from cyber-attacks simply because they have installed free antivirus software. I try to prove it by looking closely at Google Trends data.

Over the past year, searches for “antivirus” have consistently outpaced searches for “cybersecurity.” On average, there are 1,650 searches per month for the term “antivirus,” while the term “cybersecurity” only receives an average of 150 searches per month. 

This shows that many individuals in Indonesia may not be fully aware of the limitations of traditional antivirus software and the various forms of cyber protection available to them.

Here’s the thing: relying solely on antivirus software can leave you vulnerable to other types of cyber threats. It’s a bit like trying to protect a castle with just one guard at the gate. You need a whole team of guards, each with their own specialities, to ensure the castle stays safe and secure.

This data also highlights the importance of educating and raising awareness about cybersecurity in Indonesia. It’s crucial for individuals to understand that relying solely on antivirus software leaves them vulnerable to other types of cyber threats.

Knowledge is truly power when it comes to protecting ourselves from cyber threats. And to empower you, I’ll share some valuable insights, so you won’t just rely on antivirus to protect your data.

The potential consequences of antivirus reliance

As technology continues to advance, it’s alarming to see that many in Indonesia still rely solely on antivirus software for cyber protection. This not only leaves individuals, companies, and the government vulnerable to a wide range of cyber threats, but it also puts sensitive data and valuable assets at risk. The potential consequences are numerous, and it’s crucial that immediate action is taken to address this issue and ensure proper cyber protection. Here are a few examples:

• For individuals, relying solely on antivirus software can create a false sense of security, leaving them exposed to the newest types of cyber threats. This can result in financial loss, identity theft, and damage to personal reputation. 
• For companies, a lack of comprehensive cybersecurity measures can lead to data breaches, loss of sensitive information, and damage to reputation. 
• For the government, insufficient cybersecurity can result in breaches of sensitive data, disruption of critical infrastructure, and damage to national security. 
• Furthermore, relying on antivirus alone can lead to a lack of preparedness for cyberattacks, a lack of incident response plan and significant costs for cleanup, recovery, and restoration, as well as potential legal and regulatory fines.

Also Read: Safeguarding digital assets through cybersecurity innovations

Note: Antivirus software is a necessary component of a comprehensive cybersecurity strategy, but it is not sufficient on its own. A multi-layered approach to cybersecurity is necessary to protect against the full range of cyber threats.

Cyberattacks that bypass antivirus

Are you still under the impression that simple antivirus software can keep you safe from all cyber threats after reading the first topic? Well, let me burst that bubble for you by highlighting some types of attacks that cannot be thwarted by antivirus alone.

• Phishing attacks: These are emails or messages that appear to be from a legitimate source but are actually from an attacker. They often contain a link or attachment that, when clicked, will install malware on the victim’s computer. Antivirus software may not be able to detect this type of malware because it is new or has not yet been added to the software’s database.
• Advanced persistent threats (APTs): These are targeted attacks that are designed to gain access to a specific organisation or individual’s computer systems. They often use sophisticated techniques to evade detection by antivirus software.
• Ransomware: This type of malware encrypts the victim’s files and demands a ransom payment in order to restore access to the files. Antivirus software may not be able to detect ransomware because it does not necessarily contain a virus.
• Social Engineering attacks: These attacks use psychological manipulation to trick victims into giving away sensitive information or performing actions that will compromise their security. Social engineering attacks can bypass antivirus software because they do not rely on the installation of malware.

Cyberattacks cases in Indonesia

If you’re still convinced that antivirus is the ultimate solution to all cyber threats, it’s time to think again. Below, I share some news about cyberattacks in Indonesia that cannot be defended solely by using antivirus software.

Also Read: Why firms need a multi-layered approach to cybersecurity

• Conti Ransomware attacks Bank Indonesia at the beginning of 2022. This attack resulted in a leak of Bank Indonesia data, which amounted to 74 GB. The number of Bank Indonesia’s devices that were hacked was around 237 units.
• Two thousand bank customers become victims of social engineering attacks every month. Social engineering is a cybercriminal tactic that influences the minds of customers by making emotional conditions, and this method is easier than hacking the systems.
• More than five thousand phishing attacks in Indonesia in the second quarter of 2022. The number of phishing attacks increased by around 41.52 per cent from the previous quarter. It is noted that the spread of phishing is mostly targeting financial institutions. The percentage reached 41 per cent. 

The importance of a multi-layered security approach

Now that you understand that relying solely on antivirus is not enough, you may be wondering what steps to take next. Worry not, for I am here to share with you a multi-layered approach to security that will better protect you from such attacks.

• Email filters: these tools scan incoming emails for malicious content, including phishing attempts. They can block emails that contain suspicious links or attachments.
• Web filters: these tools can block access to known phishing websites and can also block malicious links in web pages, emails, and instant messaging.
• Endpoint protection: These tools, such as endpoint security software, provide real-time monitoring and protection of all devices connected to a network. This includes protection against malware, intrusion detection, and vulnerability management.
• Network security: This includes firewalls, intrusion detection and prevention systems (IDPS), and other tools that help to protect the network infrastructure. These tools can detect and block malicious traffic, such as APTs, at the network level.
• Security Information and Event Management (SIEM): These tools collect, analyse and correlate log data from various sources and provide a centralised view of the security posture of an organisation. This can help detect and respond to APTs and other advanced attacks.
• Incident response plan: This is a documented process for identifying, containing, and eradicating an APT or social engineering attack. It also includes plans for recovery and lessons learned.
• Security awareness training: this can teach employees how to recognise and avoid phishing attempts.

In conclusion, Indonesia’s reliance on antivirus software alone is a cybersecurity blind spot. While antivirus is important, it’s not enough, and you need a multi-layered security approach to fight against evolving cyber threats and reduce the risk of a successful attack. This includes technical solutions, user education, incident response planning, and an understanding of the cyber threat landscape.

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China and the Association of Southeast Asian Nations (ASEAN) have long enjoyed close economic ties. According to a Global Times report of last August, the two-way investment between the world’s second-largest economy and the ASEAN was US$340 billion as of July-end 2022.

The warm relationships reflect in the venture capital sector as well. Several Chinese tech behemoths and VCs, such as Alibaba, Ant Financial, JD.com, Tencent, and Matrix Partners, have already invested billions of dollars in Southeast Asia’s leading tech companies.

Also Read: ‘The era of easy money is over’: VCs speak of funding winter and exit landscape in Southeast Asia

As per a new report, some top-tier VCs, such as Shunwei Capital, Source Code Capital, and Vision Plus Capital, also plan to expand their regional presence. They look to invest in fast-growing startups in SEA, which has 46 unicorns, says a DealStreetAsia report, citing sources.

The Chinese VCs are turning their focus to the ASEAN because of a slowing economy back on the home turf for many reasons, including a surge in COVID-19 infections and deaths and strict lockdowns. This has led to massive protests across cities. It has made an enormous impact on China’s economic growth, prompting investors to look for other markets, including Southeast Asia.

The question is: Is China stepping up its investment activities in the region during the Funding Winter, and how vital is the role of Chinese VCs in SEA?

“China could be a potential wild card for SEA in 2023,” says Dave Ng. “During the past two years-plus, China had been pretty much inward-looking when it came to tech activities and leadership. We witnessed the changes and realignment across the Chinese tech titans, aside from other industrial sectors.”

“We are now starting to see signs of readiness for China to once again step up in their global tech activities. I believe that once they fully move past the remnants of COVID-19 sometime this year, it will be a restart of China-SEA cross-border tech flows,” remarks the Altara Ventures General Partner.

Andy Hwang, General Partner, Wavemaker, agrees. “Over the last few years, we’ve seen global investors redirecting from China to Southeast Asia. More recently, we are also observing more Chinese investors pouring money into Southeast Asia VCs and Chinese family offices set up in Singapore. Given the geopolitical environment, we expect both trends to accelerate.”

Jefrey Joe, Co-Founder and Partner at Alpha JWC Ventures, also believes China could be a potential wild card for SEA startup funding in 2023. China is the world’s second-largest economy and largest single-country donor to the ASEAN. It has also become a major player in the global startup landscape. “We have seen how significant investments have been made in some of the biggest startup companies in Southeast Asia, such as Grab, Gojek, and Traveloka,” Hwang adds.

Increasingly, China has been playing a much more active role in the region, with its investments enabling companies to scale quickly and tap into the large Chinese market to deepen growth and footprints. “Hence, China’s matured economy and willingness to invest in the region could make it a major player in SEA startup funding in 2023,” Joe observes.

Also Read: Why global investors are eyeing China’s EV landscape (Part 1)

However, Monk’s Hill Ventures’s Founding Partner Peng T. Ong doesn’t expect Chinese VCs to make a significant impact on the region’s startup scene. This is because most of the investments in Southeast Asia come from the region itself, and China is probably in the second or third spot. “There won’t be any significant rise in activity [in terms of VC investments]. Our investors are basically from our region. So China is unlikely to play a significant role here,” Ong adds.

Tin Men Capita’s Murli Ravi also subscribes to Ong’s views. “It is unclear to me how China’s reopening and other major strategic events within the country will play out in the coming months. If pushed, I would wager that Chinese businesses would focus their attention on their domestic market.”

Until several years ago, Chinese VCs bet big on India market. However, their activities in India dropped following a boarder dispute between the two countries. ASEAN countries can look to harness this opportunity but the question is: will they?.

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