Eleos Labs, a company that focuses on providing anti-fraud solutions for Web3 assets, today announced its formation with notable security veterans in leadership and advisory positions. The company is set to launch a suite of protection products that help enterprises protect their users against Web3 threats.

According to a statement by the company, Dr Gennady “Ari” Medvinsky will serve as the Technical Advisor, having spent the last 20 years leading security teams at Google, Grab, and Microsoft. Wui Ngiap Foo, previously Head of Technology & Integrity at Grab, will join as Group Advisor.

They are also joined by Dr Ben Livshits as Scientific Advisor, former CEO of Zilliqa Research and Chief Scientist of Brave Browser.

Eleos Labs is building a resilient anti-theft system based on enterprise cybersecurity tools to ensure a safer crypto ecosystem. Its security tools are bolstered by ongoing partnerships with government agencies, blockchain projects, and wallet providers.

Called FailSafe, the solution is built based on the need to have increased regulation and consumer protection in the space, with the recent collapse of well-known crypto institutions.

Also Read: Indonesia’s antivirus reliance: A cybersecurity blindspot

In an email interview with e27, Dr Gennady “Ari” Medvinsky explains more details about the product and what is coming next for the company. The following is an edited excerpt of the interview.

Can you tell us more about your solutions and their advantages?
Firstly, Failsafe protects platforms and users by detecting the safety level of smart contracts and wallets – this is the first line of defense against theft and fraud because we can determine the risk level of interaction.

Secondly, in the event of an attack, we ensure optimal protection by successfully rejecting malicious transactions and minimising total loss by keeping the majority of users’ assets in a high-security vault (with enterprise-grade and best-in-class dual-cloud mpc key management solutions).

What is the specific problem that it aims to tackle?
US$4 billion in crypto was stolen in 2022. The rise in theft is a big prohibitor to Web3 adoption, and our mission is to ensure a safer crypto ecosystem by helping platforms and users access enterprise-grade security practices.

What is the product development process for this product?
We’re currently developing all FailSafe products in conjunction with government agencies, wallets, exchanges, and bridges through a series of pilot projects.

What about the profile of your targeted users? What is your user acquisition strategy?
Eleos Labs is enterprise-focused, specifically targeting wallet providers, blockchain protocols, and MNCs exploring a safe entry into Web3. We’re currently progressing through the pilot programme with partners, after which we will be rolling out the product suite to a wider customer base in the coming months. Market demand has been strong.

Also Read: Safeguarding digital assets through cybersecurity innovations

How big is your team?
Spearheaded by Technical Advisor Ari Medvinsky and General Manager Aneirin Flynn, the 10-member team at Eleos Labs has expertise across cybersecurity and data science.

Have your company secured external funding from other sources?
While there have been VC interest in funding the new enterprise endeavours within Eleos Labs, the priority for the team remains focused on the successful execution of the ongoing pilot projects and product development. We however continue entertaining new investor interest for like-minded partners who share our mission.

What is your major plan for 2023?
2023 is an exciting year given that Web3 adoption continues to grow and platforms are increasingly cognizant about the security of their assets. We will be rolling out the FailSafe product suite after several successful pilot projects – most likely in Q2.

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Image Credit: Eleos Labs

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2022 has seen a proliferation of high-profile e-crime attacks. As we embark on 2023, it is only apt that there is a renewed focus on e-crime.

As global economies reopen and revenge spending surges in sectors such as tourism and luxury, retailers and organisations will be especially vulnerable during this period. e-crime groups are prolific and opportunistic and will strike where there is an opportunity to exploit vulnerabilities for financial gain.

Southeast Asia (SEA) and Singapore are not immune to such cyber-attacks. As data from OverWatch has shown, e-crime accounted for 33 per cent of interactive intrusion activity in APJ, while targeted intrusions increased to 35 per cent.

Policymakers and tech innovators in the public and private sectors must collaborate to drive dialogue and act on the latest trends. Securing your organisation has never been of greater importance during this period of festivities.

The rise of e-crimes in 2023 and the criminal marketplace

There is a popular misconception that cybercriminals operate solo or in small cells. The threat landscape operates as a microcosm of “the real world.” Adversaries also sell services to other criminals, much like how legitimate businesses offer services to other businesses.

Also Read: Safeguarding digital assets through cybersecurity innovations

According to the CrowdStrike 2022 Falcon OverWatch Threat Hunting report, when looking at e-crime activity, retail was identified as one of the top five verticals by intrusion frequency globally between July 2021 and June 2022.

In the Asia Pacific and Japan region during the same period, the retail industry stood out as one of the top five industry verticals overall when looking at the cumulative total of both e-crime activity and targeted intrusions.

Just as retailers are searching for and employing new cyber defences, cybercriminals are evolving in their methodology and craft. Criminal organisations are adapting their tactics, techniques and procedures to stay ahead of security teams through legitimate employee credential harvesting and exploitation of new vulnerabilities from remote access applications, to name a few.

The Global Dark Web Intelligence Market size is expected to reach US$1.3 billion by 2028, rising at a market growth of 22.3 per cent CAGR, driven in part by another trend in the e-crime landscape, namely, the proliferation of the ransomware-as-a-service (RaaS) model – a business model between ransomware operators and affiliates in which affiliates pay to launch ransomware attacks developed by operators.

According to the 2021 CrowdStrike Global Security Attitude Survey, Asia-Pacific also clocked the highest average ransomware payment of US$2.35 million per attack, compared to US$1.55 million in the US and $1.34 million in EMEA. The vast global majority (94 per cent) of those who ended up paying their attackers were also forced into paying additional extortion fees, equating to US$734,677 on average.

Also Read: How to tackle cybersecurity threats during the holidays

To maximise their financial gains, e-crime adversaries have added the threat of data extortion to their arsenal, extracting and then threatening to leak sensitive customer or proprietary information to fuel specific and repeated victim targeting.

As we move towards the holiday season, it represents an opportunity for e-crime adversaries to strike, and SEA businesses would learn from recent, high-profile attacks on large-cap companies like Solarwind, Microsoft and Kaseya.

Focusing on cybersecurity is key

Organisations need to better protect and secure themselves to enjoy peace of mind during this festive period. Some tools and information can include:

• Combination of robust security hygiene and proactive detection: The seemingly overwhelming amount of new vulnerabilities and tactics employed by criminals may seem overwhelming. However, organisations can formulate a deliberate plan of action by employing a combination of robust security hygiene and proactive detection. By understanding that there is a human behind every attack, organisations can proactively look out for adversaries targeting them.
• Reviewing systems and ring-fencing: Organisations must proactively monitor for tell-tale signs of a pre-attack by identifying unusual access, maintaining up-to-date network diagrams and finally ring, fencing any attackers should they manage to break in.
• Secure organisational identity: Maintain proper visibility of administrative changes, especially with user accounts, as this is an early identifier of attacks.
• Arming employees: Employees need to be trained in taking personal responsibility for the organisation’s cybersecurity defence in the event a cyberattack occurs, especially during the festive period when key personnel may not respond promptly.

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Small potters in his grandfather’s village in Bangladesh faced direct competition from larger companies. These small unorganised businesses struggled due to their lack of access to customers and inability to distribute products as cheaply as bigger firms.

Afeef Zaman wanted to do something to help these small potters reach customers nationwide and improve their earnings.

“ShopUp was founded to assist them in reaching customers nationwide,” Zaman told e27. “We developed products for them and gained valuable experience from our efforts.”

These learnings came in handy during the COVID-19 pandemic, he said. “As the pandemic struck and households struggled to access essential items, we shifted our focus to food and household categories to serve people across Bangladesh. And that was a turning point.”

What is ShopUp?

ShopUp was founded in Dhaka in 2017 by Zaman (CEO), Sujayath Ali (COO & CBO), Ataur Rahim Chowdhury (CPO), and Navaneetha Krishnan (CTO).

Zaman and Chowdhury earlier worked together in the former’s first startup. Ali is a serial entrepreneur who previously worked at Amazon and Visa. Ali and Krishnan were also co-founders of Voonik. Krishnan worked at Freshworks, Aryaka, and Zoho before co-founding ShopUp.

Also Read: These five startups are the dark horses of the frontier markets

In a nutshell, ShopUp is a B2B e-commerce platform connecting small and medium-sized enterprises (SMEs) with mills and manufacturers. Its mission is to supercharge SMEs with easy access to B2B sourcing, best prices, financing, and logistics.

“Our platform provides SMEs with a one-stop-shop solution for sourcing products, reducing the time and effort required to find suppliers, negotiate terms and orchestrate the operations. Additionally, it acts as a nationwide platform for small manufacturers, mills, and brands to sell their products,” Zaman explained the business model.

The startup offers various value-added services, including financing and logistics support. According to Zaman, this makes it easier for small firms to grow their businesses and compete against prominent players.

In addition, ShopUp has built a vast last-mile logistics network in Bangladesh and provides one-click credit access with minimal documents.

The ShopUp CEO boasted that the e-commerce startup’s “robust” technology infrastructure, including advanced algorithms and data analytics, provides SMEs with personalised recommendations and real-time insights. Its user-friendly interface with handwriting and voice recognition technology manages the end-to-end purchasing process — from product discovery to order placement and shipment tracking.

“This combination of a diverse product offering across sourcing, logistics, financing and customer success services powered by cutting-edge technology sets ShopUp apart from other B2B commerce platforms,” he claimed.

The startup has partnered with all major mills and FMCG companies to distribute essential food items like rice, sugar, oil, flour, dairy products, beverages, and hygiene products to 20 million people in Bangladesh through its network of 500,000 shops. The goal is to provide all the food and household products these shops sell to the people in their community. “We’re still early in that journey, but we’re making progress,” he said.

ShopUp’s logistics and fulfilment network, RedX, is now one of the largest in the country. In addition, the e-commerce firm provides an embedded micro-factoring product for small shops and suppliers to purchase products without making upfront payments. It charges separately for each of its offerings.

A trillion-dollar opportunity

Bangladesh’s consumer e-commerce market is rapidly expanding and is projected to become a trillion-dollar economy by 2040, according to a report by BCG in 2022.

Despite this growth, retail consumption remains highly fragmented, with 98 per cent of purchases coming from 4.5 million small shops. These shops purchase an estimated 130 billion worth of goods annually, as per a 2020 Redseer report. This means ShopUp has only started scratching the surface.

“The B2B e-commerce industry is in its early stages in Bangladesh, and only a few players are operating in this field at scale. We are excited to see some early-stage companies in this sector; hopefully, more players will enter this market,” he continued.

While Bangladesh consumers have higher incomes than India, they purchase less than half of the branded FMCG products. This means Bangladesh is still in the early stages of its consumer market journey; there is a potential for multiple new players to enter the market.

The market leaders of most FMCG categories in Bangladesh are yet to launch. These new brands and products will require future-ready distribution platforms to enter the market successfully.

“B2B e-commerce players are well-suited to this purpose. According to a report by Redseer in 2020, the market opportunity in Bangladesh stands at US$130 billion. However, B2B e-commerce players are not set to replace the existing local distribution system but rather to expand the overall consumer market. As such, the pie will get bigger for all involved,” Zaman elaborated.

Doubling down on partnerships

Currently, ShopUp wants to double down on its partnerships with suppliers. Its goal is to help the suppliers reach 50 per cent of the population through small shops by the year-end.

However, there are several hurdles to clear before achieving this goal. “We are working hard to create a distribution platform that is not only accessible to 80 million people but is also the most cost-efficient in the country. This is a difficult task, especially when it comes to food and household items. However, we have been successful in making most of these products available on a large scale profitably,” he said.

ShopUp is a heavily-funded company having secured over US$200 million in investments from global investors since its launch. Its backers include Peter Thiel’s Valar Ventures, Prosus (the investment arm of Naspers), Pierre Omidyar’s family office, Sequoia Capital India, VEON Ventures, and Flourish Ventures.

The five-year-old company recently raised US$30 million in debt financing from UK-based fintech lender Lendable (US$20 million) and The City Bank (US$10 million), a major commercial bank in Bangladesh. This new capital will be used to expand its embedded financial services business. A portion of it will go towards making long-term investments in the supply chain capacity of the profitable categories of the business.

Also Read: Accelerating Asia, South Asia Tech invest in Bangladesh startup Shuttle

But why debt funding when it already has a huge war chest?

“Let me clarify that debt investment is not a substitute for equity capital,” Zaman said. Startups raise equity funding to create platforms. When they are close to profitability, and the revenue is reliable, it is better to use debt to finance any additional working capital requirements.”We are well-capitalised and therefore do not need to raise equity capital at this time. Nevertheless, raised debt to finance profitable parts of the business.”

Anticipating slower growth

Zaman also mentioned that while Bangladesh is not expected to go into recession due to global macroeconomic headwinds, it will experience slower growth than anticipated.

Investors have become more cautious when deploying their capital due to increasing interest rates. As a result, well-capitalised late-stage investible startups have suspended their fund-raising plans, leaving investors in a wait-and-see mode.

This means VCs are sitting on billions of dollars and will have to deploy these funds in the mid-term. “In the near term, capital will likely remain scarce, particularly for Series A or Series B startups in Bangladesh. The bar for future investments is also likely to be higher than in 2021 and 2022,” Zaman observed.

However, this presents a great opportunity for local startups to collaborate and explore new possibilities, and ShopUp is very excited about these opportunities.

“In the long run, Bangladesh remains an attractive emerging market due to its strong base demand and political stability, making it ideal for well-capitalised companies to build enduring businesses,” Zaman signed off.

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Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.

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SoftBank posts US$5.9B loss as Vision Fund takes hits
Vision Fund 1 generated US$2.5B in losses, while Vision Fund 2 slipped by US$2.2B as SoftBank’s portfolio firms slog through the current economic downturn.

Cross-border payments solutions firm Tazapay bags US$16.9M Series A
The investors include Sequoia, EscapeVelocity, PayPal Alumni Fund, Foundamental, January Capital, and Saison Capital; The B2B cross-border payments firm will use the money for Middle East and Europe expansion.

Paul Allen’s VC firm joins SwipeRx’s US$10M Series B2 round
The investors include Sanofi’s Global Health Unit, Cercano Management, SIG, and Patamar Capital; SwipeRx’s digital network has over 250K professionals and 50K pharmacies, with 12,000 retail pharmacies from Indonesia alone.

VFlowTech nets US$10M to expand into Japan, US, Turkey
The investors include SEEDS Capital, Wavemaker Partners, and Sing Fuels; VFlowTech is a vanadium-based redox flow battery company; It plans to set up a 200MWh production line capacity.

Thai mental health startup Ooca closes series A fundraise
The investor is Bangkok Dusit Medical Services; Ooca lets users arrange video consultations with psychologists and psychiatrists; It also offers corporate packages for business clients.

Indonesia’s FDA asks Halodoc to take down listings of prohibited drugs
A Tech in Asia report found that Temasek-backed Halodoc was enabling the sale of at least 11 restricted drugs, including antipsychotics, pharmaceutical precursors, and medication for erectile dysfunction.

Vietnam’s VinFast reduces headcount in the US
The company didn’t disclose the number of staff affected in the US, where it had hired about 160 people; VinFast managers were told to prep for a potential 30% headcount reduction at its headquarters in Vietnam.

Instill AI raises US$3.6M seed funding to make AI more accessible
The investors include RTP Global, Lunar Ventures, and Hive Ventures; Instill AI will use this seed fund fuel to boost the development of the unstructured data ML infrastructure.

Singapore 3D design startup PixCap scores US$2.8M
The investors include Sequoia Surge, Cocoon Capital, and EF; PixCap allows users with no 3D experience to find, edit and export 3D content, including images for graphic designs and animations for landing pages and social media.

SG kidtech firm myFirst bags US$2.2M seed round
The investors are tech founders and executives from PatSnap, Google, Rainforest, and TNB Aura; myFirst aims to help kids aged between three and 12 stay connected socially without the usual ills of social media.

Building energy management startup Ampotech raises US$1.3M
The investors are Earth VC, KSL Maritime Ventures, Silicon Solution Ventures and SEEDS Capital; Ampotech uses the IoT and edge computing to help energy, operations, and facilities managers improve the performance of their buildings.

GoTo announces management reshuffle
Co-founder Kevin Aluwi has stepped down from its board of commissioners; Anthony Wijaya will also step down from the board of directors to focus more on his role as Tokopedia COO.

Shariah-compliant Malaysian digital insurer OUCH! secures funding
Following the investment, Ouch! will look to acquire the final approval from Malaysia’s central bank BNM operate in its regulatory sandbox; Its mission is to become Malaysia’s first digital Takaful operator.

Binance to temporarily halt US dollar bank transfers
It said the suspension will only affect users of Binance.com, which is a separate entity from Binance US; CNBC reported that millions of stablecoins went to rival exchanges after the announcement.

‘ID is recession-resilient due to its demographic bonus, rich natural resources’
Indonesians have an entrepreneurial mindset, and its digital-savvy young population fuels the country’s digital economy growth, says Nobutake Suzuki, President and CEO at MUFG Innovation Partners.

Always be adventurous and inquisitive: Carl Jones of SAP Concur
The Managing Director for SEA at SAP Concur talks about risks he took with his career in his 20s and 30s and how they have played out.

Boardrooms to warehouses: How SEA leaders can build cyber resiliency from top-down
Southeast Asian business community needs to better understand cyber security’s benefits on long-term business

Unlocking the potential of SEA with accessible credit
With 70 per cent of the adult population in SEA still underbanked or unbanked, it still has a long way to go before it goes truly cashless.

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The TOP100 programme, created by e27 to provide early-stage startups with access to a platform that facilitates connections for partnerships, funding opportunities, and more in the Asia Pacific, returns this year.

Since its inception, the TOP100 pitching competition has brought the best-in-class early-stage startups to showcase and pitch onstage across various cities in Southeast Asia.

Past winners and participants include 99.co, Softinn, and Carousell.

After a three-year hiatus, the 2023 programme will evolve and leverage on e27’s Pro Connect platform, which has powered close to 20,000 online connections between startups and investors since 2020.

The 2023 TOP100 programme and meetups will adopt a hybrid format of conducting the application and scoring online while retaining an element of evening networking offline in major Southeast Asia cities.

Two key updates would include a special category for disaster tech (D-Tech) solutions as partnered and supported by Prudence Foundation’s SAFE STEPS D-Tech Awards, and the second being the inclusion of Web3.0 startups, particularly projects targeting Web2.0 tech companies as their users or customers.

Also Read: Sarawak shows off startup scene in final TOP100 stop

Thaddeus Koh, Co-Founder of e27, said: “Expanding our reach beyond key cities, TOP100’s decision to conduct the initial pitching and showcase elements online opens up a world of opportunities for startups across Asia. This shift allows us to showcase a wider range of innovation and technology and provide resources and fundraising opportunities to startups that may have been previously out of reach. We’re excited to bring the spotlight to startups from all corners of the region and highlight their solutions to the world.”

Throughout the selection period, all TOP100 participants will have e27 Pro Connect access, which allows them to connect with and pitch to 500+ verified investors on the e27 platform.

From the participants, 100 best-in-class startups will be selected to showcase at Echelon Asia Summit 2023 to exhibit in the TOP100 section and pitch in the crowd-favourite TOP100 Stage. Many will proceed to raise additional rounds of funding in the next 18 months to achieve their growth-stage status.

“TOP100 has always been a programme that facilitates startups’ connections with stakeholders who can best help their business. By giving the participants access to e27 Pro Connect and showcasing the semi-finalists during Echelon, we aim to help kickstart and boost their fundraising journey,” said Koh.

Interested startups can first apply through the TOP100 website.

Echelon Asia Summit is bringing together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore. The conference is scheduled from 14-15 June in Singapore. In 2023, the two-day conference is expected to draw in crowds of over 5,000 to discuss the latest in innovation, entrepreneurship, funding and more.

Echelon Asia Summit is e27’s flagship tech conference, bringing APAC’s startup ecosystem together to gain insights, build connections and meet talent from all over Asia. Explore how startups, investors, corporates and government bodies work together across borders to tackle similar challenges and pressing issues and empower the larger ecosystem to build the Future of Asia. Gather meaningful insights from industry leaders and stakeholders through stage discussions; build connections within the industry with over 300 exhibition booths. As Asia’s leading platform for tech startups and investments for 13 years now, Echelon Asia Summit will take on cross-border engagements, talent growth, and showcasing APAC’s emerging and leading companies from the heart of Singapore.

Founded in 2007, e27 has a strong mandate to give all entrepreneurs a winning chance to succeed, providing them with relevant tools and resources to build and scale their companies in Asia’s tech ecosystem. e27 provides a go-to platform for connections, insights, funding, and more — everything you need to build a billion-dollar company.

For media queries, please contact The Echelon Team.

Email: echelon@e27.co

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