VFlowTech, a vanadium-based redox flow (VRF) battery company in Singapore, has announced a US$10 million Series A funding round led by Japanese VC firm Real Tech Holdings.

Returning investors, including SEEDS Capital, Wavemaker Partners, and Sing Fuels, joined the round. Michael Gryseels (Chairman of VFlowTech), İnci Holding (Turkey), Pappas Capital (US) and Carbon Zero Venture Capital (Singapore) also participated. 

VFlowTech will use the funds to set up a 200MWh production line capacity and scale up the manufacturing of its 250 kWh modular vanadium-based long-duration energy storage solutions. 

Also Read: VFlow’s recyclable energy solution with an expected lifespan of 25 yrs seeks to replace Li-Ion batteries

A portion of the new capital will be used to expand into Turkey, the US, Japan and India. It will also intensify its R&D efforts to improve its technology, increase system capacity, and explore new markets. VFlowTech will also look to strengthen the management team in the next year.

V-Flow was established in 2018 by Dr Avishek Kumar (CEO) and Dr Arjun Bhattarai (CTO), in collaboration with Entrepreneur First, with generous support from SG Innovate and the Nanyang Technological University, Singapore.

It claims to develop the cheapest and most efficient modular VRF batteries, which deliver long-lasting, reliable energy storage solutions for renewable integration at an affordable price. VRF battery works through the continuous reduction and oxidation reaction between the vanadium redox couples with no detrimental issues and with the cross-mixing of the redox couples. Due to this setup, the electrolyte has no degradation and the battery provides stable performance over 20 years.

V-Flow’s storage solution has an expected life span of 25 years and is safe and environmentally friendly battery technology.

To date, VFlowTech has commercially deployed 30 kWh and 100 kWh units for residential applications and has completed the production of its MWh system for large-scale microgrid applications. 

Its renewable energy storage solutions have already been deployed to meet energy needs in various parts of the world through joint partnerships in Africa and Southeast Asia, with two batteries set to be deployed in Singapore’s Pulau Ubin this year. 

With a team of 60 people, the firm is also researching the expansion of flow batteries for terminal usage and running a two-year trial to explore scaling flow batteries using storage tank infrastructure.

“Advancements in renewable energy storage solutions will drive the acceleration of cleantech and help other industries come one step closer to meeting their sustainability goals. We already see increased demand for our batteries in creating infrastructure for electric vehicle (EV) charging, peak shifting of renewables, grid services, gated communities, telecom towers, and round-the-clock renewable energy integration,” said CEO Kumar.

Also Read: ‘Singapore isn’t ready for mass adoption of EVs yet; hybrid may be better for the present’

“Grid-level energy storage is critical in the transition to sustainable energy and is among our chief focus areas. VFlowTech is accelerating the transition to renewable energy while offering a solution to the current bottleneck in efficiency with its technology. With the signing of our binding framework agreement, we will also have the opportunity to popularise this technology in the Turkish market,” said Zeki Şafak Ozan, CEO and Board Member of İnci Holding.

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The IMD World Digital Competitiveness study revealed that Singapore was ranked fourth in the world and first in Asia for digital competitiveness in government practices, business models, and society.

Although the government has made tremendous progress in its digital transformation journey, some crucial areas, such as the adoption of Conversational AI (CAI), still haven’t reached their full potential.

While the government is already using Conversational AI solutions to deliver better citizen services, e.g. the Inland Revenue Authority deployment of ‘Ask Jamie’ as their virtual assistant, there is a need to accelerate this adoption across different departments to meet the ever-increasing citizen demand for convenience and ease.

Why is Conversational AI needed in the public sector?

The number of citizens that government agencies serve can range from hundreds to potentially millions. Handling complaints/enquiries individually are time-consuming and difficult. Moreover, the public tends to inquire about issues that revolve around a common topic, usually with the same questions being asked.

Without Conversational AI technology to handle such common queries, public servants will be hard-pressed to address only urgent citizen issues while spending more resources and manual intervention.

A good example of what Generative AI and NLP bring is evident in public health crises like COVID-19. During such situations, it can be challenging to harmonise and disseminate crucial information correctly and timely across different government portals. There is the possibility of providing outdated or incorrect information to the public, which can lead to public discontentment. 

Also Read: Preparing for the AI revolution: Ensuring a positive outcome for humans

This is where automation through Conversational AI technologies such as chat and voice AI agents steps in. With a small number of inquiries usually constituting the bulk of requests, the use of advanced bots, such as Dynamic AI agents, can boost productivity and efficiency, improving the overall process of citizen services by allowing civil servants to focus on more pressing issues. 

How can Conversational AI make citizen experiences personalised and convenient?

Conversational AI solutions can improve the efficiency of government services by automating repetitive tasks and processes. By using a standardised system for answering questions, such solutions can provide instant, consistent and accurate information to citizens, reducing the likelihood of errors or misunderstandings. 

Dynamic AI agents can also handle a myriad of tasks,  from providing citizens with the appropriate information to helping them schedule appointments with government agencies, and sending reminders for these appointments, simplifying a task that would otherwise be time-consuming.

Government employees will have more free time to focus on more complex and high-priority tasks, ultimately improving the overall efficiency of the institution. This can enhance the trust and confidence of citizens in their government, ultimately leading to a more effective and responsive public sector.

Conversational AI solutions can also be useful for interactions between different government agencies. Intragovernmental agencies can use it for different services and inquiries, such as — IT help desks, legal, HR, financial services, etc., more consistently and effectively. 

In addition, CAI also has the potential to greatly benefit and contribute to government services where such applications are commonly overlooked, such as taxation and social healthcare.

Taxation

Dynamic AI agents can be used in the field of taxation to assist taxpayers in filing their tax returns. By providing real-time feedback to taxpayers on the accuracy and completeness of their information, chatbots can prevent errors and ensure that tax returns are filed correctly, potentially reducing the number of rejected or delayed returns.

This can help make the process of filing taxes easier and more efficient, potentially saving taxpayers time and money.

Also Read: How technology is making our food safer

The automation of many of the tasks involved in tax filings, such as data entry and calculation, can also help reduce the workload on tax administrators, freeing them up to focus on more complex tasks. Overall, this improves the efficiency of the tax filing process and improves the user experience for taxpayers.

Social healthcare service

Conversational AI can also greatly benefit the field of social healthcare services. Just like in tax services, a Dynamic AI agent can be easily integrated into a hospital’s website or app, allowing patients to ask questions and receive answers about scheduling appointments, doctor’s availability, ordering medicines, reminders about their appointments and medication refills.

The automation of tasks involved in providing healthcare information, such as answering common questions or scheduling appointments, can help free up time for healthcare professionals to focus on providing quality care to patients, potentially reducing waiting times and improving the overall patient experience. 

A great example can be seen in India, where the Government of Maharashtra Department of Women and Child Development (DWCD) leveraged Conversational AI to extend reach to their beneficiaries. As a result,  in the last quarter alone, the department has successfully run over 4.2 million informational campaigns centred on the department’s key schemes around nutrition and the welfare of pregnant and lactating mothers, reaching out to over 590,000 users on these channels.

What does the future hold?

Conversational AI is providing an unprecedented opportunity to scale operations and automate tasks by bringing human-in-the-loop. With Generative AI, it is becoming far easier to scale complex conversations and does so in cost-effective ways.

As such solutions continue to evolve, they promise to help overcome an interaction barrier and bring in more simplified human-machine collaboration. In addition, future iterations will bolster accessibility by communicating with visual data interpretations. 

Conversational AI can also significantly impact modern governance with the right infrastructure, research, and development. Having said that, it’s important to highlight that it will contribute toward enhancing human employees’ performance rather than replacing it.

With the Singapore government increasing its adoption of these solutions, we can expect the nation to quickly rise through the ranks and lead the way in making the daily lives of its citizens easier through digitally delivered citizen services.

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Fintech is at the frontline of the financial revolution, ushering innovations that propel the digital transformation of financial services. This ambition to innovate and disrupt has invited the best minds in finance and technology to come together and come up with solutions that help bolster the industry, ultimately spearheading the digital revolution.

Throbbing at the centre of that digital revolution is the leading fintech company, Airwallex. The company is on the hunt for innovators who share their vision of digitally transforming businesses, facilitating them to go from offline to online, and take local ideas to a global platform.

‟Fintech has been and will continue to be a game-changer to me. Finance plays an integral role in society, and I believe fintech holds the ability to reshape and improve the level of financial access for everyone, especially the unserved and underserved,‟ explained Koh Jee Lee, Manager at Airwallex’s Financial Partnerships team. ‟Fintech goes beyond just the traditional financial services sector; it impacts and is a key driver of growth of many other industries, including eCommerce, insurance and lending,‟ she added.

Meanwhile, Chris Chan from the Platform Sales team expressed, ‟we are still only at the beginning of the fintech revolution and there is so much more to be done. Everything that we’ve done so far will be vastly different in 5-10 years. The next wave of fintech will marry new innovations into our day-to-day: blockchain, AI, IoT, social media, etc. The manner in which we interact with money will be even more seamlessly integrated into our daily lives (talking to Google, in-vehicle purchases, deeper integration to wearables). All the challenges and pains we associate with money (banking, payments, expenses) will be non-issues in the future.‟

Understanding what it means to be in fintech

As a manager in the Financial Partnerships team, Jee Lee is responsible for building and maintaining strategic partnerships with the company’s network of banking partners across the APAC region. On the other hand, Chris helps sell to large enterprises and platforms in APAC looking to leverage Airwallex’s payment capabilities for themselves and/or their customers.

With its expansion into Singapore, Airwallex is especially keen on bringing in local talents thirsty for career advancements into the fold of their fast-growing company. On the personal side, working at a startup will enable professionals to hone their speed and flexibility, considering the fast-paced environment the industry is in.

On why he joined the industry, Chris explained, ‟Fintech wasn’t the obvious choice when I first started looking for a career but I knew I wanted to be in a fast-moving space and around smart people. Payments (and really good people) took a chance on me and I’ve been hooked ever since.‟

Also read: How should you engage customers in a rapidly changing market?

For Jee Lee, the decision was more decisive. ‟I started my career at one of the big four accounting firms, focused on tax consulting. I yearned for a role where I would be able to better witness the influence and impact of my work,‟ she shared.

For those answering the call for the first time, especially fresh graduates, Airwallex serves as the ideal launchpad into the industry. Industry switchers, be it account executives from banks or product managers from investment companies, will similarly gain an inside look into processes, such as fundraising that they might not have had access to during their time in larger institutions.

Jee Lee believes that fresh graduates and industry switchers shouldn’t be afraid to step out of their comfort zone, especially those looking for a mid-career switch. ‟Spend a good amount of effort to understand the industry and find out where your interests lie — this includes opening yourself up for conversations with people in the fintech space. Once you’ve made up your mind, focus on your goals and let go of the assumptions and fear of judgement. Given the fast-paced nature of the industry, it is okay to start from scratch as there will always be opportunities to learn and upskill yourself!‟

As for Chris, his advice is simple: ‟Ask and ask. Seek to understand, not just know.‟

Finding upward growth in an innovative industry

Old-timers in the tech industry will find their place in the sun as well at Airwallex. Given that it is on an upward growth trajectory, Airwallex is where professionals can experience exponential growth that will enable them to explore exciting new opportunities, launch new products in the market, and flex their strategic skills by designing fresh, go-to-market plans.

Airwallex’s commitment to its cogent value proposition — empowering modern businesses to grow beyond borders — has helped the startup score over US$900 million in total funding from 12 renowned investors such as Square Peg, Tencent, Sequoia Capital China, and Salesforce Ventures, achieving a valuation of US$5.5 billion.

Chris counts delivering first-of-its-kind projects as some of his career milestones. ‟Across my 4.5 years in fintech, I’ve had the opportunity to deliver customers products which were the first ever implementation of its kind globally or within the region,‟ he expressed.

‟It definitely comes with its own challenges pulling so many pieces together — but being a part of a delivery team for something brand new & impactful for customers as well as the business has been the highlight of my career thus far.‟

Also read: Building resilience through the SAFE STEPS D-Tech Awards

On the other hand, Jee Lee believes that her career highlight lies in the network of people she has met throughout her career at Airwallex so far. ‟Much of my job involves collaborating cross-functionally and externally to drive strategic outcomes for the company. Throughout my journey at Airwallex, I’ve interacted with many individuals who are smart, passionate and driven, and I personally feel inspired by them,‟ she elaborated.

In an industry marked by massive talent shake-ups, Airwallex’s sturdy foundations make it a safe ground for professionals to plant their feet. Founded in 2015, Airwallex was inspired by real-life experiences. Two of our founders, Jack Zhang and Max Li, invested in a Melbourne cafe and as small business owners, recognised first-hand the impact of high FX fees and banking costs on profit margins. They sought to engineer a better solution for businesses operating across borders. Airwallex has since expanded into 19 international offices across Asia-Pacific, Europe, and North America with a combined force of over 1,300 team members.

Behind the tremendous growth are the talents and professionals who put groundbreaking ideas into work. The crucial role of talent for fintech startups has been captured in numerous data, with the Thought Machine reporting that 65% of respondents acknowledge that talent sourcing and retention will be their organisation’s priority in the next three to five years.

The indispensable contribution of talents and professionals has won them outpouring support from Airwallex. The startup adopts a people-centric culture that revolves around diverse teams of innovators, movers, and shakers jointly passionate about empowering customers.

The future of fintech in Southeast Asia

The startup spread its wings in Singapore in 2022 and has already witnessed massive market potential. After all, Singapore has risen to become one of Southeast Asia’s fintech leaders, with fintech innovators setting up bases in the country’s vibrant fintech ecosystem as gateways into the broader ASEAN region. Statista data shows that the country’s total digital payment transactions alone will reach an estimated US$20.91 billion by 2023, while digital payment users are expected to hit 4.58 million by 2027.

‟I see Singapore as one of the leaders within Southeast Asia in embracing and promoting a vibrant fintech ecosystem. Singapore is home to a large community of fintech innovators and has proven to provide a gateway for companies to successfully scale outside of the country. I am excited by further developments in Singapore’s fintech landscape with the strong emergence of trends like open banking, embedded finance, BaaS and BNPL,‟ shared Jee Lee.

Moreover, Airwallex encourages its teams to utilise its six values as guiding principles in facing challenges, sharing knowledge, practising openness, delivering results, and celebrating success. These values are: customers first, obsessive curiosity, inspire and be inspired, intellectual honesty, craftsmanship, and making an impact.

Also read: The future of sustainable growth according to Dagangan

Chris believes that adaptability and malleability are key traits needed to succeed in fintech. ‟’Change is the only constant’ is uttered across the industry all the time because of the sheer amount of innovation & development that goes on. It’s really a double-edged sword because your special formulae for success or personal knowledge libraries can become outdated within a couple of years or months even. The best people in fintech consciously & constantly make an effort to stay updated — no matter their seniority, role, or designation.‟

Jee Lee added that it is important to stay curious. ‟Fintech is an exciting space to be in today, with a lot of innovations founded upon an entrepreneurial spirit; having a curious mind and looking for different ways to solve problems is key to staying relevant in the industry. In an environment where the only certainty is change, being curious will present a learning opportunity daily,‟ she explained.

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This article is produced by the e27 team, sponsored by Airwallex

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Starting a business is no easy feat, but growing it to become a successful startup is even harder. With so much competition in the market, it can be a challenge for founders to stand out and make a lasting impact.

However, one strategy that has proven to be effective in driving cost-effective, long-term success is leveraging niche communities.

A niche community is a group of people who share a common interest or passion, often in a specific product or service. By targeting and engaging with these communities, startups can tap into a pool of loyal and engaged customers who are already interested in what they have to offer.

Having built two global online education companies surrounding learners, clients, stakeholders, and everyone in between, here’s how I’ve witnessed the advantages of targeting niche communities.

High levels of engagement

Niche communities are often highly engaged, with members who are passionate about their interests and actively participate in discussions and events. This makes them a valuable source of feedback and insights for startups looking to improve their offerings.

Uniswap, the decentralised exchange that has disrupted the cryptocurrency trading landscape, has created high levels of engagement with its community through a combination of innovation and community-driven initiatives.

The platform’s decentralised structure and user-friendly interface have made it a hit with traders and investors who are looking for a more accessible, secure, and transparent way to trade cryptocurrencies and tokens.

Also Read: Navigate in a cookie-less world, leverage AI and think community-first

The team behind Uniswap has been proactive in engaging with its community, hosting online discussions and hackathons, and working closely with developers to improve the platform. In January, 80 per cent of token holders supported the decision of the platform to expand to the BNB chain. The result is a passionate community that is invested in the success of Uniswap and that is driving the platform as a unit towards new heights of innovation. 

Increased visibility

Targeting niche communities allows startups to reach a focused, relevant audience rather than trying to appeal to a broader, less engaged audience. This can result in higher levels of brand awareness and increased visibility for the startup.

StartJPN, an emerging Web3 community with over 19,000 Discord members predominantly from the Japanese and Philippines markets, has increased its visibility and growth by cultivating a passionate and dedicated niche community.

The project, which is focused on bringing blockchain technology to Japan and empowering users with new financial freedom, has quickly become a hit with the country’s tech-savvy and forward-thinking population.

To build its community, StartJPN has taken a multi-pronged approach, leveraging a combination of events, social media, and partnerships to engage with its users and build excitement around the project. With their latest collection NEO STACKEY, the project has formed a partnership with boxing champion Manny Pacquiao.

Greater customer loyalty

By building a strong relationship with niche communities, startups can create a sense of loyalty and trust among their customers. This not only results in repeat business but also in word-of-mouth marketing, as customers become advocates for the startup and spread the word to others.

Fave, the Southeast Asian fintech company, has increased visibility and growth through a strategic focus on building communities. The company’s platform, which provides users with exclusive discounts and rewards at local businesses, has quickly become a go-to for consumers with over 1.1 million followers on Facebook. However, Fave’s success isn’t just due to its platform, it’s also a result of the company’s focus on fostering strong communities of users, merchants, and partners.

At the same time, Fave has been proactive in engaging with its community through social media, email marketing, and other online initiatives and has worked closely with its partners to develop new and exciting programmes that benefit everyone involved.

Also Read: How a decentralised localisation and building a community of trust can lead to global success

Earlier this year, Fave announced a partnership with TNG Digital’s Touch ‘n Go eWallet, further tapping into 18 million registered users and over 1.2 million merchants. The result is a vibrant and engaged community that is helping to drive Fave’s presence in Southeast Asia.

Access to valuable feedback

Niche communities often include experts and thought leaders in their respective fields, and startups can tap into this wealth of knowledge by engaging with these individuals and soliciting their feedback on their products or services.

Clonex, the web3 project born from the collaboration between NFT studio RTFKT, has built a thriving niche community to gather valuable feedback from its holders. The project has leveraged its community to gain valuable insights into the needs and desires of its users and has used this information to improve its platform and create new features that meet their needs.

This focus on community engagement has paid off for Clonex in a big way, as it was fast-tracked for acquisition by Nike in December 2021, which was looking to tap its expertise in augmented reality, blockchain and digital assets.

With its engaged community providing valuable feedback, Clonex was able to refine its platform and create features that resonated with its users. This helped the company to stand out from the competition and attract the attention of larger players in the Web3 space.

Looking forward

Building a thriving niche community is a crucial aspect of driving success for startups. Startups need to identify the right niche community through market research, build relationships with the members through engagement and participation, and foster community-driven initiatives to create a sense of trust and loyalty.

Don’t boil the ocean, start with one member at a time.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

Join our e27 Telegram group, FB community, or like the e27 Facebook page

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Ampotech, an IoT- and AI-based building energy management startup in Singapore, has raised S$1.78 (US$1.3) million in pre-Series A funding led by Earth Venture Capital (Earth VC).

KSL Maritime Ventures, the VC arm of The Kuok Maritime Group, and existing investors Silicon Solution Ventures and SEEDS Capital also joined.

Ampotech will use the funds for international expansion. It plans to open its first international office in the coming months while bringing its solutions into new industry verticals beyond its base in commercial real estate.

“Ampotech’s intellectual, dynamic, and dedicated team shares our aspiration to help buildings become smarter, more sustainable, and more positive for the Earth. Buildings are changing our lives for the better, but they also consume massive amounts of energy, threatening our climate. To tackle that issue, we have Ampotech as the first of many tenacious and energetic climate warriors that we will support globally,” said Tien Nguyen, Founding Partner of Earth VC.

Also Read: ‘Climate tech: SEA needs more time to improve startup quality, attract capital’, says Earth Venture Capital’s Tien Nguyen

Originally a spin-off from an A*STAR and University of Illinois research institute, Ampotech uses the internet of things and edge computing technology to help energy, operations, and facilities managers improve the performance of their buildings.

The proprietary AmpoHub device becomes the brain of an electrical panel, logging usage data and detecting anomalies for specific equipment like air conditioners and motors. The data are transmitted securely to AmpoCloud over a WiFi network, where they can be analysed, downloaded, or shared via API.

In 2019, the startup raised S$1 million in seed funding to bring its building energy management solutions to market in Singapore and India.

Ampotech currently counts leading energy companies such as Sunseap as clients.

“With the support and resources from Earth VC and KSL Maritime Ventures, we are excited to expand into Vietnam and pursue energy management and sustainability opportunities within The Kuok Group’s real estate and marine businesses,” said Ampotech CEO and Co-Founder William Temple.

Ampotech expects to raise its Series A round in 2023 and is in preliminary discussions with potential investors.

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