After Elon Musk’s recent tweet that Twitter “will ultimately need a complete rewrite,” coding commentators have taken to comedy, with some suggesting that he has now achieved a “mid-level engineer mindset.” In sharing Musk’s tweet, Amit Gupta, CTO of Food Market Hub, suggested that due to software’s continuous evolution, after three to four years, it becomes necessary to discuss a rewrite of a particular component or system. 

This generated a lively debate among builders in the F’in Tech community on the perennial question: Is it better to rewrite or renovate existing code?

In this piece, I capture the heart of this dilemma as well as some of the top takeaways from our conversation, reflecting the thinking of those that have been in the trenches and have the experience to share.

Better the devil you know

Every complete rewrite I’ve been directly involved with, or have knowledge of, has taken much longer than anticipated, assuming it was even completed. Often, when programmers are asked to “fix” or “complete” a rewrite, it’s easier to revert to the original (working) code base and instead focus on whatever triggered the rewrite in the first place.

Also Read: 7 lessons from building a 7-figure SaaS business with just 1 engineer

When you undertake a rewrite, you’re trading known issues for unknown ones. Modern libraries and frameworks are not immune to bugs and gotchas. In fact, they may have more than their predecessors. These issues may slow down delivery, while others may require workarounds and unsightly edges that are just as bothersome as the original.

The complexity lies beneath the surface. Typically, code bases evolve over time, with fixes and nuanced requirements baked into the code without being consistently documented. Attempting a rewrite without a comprehensive understanding of what’s already in place may continuously reveal new requirements, often during user acceptance testing.

This can drag on indefinitely, frustrating your users and blowing up your timelines. As F’in Tech advisor Sam Simopoulos succinctly put it, “These things never truly finish.”

If full rewrites are almost always the wrong approach, then who is pushing for them? Is it a non-technical manager, convinced by a persuasive salesperson? A mid-level engineer who hasn’t attempted it before? An ambitious new starter, striving to make their mark?

If any of these apply, be cautious. But if it’s the seasoned senior who loathes unnecessary changes, then it may be worth considering.

Not just the tech

When undertaking a full rewrite (or a significant renovation), it is essential to consider the needs and expectations of the users and keep the product’s purpose in mind. This maximises the chance that what is being rewritten is fit for purpose.

Gerry Eng, founder and CTO at CoinHako, builds on this, “It’s often not just a technical rewrite but a product requirement rewrite as well, making the call to remove legacy features or constraints can help unblock a lot of stuff.” However, this must be a balanced approach, as it further increases the potential risk of the rewrite, especially if the product and technical team’s visions are not 100 per cent aligned.

“What do you do if the system is so entangled that you literally cannot reasonably extract modules from it, and thus forces a complete rewrite?” asked Nino Ulsamer at Stashaway. He believes it is possible that with sufficiently senior backing, enough attention and resources can be focused to make a rewritten work.

“The rewrite can still work, but it must be anchored at the highest level. Maybe not possible without a founder-CTO pushing it forward.” These are not common, but not impossible as Uber showed, with then CEO Travis Kalanick getting personally involved. Stories like this also reveal the level of comradery that can emerge in the trenches when pulling off the impossible.

Don’t underestimate the data

As Christian Fischer, Head of Engineering at ADDX reflects, “The real pain after a rewrite is the data migration!” Without an iterative plan, the complexity of a data migration leaves two possible choices:

• A “big bang” cutover, with a sudden switch from the old system to the new
• Run a sync for two data sets, with the “old” data set supporting old processes

Big bang cutovers are high risk with little room for experimentation. Even when there is no other option, if there is a way to split the dataset into smaller pieces (for example by customer type or geography), then that should be explored as a way of minimising impact if there is an issue.

Often, engineers will try to sync data sets between old and new systems to retain flexibility, for example running one process from one dataset, and one from the other. While sensible, this adds a new layer of complexity in keeping the systems reconciled with one another for consistency, especially if the data models between the two systems differ. So we need to think about approaches that allow us to iterate on the same data set.

Sunny Singh, CTO at Headquarters, is currently undergoing a data migration, “We did it by using a combination of feature flags & new tables, along with a process to whitelist clients that were open to using a slightly buggier application. We gave those clients some additional incentives for bearing with us. This is helping us to keep data migration to a minimum as we are experimenting, and eventually, we will be migrating everyone over to the stabilised, rewritten modules.”

The use of feature flags is a great way to gradually deploy code across data migrations or more typical application releases, reducing the risk of impacting all customers at the same time.

Make it so

As Diego Rojas, CTO at Tribe Fintech, notes “Of course systems/products need to keep evolving, migrating and changing but it’s an iterative/gradual process until major risks are mitigated.” Change is inevitable, but how we implement that change is within our control, and minimising risk is the objective.

As Manoj Awasthi, CTO at Julo, explained, most experienced engineers would attempt a rewrite using the Strangler Fig Pattern. In this fascinating ecological phenomenon, a species of fig plant, known as a strangler fig, germinates on a host tree and grows around its trunk.

As the fig grows, its roots gradually envelop and constrict the host tree, causing it to weaken and ultimately die. The fig’s roots thicken and fuse together, forming a dense lattice that completely surrounds the host tree’s trunk, enabling the fig to continue growing by feeding off the host tree.

As a software refactoring technique, the host tree represents a legacy software system that has become outdated or difficult to maintain, while the strangler fig represents a new software system designed to replace it.

Also Read: Decoding the definition of a startup from an investor’s point of view

To implement this pattern, the key functionality of the legacy system is identified and implemented in the new system in a modular way. The original system is kept operational in parallel, while more functionality is migrated to the new system wrapping around it. The reliance on the legacy system decreases until it can eventually be decommissioned.

According to Headquarters’ Sunny Singh, the best approach is to rewrite specific modules as you touch specific parts of the codebase. However, considering ROI is critical to avoid exerting excess effort for little return. 

“Ugly” rewrites can be considered a waste of time: if you’re rewriting an application, then you might as well build it correctly, right? Unfortunately, as Thomas Chia, CTO at Chocolate Finance, pointed out, this violates Gall’s Law.

We are trying to jump to complexity, and thus are bound to fail. A continuous set of small changes must be made to gradually replace legacy systems with new applications. This approach almost always requires a set of “ugly” intermediate steps, yet each iteration is being utilised by real users, proving it actually works.

So, rewrite or renovate? Collectively, CTOs say: try not to do it!

But if your only option is to rewrite then try to do it in small iterative steps, have a plan around your data migration that minimises disruption, and ensure that there is a strong alignment with senior management.

But if you’re a mid-level engineer who read this and thought, “These guys aren’t hardcore enough”, then I hear Elon is hiring!

With thanks to Manoj Awasthi, Thomas Chia, Gerry Eng, Christian Fischer, Amit Gupta, Elon Musk, Diego Rojas, Sam Simopoulos, Sunny Singh, Nino Ulsamer and everyone in the F’in Tech Community.

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This new series provides an opportunity for bootstrapped founders to share their venture-building stories with the audience. If you have a compelling story, please email it to writers@e27.co.

Inmagine Group is probably the first tech company to build a successful business without raising external capital in Southeast Asia. Started in 2000 by the entrepreneur couple Andy and Stephanie Sitt, the group aims to provide creative professionals and entrepreneurs with access to “high-quality digital content at an affordable price”.

e27 spoke with Stephanie Sitt, who shares the company’s bootstrapping journey and how its conscious decision not to take VC funding helped it maintain full control over its vision for democratising creativity.

Excerpts:

Can you give us some background on how Inmagine Group was founded and how it has evolved?

Inmagine Group was established in 2000 with a mission to provide creative professionals and entrepreneurs with access to high-quality digital content at an affordable price.

Over time, the company has evolved into a global creative ecosystem with multiple brands under our umbrella. Our portfolio includes Pixlr, a popular online photo editing tool, Designs.ai, an AI-powered design platform, and 123RF, a leading stock content provider.

Our mission to democratise creativity remains at the core of everything we do, and we strive to provide tools and resources that enable people to unleash their full creative potential. Our success is driven by our talented team and a culture of collaboration, creativity, and excellence.

One of the unique aspects of Inmagine is that it has grown without VC funding. Can you talk about the decision not to seek external investment, and how you have been able to finance your growth without it?

Inmagine’s unique approach to growth without external capital or VC funding is a conscious decision to maintain full control over the company’s vision for democratising creativity.

The company has financed its growth through a combination of revenue reinvestment, strategic partnerships, and operational efficiency. Reinvesting a significant portion of profits back into products and services allows for continuous innovation and improvement.

Also Read: How Inmagine is Googlising its workplace to foster an inclusive and collaborative work culture

Strategic partnerships with like-minded companies that share Inmagine’s values have helped expand reach and offerings. By focusing on operational efficiency, Inmagine has optimised processes and resources to maximise impact and profitability.

While external investment has its benefits, Inmagine’s decision to remain independent has allowed it to stay true to its mission and values, giving it the flexibility and agility to respond to changing market conditions and client needs.

How has Inmagine been able to compete with other companies in the same space that have received large amounts of funding?

We have been able to do so by focusing on our strengths and leveraging our unique position in the market.

We have built a culture of innovation, creativity, and excellence that sets us apart from competitors. In addition, Inmagine has been able to build strong relationships with clients, partners, and employees, fostering a sense of loyalty and trust that helps it stand out in a crowded market.

The company has also been able to adapt quickly to changing market conditions and client needs, thanks to our flexibility and agility.

In the local context, Inmagine has been able to compete with other companies in Malaysia’s creative industry by tapping into the country’s diverse pool of talent and leveraging its resources and expertise. Malaysia has a growing creative industry and Inmagine has been able to capitalize on this by providing employment opportunities and investing in the development of local talent.

By doing so, we have been able to position ourselves as a leader in the local creative space and to compete effectively with larger companies that have received significant funding.

What strategies have Inmagine Group used to achieve such rapid growth and scale while maintaining profitability?

One of the key strategies that Inmagine Group has used to achieve rapid growth and scale while maintaining profitability is its focus on artificial intelligence (AI) and machine learning (ML). By investing in AI and ML technologies, Inmagine has been able to automate many of its processes, allowing it to scale quickly while reducing costs and increasing efficiency.

For example, Designs.ai uses AI to generate custom logos and brand identities allowing the company to provide high-quality design services at a fraction of the cost and time required for traditional methods.

Inmagine has also used AI and ML to improve its stock content search algorithms, making it easier for users to find the images, videos, and audio content they need. This has helped the company to maintain its position as a leading provider of digital content in a highly competitive market.

In addition to its focus on AI and ML, Inmagine has also used a combination of strategic partnerships and revenue reinvestment to achieve rapid growth and scale while maintaining profitability. By continuously innovating and investing in its products and services, the company has been able to stay ahead of the curve and maintain its position as a leader in the creative industry.

Can you talk about some of the biggest challenges Inmagine Group has faced along the way, and how you overcame them without external funding?

One of the biggest challenges Inmagine Group has faced is constant market disruption, but the company has been adaptable, innovative, and decisive in reacting to market changes. When the COVID-19 pandemic hit and the demand for digital content increased dramatically, Inmagine was able to quickly pivot and provide relevant content to its clients. The company also invested in new technologies and tools to help users create and edit content remotely, ensuring that it remained relevant and valuable in the changing market.

Also Read: Bootstrapped: How 99VR raced against the clock to build a profitable business

Another challenge that Inmagine faced was the need to continuously innovate and improve its products and services to stay ahead of the competition. The company overcomes this challenge by reinvesting a significant portion of its profits back into research and development, as well as through strategic partnerships and acquisitions.

Overall, Inmagine has been able to overcome the challenges of market disruption and competition by staying true to its values and mission, being adaptable and innovative, and making decisive moves to react to changing market conditions.

How has the company culture at Inmagine Group contributed to its success, and how do you maintain that culture as the company continues to grow?

The company culture has played a critical role in its success. The company’s culture is centred around innovation, creativity, and excellence, and is characterised by a strong sense of teamwork, collaboration, and respect for individual ideas and contributions. This culture has helped to foster a sense of ownership and accountability among employees, and has enabled them to work together to achieve the company’s goals.

To maintain this culture as the company continues to grow, Inmagine has implemented several strategies, including regular engagement programs, ongoing training and development opportunities, and a strong focus on diversity, equity, and inclusion.

The company also has a flat organisational structure that encourages open communication and transparency, enabling employees at all levels to contribute to the company’s success. By prioritising its culture, Inmagine has been able to attract and retain top talent, foster innovation and creativity, and maintain its position as a leading player in the creative industry.

Inmagine Group has made several acquisitions over its existence. How have these acquisitions contributed to the company’s growth, and how do you evaluate potential acquisition targets?

Inmagine Group’s acquisitions have been a significant contributor to the company’s growth. By acquiring other companies that offer complementary products or services, Inmagine has been able to expand its offerings and reach new markets, while also gaining access to new clients and talent.

When evaluating potential acquisition targets, I focus on several key factors, including the target company’s strategic fit with Inmagine’s existing business, its financial health, and the potential for synergies and growth opportunities. I also place a strong emphasis on cultural fit and ensuring that the target company’s values and mission align with those of Inmagine.

Overall, Inmagine’s approach to acquisitions has been strategic and focused on long-term growth, enabling the company to expand its reach and offerings while maintaining its position as a leader in the creative industry.

What is the long-term vision for Inmagine Group, and how do you plan to achieve that vision without external investment?

Our long-term vision is to become the leading global creative ecosystem by continuing to innovate and provide smarter, faster, and easier tools and services that meet the evolving needs of our users. To achieve this vision without external investment, I plan to continue reinvesting profits back into the company, focusing on research and development, strategic partnerships, and acquisitions.

Inmagine also plans to maintain a strong focus on operational efficiency and cost optimization, enabling it to continue growing and expanding its offerings while remaining profitable while leveraging its existing brands, such as Pixlr and Designs.ai, to provide users with a comprehensive suite of creative tools and services.

By continuing to innovate and improve its products and services, and by staying ahead of market trends and client needs, I believe that Inmagine can achieve its long-term vision without external investment. By staying true to its vision and values, Inmagine is confident that it can continue to achieve sustainable growth and success over the long term.

Can you share any success stories or milestones that you are particularly proud of?

Inmagine Group has achieved many milestones and success stories that I am extremely proud of. One of our proudest achievements is the global reach of our brands, including 123RF, Pixlr, and Designs.ai.

With more than 300 employees, we have been able to provide our services to millions of users around the world. 123RF, our stock photo library, has grown to include over 200 million high-quality stock photos, with 90,000 new content added daily from over 300,000 creative contributors.

Also Read: AI has the potential to perpetuate harmful biases, says Inmagine CEO

This has enabled us to become a leading player in the stock photo industry, providing high-quality content to businesses and individuals worldwide. Pixlr, our online photo editor, has also been a great success, with over 10 million monthly active users and new features for 2023.

Finally, Designs.ai has experienced rapid growth, helping businesses worldwide to create professional-grade designs quickly and easily.

Overall, we are proud of the success and milestones achieved by our brands, and we are committed to continuing to innovate and provide exceptional products and services to our users worldwide.

Do you have plans to launch an IPO or get any other forms of exit in the near future?

Never say never, but at the moment, my focus is on continuing to grow Inmagine Group and achieve our long-term vision of becoming the leading global creative ecosystem. Our goal is to provide smarter, faster, and easier tools and services that empower individuals and businesses worldwide to create, discover, and connect through design, technology, and entrepreneurship.

I believe that by focusing on providing exceptional value to our clients and innovating to meet their evolving needs, we will continue to experience rapid growth and success. While we do not have any plans for an IPO or other exit strategies in the near future, we remain open to exploring all opportunities that can help us achieve our long-term goals and vision for the company.

—

Echelon Asia Summit 2023 brings together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups can pitch to 5000+ delegates, among other benefits like connecting with investors, visibility through the platform, and other prizes. Join TOP100 here.

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From the small province of Nghe An in Central Vietnam, Vo Tuan Binh or Bill Vo was born into a family full of musical talents, making music almost part of his DNAs. As Bill Vo grew up, he found himself developing another equally strong love for technology, and that was when his dream of combining his two life-long passions into one career was conjured.

Bill Vo founded the music technology company Amanotes in 2014, which then became one of the most successful Vietnamese tech companies in the world with the catchy slogan “Everyone can music.” Since its initiation, Amanotes has published over 30 applications of its own, reaching over 2.7 billion downloads globally. 

Let’s meet Bill Vo to learn about his story to foster such a globally successful business venture.

What was your background and how did you decide to launch Amanotes?

Reflecting on my journey with Amanotes, I can absolutely resonate with a famous quote from Jeff Bezos, “All overnight success took about 10 years”. My journey started back in 2004 when suddenly I had the vision to do something big and impactful for society. Hence, I reviewed my internal resources and found my two prominent assets which are technologies and music, and I told myself why not combine them into one magnificent venture. 

It was until 2009 that I thought I could finally realise my dream. With an urge to bring Vietnamese products to the global stage, I founded a startup to produce a musical game with an ambition to overthrow Audition, the world’s most popular online music game at the time.

But it was a major flop. I failed fast and failed hard before the product was even released. I did not fully understand the customers, and I tried to achieve something out of my league at the time.

But I persevered, and then by chance, I stumbled upon a post by Silver Nguyen on a popular startup community on Facebook. His visions and dreams immediately spoke to my heart, so I asked to meet him in person and from our first conversation, I knew he is my perfect puzzle piece.

Also Read: Continue to push boundaries and create value: Jolene Lum of Nurasa

We launched Amanotes together in December 2014. With Silver, the road became much more blissful; I focused on the products and technologies while Silver ran pretty much everything else.

Since establishments, what has worked to attract and retain customers?

There are several keys to our success. First, we become successful because we fail many times, and learn from our own mistakes. To illustrate, after several failures with computer-based products, we obtained more insights and decided to switch to mobile games, which are growing in popularity among customers and align with the company’s technical strengths. 

Second, simplicity is still the best when it comes to product design. In the beginning, I tried to fit everything in my product to satisfy everyone. Then I realised that the scope of the product grew too big, and I missed the golden time-to-market opportunities. Hence, less often means more here.

Third, your product must be unique and different from the competitors’ offerings; however, it does not have to be too different. In fact, you only need one or two differentiating points to really stand out. For example, with Magic Tiles, one of Amanotes’ most successful products, we chose to perfect our users’ listening experience, ensuring that our audio quality is superior to any other products on the market.

At the same time, we developed our own concept of “musicalisation”, adding product values by using music. It was our high-quality musical experience that satisfied customers and convinced them to introduce the app to other users in their network. This is also a blessing for Amanotes since in the early stage, we did not have much money to invest in marketing.

How did Amanotes go from two guys to 200+ employees?

For Amanotes, despite some challenges along the road, we have done quite a few things right that facilitate our scale-up journey. To begin with, through both successes and failures, we found a business model that works. This is a critical point because in this game industry, sometimes, having one successful product does not automatically translate into the success of other products.

Also Read: Hard work takes over when talent fails: Latif Sim of BeLive Technology

Take Angry Birds for example. After becoming a global phenomenon, Angry Birds failed to replicate its achievements with the subsequent products to solidify a sustainable business model. Hence, in our early stage, Amanotes focused on formulating a viable business model which works effectively and generates a healthy cash flow.

With our successful formulation, we managed to add more and more products into our ecosystem while maintaining our golden ratio of having at least one successful product out of 10 published applications. 

Second, obviously, as our business grows, we need more people. Since we tend to dream big and do crazy things, we need talents even more. Nonetheless, recruiting in the tech industry is really hard and talents also have their own dreams and goals in life. Hence, I must sell my visions, and more importantly, prove that I can bring these visions to life.

I must make people believe in me and see a chance for themselves to grow with a thriving business and create value for society. Over the course of our existence, we have been able to show that we are one of the fastest-growing companies, not just in Vietnam but also globally.

Therefore, our impacts are global, so there is no limit to their dreams at Amanotes. 

What are some of your leadership philosophies and business principles?

I would say from my experience, the first and foremost important principle for a business owner is to develop customer obsessions which I, unfortunately, did not have early on.

For instance, my first product was an application for users to play the piano via a computer’s keyboard. I was so excited about the idea and thought everyone would love it. Regretfully, in reality, no one used it; the application was too complicated even for a piano expert.

This lesson stayed with me even until this day. Now, I always try to understand my customers, envisioning who they are, their behaviours, their likes, and their dislikes. I think I have become obsessed with them.

The second principle would be to build a good team. Having talents is not enough; it is also vital to build a nurturing work culture and a strong support structure to retain and bring out the best in them.

–

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

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The media industry has long been grappling with the impact of new technologies on its business model. With the advent of artificial intelligence (AI), this challenge has become even more pronounced. 

New AI tools from tech giants like Google and Microsoft are now able to provide users with answers to search queries in full paragraphs rather than just a list of links. This has many publishers worried that far fewer people will click through to news sites as a result, shrinking traffic — and, by extension, revenue.

At first glance, it may seem like AI is poised to completely upend the media industry. After all, if users can get all the information they need from a search engine, why bother clicking through to a news site? However, I believe that the impact of AI on the media industry is more nuanced than that.

Increased demand for high-quality journalism

AI brings with it the demand for high-quality journalism which is unlikely to wane, despite the increasing role of AI in the media industry. While AI can provide basic information on a given topic, it lacks the ability to provide the in-depth analysis, context, and perspective that human journalists can provide. Publishers will continue to have a crucial role in meeting this demand, especially as readers increasingly gravitate towards subscription-based models that prioritise insightful and engaging content.

Also Read: How voice AI is revolutionising the fintech scene

In recent years, there has been a growing trend of news organisations adopting a subscription-based model, where readers pay for access to high-quality journalism. This model incentivises publishers to invest in producing high-quality content, rather than clickbait headlines that generate more traffic. This shift towards a subscription-based model has led to a renewed focus on providing value to readers through insightful and engaging journalism.

Ultimately, while AI can help automate certain aspects of journalism, it cannot replace the value that high-quality journalism provides. As the media industry continues to evolve, the ability to produce compelling and informative stories will remain crucial to the success of news organisations.

Wider distribution channels

With AI-powered translation tools, media outlets can quickly and accurately translate news articles into multiple languages, enabling them to reach a broader audience.

In many countries in Southeast Asia and South Asia, there are multiple official languages, which can present a significant challenge for media outlets trying to reach a diverse audience. AI-powered translation tools can help overcome this challenge, allowing media outlets to distribute news and information in multiple languages simultaneously.

For instance, SG Translate has been using AI to translate articles into four languages – Bahasa Melayu, Mandarin, Tamil, and English – allowing it to reach a wider audience in Singapore. This can help news organizations expand their reach beyond their traditional markets and tap into new markets where demand for news is high but language barriers exist.

A threat for misinformation and deep fakes

The rise of AI in the media industry also brings potential downsides, with deep fakes being a major concern. As AI technology advances, it becomes easier to create convincing fake audio and video content, which can be used for malicious purposes such as spreading false information. Deep fakes can create convincing news reports, speeches, and interviews that never actually happened, which is dangerous in regions where the government controls the flow of information.

China’s alleged use of AI-generated deep fakes in propaganda videos is a prime example of how this technology can be used to manipulate public opinion and spread false information on a massive scale. This undermines the credibility of legitimate news sources, creating confusion and distrust among the public. In a world where information is easily accessible, the implications are alarming as people rely on the media for accurate information.

Also Read: From human to AI: Embracing change and thriving in the new world of work

The media industry must invest in technology to detect deep fakes, develop strategies for debunking false information, and educate the public about the dangers of deep fakes. This proactive approach is necessary to stay ahead of those who would use AI for nefarious purposes.

Wider job losses

As AI technology continues to improve, it is becoming more adept at automating various processes in the media industry, including writing and editing articles. This could lead to job losses for human reporters and editors, as AI becomes increasingly capable of performing these tasks more efficiently and at a lower cost. This trend is already being seen in some newsrooms, with several media organisations using AI to generate news stories, particularly for routine, data-driven articles.

While the automation of certain tasks could free up journalists to focus on more complex investigative reporting, the potential for widespread job losses in the media industry is a significant concern. 

Looking ahead

In conclusion, ultimately the successful integration of AI technology into the media industry will depend on striking a delicate balance between efficiency and quality, and ensuring that the benefits of automation are shared by all stakeholders, including journalists, readers, and society as a whole.

As such, media organisations must prioritise the production of insightful and engaging content, while also exploring the potential benefits of AI to stay ahead in an increasingly competitive industry.

–

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

Image credit: Canva Pro

The post To what extent will AI affect the media industry? appeared first on e27.

Since this is a relatively short week, there’s is a slight drop in the number of news articles published. Advance Intelligence Group’s US$80M raise and Integra Partners’s Fund II close were the major developments of the week.

Have a look at the news items we published in the first week of May.

Mimin gets Salim Group’s backing

Mimin, an Indonesian-based startup offering chat commerce solutions and virtual assistant services for businesses, secured undisclosed seed funding from Salim Group-owned Otto Digital.

Mimin will use the fresh funding to serve micro, small, and medium enterprises (MSMEs) and online sellers and strengthen its technology infrastructure and order management software. Otto Digital has a prominent MSME community and networks across Indonesia.

Integra Partners closes US$90M Fund II

Singapore-based early-stage venture fintech investor Integra Partners announced the final close of its second fund at US$90 million. This brings the total committed capital managed by the firm to over US$140 million.

Integra Partners Fund II is anchored by global institutional investors, including Germany’s development finance institution DEG, the US International Development Finance Corporation, the Norwegian Investment Fund for Developing Countries Norfund, European alternative asset management group Tikehau Capital, and includes participation from strategic corporates and family offices globally.

The new fund targets fintech, insurtech and digital health opportunities that leverage synergies across sectors to drive financial and healthcare inclusion in Southeast and South Asia. It invests in pre-Series A to Series B stages.

Advance Intelligence nets US$80M

Singapore-based AI company Advance Intelligence Group announced it has raised US$80 million from an investor consortium led by existing investors Warburg Pincus and Northstar Group.

The fundraising follows its previous Series D funding round of over US$400 million in 2021.

In total, the company has raised over US$700 million and has secured capital in excess of US$1 billion supporting its credit book.

Jefferson Chen, Co-Founder, Group Chairman and CEO of Advance Intelligence Group, said in a statement: “This new investment will help accelerate our programme of using AI technology to streamline consumer transactions and enable greater and fairer access to credit and financial products and services.”

Coldspace raises US$3.8M funding

Coldspace, an Indonesian integrated cold chain solutions provider, completed a US$3.8 million seed funding round led by Intudo Ventures, PT Adi Sarana Armada Tbk (ASSA) via its subsidiary PT Adi Sarana Investindo (ASI), and Triputra Group with participation from MKA dan ITS.

With this funding, Coldspace plans to expand its service capacity, including greater capacity for cold storage, reefer trucks, fulfilment, and geographic expansions; launch a suite of management solutions for customers to help manage and track products, including its Warehouse Management System (WMS) and Transportation Management System (TMS) and provided to customers as a free value-add service to perform analytics, offer training and improve service quality.

HOMA2U secures US$875K pre-Series A funding

Malaysia-based marketplace platform for renovation and interior design materials HOMA2U bagged MYR3.87 million (US$875,000) in a pre-Series A funding round.

The round was led by Quest Ventures Asia Fund II and included both Worldwide Management Solution and Qhazanah Sabah Berhad.

This is Quest Ventures Asia Fund II’s second cheque for HOMA2U.

The fund will fuel HOMA2U’s regional expansion plans, accelerate product development and promote a circular economy within the renovation and interior design industry.

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Echelon Asia Summit 2023 brings together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups can pitch to 5000+ delegates, among other benefits like connecting with investors, visibility through the platform, and other prizes. Join TOP100 here.

The post Take a look at the news articles we published this week appeared first on e27.