Below are the brief profiles of five Connect investors (those who have verified profiles on e27 and agreed to get connected) and what kind of companies they invest in and in which verticals.

Genesia Ventures

Genesia Ventures is a Japanese VC investing in seed and early-stage startups in digital startups in Asia. The firm believes that it can help achieve a thriving society heralded by digital technology through seed and early-stage investments.

The company cuts a cheque of US$100,000 to US$1 million per startup across angel, pre-seed, seed, and Series A stages.

Its focus areas are advertising, agritech, architecture & construction, AI, automotive, Big Data, blockchain, consumer, cybersecurity, e-commerce, education, energy, enterprise solution, entertainment, finance, F&B, gaming, govtech, healthtech, HR, ICT, insurtech, IoT, legal, logistics/supply chain, manufacturing, marketplace, media, medtech, mobile, platform, productivity & CRM, real estate, retail, robotics, sharing economy, smart cities, SaaS, sports, transportation, and travel.

Last week, Genesia announced the close of its third fund at US$110 million across Southeast Asia, Japan, and India. Investors in this fund include Mizuho Bank and Canal Ventures.

Incubate Fund

Incubate Fund is an early-stage VC fund in Japan, with offices in Tokyo, Singapore, Bangalore, and San Francisco. It makes investments in the angel, pre-seed, and seed stages across Japan, India, and the United States.

Its focus areas are advertising, consumer, e-commerce, enterprise solution, finance, and gaming.

Last week, Sumitomo Mitsui Banking Corporation (SMBC Group) launched a US$200-million corporate venture capital fund SMBC Asia Rising Fund with Incubate Fund in Singapore. The fund aims to accelerate business development and partnerships through investments in high-potential Asian startups.

East Ventures

East Ventures is a seed and early-stage venture capital firm based in Singapore, Indonesia, and Tokyo. Founded in 2010 by the co-founder of Mixi.jp and other prominent investors/entrepreneurs in Asia.

The firm invests in Singapore, Thailand, Vietnam, the Philippines, Malaysia, Indonesia, Myanmar, Laos, Cambodia, Brunei, and Japan. The stages of investments are angel, pre-seed, seed, pre-Series A/bridge, and Series A.

The investment range is US$1 million to US$50 million.

On May 9, East Ventures and Trihill Capital co-led Indonesian hyperlocal online F&B startup UENA’s financing round.

Trihill Capital

Trihill Capital is an innovation-focused venture debt fund investing in seed-to-growth industry disruptors in Southeast Asia and public equities globally. Its venture investment arm targets solution-oriented companies and transformative founders across sectors and stages.

Trihill Capital is affiliated with one of the leading agriculture companies in the region and is based in Singapore with a satellite office in Jakarta.

Based in Singapore, it invests in almost every vertical of startups across Indonesia, Vietnam, Singapore, Thailand, the Philippines, and Malaysia. The focus stages are pre-seed, seed, pre-Series A/bridge, Series A, Series B, Series C and above.
The investment range is US$500,000 to US$100 million.

B Capital Group

B Capital Group is a global firm specialising in equity investments in venture and growth-stage companies that have achieved traction with customers. Through its extensive global network and exclusive partnership with The Boston Consulting Group, B Capital helps high-growth startups navigate business challenges, raise capital, and attract talented leadership at key points of their journeys to scale.

It has offices in San Francisco, New York, Los Angeles, and Singapore. The focus verticals are AI, biotech, consumer, cybersecurity, e-commerce, finance, healthtech, insurtech, SaaS, transportation, and travel.

The focus stages are seed, pre-Series A, Series A, Series B, Series C, and above. The ticket size of US$10 million to US$60 million.

Last week, B Capital appointed venture capitalist and climate tech specialist Don Wood as a venture partner of its climate team.

 

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Echelon Asia Summit 2023 is bringing 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 get the chance to pitch to 5000+ delegates, among other benefits like a chance to connect with investors, visibility through the e27 platform, and other prizes. Join TOP100 here.

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While it is true that Singapore is widely regarded as one of the safest countries in the world, that doesn’t mean that security concerns don’t exist — especially for those in condos or HDB flats. 

The over-reliance on security guards, electronic gates, doormen and CCTV cameras is a great start for providing residents with a welcome sense of security, but what happens when there are a series of break-ins and the fire alarm has gone off? Without an extra pair of ears and eyes,  monitoring systems and real-time information, it would be impossible for security guards to reach everywhere.

The pandemic has also boosted interest in video surveillance systems, and cloud-based access controls which can all be done remotely to ensure guards have more information at hand to handle multiple things at once without the need to be physically at all places.

But is this enough for condos ‘peace of mind’ and how can technology help security guards move away from 12-hour shifts six days a week to eight-hour shifts five days a week in Singapore?

Resistance to changes

Although many condo management companies value technology to enhance risk management, the industry is still behind at various maturity levels. 

In Singapore, the majority of security agencies are SMEs. Some are family owned with little or no understanding of the latest security technology. On the other hand, the security technology companies in Singapore are not security specialists but more electrical engineering companies that “happen” to install security equipment among their other services. 

Also Read: The future of cybersecurity: A plan to fill the workforce gap and protect the world

Even those that do specialise in security technology tend to adopt an “installer” mindset as opposed to a solution provider approach in their offerings.

For this reason, the Singapore government has developed a road map for the security industry. Led by the Ministry of Home Affairs (MHA), it seeks to transform the industry from one that is manpower-reliant, to one that leverages technology and raises skills to deliver high-quality security solutions.

Security cams that are better in every way

Expanding locations, increasing users, adjusting resolution or extending retention periods; are just some of the reasons that might demand a scalable solution when it comes to CCTV cameras in condos. 

More than that, with a remote surveillance system that connects to a command centre, guards are able to take swift action.

In the past, the CCTV camera was a simple static device that would record everything that was going on in its field of view. That was its only purpose aside from acting as a deterrent to would-be trespassers. 

With the introduction of cloud-based video surveillance systems, these systems offer better business continuity and disaster recovery. Even if someone tampers with the recorder, the recording is stored in the cloud. This also means it’s accessible to users remotely.

Another feature is the introduction of video analytics. These features allow real-time notifications to be sent to users and security officers on incidents as and when they occur.

Making the security industry more dynamic

A recent survey by the Union of Security Employees (USE) stated that four in 10 face abuse at work and six in 10 are planning to leave. The role of a security officer in residential, commercial, office and even social spaces are often stretched too thin as they need to manually do inspections, capture site evidence and keep tenants safe and informed at all times.

In Singapore, the government had proposed that baseline wages for security officers should include wages paid for work done in addition to the regular work week and the basic wage for the rank of security officer be increased to US$2,650. This will assure security officers of sustainable wage growth without needing to clock in excessive hours for a higher gross wage

With the aid of new technological advancements, the security industry in Singapore is bound to fit new roles and adapt to the needs of disruptive technologies globally encouraging innovation and penetrating the untapped potential of the digital age.

Also Read: Is the four-day workweek possible for cybersecurity professionals?

Moving forward with outcome-based security contracts

As of May 2020, the Singapore government had long advocated for outcome-based security contracts to drive innovation challenging the status quo to augment manpower by providing integrated security solutions through the Transformation Map of the Security Industry (ITM) supported by the Ministry of Home Affairs (MHA).

These contracts will focus on the outputs and outcomes, which can resolve manpower issues and reduce costs in the long term. The best part is that an outcome-based approach integrates technology into the solution.

For instance, if a condo in Singapore has recently reduced its manpower to half as it’s not a public holiday and there is no need to deploy security personnel for a particular time period, the remaining personnel will be sent for retraining to accommodate the higher technical requirements. This helps them to achieve this by enhancing their existing security infrastructure and systems.

This changes how we look at a security guard for simply ‘peace of mind’ as technology will replace that. The now and future security officer will no longer be a simple “caretaker”. They will be an empowered professional with an advanced career trajectory akin to that of other professionals, managers, executives and technicians (PMETs) while playing an important part in the safeguarding of the community as a whole.

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In the current macro and geo-political environment, the goal of remaining competitive is complicated by rising interest rates, broad cost escalation, supply chain unpredictability and the rapid change flowing through many industries from digital transformation. Overlaying all these potential hurdles is the spectre of inevitable Environmental, Social and Governance (ESG) compliance requirements and what this looming management variable will require of SME owners.

The domain of ESG issues is a broad and ultimately existential challenge and is often reduced in the general media for ease of communication to the key term of “sustainability”.  The topic of sustainability is now an increasingly common boardroom topic in all entities as well as at the government level, with the impact of this now omnipresent issue clearly capable of impacting P&L results. This article will focus on sustainability issues given the recent attention to climate control. Future articles will tackle social and governance issues from an SME’s viewpoint.

Defining the goal

One leading stakeholder which gives foundational context to the sustainability and ESG agenda is the United Nations Sustainable Development Goals (UN SDG, 2015).  For greenhouse gas emissions (GHG), climate scientists and environmental conservationists have of course for decades championed the need for tempering GHG and carbon pollution levels.

Milestone pronouncements which have given a platform for greater awareness and now the call-to-action include the Kyoto Protocol of 1997, the Paris Agreement of 2015 and the UN SDGs. Industry-aligned councils have also been notable stakeholders, including the World Business Council for Sustainable Development (WBCSD, 1995), the World Resources Institute (WRI) and their GHG Protocol guidance (GHGP, since 2001) which are a leading light on classifying, measuring and disclosing GHG emissions. These various supranational alliances are largely managed under the United National Framework Convention on Climate Change (UNFCCC, 1994).

The focus on compliance with GHG emission targets to meet 2030 targets and beyond, and in turn the creation of a broader momentum to have all societal stakeholders align to these UN-set goals is picking up rapid traction.  Whilst the balance of how developed industrialised countries should lead the initiatives to meet or exceed the targets is debated with emerging countries, the role of corporations, large and small presents an interesting opening for Singapore-based SMEs to become leaders in the domain.

The ESG road ahead for Singapore businesses

The complex and evolving GHGP targets and measurement disclosures are aimed at larger corporations and businesses, with a focus on the energy industry and agriculture where a material source of GHG emissions is attributed. These GHGP accounting standards provide a framework to support the transition of prior business-as-usual practices to evolving new practices and energy sources that help to drive industry, government, and wider society.

Also Read: How to navigate the investment opportunity in climate tech sector

In Singapore, the National Environment Agency (NEA) is the statutory body that oversees GHGP matters, charged with ensuring the NEA Act, 2002 and subsequent legislation, including the Energy Conservation Act 2012, the Carbon Pricing Act 2018 and other Acts that reduce emissions intensity. The amount of GHGs emitted per dollar of GDP nationally is targeted to reduce by 36 per cent from 2005 levels by 2030.

In effect, such a target ultimately requires a marked reduction in emissions for all Singapore-based firms, and not just the larger listed companies, which is the focus of reportable GHG-emitting assets. So, whilst large corporates and even state-owned enterprises that own an industrial facility that emits more than 2000 tCO2 need to report annually on emission statistics, the future contributory expectations of the wider Singapore business community cannot be ignored given the interlocking nature of industry value chains.

The imposition of a carbon tax at the current rate of SG$5.00 (US$4) per tonne of GHG emissions applies to industrial facilities that need to register as taxable facilities when the GHG emissions are at or above 25,000 tonnes of CO2 annually (tCO2e). The slated increase to SG$25.00 (US$18)/tCO2e in the near term as soon as 2024, and a targeted SG$45.00 (US$33)/tCO2e by 2026 and SG$80.00 by 2030 foreshadows broader implications.

Scoping to be proactive

This necessarily granular level of tracking, reporting and taxing is a part of the wider Singapore Green Plan 2030.  Whilst this reporting and taxing requirement are focused on larger corporations, the role of SMEs is not to be forgotten. When we realise that there are more than 70,000 SMEs in Singapore which in aggregate contribute more than 50 per cent of economic output and the majority of employment, SMEs are indeed a key driver of economic activity that needs to be in step with GHG Protocols.

The UNs SME Climate Hub alliance highlights the role of SMEs further by noting in their definition of SMEs such levels of contribution rise to 90 per cent of business volume worldwide. These contribution levels indicate that SMEs in Singapore can and perhaps should take a leadership role.

The GHGP standards framework defines three classifications of emissions.  These are:

• Scope 1: direct emissions from a corporate’s activities.
• Scope 2: emissions traceable to purchased energy choices and;
• Scope 3: emissions due to a wider value chain view of all related activities, encompassing upstream emissions implicit with input purchases through to downstream associated costs of a taxable entities’  product/service output. The looming ultimate accounting capture of Scope 3 emissions reporting will see attributed emissions for all corporate entities more fully attributed and thus accountable to being subject to future carbon pricing policy.

Value chain realities

The difficult and ongoing debate on how to recognise, account for and levy costs on Scope 3 emissions is an ongoing and complex issue. However, SMEs in Singapore have the ability to be proactive and be well-prepared for the inevitable inclusion of Scope 3 emissions as a business cost factor. As SMEs often have larger corporations as their ultimate customer, reflecting in part the broad and global nature of value chains, the incentive to be proactive in preparing for Scope 3 compliance is clear for stakeholders that value the merits of sustainable long-term planning.

Other reasons for a wider pre-emptive approach by SMEs on all 3 levels of emissions per the GHGP framework include:

Revenue reasons

• Customers of SMEs will increasingly prefer more compliant GHGP-rated companies. Those that acknowledge their efforts in addressing Scope 3 emissions will differentiate themselves positively.
• Products and services from SMEs that acknowledge the need to have a long-term strategy that addresses Scope 3 emissions will be more attractive to responsible consumers/customers.
• Where an SME’s products and/or services are purchased by other corporates, such purchasing decisions will increasingly include more stringent procurement criteria that will encompass Scope 3 reduction efforts and measures.

Cost and innovation management reasons

• A long-term strategy which encompasses all levels of tracked emissions will result in lower COGS, boosting margins and unit economics.
• Efforts to reduce or control costs and efforts to find supply and conversion manufacturing solutions that result in GHGP-compliant input partners will encourage innovation efforts. Seeking to improve value chain delivery efficiency is fundamental to continuous improvement efforts.
• Detailed scrutiny of all supplier relationships should lead to closer relationships with value chain partners given the need to understand each other’s interdependencies as GHGP best practice becomes more detailed.

The culture shift needed by Singapore SMEs

The impact of a proactive adoption of a business sustainability approach can be seen as a basic culture shift given that the historic focus areas of many SMEs are on revenue and cash flow amid resource constraints. Being customer-centric and sustainability-centric is a shift that may require deep and long-term changes to practices for many SMEs.

Also Read: The key to tackling climate change: Electrify shipping

Businesses with value chains that are in industry sectors that are materially impacted by the far-reaching effects of more granular measuring, accounting, and reporting requirements pertaining to GHGs in the future will be most challenged.

Being able to account for the GHG compliance levels of input supplies and then the possibility of being more accountable for externalities stemming from post-sale environmental effects such as recycling or disposal costs which are increasingly captured under a broader UN SDG ambit are forthcoming challenges.

But with such challenges, lies the opportunity for such Singapore SMEs to take on a leadership position in business sustainability in their respective industries. The financial ability of SMEs to be proactive in their anticipation of Scope 3 requirements and wider SDG goals will of course be a constraint.

In Singapore, the comprehensive Singapore Greenplan should be understood in the context of a wider array of grants and subsidies that exist in the ecosystem, reflecting the government’s long-term approach to being a leading example in GHGP compliance globally.

Optimistically, in a recent Business Sentiments Survey, IndSights Research found that half of the participating Singapore companies were aware of how they can adopt sustainable and green practices into their business model. It also found that 41 per cent of the companies already had firm plans to adopt sustainable practices, or had the intention to do so in the next 12 months.

Singapore’s SME advantages

The reality of Singapore’s unique history, its modest size and its entrepot status must be seen as only a positive. Its 100 per cent urbanised status and modest 733 square kilometres is a reality which has seen it tackle resource challenges creatively throughout its history.

With strong support from government policy which is pro-innovation and increasingly even more sustainability-centric, SMEs in Singapore have perhaps unparalleled support from government-linked schemes that align with its Greenplan.

The cost shifting to a sustainability-centric business model is not going to be easy. As the fundamentals of the GHGP and the rising awareness around more long-termed holistic views of how the UN SDGs can act as a yardstick for broader societal responsibility, the ability of SMEs to respond to these standards will be questioned. With many SMEs focused on basic short-term survival, how do SME managers embrace these shifting foundation stones positively?

The Singapore Green Plan in unison with other numerous initiatives under the WSQ (Workforce Skills Qualification) and MySkillsFuture umbrellas are just some of the policy, training and funding areas to be familiar with.  In the area of GHGP compliance, there is a multitude of courses, funding grants and subsidies available to bolster the efforts of SMEs to be proactive in being leaders in the GHGP adoption.

Five Ps of a proactive SME

In future editions of this section on sustainability and SMEs, we will explore some of the details of such help available to Singapore businesses.  Meanwhile, the appendix to this article gives a summary of some of the key resources in this complex domain that will be a good foundation for ensuring the appropriate research is done as a prelude to updating (or preparing) your own Green Plan.

Underpinning these multiple complexities is the guidance given by the UN’s SME Climate Hub which suggests a 5-phase approach to breaking down these deep and long-termed strategic and operational challenges.

As a Singapore-based SME, your company should:

• Pledge alignment with the UN SDGs
• Plan in detail how to be proactive and comply
• Proceed and execute the operational plans for compliance
• Publish your key performance Indicators to be transparent about your progress towards planned targets and
• Persuade other value chain partners and customers on their shared symbiotic involvement in the journey towards net zero emissions

This article was co-written by David Wai Lun Ng (PhD, CA) and IndSights Research.

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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

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Jenfi, a fintech company specialising in revenue-based financing, has raised US$6.6 million in pre-Series B funding.

Headline Asia led the round, with participation from Monk’s Hill Ventures, ICU Ventures, Granite Oak, Korea Investment Partners & Golden Equator Capital, and Atlas Ventures.

Existing early investors also participated.

Also Read: The most important person I need to sell to is myself: Jeffrey Liu of Jenfi

With the funding, the fintech firm plans to expand its presence in Singapore, Vietnam and Indonesia by broadening its customer base while expanding into new markets across Southeast Asia.

Jenfi offers flexible funding options to digital-native businesses looking to scale, unlocking additional marketing, inventory, and growth spending. To date, it has deployed US$25 million in more than 600 companies.

Unlike traditional lenders where the focus lies primarily on evaluating financial statements, Jenfi integrates with a wide array of data sources to monitor and underwrite businesses, such as accounting software (e.g. Xero and QuickBooks), payment gateways (e.g. Stripe and Braintree), e-commerce platforms (e.g. Shopify and Haravan), online marketplaces (e.g. Shopee and Lazada) and digital advertising (e.g. Google, Facebook, and Instagram ads).

With real-time access to these data sources, Jenfi can quickly access, leverage and continuously monitor business activity and the health of companies, obtaining real-time data on revenue growth and marketing ROI.

Also Read: While traditional funding penalises a biz at its worst time, Jenfi gives them more leeway

Jenfi’s automated underwriting platform enables same-day decision-making and disbursement, streamlining the lending process for borrowers.

In August 2021, Jenfi secured US$6.3 million in Series A funding led by Monk’s Hill Ventures, with participation from Korea Investment Partners & Golden Equator Capital, 8VC, ICU Ventures, and Taurus Ventures.

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Echelon Asia Summit 2023 is bringing 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 get the chance to pitch to 5000+ delegates, among other benefits like a chance to connect with investors, visibility through the e27 platform, and other prizes. Join TOP100 here.

The post Jenfi nets US$6.6M to expand its revenue-based financing business in SEA appeared first on e27.

Within the last two years, some of the most exciting updates from healthtech startup Doctor Anywhere included its US$38.8 million Series C funding round and its acquisition of Asian Healthcare Specialists (AHS), one of the leading integrated specialist healthcare providers in Singapore.

In an email interview with e27, Lim Wai Mun, Founder & CEO of Doctor Anywhere, explains how these milestones will affect the company’s next moves.

“This is part of our long-term goal to build a digital healthcare ecosystem to enable better patient outcomes and help shape the future of healthcare in Southeast Asia (SEA). It is also a crucial step to strengthen our capabilities beyond our successful primary care services, enabling us to deliver personalised, borderless, and inclusive healthcare for our users across the region,” he writes.

Lim is one of the speakers confirmed to participate at Echelon Asia Summit 2023 at Singapore Expo, June 14-15. Before we get to see him on stage, let us catch up with him and the latest from Doctor Anywhere.

The following is an edited excerpt of the conversation.

Also Read: Revolutionising healthcare in Vietnam: The reality of healthtech unveiled

Is there any lesson that you can share with us from your recent milestones, including the funding round and the acquisition?

Doctor Anywhere’s business has grown significantly alongside the change in consumer behaviour towards virtual care, and we believe that this newly formed habit is here to stay.

While telehealth has proven its value amidst the pandemic and will remain a key platform to access care, we’re focused on enabling a more holistic, seamless and personalised healthcare journey, enabling individuals towards long-term, preventive health (vs simply thinking of health only when they are ill).

It’s also a positive trend that we are now more aware of the importance of our health and are willing to explore means to take care of ourselves – whether via digital apps or seeking out alternative treatments, or even second-opinion specialist consults. Our key focus is to build a scalable digital health platform that will enable this further and enable a healthier population through simpler, more accessible, and more affordable health and wellness.

How do the back-to-back global crises that we are facing today affect your decision-making process? What major changes have you made?

We’ve been unwavering in our focus on our patients being our number one priority. This is fundamental to everything we do – from new services, app features, virtual and in-clinic experience, and the partners we collaborate with.

Healthcare remains an area that needs to be viewed in the long term – there are no simple fixes or magical silver bullets to solve the complex health issues emerging today, nor will short-term global events likely change the emerging healthcare challenges facing our region. Driven by our vision, the next stage for Doctor Anywhere will be enabling more personalised, borderless, and inclusive care. This means tapping on data and technology to deliver more tailored and effective care solutions and increasing access to these beyond traditional healthcare infrastructure and borders.

Also Read: Healthtech data: The race for new oil in Southeast Asia

What opportunities do you aim to seize this year?

Besides business and healthcare offerings within the countries we operate in across SEA, we continue to explore other synergistic opportunities to expand or acquire more healthcare companies to join us on our journey to building the largest healthcare ecosystem in the region.

We’ve begun to see a fundamental shift in consumers who, now more informed, are willing to take greater steps beyond lifestyle changes to secure their long-term health and adopt preventive measures/healthy lifestyles. This includes more of our users seeking mental wellness, chiropractic, and specialist services, alongside our DA Marketplace (wellness, supplements, health products) and contraceptive subscription service.

Off the back of a return of regional tourism and the easing of pandemic restrictions, medical tourism has also made a comeback. We launched our DA Wellness Concierge in December 2022, which is an end-to-end medical tourism service for those exploring medical procedures and services in Bangkok.

Our team provides personalised recommendations based on our network of accredited healthcare providers for curated quality, affordable treatments, including aesthetics (botox, derma fillers), fertility (IVF, egg freezing, genetic testing), surgery (liposuction, breast augmentation, hair transplants), and health screenings.

Preventive healthcare will continue to be a key pillar, especially with the benefits telehealth and digital health apps play in making consults, managing chronic conditions, and other services a lot more seamless over the long term.

It is also a priority for governments across the region, such as Singapore’s Healthier SG initiative which would be ramped up this year.

We continue to partner with ministries and public institutions to enable healthier populations now and in the future.

Also Read: Bolstering healthtech: Thailand’s bid to become Asia’s medical hub

What is your major plan this year?

Offering personalised, borderless and inclusive healthcare to our users will be our main focus. By doing so, our users will have access to decentralised healthcare across their care continuum (i.e. primary, secondary, tertiary, step-down care, and wellness).

So, in a sense, we are building one of the largest hospitals in SEA without the hospital building.

For example, our users can be doing health screenings or vaccinations at home or in their offices, accessing primary care offerings via our telehealth service and network of physical GP clinics. Getting second opinions and post-surgery consultations with our medical specialist doctors via teleconsultation will also be the norm. Even post-surgery recovery can be monitored at home, away from hospitals.

Users will also be accessing other ancillary healthcare verticals such as mental wellness and chiropractic services, alongside our online DA Marketplace for supplements and health products.

This points back to our vision to deliver personalised, borderless, and inclusive healthcare and our fundamental basis of putting our patients first and supporting their health and wellness across their life journeys.

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Echelon Asia Summit 2023 is bringing together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here.

Image Credit: Doctor Anywhere

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Use our special promo code: GO for 75% off your Echelon tickets!

The 2023 Echelon Asia Summit is happening at the Singapore EXPO on 14-15 June 2023. Are you a startup founder, investor, corporate, or tech enthusiast? Don’t miss out on one of the most anticipated tech conferences in the region! For more information, visit the official Echelon page.

The TOP100 program is an annual project spearheaded by e27 with the goal of recognising the most promising and innovative startups in the Southeast Asian region and beyond. The program is a highly anticipated event that provides a platform for exciting new startups to showcase their ideas, gain exposure to investors and potential partners, and receive valuable feedback from industry experts.

Through the TOP100 program, startups have the opportunity to pitch their ideas to a panel of judges comprised of investors, corporates, and industry giants. The judges evaluate each startup based on various criteria, including innovation, market potential, team strength, and overall execution.

Winning the TOP100 program can have a significant impact on a startup’s growth trajectory. The program has helped many startups secure funding, gain media attention, and expand their customer base in the regional market.

With its rigorous selection process, 100 startups get to pitch their products and services at the Echelon Asia Summit slated on June 14-15 at the Singapore EXPO. Top contenders will proceed to the finals where winners will be selected.

Without further ado, here are the first 15 startups that will be competing at this year’s TOP100!

The first 15 semifinalists for the 2023 TOP100 

myFirst

myFirst is the world’s first KidsTech ecosystem that has safely and securely connected over 1 million kids, families, and friends globally. The company is responsible for enabling kids to access devices, safe apps, connected services, and kids’ social networks through smartwatches, cameras, headphones, smart sketch boards, 3D pens, and more — all in a safe and secure environment.

Connected services enable kids to message, voice note, and make video and voice call to stay connected. Kids can also take and share photos, set reminders, listen to music, track their steps, and monitor their heart rates. Parents can keep track of their kids’ location and geofence with advanced GPS, WiFi, and GSM for accurate positioning, and connect with them anytime. In case of an emergency, an SOS button will also alert parents.

Howuku

Howuku is a full-package suite that is intuitive and easy to use so users can make informed UX improvements, and in turn, increase their business revenue and create lasting relationships with customers for life.

Howuku helps product and marketing teams to improve user experience and increase conversion rates with the most comprehensive list of optimisation features such as dynamic heatmap, session recordings, a/b testing, web personalisation, feedback, and many more.

Whether you are a marketer, product manager, or UX designer, Howuku has all the tools you need to make a better product and convert more sales!

Boost Capital

Boost is an award-winning B2B2C SAAS platform that allows Financial Institutions to onboard loan and savings account applicants digitally in 5-10 minutes without any app download.

Boost transforms Financial Institutions, expanding their client reach through chat-based financial services.

While banks in Southeast Asia traditionally operate in-person via brick-and-mortar branch locations, Boost allows these banks to enable their clients to apply digitally for loans in 5-10 minutes without an app download. This means massive new reach in new customers. Boost built their tech platform to have simple integrations so they can launch a new Financial Institution in 2-3 weeks.

GuruInovatif.id

GuruInovatif.id is a Learning Management System that operates as a source of information in the world of education. They provide information on teaching and learning; a source of data sharing for schools; local government, and central government for continuous development.

GuruInovatif.id is also connected to various schools throughout Indonesia to provide the best experience in teaching and learning. The team behind GuruInovatif.id is always working to improve literacy and numeracy scores as learning outcomes, provide motivation and encouragement in teaching, and build structured relationships and communication with all education stakeholders.

Through competency development, skill-supporting training, and socialisation of educational content through technology, GuruInovatif.id has become an agent of change for the transformation of Indonesia’s education landscape.

HeyHi Pte Ltd

HeyHi is a unique AI-enabled assessment and personalised learning system that empowers educators to teach and personalise education efficiently and seamlessly in a highly collaborative learning environment.

With teaching versatility for both live and self-paced instructions in a flexible learning environment — online, on-site, and hybrid, HeyHi magnifies learners’ opportunities and enhances their borderless learning journey.

At its core, HeyHi is an AI-enabled assessment and personalised learning system to Teach, Collaborate, and Personalise learning, in a highly collaborative learning space.

CAWIL AI

CAWIL AI is an industry-agnostic artificial intelligence solution with custom machine learning models that can be deployed locally and through cloud integration. CAWIL AI’s value proposition is its experience in utilising data-driven information for digital transformation, providing a seamless and easy-to-integrate cloud-based platform for an on-demand transaction. They provide digital transformation through AI.

Their solutions address Sustainable Development Goals #9 on Innovation and Infrastructure through their digital platform for environmental and corporate management, utilising AI & IoT, and SDG #12 on Responsible Consumption and Production from Agriculture, and Supply Chain Management.

CEREBRO

CEREBRO helps teachers jumpstart online teaching with the least preparation possible, allowing them to save up to 400 hours per year through ready-made digital content on a managed cloud platform as a solution for reducing faculty workload and improving the quality of online teaching.

It completed the Ideaspace Acceleration Program in 2020 and was recognised among the Top 20 RESQUE Startups vs. COVID-19 of QBO Innovation Hub.

As a solution, CEREBRO® employs its pool of instructional designers to develop digital teaching materials that are aligned with the Department of Education’s Most Essential Learning Competencies (MELC) and the Commission on Higher Education’s New General Education Curriculum (NGEC). In addition, CEREBRO® also manages its clients’ learning management systems (LMS) so schools can worry less about maintaining their own IT teams or tech infrastructures and focus more on pedagogy.

Xctuality

Xctuality is an immersive technology startup that is connecting people everywhere by developing the next evolution of social networking that connects people with immersive experiences.

Xctuality’s solutions (Xctuality Interactive – VRAR 360/3D platform with innovative choose-your-own narrative interactive experiences, and Xctualyfe – Metaverse/Web3 platform providing Metaverse as a Service to businesses and ecosystems with functionalities that empower monetisation) help address issues concerning creators, brands, and businesses spending too much money in social media advertising while seeing organic traffic decline in the face of mysterious and often-changing algorithms. Furthermore, data is aggregated and controlled by a handful of large platforms that monetise from individual users’ data without benefiting the user.

Xctuality’s hypothesis is that by providing creators, brands, and businesses the ability to create and curate their very own branded experiences and bring in their base of customers, and having such worlds interconnected, these users could organically discover the various experiences and result in stronger customer loyalty and greater customer lifetime value, while at the same time democratising individual user data and enabling businesses to have better targeting and greater conversion.

ALPHACIRCLE Inc.

ALPHACIRCLE is a renowned startup that has created cutting-edge visual enhancement software called ‘ALPHAView’, which enables content creators to produce high-quality, original VR videos. Their proprietary algorithm is utilised during both the encoding and decoding process, enabling the distribution of four times more pixels to create the most immersive experience possible. This advanced technology allows for the viewing of videos in 8K 3D through smartphones and VR headsets, providing viewers with unparalleled visual clarity.

ALPHACIRCLE’s affordable and optimised VR software also addresses common issues related to image quality and playback synchronisation. This ensures that consumers can enjoy crisp image quality without the need for expensive, high-end VR headsets. Furthermore, their software helps eliminate playback problems and glitches, allowing for a seamless and uninterrupted viewing experience.

Red Dot Analytics

Maximising sustainability by minimising energy consumption for mission-critical infrastructures with Red Dot Analytics (RDA).

Their DCVerse platform harnesses the power of cutting-edge digital twin and AI technology.

With a decade of research from Nanyang Technological University (NTU) Singapore backing them, RDA leads the industry in “cognitive digital twin” technology, offering a virtual replica of real-world systems to simulate change before implementation, delivering optimal operating settings, and up to 40% lower energy consumption.

PriyoShop

When we talk about small businesses, we primarily focus on neighbourhood mom-and-pop shops, also known as retailers. These are the small shops we see around us on our streets. If we talk about the former, 97% of our country’s retail sales take place through them; e-commerce and modern retail play a smaller role. So, the majority of the retail transaction is actually taking place through neighbourhood shop retailers.

PriyoShop is a B2B e-commerce marketplace that is digitalising B2B trade for the unorganised retail sector in Bangladesh. The company’s platform connects small-scale retailers directly with manufacturers and suppliers. PriyoShop’s app allows small retailers to procure inventory from wholesalers, distributors, and manufacturers at competitive rates.

BOOQED

BOOQED is a digital platform that empowers teams to truly work from anywhere and to help organisations become more agile in their approach to the office.

BOOQED simplifies how businesses deal with this process, making it an effortless outsourced tech solution for businesses. Its cutting-edge modular hardware and software platform provides an easy and cost-effective way for companies to create and manage private, flexible work and meeting spaces within their existing offices or buildings. Users can easily make bookings for spaces and gain access to meeting rooms via the mobile and web app. Modular furniture, smart booths, movable walls and a proprietary access control solution — along with the ability to deliver integrated amenities such as printing and automated coffee dispensers via the web app — provide a turnkey solution that can be deployed in any existing office or lobby space. Full automation reduces human resource requirements. Data analytics tools provide snapshots of how the space is being used.

Tictag.io

Tictag is a startup born in Singapore focusing on crowdsourcing data annotation. By simplifying data annotation tasks and putting them on a groundbreaking, gamified mobile application, Tictag aims to become the best way for people and companies to work with data. Whether it is for powering computer vision AI models or enhancing data analytics systems, Tictag offers high-quality, labelled datasets regardless of industry.

Tictag was designed to be extremely accessible and inclusive, allowing seniors and people with disabilities to perform micro-jobs on their phones. Through this, they aim to bring more opportunities to the community, especially to the disadvantaged and vulnerable parts of our population.

Ailytics

Ailytics is a Singapore-based company with the goal of enhancing safety and maximising productivity by leveraging existing cameras to receive real-time actionable insights and make better-informed decisions.

Ailyssa, their flagship product, is a video analytics solution that can connect to any current CCTV infrastructure to offer real-time warnings, trends, and reports.

Ailyssa is used by site staff and managers to evaluate subcontractor performance, track construction progress, educate workers on risky practices, and reinforce company safety standards. End-users such as project managers and safety officers can leverage this technology to have better visibility of their site’s overall safety and progress to make better-informed decisions for their operations.

Finext

Finext automates your personal financial management. Users simply have to snap receipts and Finext will automate your expenses tracking and personal tax calculations.

Messy receipts? Tedious and time-consuming to track your personal expenses? Have to keep physical receipts for 7 years for claiming tax relief? Finext helps you to automate all these work within one app. Just snap your receipt, and Finext will do the rest with the help of Artificial Intelligence. Users can submit their personal income tax with just one click, and Finext will calculate payables and rebates and submit them easily. 

Their vision is to become users’ everyday personal finance app.

To be battled out at the 2023 Echelon Asia Summit

Watch out for these exciting startups as they battle it out on the TOP100 pitching stage at the 2023 Echelon Asia Summit happening on June 14-15 at Singapore EXPO.

The Echelon Asia Summit is a leading technology conference that brings together experts from around the world to discuss the latest trends and innovations in the industry, share expert knowledge, and provide opportunities to network with peers. The event is a must-attend for anyone in the tech industry looking to stay ahead of the curve.

Catch these startups and more at this year’s TOP100 stage! To learn more about Echelon Asia Summit 2023 and to sign up for the event, visit the official page here.

The post The first 15 startups that made it to this year’s TOP100 appeared first on e27.

We have become familiar with negative generational stereotypes, however seemingly accurate, or perhaps even more likely, exaggerated they might be. With several distinct age groups currently working together, namely the Gen Z, Millennial, Gen X, and Baby Boomer generations, perceptions of generational differences in the workplace are undeniably prevalent. But are they important?

Life as we know it continues to undergo seismic changes, including a large ageing workforce, rapid technological advancements in an increasingly digital world, shifting perceptions about diversity, equity, and inclusion, and a global pandemic that accelerated trends toward flexible work.

More than ever before, it is critical for organisations to understand their employees — not as broad generational demographics with uncompromising differences, but rather as people with unique work styles, needs, and preferences, which influence job satisfaction, performance, and longevity.

The Future of Time, a global study fielded by Adobe Document Cloud on the nature of modern work, shows how significant these preferences are, and points to important organizational adaptations that employers can make to attract and keep top talent.

Enable flexibility for better productivity and outcomes

According to The Future of Time, younger generations feel pressured to work during office hours, but that’s not always when they’re the most productive. The past few years have shown that they can be just as productive managing their own time, starting work as early or finishing as late as they please – even breaking up their work day for personal errands.

Also Read: Effective marketing strategies to win over Gen Z for your startup

In fact, housework emerged as a popular non-work activity among Southeast Asian employees working remotely. Even with designated work hours, about one-fifth of Singaporean employees surveyed say they carry out household chores when not working during office hours.

By understanding the generational differences — and, more importantly, treating employees as unique individuals — employers who exercise flexibility can set their workers up for success.

While managers and employees alike crave flexibility in their schedules, this is especially true for Millennial and Gen Z workers. What’s more, the cost of falling short is even higher for their employers. A study by the Institute of Policy Studies (IPS) in 2022 showed that more employees have indicated that they would consider changing jobs if working from the office becomes the default.

Between December 2021 and February 2022, 37 per cent of employees surveyed in Singapore said that they would consider looking for another job if their employer requires them to return to the office on most days.

However, among those surveyed from March to April 2022, when there was a further relaxation of COVID-19 measures, this figure grew to 42 per cent. In addition, 78 per cent of Millennial employees would switch jobs for a better work-life balance, compared to 50 per cent of Boomers.

For employees, burnout and attrition from rigid work requirements are real. And for employers that respond inadequately to the needs of their workers, so are the consequences. It’s a potentially urgent problem.

IPS reported that younger employees were more likely to plan on leaving their jobs in the next 12 months as compared to those who were older. Around 40 to 44 per cent of employees aged below 50 were planning to leave their job in the next 12 months, while 17 to 23 per cent of employees aged 50 and above are planning to do so in the same duration.

Adobe’s Future of Time study also revealed that employees who opted to stay with their current employers cited schedule and location flexibility as top reasons. These adaptations are straightforward but don’t come overnight — they require fresh perspectives, updated trust in employee competence and reliability, restructuring of outdated processes, and implementation of the right tools.

As Singapore’s workforce increasingly transitions towards hybrid work models, employers must redesign their processes and infrastructure. Technology such as cloud storage and collaboration applications can be a great enabler, allowing employees to access critical resources and continue co-creating solutions while working remotely.

This is corroborated by the Monetary Authority of Singapore (MAS)’s study, which showed that organisations with the right technology and infrastructure were able to quickly adapt and address new challenges triggered by hybrid work models.

But modern workers don’t just want flexibility, they want to be more productive and efficient too.  Younger generations of employees are issuing an unspoken mandate of sorts to companies that workplace and schedule flexibility, and the digital tools and processes which facilitate that flexibility, are essential,  not only to attract and retain them but also to ensure they can work effectively.

Also Read: Gen Z is redefining global consumption. Can companies keep up?

Companies now have an opportunity to seamlessly reshape the modern office to become digital, flexible, and more successful – and avoid the potential perils of ‘The Great Resignation’.

Talent attraction hinges on flexible working arrangements

Many organisations today are departmentally siloed, increasingly remote, and busier than ever. It is essential that an organisation’s technology infrastructure must enable staff to work in a hybrid way, in the office, from the home or a third location such as a shared workplace, according to MAS. Tools that empower collaboration and security will help to save time and accelerate business operations.

Building a flexible system of remote-ready tools and processes creates an efficient, productive document workflow for every team in an organisation. Employees in every line of business can see their productivity soar when implementing an integrated document management solution.

Understanding the needs of a modern, intergenerational workforce is imperative to creating an environment that both attracts talented employees and persuades them to stay. Automated, digital solutions can help employees and business leaders work smarter, simpler, faster, and more flexibly, wherever, and whenever, they choose, without compromising productivity.

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The global market for artificial intelligence (AI) has experienced a dramatic spike in interest, with projections indicating a twenty-fold increase by 2030.  Despite AI’s rapid growth, becoming a significant part of the global technology mix, its limitations make it clear that AI cannot develop without human intervention.

The growth and integration of AI

AI’s rapid growth and learning have been evident in recent years.  Since 2010, AI research has increased two-fold, and newly funded AI startups have increased three times between 2013 and 2022.  In 2022 alone, private AI investments were eighteen times greater than in 2013.  Furthermore, global adoption of artificial intelligence is on the rise, with businesses across various countries exploring and using AI.

As AI becomes increasingly integrated into our lives, 60 per cent of people expect significant changes in sectors like education, transportation, shopping, entertainment, and safety within the next three to five years.  ChatGPT, with its one hundred million monthly active users as of January 2023, has been a game-changer in the recent excitement around AI.

Also Read: Is ChatGPT a great invention or is it being ‘hyped’

The human element in AI development

However, artificial intelligence is not perfect and is not self-sustaining.  Current AI systems lack the ability to narrow research focus, set exploration prompts, exert judgment, determine essential data, manifest their design, explain conclusions, and have the desire or will to accomplish tasks.  Additionally, artificial intelligence cannot tap into human soft skills like creativity, empathy, and teamwork.  While some AI applications, like ChatGPT, can pass the Turing Test, no platform has passed the Lovelace Test.

Because of these limitations, major world leaders and technology experts have signed a petition to halt artificial intelligence development.  AI needs human intervention to reach new heights, and searches for AI services have increased by 1,400 per cent on platforms like Fiverr.

Sam Altman, CEO of OpenAI, envisions AI as a co-pilot, while Fei-Fei Li, Sequoia Capital Professor of Computer Science at Stanford University, emphasizes that humans make AI, for humans.  Marvin Minsky, the Father of AI, and Eric Schmidt, former Google CEO, also highlight the indispensable nature of AI as a research assistant for researchers.

To unlock AI’s potential, the human element must be incorporated.  Combining AI with human intelligence enables the accomplishment of significant tasks in a short time, adding a human touch to boost AI capabilities. This could lead to advancements in AI in numerous ways, such as multitasking, discernment, moral decision-making, empathy, and creativity.

Understanding one’s role in artificial intelligence curation is essential for making the best use of artificial intelligence.  Creativity and adaptability are the most crucial aspects that AI needs to learn from humans. As AI is inherently motiveless and requires human guidance, directing it through curation is essential. Humans need to make judgments about what they see on screen and take decisive action regarding how the information should be used.

Also Read: How Transparently.AI uses Artificial Intelligence to detect accounting manipulation, fraud

Ultimately, unlocking AI’s potential starts with human interaction.  Those who can create human-centric commands hold the key to the future of artificial intelligence.  As AI continues to grow and integrate into various aspects of our lives, it is our responsibility to guide its development and ensure that it complements human capabilities.

In an age where artificial intelligence is increasingly prevalent, the human touch remains indispensable for achieving artificial general intelligence.  By fostering a synergistic relationship between humans and machines, we can ensure that AI serves as an invaluable tool, enhancing our lives and contributing to the betterment of society.

As artificial intelligence technology advances, it is crucial to remember that it is our collective power, creativity, and will which determine the course of AI’s development.  The future of AI is in our hands, and it is up to us to shape it into a valuable and beneficial asset for humanity.

With careful planning, management, and collaboration, we can overcome the challenges that artificial intelligence currently faces and unlock its potential to revolutionise various sectors, from education and transportation to shopping and entertainment.  By embracing our role as AI curators and guides, we can ensure that AI develops in a manner that aligns with our values and serves our best interests.

Artificial intelligence and humans have the potential to become invaluable partners in our pursuit of knowledge, growth, and innovation.  By recognising and embracing the unique qualities that humans bring to the table, we can work together with artificial intelligence to create a brighter, more prosperous future for all.

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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

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This is a new series for late-stage (post-Series B) startups. If you are a late-stage company that wants to share your growth story with the world, please reach out to us at writers@e27.co. 

For many years, agents ruled the roost in the Indonesian insurance sector. And still, the insurance penetration didn’t cross 4 per cent.

“In Indonesia, many people tend to be reluctant to purchase insurance protection because they have to spend their money monthly or annually for a safety net purpose. When purchasing insurance, this forfeited spending is considered a “loss”, Cleosent Randing tells e27.

This is due to several factors, including the lack of education and the stigma of the challenges often linked with insurance, such as high premium costs, lack of accessibility, and complicated processes. Because of this, a major chunk of Indonesia’s population is left out of insurance protection; as of 2021, the insurance penetration is a meagre 3.18 per cent in the country, according to the financial services authority OJK.

Cleosant Randing wanted to become an agent of change here. So in 2015, he joined Michael Saputra to launch the insurance aggregation platform PasarPolis.

PasarPolis aims to provide a solution for a more embedded and frictionless insurance system. It aggregates insurance products from over 50 insurance companies in Southeast Asia through its partnerships with over 40 digital ecosystem distribution partners and its Tap Insure mobile app.

Also Read: It is costly to develop and sell insurance products in Indonesia: PasarPolis CEO

Thus far, the company claims to have issued over one billion policies; in 2022 alone, it issued 500 million policies.

Nine in ten of PasarPolis’s 80 million customers had never purchased insurance policies before, while 40 per cent are workers in the informal sector, including taxi drivers, couriers, and online MSMEs.

Standing out

Unlike its competitors, PasarPolis is a full-stack digital insurer, meaning it can underwrite its own products. For this, it has strategically collaborated with Tap Insurance, which holds a full license from the Financial Services Authority of Indonesia (OJK) to operate as an insurance underwriter.

The company also provides microinsurance or low-priced coverage solutions for any type of risk (from broken gadgets to accidents).

“We have identified that the greatest opportunities lie in new insurable risks or utilising technology to insure previously uninsurable risks where incumbents do not have a strong foothold. For example, we offer affordable but highly profitable gadget insurance for crack screens and accidental damage, which saw exponential uptake of over 20x last year, with 175,000 device protections sold in December 2021 alone,” he says.

The startup has created an embedded system that allows it to distribute insurance through its partners, including e-commerce firms (Shopee, Blibli, Lazada, and Bukalapak), ride-hailing apps (Gojek), consumer electronic firms (Xiaomi), fintech companies (Home Credit and Dana), OTAs (Traveloka), and furniture firms (IKEA). It creates a win-win situation.

“We allow consumers to easily purchase micro-insurance products with a tap as they can add insurance to their purchases from the ecosystem partners like Shopee, Tokopedia, Gojek, and Xiaomi. The cost of these micro-insurance products is often less than a cup of coffee (at around 5,000 to 20,000 Indonesian rupiah). Filing claims is also easy, as consumers can fill out a simple form via SMS/Whatsapp to process their claims,” he said.

According to the firm, it allows people to purchase micro-insurance products with a tap. They can add insurance to their purchases from the ecosystem partners like Shopee, Tokopedia, Gojek, and Xiaomi. 

Going forward, PasarPolis will embrace future insurtech opportunities by developing a holistic insurance ecosystem through an embedded insurance system. This can cater to people’s daily needs — every day from the time people wake up until they drive/ride back home from work.

“We focus on delivering products that can help solve people’s daily problems based on their everyday needs as well. This is in line with our mission to democratise insurance for all by providing better accessibility, a more affordable and delightful consumer experience,” he elaborates.

Challenges

Indonesia’s insurance market is facing several challenges. One, it is costly to develop and sell insurance products. Underwriters often take high margins when creating insurance products, and there are layers of brokers and agents who also take a cut when distributing the products. This makes insurance products expensive for consumers.

Additionally, it is hard for consumers to access insurance products, as they often have to communicate with agents to purchase them. There was previously no way to buy micro-insurance products online 24/7 in Indonesia. Another issue is that the insurance industry has a negative reputation when it comes to processing claims, as it can be a bureaucratic and lengthy process with a lot of paperwork involved.

PasarPolis attempts to address all these problems with its micro-insurance platform.

SEA is poised for a significant growth

Southeast Asia’s insurance market is poised for significant growth, with key regions like Indonesia, Thailand, and Malaysia representing about 60 per cent of the total premiums underwritten, according to Randing.

“We will now focus on increasing insurance penetration and literacy in Indonesia and other ASEAN countries like Vietnam and Thailand. This will be our key priority in the coming year, given the huge potential, especially amid the increasing awareness of day-to-day protection due to the pandemic’s new way of life,” he shares.

Country-wise penetration rate

Indonesia: The gross written premium for the general insurance industry was IDR71.36 trillion (US$4.9 billion) in 2021. The market is expected to grow at a CAGR of more than 7 per cent during 2020-25 (GlobalData). The insurance penetration rate is 3.18 per cent as of 2022.

Vietnam: The general insurance industry is projected to grow at a compound annual growth rate (CAGR) of 8.5 per cent from VND60.15 trillion (US$2.6 billion) in 2021 to VND90.24 trillion (US$3.5 billion) in 2026 (GlobalData). The penetration rate is less than 3 per cent.

Thailand: The insurance industry is expected to grow at a compound annual growth rate (CAGR) of 4.7 per cent from THB890.4 billion (US$27.8 billion) in 2021 to THB1,1129.3 billion (US$36.1 billion) in 2026. The insurance penetration rate is 5.5 per cent (GlobalData).

In comparison, markets like Hong Kong (20.8 per cent), Taiwan (17.4 per cent), and South Korea (11.6 per cent) have a 3-6x higher penetration (Swiss Re). 

Funding & Competiton

Since its launch, PasarPolis has secured over US$71 million across four funding rounds, according to Crunchbase. The latest round of US$12 million came in December 2022 in the form of convertible notes. Previously, PasarPolis raised US$5 million in a Private Equity round from IFC in February 2021.

Before the PE round, the insurtech firm bagged US$54 million in September 2020. The investors in this round were LeapFrog Investments, SBI Investment, AlphaJWC, Intudo Ventures, Xiaomi, and Go-Ventures. In the past, it also raised undisclosed amounts in seed and Series A rounds.

In Southeast Asia, PasarPolis is mainly competing with the home-grown Qoala, an omnichannel insurtech platform. Qoala works with insurers to develop products that have high relevancy for customers and make them financially accessible to their customers. It distributes retail insurance products to consumers for cars, bikes, homes, and health through its platform.

Also Read: PasarPolis secures US$54M in oversubscribed Series B to scale its online insurance biz in Indonesia, Thailand, Vietnam

Qoala claims to have processed over US$30 million in claims by partnering with insurers across Indonesia, Thailand and Malaysia.

In March this year, Qoala closed its Series B extension funding round, raising US$7.5 million led by responsAbility Investments and Appworks.

Other leading insurtech companies in the region are igloo (Singapore), PolicyStreet (Malaysia), and Sunday (Thailand).

The future

According to Randing, the future of insurance will be embedded in every daily activity. “We were the first to bring contextual microinsurance at the point of digital sales, and today our insurance products are well integrated and built in over 40 ecosystem partners across verticals. This allows us to be in a good position to win across all distribution channels, growing together with aligned interest with our partners and swiftly building a large customer base.”

“We believe buying insurance should be as simple and as frictionless as today’s online shopping experience that is very much accustomed by today’s consumers, especially during this pandemic time. Our frictionless distributions redefine insurance as relatable and easy to buy. The insurance is contextual across ecosystems with policies issued instantly,” he says.

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The evolution of artificial intelligence augurs well for the drone industry as it will bring in more automation and intelligence, according to Kamarul A Muhammed, Founder and CEO of Malaysia’s global drone services company Aerodyne Group.

“If you look at the evolution of the industry, drones were manually operated and piloted from the ground at the beginning. Now, the advent of AI has brought more autonomy to the sector,” he said speaking in a panel discussion on the second day of Beyond Expo in Macao.

Drones have now become better physically and they can now fly by themselves. But they need to have the intelligence of how they will do their own operations. If we can develop an AI model that can understand the environment and the assets, drones can do far more effective work. At the end of the day, the real value lies in how we make a meaningful impact on society, he said.

Also Read: Enterprise drones startup Aerodyne raises US$30M; claims to have inspected over 250K assets in 25 countries

AI can also automate the process of extracting intelligence from data that drones gather. It will make a significant impact on the industry. Aerodyne has developed an AI model that has helped reduce the amount of time taken by a drone to carry out the inspection of a telecom tower from 136 hours to just under 15 minutes, Muhammed added further.

“We carry out inspections of thousands of telecom towers the world over. We used to spend manually or automatically applying and capturing the data. It would require a long time for engineers to process the data and gain insights from it. Over the past year and a half, we spent a lot of effort automating this process and developing an AI model and intelligence system. As a result, we have been able to reduce the number of hours taken to process the inspection of a single tower from 136 hours to less than 15 minutes,” he claimed.

AI can also lead to swarm intelligence. In the past, a single drone would go out and fly piloted by an individual and then another team would fly another drone doing another work. If we can use AI to swarm all these tools together, they can communicate and collaborate with each other to make it far more efficient, the Aerodyne CEO shared.

Ingredients for success in modern SEA

Muhammed also talked about the key ingredients for startups to be successful in modern Southeast Asia. In his opinion, startups need to look at what key problem they solve and then find the key gaps in society that they can make a significant impact on, find and develop the right technology, and build the right team to deliver the solution.

According to Techsauce Co-Founder and CEO Oranuch Lerdsuwankij, to be successful in a fragmented region of 650 million people, it is crucial to understand the local culture and the behaviour of each market.

Also Read: A snapshot of the six cool products we found at Beyond Expo in Macao

In her opinion, there are massive opportunities for SMEs to be converted into tech startups. Southeast Asia’s second and third generations of SME owners are looking to transform their family-run businesses into tech startups. Most of them have domain expertise.

“If we take the construction or food & agriculture industry, the second or the third generation of people who study abroad come back and see that digitalisation can help them transform their family businesses and leverage technology to transform them. This presents great opportunities for startups in Southeast Asia,” Lerdsuwankij said.

The session was moderated by Jumpstart Executive Chairman James Kwan. Ling Xiangliang, Deputy CEO, ESCO Lifesciences Group also participated in the session.

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Echelon Asia Summit 2023 is bringing 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 get the chance to pitch to 5000+ delegates, among other benefits like a chance to connect with investors, visibility through the e27 platform, and other prizes. Join TOP100 here.

The post AI can bring more intelligence and automation into drone industry: Aerodyne CEO appeared first on e27.