Honey Mittal, who came to Singapore from India in 2005, always had a knack for solving problems.

Hailing from a business family, Mittal wanted to start his own company after securing a degree in Computer Science from the National University of Singapore but lacked financial resources. In addition, the responsibility to look after his family rested on his shoulders as the family business was in bad shape.

“So I went for a job at Credit Suisse. I hated the job but I somehow stayed there. In the meantime, I decided to utilise my app-developing skills and previous Microsoft internship experience to build an iOS app similar to Friendster,” he told e27. “That was the first app I developed.”

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

Then Mittal started building more apps, one after another, in different verticals and became addicted to app building. To gain more experience and learn from the best of the best, he decided to join a startup. “I worked in multiple startups in Singapore, including travel tech startup WeGo where I met Sohaib Muhammad, an expert app developer who later became my business partner. We then started Locofy.ai,” said Mittal.

Bridging the chasm between designers and developers

Incorporated in 2021, Singapore-based Locofy.ai offers a platform that converts web and mobile designs into working code. The platform can convert Figma/AdobeXD designs to front-end code for web and mobile apps. He claims that the tool can automate up to 50-70 per cent of a front-end software engineer’s work, helping accelerate the process. 

The startup works with a combination of plugins, addons, and AI for code generation.

“LocoAI is a much-needed tool for developers. The tool scans the designs and recommends interactive elements (like buttons, inputs, and dropdowns) and allows users to further enhance styling (colours, fonts, borders, etc.), auto-layouts, and effects. In addition, LocoAI handles responsiveness (making your product work on desktop, mobile, and tablet seamlessly), identifies reusable components to reduce unnecessary code (like headers, footers, signup forms, search forms etc.), and lets them accept dynamic values and styles using props — all automatically done by LocoAI. The tool also surfaces code conflicts and offers an easy code merge editor while syncing with Github (code repository),” Mittal elaborated.

Also Read: ChatGPT becomes the helper or killer to all occupations in Vietnam

Mittal, who also worked in startups such as Homage and FinAccel, sniffs massive opportunities for Locofy.ai. He says only 20 million people can code, but the global problems being solved with tech have skyrocketed with a rise in private market funding and entrepreneurship not just in Silicon Valley but all around Asia.

“The demand for digitisation (to build digital products/ hire developers) and the supply of developers has never been as imbalanced as it has been in recent times. This imbalance will continue to grow despite recent market corrections and layoffs, especially as every business sees itself as a tech company, and the need for tech is not limited to just tech people anymore,” he said.

Moreover, the advancements in AI have made giant leaps in recent times, making some things possible much earlier than anticipated. A coding co-pilot, or coding agent who does a menial time-consuming task for a developer, is being adopted globally and welcomed by companies and teams as they push to do more with less in the current market.

“Locofy.ai accelerates individuals and tech teams to ship more products with their current setup and allows smaller startups to launch their products faster without the need for an army of software developers. This is huge given that tech spending is the single largest cost on most companies’ sheets, and the lack of engineers is one of the top reasons why most early-stage startups fail,” he reasoned.

Locofy.ai targets anyone building a mobile app, website, or design tool like Figma. It has already gained users across 195 countries and doing a beta with many world-renowned companies, startups, organizations, and universities, such as Apple, Google, Bumble, Tokopedia, NUS, UCLA, and Stanford (none of them is a paying customer yet).

“We are currently taking feedback from them to improve our product to eventually get them to become a paying customer at some point,” he said.

While the global market offers tremendous opportunity, it comes with challenges. While AI has massively shifted what’s possible and what isn’t, there exists confusion between no-code and low-code. Locofy.ai is a low-code tool that accelerates developers, but it also attracts a lot of no-coders (who are used to tools that do not require coding). “Locofy.ai provides codes and goes into technical depths on both designs and code and hence, recommended for designers and developers working together,” he claimed.

Not a magic wand

The second challenge is the perception that AI is a magic wand that will automate everything and take away jobs. Locofy.ai is not replacing jobs. It is built for developers to take away their menial work and let them focus on complex business problems.

“Our goal has never been to eliminate front-end engineering but to automate and reduce the workload of a front-end engineer. We are taking away that burden from engineers. However, there’s always a fuzzy area where people think we are building this to steal their jobs,” he added. 

A revenue model is yet to be worked out. However, Mittal said, the company plans to begin with a freemium version so that people can come in and see the value of Locofy. 

Also Read: How to unlock new horizons with generative AI

Locofy.ai recently raised US$4.25 million in a seed investment round led by Northstar Ventures with participation from Accel Partners, Golden Gate Ventures, and several experienced technopreneurs from Dropbox, Lottiefiles, and Zopim. This brings Locofy.ai’s total raise to US$7.3 million since its incorporation.

“We have just started. I don’t think we have solved the problem completely. We also want to hire the best engineers in the world. Basically, we want to be the undisputed leader in this space. We are working hard towards achieving this goal,” Mittal signed off.

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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 Locofy.ai can automate up to 70% of your front-end software engineer’s work appeared first on e27.

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 Echelon Asia Summit, organised annually by e27, hosts the prestigious TOP100 program, aiming to showcase and honour the most exceptional startups in the thriving Asia-Pacific region. This renowned initiative extends an invitation to inventive startups throughout the Asia-Pacific area, celebrating their revolutionary concepts that challenge traditional norms and push beyond established limits. Through a rigorous selection process, the TOP100 meticulously evaluates each startup’s offering, team, market prospects, and progress, ensuring that only the most deserving candidates are chosen.

Also read: Meet 14 more contenders for this year’s TOP100 program

Selected startups will showcase their business ideas at the TOP100 Program during the Echelon Asia Summit on June 14-15, 2023, at the Singapore Expo. This program goes beyond pitching, fostering connections among participants, investors, mentors, and partners to drive accelerated growth. As the region’s premier startup competition, the TOP100 Program has gained recognition, attracting thousands of applicants seeking visibility and support in the vibrant Asia-Pacific startup ecosystem.

To aid in the selection of the top startups, judges with extensive experience and expertise from renowned VC firms and funds have been enlisted. These judges bring years of knowledge in evaluating startups across various sectors, ensuring a comprehensive assessment process.

Introducing 5 investor judges helping us on Day 2

Selected from our pool of e27 Pro Connect investors, these individuals have been carefully chosen for their extensive experience, industry knowledge, and domain expertise. Categorised according to their respective sectors, these investors will be assigned to groups of startups that align with their specific verticals.

1. Martin Cu, Partner, 500 Global

   500 Global is a venture capital firm with $2.7B in assets under management that invests in founders building fast-growing technology companies. The team has backed over 5,000 founders representing more than 2,800 companies operating in 80+ countries. They have invested in more than 50 companies valued at over $1 billion and 150+ companies valued at over $100 million. 

2. Tanuja Rajah, Partner, M Venture Partners

   M Venture Partners (MVP), based in Singapore, is an early stage investor and partner to innovative and disruptive start-up ventures that are founded by “professionally-skilled” entrepreneurs with vision, true-grit and passion to create a “built to last” different future. 

3. Johan Surani, Vice-President, Peak XV Partners

   Peak XV Partners (formerly Sequoia Capital India & SEA) is a leading venture capital and growth investing firm investing across India, Southeast Asia and beyond. Over the last 17 years of our operations in the region, Peak XV has grown to manage over USD 9 billion in capital across 13 funds and invested in over 400 companies, of which ~40 companies have achieved revenues of over $100MM. 

4. Susli Lie, Partner, Monk’s Hill Ventures

   Founded in 2014 by entrepreneurs Peng T. Ong and Kuo-Yi Lim, MHV is a venture capital firm investing in early-stage tech companies, primarily pre-Series A and Series A, in Southeast Asia. Backed by institutional investors and family offices worldwide, MHV works with great entrepreneurs to use technology to improve the lives of millions of people in the region.

5. Weisheng Neo, General Partner, Qualgro Partners

   Qualgro (Quality & Growth) is a Venture Capital firm based in Singapore, investing mainly in startups with B2B, Data/AI and Software capabilities, to support talented entrepreneurs with regional or global growth ambition. Qualgro invests primarily in Southeast Asia at Series A & B.

Meet these investors in person or connect online

Also read: DARe: Connecting Brunei startups with the world

Get to know these investors during the Echelon Asia Summit where they will be judging startups on June 14 at Singapore Expo. If you are unable to attend in person, you can still connect with them through e27 Pro Connect by simply clicking the links on their profiles and clicking “connect.”

To find out more about Echelon Asia Summit 2023 and register for the event, please visit the official page.

The post These 5 investor-judges will help select the TOP100 winners appeared first on e27.

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.

A partnership is a critical aspect of any successful endeavour, and the upcoming Echelon Asia Summit 2023 is no exception. With the Asia Pacific tech conference happening in Singapore EXPO on June 14-15, 2023, sponsors are playing a crucial role in ensuring its success.

Also read: Payoneer: Global payments pioneer will be at this year’s Echelon

Echelon Asia Summit 2023 is one of the premier events for technology professionals, bringing together experts from around the world to share knowledge and discuss the latest trends and innovations in the Southeast Asian tech startup ecosystem. This year’s conference will feature keynote speeches, panel discussions, and workshops on a wide range of topics, including artificial intelligence, blockchain, digital healthcare, and other emerging digital trends.

How these partners are helping us give you the best Echelon experience ever

Sponsors play a critical role in ensuring the success of the Echelon Asia Summit 2023 in several ways. Firstly, they provide various forms of support and coverage for the various activities and features that make the summit such an exciting and meaningful experience for attendees.

Moreover, sponsors bring their expertise and experience to the table, providing attendees with unique perks. By leveraging their networks and marketing channels, sponsors also help bridge the event to wider audiences, enabling access to valuable insights for different demographics.

Also read: Echelon: Learning the investor’s language for funding success

One of the key roles of sponsors is also their presence at the actual Echelon Asia Summit. This provides attendees with the opportunity to network with them and get to know their products and services, which is an essential aspect of Echelon’s purpose as an ecosystem enabler that connects all stakeholders together. By supporting the Echelon Asia Summit 2023, founders can connect with other professionals, investors, and startups in the tech industry, forging new partnerships and collaborations that can drive business growth and success.

As such, e27 is proud to announce SoldOutt as one of its sponsors for the 2023 edition of the Echelon Asia Summit!

Meet SoldOutt at Echelon Asia Summit 2023!

SoldOutt is a white-labelled hybrid event and ticketing platform that hits over 90% lead-to-conversion rate. Unlike other platforms, SoldOutt focuses its energy on sales and conversions as they know how important it is to an event organiser. The team comprises of ThaiTicketMajor veterans with a combined experience of over 25 years in the ticketing field. SoldOutt’s platform is being used by most leading business and seminar event companies namely Techsauce (Thailand), UX Thailand, e27 (Echelon Asia Summit, Singapore), TechFest 2020 (WCIT, WITSA, InvestPenang, and PIKOM Malaysia), StartMeUpHK and StartupLaunchpad (HongKong), Livescape (It’s the Ship Festival in Singapore), HUBBA (Thailand), and many more leading event organisers all over Southeast Asia.

During the COVID-19 crisis and lockdown, SoldOutt has been a pioneer in launching online event solutions with only 2 days of development. So far, they have hosted over 90 virtual events in Thailand and Southeast Asia since the lockdown. They also pitched their Virtual Festival idea at the EUvsVirus global hackathon organised by the European Union where SoldOutt was selected as one of the “finalists”. It is the biggest global recognition the company has received so far. The platform also allows event organisers to “monetise” their events online with interactive and real-time conversion tools including instant payment for donation, tipping, or purchase of products or services. They have also introduced food delivery — something that’s never been done before — into a virtual event.

Also read: Challenging periods are the best time to invest—here’s why you need to get the word out

SoldOutt’s mission is to create great user experiences by applying innovative, data-driven solutions throughout the sales journey to supercharge revenue for businesses around the world. The company is driven by its passion for creating outstanding event experiences for attendees and organisers by applying innovative tech solutions.

“Our involvement in this year’s Echelon Asia Summit represents an exciting opportunity to engage with the tech community, showcase our solutions, establish partnerships, and contribute to the overall success of the event. We are eager to learn, connect, and make a positive impact during this big regional gathering,” shared Dave Malhotra, CEO & Lead Hustler at SoldOutt.

He added, “We are eager to connect with the networks and communities of tech entrepreneurs and professionals in Asia and Singapore that Echelon brings together. This presents a valuable opportunity for us to learn from industry leaders, exchange ideas, and establish partnerships that can contribute to the growth of our business and the communities we serve.”

Their participation at this year’s Echelon Asia Summit entails potential partnerships and collaborations with different ecosystem stakeholders. With their commitment to building events that connect people and empower communities, the Echelon Asia Summit 2023 is a great opportunity for SoldOutt to showcase their innovations and create a meaningful impact.

Join Echelon Asia Summit 2023

Get to know SoldOutt and more at this year’s Echelon!

Echelon Asia Summit 2023 is happening on 14-15 June, at the Singapore Expo. Featuring a slew of speakers, exhibitors, business matching sessions, pitching stages, and more, the event enables participants to connect, network, and engage with the larger tech startup ecosystem.

To learn more about Echelon Asia Summit 2023 and sign up for the event, visit the official page here.

The post SoldOutt: Hybrid event and ticketing platform will be at Echelon! appeared first on e27.

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.

Also read: SoldOutt: Hybrid event and ticketing platform will be at Echelon!

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 is the third batch of startups that will be competing at this year’s TOP100!

10 more semifinalists for the 2023 TOP100

Lakuliner

Lakuliner is a House of Culinary Brands, empowering culinary creators across the archipelago and disrupting how restaurants operate with a single identity by integrating multi-brands under one roof, allowing food enthusiasts to choose from a variety of nearby restaurants and receive quick food.

Formerly known as cloud kitchen, it operates more than 200 Internet restaurants with 50 Food & Beverage Brands.

Every day, Lakiliner serves more than 5,000 portions from customers who order through online and offline channels, and this number is growing significantly every month.

REDY (PT Rekrutmen Indonesia Bersatu)

REDY is an integrated job platform with HR services focused on relevant industries and job categories, penetrating underserved areas in Indonesia.

REDY makes the recruitment process efficient for businesses by providing talent profiles complete with certifications, video profiles (to demonstrate their ability), and the ability to include customised tests to enhance accuracy.

In just 2 years of existence, REDY has access to over 105 thousand talent profiles, used by over 500 companies, and partnered with numerous educational institutions across Indonesia.

Retimark

Retimark develops Innovative healthcare technologies to reduce healthcare expenditures by offering more affordable options for this ageing society.

As life expectancy increases, we experience a drastic upsurge in the prevalence of chronic diseases and related eye diseases such as Age-related Macular Degeneration (AMD), Diabetic Retinopathy (DR) or Glaucoma. Retimark offers easier and earlier diagnostic and prognosis solutions to prevent these eye diseases which are the leading cause of blindness and allow access to the optimal treatments for the preservation of eye health. 

Retimark pursues a healthier society based on its cutting-edge technology that combines AI-based digital healthcare technology and multi-omics-based biotechnology.

SicPama

SicPama is an innovative mobile platform designed to enhance the dining experience for both customers and F&B establishments in Korea and beyond. Their primary goal is to address two main challenges in the F&B industry: cumbersome group ordering and payment processes, and the need for efficient customer relationship management (CRM).

For diners, SicPama offers a synchronised multi-device ordering system that allows friends and family to order together in real-time using their own mobile devices. This eliminates the need for servers and streamlines the dining process. Moreover, their platform provides four versatile group payment options, enabling customers to pay individually without the hassle of discussing or splitting the bill.

For F&B establishments, SicPama’s CRM system expands customer databases by collecting information not only from the person paying the bill but also from those who just join the meal. This data-driven approach, supported by their patented technology, enables businesses to increase their average order value and drive revenue growth. Furthermore, SicPama helps restaurants save on labour costs by automating the ordering and payment process.

AILO Corp.

AILO is a productive creativity brand that provides information and an environment for people who want to spend their day productively and diversely.

Over the past three years, AILO has been selling iPad digital goods that they produced through SmartStore and Wadiz Funding. During this time, they have verified the ecosystem and growth potential of the digital goods market, but as creators and users themselves, they have realised that despite being digital, everything is done too analogously.

In November, AILO launched the Digital Goods All-In-One C2E Platform, ‘HAPL’, to innovate the original complicated process of purchasing and using digital goods. HAPL is the world’s first app-based digital goods all-in-one platform that allows you to purchase, store, use, create, and sell digital goods for tablet PCs and smartphones most efficiently, creating a Create to Earn (C2E) ecosystem where anyone can easily become a creator

ColorLoverLab Co., Ltd

ColorLoverLab Co., Ltd is an innovative and rapidly expanding super app service that revolutionises colour styling curation through the power of data. Originally established in Korea, this remarkable app has garnered global recognition, achieving top rankings in 137 countries. With an impressive user base, it has been downloaded over 2.2 million times and boasts more than 1.8 million registered users.

By leveraging its extensive colour data, ColorLoverLab provides users with an unparalleled platform to explore and create stunning colour schemes, making it an indispensable tool for designers, artists, and colour enthusiasts worldwide.

Also read: Payoneer: Global payments pioneer will be at this year’s Echelon

FROMtheRED Inc.

FROMtheRED is a game development and gaming platform company, established in 2016.

Zempie is the social network for all creators in the gaming industry (players, developers, publishers, and solution providers ). Players can enjoy HTML5 games for free, leave feedback, and learn how to make games (with easy game templates and free resources).

Game creators can publish their games, monetise them, run blogs, share game resources, and use the community to chat, collaborate, and improve their skills. With FROMtheRED’s service, the company wants to make the biggest space for all game creators where they can freely share, collaborate, and create. They believe that everyone has unique ideas that can sprout into a big project.

Funkyvine

Funkyvine is a mobile game company at the forefront of innovation and collaboration.

Established in 2019 by experienced founders in the global game and media entertainment industries, Funkyvine is a mobile game company that has gained recognition for its unique match-3 puzzle games, including Jewel Dungeon, Farm Raid, and Glyph of Maya. They are dedicated to continually enhancing their games by regularly adding new content to provide an engaging experience for their players.

At Funkyvine, their mission is to create enjoyable and stress-free games that cater to a wide audience. They proudly collaborate with talented creators from around the world, fostering a diverse and vibrant gaming community.

In addition to its impressive game portfolio, Funkyvine has acquired expertise in cutting-edge technologies such as blockchain and NFTs, which are integral to the future of gaming. This enables them to explore exciting projects that embrace the possibilities of the industry.

JJAANN Company

JJAANN is a next-gen social networking service that enables more personal and meaningful social interactions (via group video chat) in today’s world where social media isn’t all that social.

They are a new live social hangout app that helps you find “your people” through AI-driven community matching. Through their platform, you can have fun hangouts with fellow community members and celebrities and build meaningful relationships through real-time face-to-face interactions using group video chat.

JJAANN aims to become the next-gen social networking service that enables more personal and meaningful social interactions (via video chat) in today’s world where social media isn’t all that social. JJAANN is founded by a passionate and globally-experienced team educated from Harvard and Stanford.

Letitu

Established in March 2021, Letitu has been developing ‘The Pond’ service. The Pond is a data/AI-based high school curriculum builder for high school students who can’t receive college counselling with the goal of achieving individual goals and successful college admission. By using The Pond, students will be able to seize accuracy, availability, and affordability.

Letitu is mainly targeting the US market based on the AP curriculum but also planning to add the IB curriculum to expand more globally, and the first location is to be Singapore. The business model includes B2C & B2B. For B2C, it will be a monthly/annual subscription model and 1 on 1 matching commission fee. For B2B, it will be adjacent service transaction fees, advertisement, and embedding the system into high schools.

Also read: Echelon: Learning the investor’s language for funding success

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 Check out these 10 startups vying for the TOP100 top prize appeared first on e27.

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.

Legal tech is a promising sector in the global startup ecosystem. While there are already several unicorns in the market, there remains plenty of room to grow. This can be seen from the fact that many of the unicorns in the legal tech space are originating from either the US or Europe, as can be seen in this list of top six legal tech unicorns of 2023 by Failory.

This brings our mind into the Southeast Asian (SEA) tech startup ecosystem. There is certainly an opportunity for startups in the legal tech space to seize in this market, due to the universal nature of the sector–where there is law, there is a potential need for legal tech solutions.

But for legal tech companies to rule the market, there are several hurdles that they have to face.

For example, in the company’s blog, Juro CEO and Co-Founder Richard Mabey lists down the top five misconceptions about the sector. The number one in his list is the misconception that the use of AI in legal tech solutions will eventually take over lawyers’ jobs.

“Arguably no term has attracted more column inches, when it comes to the business of law, than ‘AI’. The rush to deploy machine learning algorithms, natural language processing and other technologies to legal isn’t new – it started decades ago – but the difference between what’s promised and what’s possible has created uncertainty when it comes to its impact on headcount,” he writes.

“The reality is different. Mercifully the streets aren’t filled with lawyers who’ve been replaced by artificial intelligence. Instead, AI’s transformative power is being leveraged primarily to tackle low-value process work: reading PDFs and searching through emails.”

Also Read: Legal tech platform INTELLLEX raises US$2.1M funding round led by Quest Ventures

To deconstruct these misunderstandings about the legal tech space, we have Cherilyn Tan, CEO and founder of Tessaract.io, to speak in a fireside chat moderated by Elise Tan, Director, Communications & Community, Vertex Ventures Southeast Asia & India.

Speaking on the Forward Stage on June 14 at 02.55 PM SGT, this session will look at the challenges that a legal tech company faces and how Tessaract aims to face them.

Taking legal firms to the future

Launched in 2018, Tessaract.io is a no-code B2B SaaS technology provider aiming to assist professional services firms across the region in automating repetitive operations and focusing on priorities that deliver a better experience to their customers. Its solutions include the Tessaract.io platform and the TessaCloud document management system (DMS).

Tessaract.io platform allows end-to-end management of various workflows, including project tasks, schedules, sales leads, customer relationships, and accounting and reporting. The TessaCloud DMS, on the other hand, features enterprise search functionality with built-in Optical Character Recognition and secure digital signing via SingPass.

All of its products are integrated with third-party cloud providers such as Amazon Web Services or Azure.

In August 2021, the Singapore-based startup raises US$3.3 million to expand workflow automation solutions in new markets. Led by Wavemaker Partners, the funding round also included the participation of PE firm CMIA Capital Partners, M Venture Partners, and angel investors such as Anand Swaminathan and Doug Parker.

Also Read: Going solo: Legal considerations for starting a small business in Singapore

As of 2021, the platform has established partnerships with a clutch of IT-managed service providers such as Singapore-based Stone Forest and government agencies, including the Inland Revenue Authority of Singapore, Accounting and Corporate Regulatory Authority, and Infocomm Media Development Authority.

In an interview with Legal Business Online, Tessaract.io speaks about how government-funded initiatives make the path to technology adoption in the legal sector easier.

“The Tech-celerate for Law programme has made it easier for companies to start their digitalisation journey,” the company states.

“Grants in Singapore have been a strong factor pushing the adoption of technology among law firms. Due to COVID-19, the need to go digital has been further increased and with that the government has extended and enhanced the availability of grants.”

This kind of external support might be just what legal tech companies need in order to able to secure users, win the market, and realise their true potential.

Echelon Asia Summit 2023

Get to know these experts and more at this year’s Echelon!

Echelon Asia Summit 2023 is happening on 14-15 June, at the Singapore EXPO. Featuring a slew of speakers, exhibitors, business matching sessions, pitching stages, and more, the event enables participants to connect, network, and engage with the larger tech startup ecosystem.

At the Echelon Asia Summit, participants get the chance to attend a diverse range of sessions, including keynote speeches, panel discussions, and workshops, all exploring exciting topics like AI, blockchain, e-commerce, fintech, and marketing. You’ll also have the opportunity to join networking sessions and meet-ups where you can connect with fellow entrepreneurs, investors, and industry leaders.

To learn more about Echelon Asia Summit 2023 and sign up for the event, visit the official page here.

—

Image Credit: Tingey Injury Law Firm on Unsplash

The post Echelon: A move to deconstruct misunderstanding in the legal tech space appeared first on e27.

Velocity Ventures’s new programme to connect corporates with startups

Southeast Asia’s leading travel and hospitality tech investor Velocity Ventures launched a subscription-based corporate partners programme (CPP), connecting corporates with thousands of startups for co-investment in innovative tech solutions.

The programme aims to help corporates build an open culture of innovation while offering them flexibility across three different subscription tiers: Lite, Core, and Pro.

Focusing across five technology verticals — F&B, travel experiences, accommodation, transportation/mobility and travel services, the VC firm is adding this new offering to extend opportunities for partners to gain innovation insight, work with travel tech startups on pilots, and make co-investments and/or acquisitions.

Beyond making capital investments, Velocity Venture’s CPP offers access to 1,000-plus startups providing innovative solutions for sector-specific pain points.

Accelerating Asia invests in ten cohort-8 startups

International early-stage VC fund Accelerating Asia announced an undisclosed investment in ten new companies joining the Cohort 8 of its flagship programme.

This capital injection was made from its US$20 million Fund II, launched in 2021. Cohort 8 is the fourth batch of investments for Fund II, which will deploy capital across Southeast and South Asia pre-Series A startups.

The startups that raised funding are Pattern (Pakistan, SDG 8), Lemonade (Global, SDG 10 and SDG 13), Lister (Indonesia, SDG 4), Edutechs (Bangladesh, SDG 4), Fullfily (India, SDG 8, 11, and 13), On Demand Deals (the Philippines, SDG 1, 8, 9, 10, and 11), Sova Health (India, SDG 3), Proton (United Arab Emirates), Sparklehaze (Singapore, SDG 9), WEGRO (Bangladesh, SDG 1, 2, and 8). They hail from various industries, including education, e-commerce, logistics, insurtech, and agritech.

Antler launches new US$285M emerging growth fund

Singapore-headquartered sector-agnostic global seed-stage VC firm Antler announced the final close of Antler Elevate, a US$285-million emerging growth fund.

The names of the investors haven’t been disclosed.

Managed from offices in London, Singapore, and New York, Antler Elevate invests in companies from Series A onwards across over 20 ecosystems. The fund has already invested over US$70 million in 30-plus companies, including Airalo (an e-Sim marketplace in Singapore), Earlytrade (a liquidity marketplace for the construction sector), and Two (a purchase financing solution for B2B e-commerce).

TNL Mediagene to list in US via SPAC merger

TNL Mediagene, a digital media firm in Asia, announced a business combination with Nasdaq-listed blank-cheque (special purpose acquisition) company Blue Ocean Acquisition Corp to go public.

The transaction gives TNL Mediagene a pre-money enterprise value of approximately US$275 million.

The transaction, subject to customary closing conditions, including the receipt of certain regulatory approvals, is expected to close in Q1 2024.

The new entity will build TNL Mediagene’s presence in Japan, Taiwan and Southeast Asia. It will expand its brand portfolio of millennial- and Gen Z-targeted Chinese, Japanese and English digital products and widen the reach of its AI-driven analytics, advertising and marketing technology products.

Sequoia India & SEA rebrands as Peak XV Partners

Sequoia India & Southeast Asia, a leading VC firm in the region managing over US$9.2 billion across 13 funds, was rebranded as Peak XV Partners.

The rebranding has come after Sequoia Capital (US/Europe), Sequoia China, and Sequoia India & Southeast Asia have decided to become independent firms with distinct brands.

While the parent (US/Europe) fund retains the name Sequoia Capital, the China-focused fund has been renamed as HongShan.

Peak XV was the original name given to Mount Everest and symbolises the relentless pursuit of audacious goals by startup founders.

Kilde raises US$1.12M funding

Singapore-based digital private debt platform Kilde secured US$1.12 million in seed funding from Big Sky Capital, Borderless Capital, AXL ventures, Algorand Foundation, and undisclosed angels.

With this money, Kilde aims to enhance its features, scale operations, and expand its market reach.

The fresh funds will also empower Kilde to drive the development of its newest flagship project SafeBay, a new treasury management system. This system, built on blockchain technology, is designed to help blockchain-native companies manage their short-term financial assets.

BIV hits first close of New Protein Fund II

Global foodtech investor Big Idea Ventures (BIV) made the first close of its alternative protein fund New Protein Fund II.

AAK, a multi-oil ingredient house specialising in plant-based vegetable oils and fats, and Bühler, a solution partner for the food processing industry, have joined other investors for the initial funding round. Both companies also invested in BIV’s first fund NPF I.

New Protein Fund II will invest in early-stage startups around the world both through its accelerator programme and direct investments. BIV runs an intensive five-month programme of its Paris, Singapore, and New York offices.

NPF II aims to close the targeted US$75 million within the next 12 months.

Khazanah leads PolicyStreet’s US$15.3M Series B round

Malaysian insurtech company PolicyStreet announced today it secured US$15.3 million in a Series B round of investment led by sovereign wealth fund Khazanah, under its Dana Impak mandate.

Altara Ventures, Gobi Partners, and Spiral Ventures also co-invested.

PolicyStreet intends to use the funds to strengthen its technology and underwriting capabilities. It aims to increase its on-demand underwriting policies to make protection more accessible and better tap into underserved and underinsured audience segments in Malaysia and the region.

Alpha Startups’s programme announces winners

Manis Leting and Triphie won 1337 Ventures’s latest Alpha Startups pre-accelerator programme in Malaysia.

As part of this, the two startups will receive pre-seed funding of up to RM50,000 (US$11,000) each.

A total of nine aspiring Malaysian startups showcased their solutions in front of a live audience of investors, industry experts, and fellow entrepreneurs during 1337 Ventures’s Alpha Startups pre-accelerator programme. The demo day was hosted at Google Malaysia, marking the culmination of the programme.

Manis Leting, founded by Amirah Jasmine and Atirah Danial, creates healthier alternative food products that use zero white sugar. With the funding received from 1337 Ventures, the firm plans to focus on licensing and certification, production, operations, and marketing to scale.

Triphie, started by Nour Araar, is an AI-enabled all-in-one, personalised and collaborative trip planning platform that helps travellers discover, plan, and book their holidays.

SenseTime invests in TradeMonday

TradeMonday, a Hong Kong-based AI-powered retail analytics startup, closed a new round of investment from leading AI firm SenseTime.

The details of the funding remain undisclosed.

The investment will enable TradeMonday to accelerate its growth and R&D efforts and expand its retail analytic product offerings and ChatGPT B2B retail solutions.

Founded in 2016 and graduated from the Cyberport Incubation programme in 2019, TradeMonday helps businesses make product, market and shopper recommendations. It turns the digital footprint of retail consumers, brands and products, such as social media, in-store traffic and transaction data, into actionable insights and empowers businesses including retailers, consumer brands and shopping malls, in simulating top-line growth strategies.

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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.

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The post Top 10 news articles e27 published this week appeared first on e27.

It’s a funding winter for some and a healthy reset for others. Reality has set in across the global startup ecosystem after many years of cheap money have finally come to an end.

Venture funding has continued to fall in the first quarter of 2023, according to CB Insights. In Asia, it dropped by 27% from the same quarter last year, to $12.5 billion. Deal counts and deal sizes have decreased too, as investors are questioning some still high valuations, especially for late-stage companies.

Startups are forced to trim costs to become more sustainable businesses, they need to use their cash and working capital more effectively and renegotiate contracts to extend their runways. VCs, meanwhile, are busy salvaging the companies they invested in, supporting founders during the rightsizing. 

While the current slowdown is challenging and painful, there’s also reason for optimism, especially in this region. Crises have traditionally been the moments where foundations for future success have been laid and new champions were created. And these moments often make for great stories.

In a gold rush, sell shovels

Today, an increasing number of multinationals are moving parts of their production and assembly into Southeast Asia and India, diversifying their supply chains and reducing dependence on China. The inflow of investments drives the region’s economies and is creating at the same time opportunities for both investors and founders.

A VC who focuses on the transport and logistics sector told us that they have recently seen great business momentum. The industry requires continued innovation as it needs to modernise. Environmental concerns have moved to the top of the agenda for many companies, as investors and regulators are pushing for a greener transport sector.

Also read: Echelon: Learning the investor’s language for funding success

Global VC funding in clean energy startups has increased significantly over the last three years, jumping more than sixfold to $12.3 billion in 2022, a study by consultancy Oliver Wyman showed. Battery storage and renewable energy have been the leading areas. APAC’s share—with 14% of the global total—is still relatively small and mostly concentrated in China, Japan and Australia. It leaves us with some room for the upside in this part of the world.

Other areas such as cybersecurity, B2B solutions, as well as health and biotech remain attractive for VC investments, KPMG found. Firms that develop generative and conversational AI have even attracted high valuations recently, led by OpenAI.

Welcoming new investors into the ecosystem

Several non-traditional investors have joined the space over the past years, from pension and hedge funds to corporate VCs, wealth managers and family offices. During the long period of low, near-zero interest rates, these investors were looking at early participation in the private market and a possible lucrative exit via IPO. 

Venture debt, which allows startups to raise money without diluting their controlling stake, has become popular. In APAC, this form of debt grew fourfold to $12.1 billion from 2018 to 2021, as per Aletheia Capital and Alta’s private credit report. As traditional lenders retreated, non-bank lenders such as family offices have stepped up. They have again slightly pulled back in recent months.

While investor types might have changed, a basic principle of investor communications hasn’t. The relationship between startups and their investors will still be based on trust and sincere connection between the partners. It’s the great chemistry that can steer the ship through ups and downs. Communication, like in every relationship, is the bond that holds everything together.

Master the art of storytelling

People will remember your stories before they remember your pitch. That is why, a single piece of content like a news release often only has limited effect when it comes to media and stakeholder outreach.

In a changing media landscape, good relations with editors and journalists still matter. Those connections can benefit a startup or a fund, especially in a region like Southeast Asia that is big on relationships. Let’s also not forget that PR is a very cost-effective way to build a company’s brand and credibility, show transparency, and ultimately create trust with stakeholders.

Also read: Unlocking potential: The evolving role of corporate accelerators

In a fragmented market like APAC, brands need a mix of regional and local public relations strategies. It’s all about thinking regional but staying local after all. Regional, because the overarching message has to be consistent across markets, and local because it is only through thorough understanding and familiarity with cultural nuances, relevant issues affecting local industries and the local media landscape that communications can truly be compelling and engaging with local media. 

It’s important to keep the marketing machine running and engage with stakeholders, especially in difficult times. AI firms can still claim high valuations, not least because they can tell a convincing story. And a well-told narrative can have a significant influence on the valuation. Preserving cash is vital, but communications should not stop.

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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.

Startups are the engines of innovation and progress, driving economic growth and transforming industries. However, the journey from a promising idea to a thriving business is riddled with challenges. One of the most critical factors that can determine the success or failure of a startup is its ability to secure funding.

Startups often require substantial financial resources to develop and refine their product or service offerings, build infrastructure, hire skilled talent, and execute effective marketing strategies. Funding provides the necessary capital to invest in research and development, production, and scaling operations. It accelerates the pace at which startups can achieve critical milestones, such as market penetration, customer acquisition, and revenue generation. In essence, funding serves as a catalyst for growth, propelling startups forward on their path to success.

Also read: These 5 investor-judges will help select the TOP100 winners

Beyond capital injection, seeking funding opens doors to a plethora of resources and expertise that can be invaluable to startups. Investors bring not only financial backing but also their industry knowledge, experience, and networks. They act as mentors and advisors, offering strategic guidance and helping startups navigate the complexities of building a business. Access to this wealth of resources can provide startups with a competitive edge, enabling them to make better-informed decisions, forge strategic partnerships, and leverage industry connections for growth and success.

Securing funding, however, is not an easy task. Thankfully, Skills Bridge is bringing their exclusive workshop, “From Noise to Nod: Learning the Investor’s Language for Funding Success,” to guide startup founders on how to make a strong impression when meeting with investors.

What is this workshop all about?

Skills Bridge is a training and development company that specialises in providing soft and hard skills development courses to help business professionals excel in their career development journey. They bridge the gap between entry-level and managerial roles by enhancing skills and knowledge.

During their workshop, participants will gain valuable insights into how to conduct themselves effectively in an investor meeting. Skills Bridge will help equip participants with the knowledge and skills to navigate these crucial encounters with confidence. Entrepreneurs, founders, and even business enthusiasts will learn the art of answering questions posed by investors, mastering the ability to provide concise and compelling responses that leave a lasting impression. 

Additionally, they will guide you in understanding the importance of research and asking the right questions, to gather crucial information and demonstrate your preparedness and commitment to success.

Also read: Meet 14 more contenders for this year’s TOP100 program

Discover the power of effective communication with Skills Bridge’s immersive workshop on conveying confident communication and presence, where you’ll strengthen your verbal communication skills, deliver impactful presentations, and develop an engaging online presence on LinkedIn. 

They will walk you through a step-by-step process and help you define your unique value, identify your target audience, and create a compelling personalized story. Explore effective communication strategies for online and offline platforms. Don’t miss this transformative opportunity to update your approach to Funding Success. 

Some of the key areas they will be focusing on are the following:

• Strengthening verbal communication: Skills Bridge will help you structure your answers with precision and finesse, leaving a lasting impression on anyone you interact with.
• Delivering impactful presentations: They will help you master effective verbal communication, utilise appropriate voice and tone, and leverage body language for engaging presentations.
• Gathering key information: It is essential for your investment journey to identify crucial factors such as the fund’s investment strategy, track record, portfolio companies, management team, and fund performance. 

Join the workshop at the Echelon Asia Summit to unlock your funding potential

Don’t miss this opportunity to transform your fundraising approach and propel your business to new heights. Join them at the “From Noise to Nod: Learning the Investor’s Language for Funding Success” and impress every investor you talk to! The workshop will be happening at the Echelon Asia Summit 2023 at Singapore EXPO on June 14-15.

Reserve your spot today! Click here to register now and learn what investors are looking for when they meet with founders.

Also read: DARe: Connecting Brunei startups with the world

Featuring a slew of speakers, exhibitors, business matching sessions, pitching stages, and more, the Echelon Asia Summit enables participants to connect, network, and engage with the larger tech startup ecosystem.

At the Echelon Asia Summit, participants get the chance to attend a diverse range of sessions, including keynote speeches, panel discussions, and workshops, all exploring exciting topics like AI, blockchain, e-commerce, fintech, and marketing. You’ll also have the opportunity to join networking sessions and meet-ups where you can connect with fellow entrepreneurs, investors, and industry leaders.

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The post Echelon: Learning the investor’s language for funding success appeared first on e27.

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.

A partnership is a critical aspect of any successful endeavour, and the upcoming Echelon Asia Summit 2023 is no exception. With the Asia Pacific tech conference happening in Singapore EXPO on June 14-15, 2023, sponsors are playing a crucial role in ensuring its success.

Also read: Echelon: Learning the investor’s language for funding success

Echelon Asia Summit 2023 is one of the premier events for technology professionals, bringing together experts from around the world to share knowledge and discuss the latest trends and innovations in the Southeast Asian tech startup ecosystem. This year’s conference will feature keynote speeches, panel discussions, and workshops on a wide range of topics, including artificial intelligence, blockchain, digital healthcare, and other emerging digital trends.

How these partners are helping us give you the best Echelon experience ever

Sponsors play a critical role in ensuring the success of the Echelon Asia Summit 2023 in several ways. Firstly, they provide various forms of support and coverage for the various activities and features that make the summit such an exciting and meaningful experience for attendees.

Moreover, sponsors bring their expertise and experience to the table, providing attendees with unique perks. By leveraging their networks and marketing channels, sponsors also help bridge the event to wider audiences, enabling access to valuable insights for different demographics.

Also read: Challenging periods are the best time to invest—here’s why you need to get the word out

One of the key roles of sponsors is also their presence at the actual Echelon Asia Summit. This provides attendees with the opportunity to network with them and get to know their products and services, which is an essential aspect of Echelon’s purpose as an ecosystem enabler that connects all stakeholders together. By supporting the Echelon Asia Summit 2023, founders can connect with other professionals, investors, and startups in the tech industry, forging new partnerships and collaborations that can drive business growth and success.

As such, e27 is proud to announce Payoneer as one of its sponsors for the 2023 edition of the Echelon Asia Summit!

Meet Payoneer at Echelon Asia Summit 2023!

Payoneer (NASDAQ: PAYO) is the world’s go-to partner for digital commerce, everywhere.  From borderless payments to boundless growth, Payoneer promises any business, in any market, the technology, connections and confidence to participate and flourish in the new global economy.

Since 2005, Payoneer has been imagining and engineering a truly global ecosystem so the entire world can realise its potential. Powering growth for customers ranging from aspiring entrepreneurs in emerging markets to the world’s leading digital brands like Airbnb, Amazon, Google, Upwork, and Walmart, Payoneer offers a universe of opportunities, open to you.

Also read: These 5 investor-judges will help select the TOP100 winners

“The Payoneer mission is to empower anyone anywhere to participate and succeed in the global digital economy. We want to connect with the SMB, SME, and startups to help them grow and expand their business globally,” shared Yannan Zhou, Marketing Lead at Payoneer.

Their participation at this year’s Echelon Asia Summit is going to entail potential collaborations and networking opportunities with the goal of creating a collective impact in the global payments space. Payoneer hopes to support businesses from Southeast Asia and help bolster their efforts to empower their growth and expansion plans.

Join Echelon Asia Summit 2023

Get to know Payoneer and more at this year’s Echelon!

Echelon Asia Summit 2023 is happening on 14-15 June, at the Singapore Expo. Featuring a slew of speakers, exhibitors, business matching sessions, pitching stages, and more, the event enables participants to connect, network, and engage with the larger tech startup ecosystem.

To learn more about Echelon Asia Summit 2023 and sign up for the event, visit the official page here.

The post Payoneer: Global payments pioneer will be at this year’s Echelon appeared first on e27.

While ‘#beatplasticpollution’ is the main hashtag and theme of World Environment Day in 2023, we cannot ignore that there is so much more that can be done for the environment in our efforts to make Earth cleaner and greener for its inhabitants. As we work towards alleviating plastic pollution, we should also look at major environmental issues and aim to mitigate them.

Industrially, lithium batteries are used due to their energy density; you can put more energy into a lithium battery than lead acid batteries with longer lifespans. This resulted in the increased usage of lithium batteries in many applications and in the replacement of lead-acid batteries in transport vehicles and grid applications. However, lithium batteries are not being recycled due to the tripling of the price of battery-grade lithium hydroxide.

On the other hand, vanadium redox flow batteries, as an alternative battery option for energy storage and a key BESS technology, is not only safer but also offer a highly favourable environmental footprint for large-scale energy storage solutions compared to the more widely used lithium-ion battery technology.

The reusability of the vanadium electrolyte and the ability to utilise material supply from waste is a good demonstration of how the circular economy should work. Most, if not all, the materials used in the vanadium redox flow battery are recyclable.

Additionally, heightened awareness towards the importance of investing in and developing sustainable solutions is already evident in Southeast Asia, where there is a strong drive to accelerate sustainable development to meet sustainability targets and mitigate climate change vulnerabilities.

Carbon emissions are especially concerning for the region considering soaring energy demand, with current projections estimating a 139 per cent rise in emissions per capita between 2015 and 2040.

As a result, Southeast Asia is steadily shifting to renewable energy to address these concerns and meet the requirements of a fast-growing population. Yet, discovering innovative ways to generate renewable energy is simply the first step; storing this energy is another crucial factor that cannot be overlooked.

Also Read: Awareness level about the potential benefits of energy efficiency is low in SEA: TablePointer CEO

Southeast Asia’s road to net-zero emissions

According to studies such as the Renewable Energy Outlook for ASEAN, Southeast Asia’s renewable energy sources could cover around two-thirds of its energy demand by 2030. However, renewable energy storage must be developed in tandem with energy generation capacity for a truly sustainable, optimised journey towards achieving net-zero goals.

Vietnam, for example, has undergone a solar boom in recent years, increasing its solar capacity from 85 MW in 2017 to approximately 17,000 MW in 2021. Yet, its present grid infrastructure has been unable to cope with supply spikes, prompting renewable energy facilities to restrict their operations.

Hence, as essential as renewable energy sources are, it is the availability of efficient energy infrastructure that will determine their viability – and effective, long-duration energy storage solutions will be a vital pillar in the success of developing renewable energy for mainstream use.

Long-duration energy storage optimises renewable energy systems

By peak shifting renewables and correcting power imbalances from dynamic intermittent loads, long-duration energy storage solutions enhance the energy system’s versatility, reliability, and stability.

Correcting power supply and demand imbalances

Unpredictable weather and environmental factors can often lead to inherent oscillations in wind and solar photovoltaic technology (PV) output, making the addition of renewables to the electrical mix a potential cause of power surplus and deficit incidents.

Thus, in the event of prolonged periods of insufficient light or wind, long-duration energy storage solutions will be critical for power grids to deploy as they can maintain a supply-and-demand balance that optimises such renewable sources.

Adapting to changes in power flow transmissions

Renewable energy can be obtained from many different sites, ranging from residential solar panels on homes to batteries in electric vehicles. These fluctuating geographical supply patterns can affect energy flow transfers, which can impair voltage regulation, stability, and even supply timeliness.

For example, renewable energy networks may have energy transmission delays since they are often located in places with abundant wind and solar supply, distant from metropolitan centres. Moreover, sudden spikes in energy flow could potentially trigger widespread power outages as an emergency countermeasure. Long-duration energy storage solutions will be critical in these situations because they can act as a buffer, mitigating risks associated with potential energy flow issues and disruptions.

Improving convenience and efficiency

While traditional electrochemical batteries have been criticised for being environmentally unfriendly and having storage capacity limitations, there is no doubt that they are necessary for the mass electrification of large-scale industries (automotive, etc.). This dilemma has given rise to innovations such as vanadium redox flow batteries, which aim to provide a viable battery solution for renewable energy storage.

Also Read: Financial models for Web3 startups: Guiding principles for success

As an example, vanadium redox flow batteries composed of reusable electrolytes can reduce carbon emissions associated with initial battery manufacturing processes, yet they are significantly more productive than their counterparts due to their ability to store greater quantities of power and having longer discharge durations from hours to a few days.

Increasingly varied battery designs also widen battery utility for both residential and commercial energy storage, unlocking the potential for more economical and infrastructural development in far-flung areas. Additionally, many such batteries can now be coupled with an intelligent smart energy management system to further improve energy optimisation.

Powering sustainability

Individuals and companies are becoming more empowered to join the net zero fight as sophisticated energy storage solutions become increasingly accessible. In fact, studies estimate that long-duration energy storage systems could result in the avoidance of 1.5 to 2.3 gigatonnes of carbon emissions annually by 2040.

Consequently, employing long-duration energy storage solutions certainly qualifies as ‘Investing in Our Planet’ since we are maximising renewable energy potential and avoiding the unnecessary consumption of non-renewable sources.

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