According to Singapore-based Flexxon, when it comes to its role in the cybersecurity industry, AI is often touted as an effective solution when infused with anti-virus software and firewall protection. However, the evidence of endless breaches seems to prove otherwise.

The cybersecurity company said that the efficacy of AI in the cybersecurity industry depends on the environment in which it is operating. This is why Flexxon developed what it refers to as the world’s first AI-embedded solid-state drive (SSD) for data protection–X-PHY.

The difference in these solutions is that the AI deployment lies in the hardware layer, enabling it to protect data stored in devices. According to Flexxon, the solution can be easily integrated into consumer and enterprise applications, and it has already partnered with notable names such as Lenovo, ASUS and HP to produce cybersecurity-infused laptops.

In an email interview with e27, Co-Founder and CEO Camellia Chan explains the existing gap in today’s cybersecurity approach and how the company aims to close it.

First of all, there are three problems in today’s cybersecurity approach: It is mainly software-based, reactive and overly reliant on human intervention.

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

“At the external software layer, the variables that security solutions need to account for are astronomical. Thus, even if AI is applied to such solutions, it needs to contend with an immense volume of threat variables in an ever-changing environment. In addition, current external layer defences are reactive in nature and can only recognise known threats,” she writes.

“Finally, current solutions still rely heavily on human decision-making. For instance, for the user to determine if a threat is real or not, to decide if an email is legitimate or malicious and so on. This is a huge problem, and in fact, humans are responsible for over 95 per cent of data breaches. Why? Because we cannot possibly determine if a threat is legitimate or not, and even making that one mistake can lead to huge ramifications.”

This is why X-PHY SSD is believed to be more effective, as it operates in a closed environment where hackers are forced to comply with the SSD’s communication protocols; it is also proactive in nature and requires zero human intervention.

“This works because, at the SSD layer, attackers now need to play on your turf. The X-PHY SSD forces hackers to act within an enclave environment that eliminates the attacker’s ability to disguise its signature – the usual method in which software-based defences are fooled. By only communicating through a specified protocol (NVMe), the disguises of attackers are stripped down and exposed. The AI will detect these intruders and immediately lock down the device and alert the user of the intrusion,” Chan says.

“This will help users in two clear ways. Firstly, by protecting the organisation’s critical data and secondly, by also playing a part as an alarm system. Many attackers manage to stay hidden for long periods of time before any alarm bells go off, but once an attempt is made on the SSD, the X-PHY acts in real time to lock down the system and alert the user.”

Also Read: These Artificial Intelligence startups are proving to be industry game-changers

On the business side of cybersecurity

When the company began operations in 2007, Flexxon started off as an industrial NAND Flash Storage provider, specialising in the industrial, medical and automotive industries. According to Chan, these are “very niche and specialised markets” with data storage systems that are more complex than the usual consumer storage devices.

“Over time, our customers would increasingly seek our advice and expertise on strengthening security for their data. We were seeing a steady uptick in data breaches in spite of the various software solutions emerging on the market. In the late 2010s, we recognised that there was a growing problem and no one had a solution for it,” Chan points out, noting how the company eventually sees an opportunity to diversify its security product portfolio.

When it comes to the profile of its users, there are basically two types of business segments that are using Flexxon’s solutions.

There are customers of its OT business segments who have worked with Chan since her previous distributorship business in 2001. These include customers such as Datalogic, Medtronic and Honeywell.

“Our cybersecurity business is a different ballgame, however. With the X-PHY, we are refreshing deeply entrenched mindsets about cybersecurity protection. While we had a ready pool of existing customers that actually inspired the X-PHY, there remains a need to branch out and reach brand new customers – corporations that never even considered the necessity of cyber defence at the hardware level,” Chan says.

“To encompass both B2B and now B2C customers, we are building the ecosystem with partners in the computer and information technology (CIT) space. This includes Lenovo, HP and ASUS. [We also] work directly with end users that span public and private sector organisations including government, BFSI, telcos, healthcare, energy, industrial and various others.”

Also Read: Will China lead the Artificial Intelligence game by 2030?

For its cybersecurity business, Flexxon employs a blended revenue model that includes subscription-based, direct one-time sales, system integration, licensing, and commission-based streams.

“Collectively for the company, this means that while we continue building on our existing OT business, we are also partnering for system integration with reputable OEMs, growing our CIT channel partners, and offering a XaaS subscription-based licensing model. This hybrid approach was defined in order to cater to different end-user capacities, appetites and technical expertise,” Chan explains.

“Underpinning this, our IP strategy plays an important role in not only protecting our innovation but also expanding our commercial value and presence. Being named a winner at the World Intellectual Property Organisation’s (WIPO) global awards this year and the overall enterprise winner at last year’s WIPO-IPOS awards is a testament to our strong IP strategy and also provides extended presence and credibility to our business.”

Towards the future

Chan leads Flexxon with co-founder May Chng, who plays the role as the company’s COO.

In 2020, Heliconia Capital invested in the company’s Series A funding round. Two of its R&D projects have also been the recipient of two CSA Call for Innovation awards in 2019 and 2022. The support that it received included funding and technical and market expertise.

“As we progress with our ongoing R&D efforts to build an entire ecosystem of hardware-based cybersecurity solutions, as well as our market expansion, we are in the midst of fundraising and speaking with suitable VCs to bolster the growth that we foresee in the years ahead,” says Chan.

Also Read: Ethics and Artificial Intelligence: Is the technology only as good as the human behind it?

The year 2023 is set to become a milestone year for Flexxon, X-PHY, and the cybersecurity industry.

“Coming up with a novel and impactful invention like the X-PHY is just one small part of larger-scale adoption. The X-PHY is the foundation piece for an entire ecosystem of products we have in the pipeline, and thus, it is essential that we educate stakeholders on the technology before moving forward with other launches. With an approach as revolutionary as ours, it takes brave and forward-thinking individuals and leaders to be our first movers, and that’s where we have our focus on in the next two to three years,” Chan closes.

The company is implementing “aggressive” education and outreach efforts across key markets such as North America, Europe, the Middle East, and Asia Pacific.

It has also incorporated a US entity this year and is setting up a base of operations in Maryland by end of 2023. In addition to housing its regional corporate office, it will also serve as manufacturing and R&D facility.

—

Image Credit: Flexxon

The post How Flexxon aims to solve AI’s cybersecurity problem through hardware-focused approach appeared first on e27.

We are all wired for “category”.  It’s how we think and manage in a crowded, noisy world.

Whether as a consumer walking into the supermarket (hint: it’s not organised alphabetically); or in a business environment looking at a spreadsheet (say for your marketing budget).  All those line items are categories, and within each of those, you also form an opinion on who is the category leader and, thus who you will assign the budget to.

We also create and delete categories all the time in our minds.  “Blu-Ray DVD” used to be important to us but is no longer relevant; the category has moved on.

So the core fact and realisation is that you and your product will always be in a category.

The second big “ah-ha” is that your category will morph and evolve over time.  It is a constant creative construction and de-construction. Think about the telephone to the cell phone to a smartphone.  And along the way, there are casualties such as “Personal Digital Assistants” that never reach critical mass and are not accepted as the “category”.

A category doesn’t start with a product.  It starts with a problem.  It was the ability to have mobile connectivity with my phone, but then evolved to solving the problem of all of my devices and functions across music, camera, email, web and search in one place and evolved into a new experience on the “smartphone”.

The way categories form and evolve is incredibly consistent. Paul Geroski won a Nobel Prize for his research on category formation, showing that new categories are not driven by customer demand because customers cannot accurately identify or describe their future needs.  Rather it is a “supply push” by innovators.  These early innovators, engineers, or entrepreneurs often are not the players who eventually lead the market and category.  Rather it is the “consolidators” who tell us a clear story and demonstrate the “dominant design”.

The consistent shape and evolution of a category is a slightly flattened bell curve (see road sign visual above), showing a few initial entrants, to take-off and rapid growth in the number of companies (especially as the dominant design emerges), and then a flattening of the curve as companies fail/exit, and the category leader fully emerges.

This un-orchestrated push of new tech and innovation at the outset thus becomes a ripe opportunity to describe the over-arching problem that is relevant to your audience. It is this problem-centric design, enabled by a clear story and point of view, that is the accelerant to new categories growing, scaling and being led by a dominant player.

Also Read: How Category Design drives productivity and efficiency

The “so-what” in all of this is pointed out in the book,  Play Bigger: How Pirates, Dreamers, and Innovators Create and Dominate Markets.  The book’s large, multi-year dataset shows that the Category King (leader) consistently takes up and controls 76 per cent of the category’s economics.   This is then followed by a distant second and third player.

Think about the smartphone example. Apple as the clear smartphone Category King, has a share of net profit at 72 per cent (in 2022).  This has evolved and emerged from Steve Jobs (a great evangelist and Category Designer), giving us a point of view on what that “itch” or problem is:  a mobile phone, but also web interface and surfing, with touchscreen capabilities and bundling of music player and other functions.   It became the “dominant design” in the category, with everyone else following.

Change before you have to

So now carefully consider the category you are in and these three key routes to drive your thinking:

Is the problem, around which your category is centred, changing? How would this reframing of the problem and the category affect your own position and thought leadership in the category?

Think carefully and methodically as a category designer on how could or should the category evolve?  How can you reframe your “Point of View” to drive this evolution of the category?

Remember, it’s the problem that is critical here. Your Point of View cannot lead with your product; it needs to be crisp and compelling on what the problem is and how it is impacting your audience.

Secondly, consider the technology and solution landscape.  How are your solution roadmap and “Blueprint” evolving and pacing the category’s evolution?   Your Blueprint clearly shows your strategic intent to be the category leader from a solution standpoint, and thus what elements of it should be updated or accelerated?   What technology change or disruption could impact the category and, therefore, you as well?

If a re-framing of the problem and point of view emerges, is your Blueprint still cutting-edge and relevant?  Consider again the example of the cellular phone to a smartphone, with the operating system (OS) at the heart of that smartphone.

• Nokia’s use of Symbian was an eventual epic fail: clunky, hard to use, and in a very closed environment.  But then, so was Blackberry’s OS with an even more epic fail.
• Apple’s Swift development platform for iOS is considered the industry’s most intuitive (more so than the fragmented Android environment). It has consistently ensured that new apps and functionality are built out by technology companies for the App Store, refreshing Apple’s Blueprint.

So beyond your consumer/customer-facing products, is there a platform, programming, distribution or other Blueprint change that could impact the category?  What could you deliver in order to drive this evolution of the category?

Your ability to thrive depends on the tribe

Thirdly, beyond the Point of View and Blueprint, how is the “Ecosystem” around the category evolving?

Category Design thinking shows you that a category cannot exist around one company and needs an entire ecosystem of players. If you have truly mapped your category, then you have created a unique visualisation of the ecosystem and its constituents (with your company only being one slice of the entire category’s ecosystem).

Also Read: Peanut Butter vs lightning strike: What’s your GTM strategy?

Now consider what could disrupt, evolve, or extend the ecosystem.

Could routes to market or channels change and impact the category?   Could new bundling of services and capabilities impact the ecosystem’s dynamics?

What is the business model overlay for the ecosystem?  Symbiotic/marketplace/cooperative/value chain are four of the most common business models that we see clients working in and with.   What could change the business model?  Is this an opportunity or a threat?

Be the change

Build this category review and strategy cycle into your overall planning.  This significantly lowers your risk of being caught flat-footed on potential changes to your category and positioning within it.

And as you think about Category Design and the above three critical components to it, consider this fundamental truth:

You will always be in a category.

The question then is: Do you want to position or be positioned?

If you don’t define the problem and category, then someone else will. It’s your opportunity to lead, not follow!

—

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

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

The post Mind the category curve: Are you driving it or will it drive right over you? appeared first on e27.

Walking through the sunny streets, thinking about how to reach the stars? I have a few valuable tips to share with you!

Imagine your company is like Barbie’s dreamhouse, a place that has everything you need. But try to imagine the dreamhouse without Barbie’s presence. Do you think everything will be able to function properly without Barbie’s presence to calm things down and get what needs to be done?

In an episode of Barbie Life in the Dreamhouse called “Pet Peeve,” there is a situation where Ken assists Barbie in pet-sitting at the Dreamhouse while she goes to work. During her absence, chaos ensues as her pets end up becoming unruly, and Ken struggles to maintain order within the dreamhouse. However, once Barbie returns home, the dreamhouse magically regains its harmony, and the pets instantly behave.

This episode serves as a reminder that sometimes, a person’s presence and influence are crucial to maintaining the desired outcome. Just as Barbie brings balance to her dreamhouse, it’s essential to recognise the importance of having public relations to help your company achieve success and maintain a positive environment.

In a witty comparison, businesses or brands are like Ken – without Barbie, he’s just Ken! Barbie, with her vast array of experiences and numerous tasks that she has to take on in life, constantly juggles work and is always on the move.

Similarly, PR agencies can be likened to Barbie. With their expertise in the field of publicity, PR agencies excel at creating and maintaining a positive public image for their clients. This is why it is highly recommended that companies seek assistance and guidance from PR agencies, much like Ken relies on Barbie for direction.

Also Read: 3 key strategies to master the art of value proposition pitching

By having a PR agency on their side, companies can achieve remarkable success, just as Ken can with Barbie by his side. Just as Barbie’s presence empowers Ken to accomplish anything, a PR agency can provide companies and brands with the necessary tools and strategies to achieve their goals or even surpass them.

Still not convinced that you need a PR Agency? Here are the top three reasons why you should have a PR Agency:

Assist in managing your reputation

Hiring a PR agency to take care of the image aspect of your business is especially crucial for startup companies. While the founder focuses on the business aspect of it, the little Barbies of the PR agency can work simultaneously to increase the visibility of your company, increase the rate of positive perception towards your brand and handle the creative aspects that will aid in maintaining a good reputation among the public, which are also known as ‘your potential customers’.

Without a PR Agency by your side, it’s like Ken arriving at Barbie’s fashion show while wearing his one-week-old clothes. The flairies, specifically Glimmer, transformed his outfit to a striking white suit with a pink tie to match Barbie’s show.

Therefore, all we need to do is add a splash of flairie magic to enhance the beauty and good reputation of our clients. So don’t be afraid to get your sparkle on and hop in the glitterizer to amplify your company’s image and reputation!

Enhance credibility for your company

For companies that have been around for quite some time, having a PR agency to back them up can also mean increased credibility of the brand. 

Barbie is a well-known fashion icon. Everyone in Barbie’s world listens to her advice, and so when the world faces a major fashion crisis, Barbie steps in and helps all the girls around the world who have a fashion emergency by offering fashion advice and assisting them in finding their true style.

Also Read: Why your startup needs public relations

Just like Barbie, PR consultants will be able to advise you on certain aspects of the business that you should emphasise, based on their knowledge within the media industry. This also applies to startup companies too. It can show potential investors that your company truly is worth the money.

Build media relations and make connections

It’s a known fact that one of the reasons why everyone in the Barbie world recognises Barbie is because she is a fashion icon, therefore, she is highly demanded by fashion designers and modelling agencies all over the world. This means that Barbie has connections with everything fashion related to the point where her friends frequently seek her out to get some fashion advice and have her model at one of their fashion shows to help boost their sales and reputation.

Similarly, who else can have wide connections like Barbie and can help aid in your company’s rising reputation? PR Agencies! We can even help you get in touch with the right people at the right time. 

Ultimately, you may not even realise the many ways that a PR agency can help you with your business, especially for growing brands. It’s hard to list down all the benefits of hiring a PR agency as most of them have their own specialities and areas that they tend to focus on. But if I have managed to pique your interest, pick up the phone and try giving a few PR agencies a call to discover which one is right for you. 

Ken without Barbie is just Ken. But with Barbie on his side, he is known as Barbie’s boyfriend. With a Barbie (PR agency) on your side, you ‘Ken’ do anything.

—

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

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

The post Barbie-fy your business with the power of PR appeared first on e27.

Small and medium-sized enterprises (SMEs) in Singapore are already grappling with numerous headwinds — rising inflation, supply chain disruptions, geopolitical tensions, and the lingering effects of the pandemic have significantly increased costs for businesses. What’s more, seven in 10 Singapore SMEs are also anticipating a potential recession, according to a survey conducted by Airwallex.

SMEs are the economic backbone for many reasons. They represent nearly 90 per cent of businesses and support more than 50 per cent of employment worldwide. Post-COVID-19, they will play an even more vital role in the global economy. With recessionary pressures, SMEs are having to broaden their scope and source new streams of revenue for future growth opportunities. For many, that means looking across borders and identifying new markets where their businesses can continue to thrive and grow.

The trend is similar for SMEs in Singapore, where rising supplier costs, employee expenses, and logistics disruptions were identified as the primary factors contributing to their rise in costs.

Amid the challenging macro environment, nine out of 10 Singapore SMEs surveyed have plans to expand their business abroad. The most common reasons cited for expanding beyond borders were sourcing new customers (61 per cent), establishing new partnerships (59 per cent), expanding marketing activities (55 per cent) and sourcing new suppliers (51 per cent). 

Also Read: Super niche marketing: The secret to thriving in a bear market

Despite the appetite for expansion, however, expanding internationally isn’t an easy task. To successfully navigate today’s challenging economic environment, there are a number of considerations SMEs need to be mindful of as they look to globalise.

Targeted expansion to mitigate and manage risks

Risks associated with compliance and financial exposure are top of mind among SMEs in Singapore. The same Airwallex survey found that close to half (45 per cent) of SMEs listed legal, regulatory and compliance barriers as among their top challenges as they expand overseas.

As SMEs venture into new territories, they face a range of potential risks and challenges. Doing the right due diligence is one of the key first steps when businesses decide to start exploring overseas opportunities, and it provides SMEs with a good understanding of the market they plan to enter.

It helps them better understand the local business environment, cultural nuances, legal and regulatory frameworks, and competitive landscape. Identifying relevant schemes and grants as businesses conduct their due diligence – such as Enterprise Singapore’s Market Readiness Assistance (MRA) grant, for example – can help SMEs defray the costs of overseas market promotion, business development, and set-up.

The recent bank collapses are a reminder of the inherent risks in any financial system and the need for SMEs to manage their financial risk exposure where they are based and as they expand overseas. Here in Singapore, for example, the Singapore Deposit Insurance Corporation (SDIC) insures deposits up to SG$75,000 (US$56,593); SMEs should consider spreading their cash reserves across more than one financial institution to ensure their funds are protected.

Different markets have different safeguards and measures when it comes to financial risk exposure, making it imperative for SMEs to thoroughly research and adapt their risk management strategies as they venture into global markets.

It is important to understand that risks can never be completely eliminated, but by proactively addressing the risks and implementing appropriate measures, SMEs can position themselves for successful expansion and mitigate potential pitfalls in new markets. Careful planning — proper market research, strategy, logistics and hiring can go a long way to ensuring success.

Accelerated adoption of digital solutions

Embracing digital transformation is crucial for SMEs looking to expand globally and is key to improving productivity and keeping expenditure low. 

Automating manual processes, such as inventory management and various accounting procedures, can help SMEs save valuable time and money by alleviating employees from repetitive tasks and labour-intensive processes. This time-saving aspect allows employees to focus on more strategic and value-added activities, enhancing overall productivity. Adopting cloud accounting software like Xero could bring up to 70 per cent productivity gains for SMEs.

Additionally, automation enables SMEs to allocate their resources more efficiently with routine tasks automated, employees will have more opportunities to explore and dedicate more time and energy towards creative thinking, problem-solving, and identifying growth opportunities for the business. This encourages a culture of innovation, driving the SME towards continuous improvement and adaptation to changing market demands. 

Also Read: Oh my cash: Navigating cash flow management in today’s market

By leveraging automation technologies, SMEs can unlock significant advantages that positively impact their operations. 

Manage cost efficiently

Many SMEs pursue expansion into international markets as a means to achieve long-term growth. Effectively managing the associated expenses becomes crucial in order to achieve and sustain profitability.

Historically, the process of moving money around globally, whether for supplier payments or handling payroll for remote employees, has been cumbersome, slow, and costly. Not only would certain transactions take days to complete, but they also require physical presence to open bank accounts in the target market, adding to the inconvenience. Additionally, a multitude of fees and related expenses compound the financial burden.

When utilising conventional payment methods, businesses may incur substantial costs when moving significant sums of money internationally. For instance, a transaction involving US$10,000 could incur fees of US$100 or even more, and these costs escalate proportionally with larger amounts.

Opting for financial services that minimise conversion and international transaction fees can help SMEs reduce costs and increase revenue. Fintech providers that offer competitive exchange rates and low transaction fees are enabling businesses to optimise their international transactions and improve profit margins.

Singapore-based fashion e-retailer Saturday Club achieved substantial savings through digitalisation, saving over 90 per cent on cross-border transactions and associated fees, and gaining full visibility into their payment process, ensuring transparency and efficient operations from Singapore.

Similarly, Hey! Chips, Singapore’s first award-winning fruit and vegetable chips brand, was able to bypass the SWIFT network and make overseas payments with zero transfer fees and market-leading FX rates, all by adopting digital solutions for their telegraphic transfers.

In the dynamic global business landscape, SMEs must be adaptable in order to survive and thrive. Going global is part of many SMEs’ plans as they navigate through this period of relative uncertainty, and adopting a comprehensive approach that includes risk management and digitalisation will enable them to remain competitive.

Businesses will come out stronger if they continue to pivot and transform alongside the ever-changing economic environment and are constantly looking at ways to grow and expand their businesses.

—

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

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

The image featured in the article has been generated utilising an AI-powered tool

The post Surviving the storm: Singapore SMEs look to global expansion as recession looms appeared first on e27.

MAKA Motors nets US$37.6M seed funding

Indonesia-based electric vehicle (EV) startup MAKA Motors on Thursday completed its seed round, raising US$37.6 million.

AC Ventures, East Ventures, and South Korea’s SV Investment co-led the round. Northstar Group, Provident, AlfaCorp, Skystar Capital, Peak XV Partners (formerly known as Sequoia India and SEA), Openspace Ventures, Shinhan Venture Investment, BEENEXT, Kinesys Group, and M Venture Partners (MVP) also joined.

The funds will enable MAKA Motors to scale its operations, expand its R&D capabilities and facilities, and accelerate production.

Founded in 2021 by Gojek’s former Chief Transport Officer Raditya Wibowo and former VP of Transport Business Development Arief Fadillah, MAKA Motors aims to provide electric motorcycles that offer the perfect blend of driving range, power, usability, and durability at competitive pricing.

Salmon nets US$20M debt financing

Salmon, a consumer fintech company based in the Philippines, on Thursday bagged a US$20 million debt facility from US emerging-markets specialist investment firm Argentem Creek Partners.

This will allow Salmon to scale its lending operations across the country further. The fintech firm will expand its loan book, leveraging its existing point-of-sale and cash loan lending, and launch new products in the second half of 2023.

Launched in July 2022 by banking and fintech veterans Pavel Fedorov, George Chesakov, and Raffy Montemayor, the Salmon platform enables customers to access financial products from partners registered with the Securities and Exchange Commission (SEC) in the Philippines.

The fintech firm launched its first credit product four months after inception.

Earth VC backs US-based Group14

Singapore-headquartered global impact investor Earth Venture Capital on Wednesday announced it joined the funding round of US-based lithium-silicon battery company Group14.

Other prominent backers of this round are Microsoft’s Climate Innovation Fund, Lightrock Climate Impact Fund, Moore Strategic Ventures, Oman Investment Authority, and Molicel.

This capital raise will enable Group14 to scale up production capacity, expedite research and development efforts, and bring their lithium-silicon battery solutions to market at an accelerated pace.

Group14 develops lithium-silicon batteries by leveraging the unique properties of silicon to offer “unparalleled advantages” in terms of energy density, charging speed, and overall performance compared to traditional lithium-ion batteries. The firm claims its technology has the potential to accelerate the adoption of electric vehicles, enable efficient renewable energy integration and transform grid storage.

H1 2023 is the least funded half-year in SEA since 2020: Tracxn

Southeast Asia’s tech startups attracted 71 per cent less funding in the first half (January-June) of 2023 compared to the same period last year, as per the latest report released by market intelligence platform Tracxn.

The decline was primarily driven by a 72 per cent drop in late-stage investments, Tracxn said in its SEA Tech Semi-Annual Funding Report.

Funding into the tech space in H1 2023 dropped to US$2.3 billion from US$8 billion in H1 2022 (US$1.15 in Q1 2023 and US$1.17 billion in Q2). The US$100 million+ funding rounds also dropped to six in H1 2023 from 18 in the same period last year.

H1 2023 is the least funded half-year since 2020. After a peak in 2021, there has been a steady decline; investments fell by 39 per cent in 2022 from 2021, primarily due to the rising interest rates and the current macroeconomic environment.

Hydroleap nets US$4.4M

Singapore-based wastewater treatment startup Hydroleap on Tuesday announced US$4.4 million in a Series A funding round.

Japanese VC firm Real Tech Holdings led the round with participation from Mitsubishi Electric, Seeds Capital, Wavemaker Partners, and New Keynes Investments.

The State Government of Victoria in Australia also joined.

Hydroleap will use the funds to enter new geographies, such as Australia, Japan and Indonesia, over the next two years. The company aims to help companies across data centres, F&B, manufacturing, and mining industries lower their water and carbon footprints by treating wastewater efficiently and environmentally friendly.

Founded in 2016 by Mohammad Sherafatmand (a PhD from the National University of Singapore in Environmental Engineering), Hydroleap is a next-generation green wastewater treatment company. It offers an automated modular system that does not need any chemicals to perform. The technology works based on electrochemical principles where low-powered electricity is applied to activate the aqueous solution and form coagulant reagents to attract contaminants.

—

Copyright: tuk69tuk

The post Take a look at the news reports published last week appeared first on e27.