Singapore’s EDP Renewables APAC secures US$95M from parent firm
It marks the first time the company secured additional backing since Portugal-based renewable energy major EDP Group acquired 91% of Sunseap through its subsidiary EDP Renewables in November 2021.

TikTok partnership reduces GoTo’s burden, pressures Sea: analysts
The e-commerce competition will remain elevated in the next two years. While TikTok and Shopee grapple for market share in Southeast Asia, rivals Shein and Temu could also join the fight.

Patrick Walujo’s Northstar closes SEA early-stage tech fund at US$140M
Northstar Ventures (NSV) I targets consumer internet, fintech, and enterprise software companies that operate in SEA, primarily in Indonesia; It has already backed more than ten startups in the region, such as Gently, Maka Motors, and Locofy.ai.

Delivery Hero trims Berlin workforce, closes Taipei, Istanbul tech hubs
The move is part of the online food delivery company’s plan to boost efficiency; in September, the company was mulling divesting its Southeast Asian business, including Foodpanda.

Biorithm scores US$3.5M for solution that prevents pregnancy complications
Lead investors are Adaptive Capital Partners and SEEDS Capital; Biorithm aims to end preventable pregnancy complications through protocol-based remote monitoring of maternal and fetal biometrics.

India’s Udaan bags US$340M in Series E money
The investors are M&G Plc, Lightspeed Venture Partners, and DST Global; Udaan lets buyers – which include small businesses such as shopkeepers, restaurants, and street vendors – source from a large selection of products at lower prices.

Udaan sacks at least 100 employees
This comes after the online B2B unicorn raised US$340M in Series E money last week; Last November, the company had fired at least 300 employees days after raising US$120 million.

OpenAI suspends ByteDance’s access to ChatGPT for usage terms violations
It was reported that ByteDance has been secretly using OpenAI’s API to train its own large language model at almost every stage, violating the ChatGPT creator’s business terms that forbid users from developing a rival AI model using ChatGPT outputs.

‘Tens of millions’ to enter Web3 through gaming in 2024: GameFi execs
In the last three months, around 1 million — or more — unique active wallets have played Web3 games daily, according to DappRadar data; The casual Web3 gaming space — including mobile games — is where Animoca’s Yat Siu expects to see the most activity.

Recent data shows AI job losses are rising, but the numbers don’t tell the full story
Layoffs are a reality, but AI tech is also enabling business leaders to restructure and redefine the jobs we do; While positions like research and data analysis are in line for AI automation, companies will still need someone to prompt the AI, make sense of the results and take action.

In good times and bad: An outstanding investor will stand by you
To founders, the greatest margin of safety allowing for a good night’s sleep is knowing that investors will be there through the rainy days.

Navigating cybersecurity: Antivirus vs endpoint protection
As businesses grow, upgrading from antivirus to endpoint protection becomes crucial for a proactive cybersecurity defense.

Why 2024 will be interesting for Malaysia’s funding ecosystem?
Funding announcements by institutional investors like Khazanah and KWAP may attract additional private capital to the Malaysian funding ecosystem.

Security breach hits NFT Trader, resulting in major losses
Among the NFTs stolen in this incident are at least 13 Mutant Ape Yacht Club tokens and 37 Bored Ape tokens; Additionally, NFT Trader reported losses involving VeeFriends and World of Women NFTs, cumulatively valued at nearly US$3M.

The challenges ahead for generative AI
Rightsholder advocates are fighting this case convincingly. The outcome remains far from clear though, and could yet upend the practices of leading Generative AI companies like OpenAI and Stability AI.

Top 10 startup founders in the e27 community shaping the tech industry
This feature highlights our top 10 startup founders, offering valuable insights into their journeys and experiences within the ecosystem.

Funding winter hits startups: Scaling down, survival strategies take centre stage
The sudden scarcity of funds forces startups, even unicorns, to cut back as a global correction impacts valuations, triggering survival strategies and caution from investors.

How LUNO Expeditions aims to support early-stage fintech, crypto entrepreneurs
Led by seasoned global investor Jocelyn Cheng, Luno Expeditions will scale up investments to 200-300 per year.

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2023 has been the year of Gen AI, and Asia Pacific has led the way — with two-thirds of companies already investing in Gen AI or exploring potential use cases. More and more companies are investing in such new technologies as a business priority rather than just something “good to have” as leaders assess how to get the most out of every buck. 

In 2024 and beyond, businesses in Asia-Pacific will continue to embrace and leverage emerging technologies for business benefits and growth.

Some of these upcoming trends will include:

Generative AI hype will move from models to operationalisation

In 2024, organisations will continue to innovate and build Artificial Intelligence (AI) models, but, as with previous AI cycles, businesses will need to increase investment in machine learning (ML) operations. 

How quickly and effectively an AI model can make predictions or decisions will be affected by model optimisations, hardware and software optimisations, including CPU accelerators and data preprocessing. To succeed at making improvements to AI models, I urge businesses to deploy them at the edge.

But work does not stop there, as these models will need to be monitored for data and model drift once they are in action. The challenge for businesses would be to address any changes in the data or model and integrate these deployments into existing governance models.

Also Read: ‘Bringing world-class AI talent into Singapore can substantially enrich the industry‘

By ensuring continuous improvement, businesses will have the potential to surpass previous thresholds of success. Model supply chains, A/B testing, and feature store management frameworks will also need to be developed or integrated. For organisations using multi-cloud services and dealing with various data sources they cannot afford to ignore flexible architectures to avoid cloud concentration risks and lock-in.

Multi-cloud and hybrid cloud adoption will lead to distributed architectures

Enterprises are now diving headfirst into the realm of multi-cloud and hybrid cloud strategies by strategically weaving together the finest offerings from different cloud providers tailored to their business needs. 

This trend is set to continue well into 2024 as organisations embark on a quest to fine-tune their cloud expenditures to elevate the effectiveness and dependability of their applications. As the approach matures, it’s not just about optimising costs — it’s a journey toward technical and operational agility to unlock the full potential of distributed architectures. 

Embracing distributed computing is merely the prelude; the key to success depends on the widespread adoption of distributed databases, which should provide the foundation for developers to create innovative architectural models. The cloud revolution is not just about adoption but a combination of optimisation and architectural evolution.

Compute performance demands will be escalated

Meeting the escalating performance demands of applications has become a formidable challenge for enterprises in the modern landscape. This is a primary concern that revolves around the adverse consequences stemming from subpar user experiences. 

Modern consumers anticipate, and in certain instances demand, flawlessly smooth and highly responsive interactions with applications. Any delays in this regard can lead to dissatisfaction and a decline in trust towards the brand. 

Also Read: The synergy of AI and DeFi: Shaping the future of finance

This challenge will likely evolve in 2024 as enterprises embrace the proliferation of interconnected devices, which are all reliant on real-time data exchange across distributed systems to deliver a satisfactory user experience, ensuring that reliable and efficient communication among machines becomes indispensable.

Immediate demand for expertise to keep up with the cost of compute

As businesses increasingly turn to cloud infrastructure and services, the collective expenses associated with data storage, computing power, and egress bandwidth can swiftly strain financial resources and impact overall profitability. 

Beyond the immediate financial challenges posed by computational costs, concerns with vendor lock-in and reliance on specific cloud providers or proprietary technologies and abstractions can also make transitioning to alternative solutions challenging, resulting in substantial migration expenses or operational disruptions.

Mitigating these challenges demands expertise in cloud technologies, software development, and system administration. Enterprises will need to maintain a skilled workforce capable of effectively managing and optimising their applications to provide the best performance while sustaining a competitive cost structure.   

Looking ahead — not only in 2024 but even beyond — innovation and entrepreneurship in the Asia Pacific are on the rise, making it very important to democratise access to new technology for enterprises, regardless of their size and scale. Cloud platforms will need to remain simple, easy to use, and developer-friendly so that our economy’s engines can enjoy long-term benefits and maximise the advancements of emerging technologies.

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

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Singapore has positioned itself as a beacon in global startups and venture capital, ranking among the top ten startup ecosystems worldwide alongside major tech hubs like Silicon Valley, New York, and London.

This achievement is particularly noteworthy as Singapore is the sole Southeast Asian representative on this prestigious list, even amidst the challenges of a funding winter in the region. The number of unicorns has surged from 11 to 18, with four exits exceeding US$1 billion, led by Grab’s remarkable US$40 billion exit.

Singapore presents many opportunities for early-stage startups, as it saw a 33 per cent increase in early-stage deals. However, with a robust Singapore startup community, a pertinent question arises: How can early-stage startups distinguish themselves and navigate the competitive landscape to achieve success? This becomes crucial in a landscape where standing out from the crowd is imperative for the survival of emerging ventures. The following strategies can guide these startups toward success.

Understand the market and your target audience

Singapore serves as a gateway to Southeast Asia, a region with varying levels of digital economic maturity. Early-stage startups must set their sights further than Singapore and understand the specific cultural nuances and preferences of each market they plan to enter.

Also Read: Why Singapore’s traditional sectors need a digital makeover

To stand out, startups need to tailor their solutions to the specific conditions of each market they plan to enter. Differences in internet penetration, mobile phone usage, and e-commerce adoption require a nuanced approach. This includes recognising distinctions between urban and rural areas by addressing the digital economic divide faced by consumers outside cities.

Hence, early-stage startups must tailor their services accordingly. For example, a startup developing an e-commerce platform may need to consider offering cash-on-delivery options for rural customers who do not have access to online payment methods.

Building a product that is scalable by leveraging technology

In an increasingly scrutinised funding landscape, scalability is key to attracting interest and securing funding. Private funding in SEA has declined to its lowest level in six years, with 87 per cent of investors finding that fundraising has become more challenging and 88% of investors feeling they are facing a more difficult exit environment.

Early-stage startups should leverage their agility and lack of legacy systems to implement innovative technologies to scale, especially with the rise of AI. Some key considerations include implementing efficient data management, continuously monitoring the performance metrics of products, putting in place automated processes, as well as employing cloud-based solutions.

With these tools, startups can streamline operations, enhance efficiency, and gain a competitive edge, setting the stage for future success in a challenging funding environment.

Tapping into available resources

The dynamic startup ecosystem in SEA has bright spots such as Singapore and Indonesia, which offer robust government and private support, providing startups with essential resources for growth. Early-stage startups should actively seek opportunities, such as engaging with networks of industry experts or participating in programs and competitions organised by local entities.

For instance, in 2021, a logistics startup mentored by organisations like TiE Singapore secured approximately US$30,000 worth of startup resources at an event organised by Enterprise Singapore, a government agency supporting small and medium enterprise development. This success story underscores the tangible benefits of proactive engagement with available resources and the importance of leveraging the support systems embedded in the thriving SEA startup landscape.

Also Read: TiE Global Summit 2023: Connecting Singaporean startups to the world

Building connections and networks

Connections and networks are the lifeblood of early-stage startups, especially in a landscape where resources and recognition are limited.

In the complex terrain of regulatory demands and cultural nuances, actively connecting with local accelerators, incubators, and government agencies is not just advisable for startups — it’s imperative. These connections offer vital support, resources, invaluable market insights, access to distribution channels, and expansive customer networks crucial for growth.

A transformative impact of networking and mentoring is evident in the success story of Playgames 24*7 Pvt Ltd., an online gaming company. The three co-founders initially crossed paths at a TiE seminar, and since then, they have received unwavering support from the TiE community. This collaborative ecosystem has not only served as a foundation for their entrepreneurial journey but has also provided access to a network of experienced leaders in the industry.

The ripple effect of such holistic support is exemplified by how the gaming company now boasts a valuation of US$1.5 billion. These networks provide more than just resources; they offer invaluable benefits like mentorship, shared insights, and a sense of community. This helps propel startups towards success by laying the groundwork for sustained growth and expansion.

Singapore’s rise as a top global startup and venture capital hub underscores its resilience in the face of regional funding challenges. With an increase in unicorns and exits, the city-state provides a promising landscape for early-stage startups.

Success hinges on understanding diverse markets, demonstrating scalability, accessing available resources, and building strategic networks. By leveraging innovative technologies and fostering key connections, startups can navigate the competitive landscape and ensure their success in SEA’s dynamic startup ecosystem.

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

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While working in the hydrogen industry in China, Alex Fang realised that the real bottlenecks limiting the scale of hydrogen application are the safety and costs in the storage and transportation chain. He thought technology could drive down costs and enhance safety.

“However, I could not create technology from scratch. So, we conducted in-depth research with a couple of my business partners, searching extensively globally for application cases that had attempted to use magnesium alloy. In April 2023, we officially rolled out our magnesium-based solid-state technology for storage and transportation,” he recalls.

That was the beginning of Hydrexia.

Also Read: On the precipice of energy transition

Founded in 2016, Hydrexia provides solutions for hydrogen production, storage, transportation, and end-use applications. Based in China with offices in Singapore, Malaysia, and Australia, it enables users to store hydrogen more economically with less space and weight, at much-reduced pressure and with increased safety.

Magnesium-based hydride’s non-flammable and non-explosive properties allow for ambient pressure and temperature transportation without leakage or evaporation concerns. This ensures secure hydrogen storage and transport, even in densely populated areas.

“Our solution outperforms conventional industry approaches in safety, storage density, ease of use, sustainability, and cost-effectiveness. It is designed to mitigate the limitations of the conventional hydrogen storage methods,” claims Fang.

“In addition, our storage technology can effectively eliminate impurities such as carbon monoxide (CO) and hydrogen sulfide (H2S), resulting in an improved purity level of hydrogen. The hydrogen released from magnesium-based hydride meets stringent purity requirements for various industrial uses, including fuel cell applications,” he adds.

The startup serves customers across the entire industry value chain, covering hydrogen purification, storage and transportation, and end-use applications (upstream, middle stream, and downstream).

Fang claims Hydrexia has built a solid customer base, including Fortune 500 companies across China, Southeast Asia, Australia, Europe, and the US.

According to Fang, Hydrexia has faced many obstacles in the different phases of its development, particularly in the early stages, including finding a proper testing facility for its R&D and lack of funding.

The company has thus far completed four rounds of private equity financing, raising RMB500 million (US$70 million). It is now raising a strategic financing round, which is expected to be closed by the end of January 2024.

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

The money will be used for R&D and to improve the current magnesium-based solid-state technology.

In October, Hydrexia became one of the 25 Asian companies graduating from the PETRONAS FutureTech 3.0 programme.

“Our mission is to empower the transition to sustainable green energy. As a technology-driven company, we will continue to embark on the path of technological innovations to serve hydrogen storage and transportation needs,” he concludes.

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In the dynamic e27 community, diverse voices actively shape discussions on emerging technologies and innovation. This feature spotlights our top 10 contributors, all distinguished investors, whose strategic insights and financial acumen significantly impact the startup landscape. Their nuanced perspectives within their respective domains offer a valuable glimpse into their experiences and provide insights for those navigating the intricate pathways of the ever-evolving startup ecosystem.

Jayne Chan

Chan leads StartmeupHK at Invest Hong Kong (InvestHK), an initiative supporting overseas founders of innovative startups in setting up or expanding in Hong Kong. The services include providing information on the local startup ecosystem, connecting individuals to the startup community, hosting events, and fostering a conducive environment for startup growth.

“With global attention on climate issues and the critical need for action to secure a livable future, the transformative power of technology can be pivotal. We expect to see more greentech companies coming out of Asia, poised to tackle the specific challenges that prevail here.”

Jimmy Ng

Ng, a VC at Gobi Partners GBA, sources, selects and supports startups in Hong Kong and GBA. Embracing Gobi’s core mindset, borrowed from Thomas Tsao, is that great entrepreneurial talent is evenly distributed around the world, but access to opportunity is not.

“Founders, there will always be some parts of your startup operating in a ‘duct tape’ mode where things are being done improperly, barely manageable, and unscalable.

Prioritise fixing duct tapes in critical areas, including:

• Founding team dynamics and morale
• Burn rate/runway
• Product-market fit/sales.

Without these three, everything else is meaningless in this market.”

Liu Genping

Genping is a Partner at Vertex Ventures Southeast Asia & India, with a keen interest in tech and startup investments. He focuses on early-stage TMT sectors in Southeast Asia, particularly in internet/mobile and enabling technologies.

Also Read: Top 10 contributors in communications and marketing excellence

Looi Qin En

Looi, a Partner at Saison Capital, actively leads pre-seed and seed investments in fintech, B2B commerce, and Web3 startups.

“The convergence of fintech and blockchain is the seismic shift that will reach its defining moment in the coming year. Despite US$100 billion+ invested in fintech to date, we still face many challenges – it still remains expensive, slow and inefficient to move money across borders. With the blockchain’s transparent and tamper-proof ledger, 2024 might just herald a new era where money isn’t just transferred; it’s transformed.”

Michael Proman

Proman serves as the Managing Director and Partner at Scrum Ventures, contributing to the growth of the Bay Area-based firm and the establishment of their first vertically-focused fund in sports and entertainment.

“Now is a prime time for entrepreneurs, but funding is becoming more selective, emphasising the need to attract and retain fans while leveraging new technologies for growth. In the sports industry, innovation is crucial, yet it tends to lag behind. Startups often focus on specific solutions, overlooking the transformative potential of technology for the holistic fan experience. Drawing insights from industries like travel, which has tackled similar challenges, can provide valuable guidance for staying ahead of the curve.”

Michelle Ng

Michelle Ng serves as the Head of Environmental, Social, and Governance at Quest Ventures. In this role, she collaborates closely with startups, overseeing their growth acceleration through a blend of incubation services and programs while also taking charge of key markets in Southeast Asia and emerging Asia.

Also Read: Top 10 contributors steering innovation in the tech community

“The silver economy’s full potential is yet to be harnessed by investors and entrepreneurs. Longevity serves as a macro tailwind, driving the digitalisation of healthcare, caregiving consolidation, and the rise of technologies like blockchain. Investors increasingly focus on key areas within the senior-centric healthcare sector, such as telemedicine, wearable devices, and patient analytics.

Early-stage social enterprises in Singapore are entering a rapidly evolving tech-enabled silver marketplace, providing a testing ground for innovative ideas before potential expansion into larger markets like Japan and China. With the right funding at the right stage, startups in the silver economy can optimise their business models for a growing consumer class and capitalise on the maturing silver market.”

Nicko Widjaja

Nicko Widjaja, Founding CEO of BRI Ventures, leads the corporate VC initiative backed by Bank Rakyat Indonesia in Jakarta. With over a decade in venture capital, corporate transformation, and the startup ecosystem, Widjaja was previously the Founding CEO of MDI Ventures, a Telkom Indonesia-backed venture capital firm with investments spanning over 10 countries.

“It goes without saying that venture capital in Indonesia is an exceedingly risky and competitive business. With high stakes, we in the corporate venture space tend not to get too excited when startups show us their ‘magnum opus’ or various forms of get-rich-quick schemes that come with their budding companies. Instead, we’re looking for plays that can help us satisfy a more nuanced double bottom line.”

Olena Petrosyuk

Olena Petrosyuk, Partner at Waveup, advises global firms on market entry, valuation, and fundraising. She has secured over US$1 billion in funding, facilitating rounds ranging from US$1 million to US$100 million for startups across sectors from Brazil to China, including B2B SaaS, healthtech, and Web3.

Also Read: Top 10 startup founders in the e27 community shaping the tech industry

Rachel Lau

Rachel Lau is Managing Partner at RHL Ventures, a private investment firm focusing on growth capital investments in Southeast Asia and the US region.

“AI hardware chips will likely be the driving force as the innovation cycle becomes shorter each year!”

Sophie Chiu

Sophie Chiu is Principal at AppWorks, a startup accelerator and early-stage VC firm in Greater Southeast Asia. The six-month AppWorks Accelerator admits 20-30 startups per batch, boasting over 500 active startups and 1,500+ founders in its extensive alumni network. With a total AUM of US$400 million, AppWorks is dedicated to supporting founders in Greater Southeast Asia.

“Tough markets make great founders outshine more. Don’t lose hope, and keep up the good fight.”

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

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

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