In a week marked by promising advancements in the Southeast Asian startup scene, companies spanning diverse sectors have successfully raised significant capital.

From Stilt Studios’s innovative approach to sustainable housing to Vulcan Augmetics’s affordable prosthetics, these startups are making waves in the region.

This article delves into the funding rounds and notable investors behind their impressive growth.

Stilt Studios (Indonesia)

Founded in 2019 by German serial entrepreneur Florian Holm, Stilt Studios makes it possible to configure a variety of cabins, studios, and multi-storey family homes out of standard components; it’s comparable to stacking Lego bricks. High-quality teak and bengkirai wood are used as the main building material.

Also Read: Aussie group DCG acquires Lamudi’s Indonesia, Philippine businesses

The system reduces installation time to one to two months per house instead of a year or longer for conventional buildings.

The houses have an embedded carbon footprint (total carbon emissions from materials and the building process) — at least 50 per cent smaller than a comparable conventional building. Due to the elevated design, ground sealing is reduced by at least 90 per cent.

Capital raised: US$10 million
Round: Debt and equity
Investors: Christian Hymer, the former owner of Hymer, Germany’s market leader in motor homes.

Factorem (Singapore)

Established in 2020, Factorem is a cloud platform providing end-to-end fulfilment services tailored for on-demand, low volume, and no minimum order quantity parts. The platform offers access to various manufacturing technologies, including CNC Machining, 3D printing, sheet metal fabrication, and surface treatment.

Its core mission is to offer a seamless and hassle-free experience for businesses seeking bespoke and complex custom parts across various industries, such as industrial automation, robotics, biotechnology, and telecommunications.

Capital raised: Undisclosed
Round: Seed funding
Investor: Blue InCube Ventures.

AMODA (Indonesia)

Founded in October 2021 by Yovianto and Agusti Salman Farizi, AMODA is a construction tech startup aiming to enhance the process of construction, “making it 2x faster, cheaper, and more transparent”. It uses cloud manufacturing and prefabrication technology to build solutions for individuals and businesses in Indonesia, from SMEs and high-growth firms to large enterprises.

AMODA provides a dashboard with thorough and transparent pricing, construction, and leasing information.

Also Read: Merchants selling via TikTok could be harming Indonesian economy: AC Ventures

Since its inception, AMODA claims to have recorded at least 4x revenue growth year over year. The company has a portfolio of over 200 construction assets, collaborating with over 50 contractor partners nationwide and engaging with more than 30 landowners.

Capital raised: Undisclosed
Round: Unknown
Investors: East Ventures and Living Lab Ventures.

Vulcan Augmetics (Vietnam)

Vulcan is a Vietnamese developer of biometric sensors and customisable modular robotic prosthetics. Operating through proprietary Machine Learning software, Vulcan Augmetics aims to provide affordable sensor technology that digitises the prosthetics process, making them accessible to underserved amputees in the developing world.

The startup makes wearable biosignal sensors and software that digitise the fitting and rehabilitation process for assistive devices (starting with prosthetics). According to the firm, this enables people to use them in under two minutes (compared to six to 18 hours industry standard) and cuts fitting times by over 60 per cent.

Vulcan Augmetics envisions broadening its scope beyond prosthetics to encompass the full suite of wearable technologies, from diagnostic and health devices such as Fitbit to AR and VR control systems.

Capital raised: Undisclosed
Round: Unknwon
Investor: Quest Ventures

Employment Hero (Australia, Singapore, Malaysia)

Founded by Ben Thompson and Dave Tong, Employment Hero has built an all-in-one platform to recruit, onboard, pay and manage talent. Its super-app Swag is a real-time control centre, empowering employees to manage their work and financial lives. Since its inception in 2014, it has expanded to New Zealand, the UK, Malaysia, and Singapore.

The firm claims to serve over 300,000 SMEs and 2 million employees globally.

Capital raised: US$167 million
Round: Series F
Investors: TCV, Insight Partners, AirTree, Seek, and OneVentures.

Parlon (Philippines)

Parlon is a B2B2C beauty & wellness and fintech platform in the Philippines. Established by Kristine Claire Ongcangco and Miko Cornejo (co-founders of Concept Machine), Parlon provides a software solution to empower merchant clients to streamline operations, implement a CRM system, automate Viber and SMS reminders, and manage and accept bookings and payments (online and offline).

Also Read: Stablecoins are the best way to onboard next billion crypto users: Account Labs CEO

It has a vast network of salon and wellness centres, has onboarded over 500 salon and wellness brands, and has over a thousand branches in the Philippines.

Capital raised: US$400K
Round: Pre-seed
Investors: WIP Global Ventures, A2D Ventures, and angels.

The post Innovations in prosthetics, custom parts, property construction: Startups that hit the headlines this week appeared first on e27.

Food waste is a serious issue around the world, and Singapore is no exception. Driven by factors like climate change and geopolitical developments that pose threats to food production on a global scale, the need for a sustainable global food system has intensified over the years.

According to the United Nations Environment Programme, global food systems are exerting significant pressure on both human and planetary health. They consume 70 per cent of the Earth’s water, contribute up to one-third of total greenhouse gas emissions produced by humans, and, through agriculture, pose a threat to over 86 per cent of the 28,000 endangered species in the world. 

In Singapore, the impact of climatic shifts and supply disruptions can be distinctly felt by the city-state, which imports more than 90 per cent of its food. To address this, the Singapore Food Agency has committed to gaining greater food resilience by setting a “30 by 30” goal, with the aim of producing 30 per cent of local nutritional needs by 2030.

However, with less than one per cent of land designated for farming, Singapore must produce more with fewer resources. Faced with these challenges, the nation needs to reduce food waste while increasing food production in a sustainable way. 

Where social consciousness meets food waste management

Driven by a strong sense of social consciousness, 33-year-old Singaporean entrepreneur Nathaniel Phua founded Ento Industries in 2020. Ento Industries is a yellow biotechnology firm and a subsidiary of local food waste management firm Tiong Lam Supplies.

Phua’s inspiration stemmed from witnessing the stark contrast between the significant food waste produced in Singapore and the persistent issue of global hunger, as highlighted by a United Nations report which projected that 300 million people worldwide may face food shortages by 2050. 

“I worry that my children may grow up in a world shaped by decisions made today. While I can’t revamp the food industry, I believe that I can play a role in making a difference,” said Phua.

In Singapore, food producers generally find it difficult to manage food waste due to the high cost of implementing waste management solutions. As a result, the city-state produced an estimated 813,000 tonnes of food waste, accounting for 12 per cent of the total waste produced, while as many as 783 million people worldwide faced hunger in 2022.  

Also Read: Hydroleap revolutionises wastewater treatment, leading industries into a sustainable future

However, picture a world where food waste is no longer a liability but a valuable asset for food production. To bring this vision to reality, Phua developed a method to valorise food waste using black soldier flies, an effective and affordable process which converts food waste and its byproducts into higher-value products that contribute to the food supply chain, such as feedstock for fish farms.  

Additionally, although the number of local food farms in Singapore has increased with government funding, the supporting industries such as feed and fertiliser production companies have not kept pace. The shortage of these supporting industries could significantly hinder Singapore’s pursuit of food security.

Fortunately, Ento Industries’ food waste management solution can help to address this challenge by enabling local food producers to reduce their reliance on imported animal feed and compost, strengthening Singapore’s food resilience. 

Using insects to save the world

For context, black soldier flies are capable of consuming a large amount of waste without producing any harmful emissions. In their larval stage, they can eat almost any organic matter, up to four times their body weight per day.

The nutrient-rich excrement produced by black soldier fly larvae can be used as fertiliser in agriculture to improve soil quality and crop yields, while the larvae itself can be harvested as a high-value animal feed. This makes black soldier flies a valuable tool for reducing food waste, improving food security, and creating a more sustainable food system in Singapore. 

Here are the steps involved in Ento Industries’ food waste management process: 

• Food waste is collected from restaurants, supermarkets, and other businesses. 
• The wastes are first treated and formulated into an optimal feed for black soldier flies.  
• These wastes are then fed to multiple batches of black soldier flies.  
• The black soldier flies break down the food wastes into a nutrient-rich liquid fertiliser. 
• The larvae of these black soldier flies are harvested and processed into a high-protein feed ingredient for pets and farm animals. 

Leading the way in food waste management, one step at a time

When Ento Industries first began, Phua had a clear understanding of the direction he wanted the company to take. As his team progressed, more ideas poured in, each sounding more attractive than the last.

As a result, they became somewhat hazy about their initial intentions and started working on multiple projects at the same time. The team soon realised that even though the company seemed to be picking up traction, it was losing capital. Phua felt that this experience helped him learn to remain laser-focused on his main goals and be more discerning when developing the business and bringing in new projects.  

Phua also believes that humility is the key to success in entrepreneurship and sets aside time to engage with his team regularly. 

“As business owners, we tend to think that we know what is best for the company – which may not always be the case. Keeping an open mind always helps me to look at my business from a different perspective and spot issues that I never knew were present.”

As a company that engages in both yellow biotechnology and waste management, it was difficult to recruit qualified manpower due to the stigma that existed in the industry. Hence, Phua worked with the various Institutes of Higher Learning (IHLs) to have their students join them as interns. This helped to break the stigma of working in the yellow biotechnology industry, as many interns extended their term with the company, and some even expressed their interest in becoming full-time staff.  

To further mitigate the issue of manpower crunch, Phua adopted various project management and business automation tools such as human resource and finance software to streamline operations.  

“It can be a tough and arduous journey, but I think for me, it was the support from my peers and family that helped to keep me going. I have also been privileged enough to have had mentors to guide me at each stage of my journey, of whom the most notable was my late father-in-law, who taught me the importance of building lasting relationships in business,” said Phua.

Phua also recommends that aspiring entrepreneurs and young leaders surround themselves with people who are in the same space or on a similar journey as them. It is important to seek out a mentor who is willing to guide them along their journey, and the insights gleaned from someone who has had a similar experience can prove to be invaluable, he explained. 

Building trust and support

Ento Industries’ impressive contributions to food waste management in Singapore have been recognised, and the company has received funding support from private investors in 2023, including undisclosed funds from ESG-focused private investors Tak Wai Chung and Te-Ling Nai.

Chung is a Co-Founder of Xcelerate Group, a regional platform investing in and operating businesses in the governance, risk, and compliance sector, including sustainability, while Nai is experienced in growing and managing business operations both in startup environments and multinational organisations. 

The company has also obtained other notable grants to support its development of new products and services. These grants include: 

• EnterpriseSG Enterprise Development Grant in 2021: A government grant that provides funding for businesses to develop new products or services, expand their operations, or improve their productivity. Ento Industries received this grant in 2021 to help develop new products using black soldier flies. 

• DBS Foundation Social Enterprise Grant in 2020: A grant that is awarded to social enterprises working to address social or environmental challenges. Ento Industries received this grant in 2020 to help kickstart its pilot facility and increase capabilities. 

Collectively, the funding support from both government and private investors enabled Ento Industries to expand its operations and develop new technologies to further its mission of reducing food waste and enhancing food resiliency in Singapore, aligning with the city-state’s 30 by 30 goal.  

Also Read: Everything you should know about the future of futuristic food technology

The future of Ento Industries 

“I am excited about the potential of insect farming to help us solve some of the world’s most pressing problems, such as food waste and climate change. I believe that black soldier flies are a sustainable and scalable solution to these problems. I am committed to working with others to make insect farming a reality,” remarked Phua.

Since its inception in 2020, Ento Industries has grown to become one of Singapore’s leading providers of food waste management solutions using black soldier flies. It has since upcycled more than 500 tonnes of food waste.

Phua believes that the food waste management industry is still in its early stages and that interest in sustainable businesses and nature-based solutions is growing. He is confident that competition will increase and more businesses will enter the field. 

Building on its success, Ento Industries is expanding its operations to meet the growing demand for sustainable food waste management solutions. The company recently rolled out its food waste transformation initiatives to key partners in the food manufacturing and food and beverage sectors.

Phua envisions increasing its capacity to service and partner with a larger number of clients in Singapore in the future. Additionally, Ento Industries is working with IHLs like Republic Polytechnic to explore the use of insect-derived feed ingredients as a sustainable replacement for the current ingredients in fish feed for aquaculture farming. 

“I believe that the best anyone can do is to keep ourselves updated on the developments in the industry while fostering strong collaborations with key industry partners,” concluded Phua.

This is a multi-part business profile series by IndSights Research featuring accomplished business leaders from different industries in Singapore. Through this initiative, we hope to encourage business leaders to implement best practices in their companies to promote growth and development.

—

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

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

Image credit: Ento Industries

The post Singapore’s food waste revolution: How Ento Industries is pioneering sustainable food from waste appeared first on e27.

We often hear about people deciding to leave their jobs. But did you know that sometimes it’s the bosses who start pulling away first? And they might do it so quietly you don’t even notice until it’s too late.

It’s not always about the employee’s decision

When we hear stories of people leaving their jobs, it’s often portrayed as a unilateral decision – an act of empowerment or a bid for a better opportunity elsewhere. Yet, this is just one side of the coin.

On the flip side, many employers are also slowly ‘letting go’ of their employees, even if there isn’t an official notification that the employee’s position has been eliminated or that the employee’s services are no longer required.

What are those signs?

When employers decide that an employee no longer aligns with the company’s vision, they might not always communicate this directly. Instead, they might:

• Reduced responsibilities: Perhaps you’ve begun to notice a diminishing workload. Those crucial projects, once entrusted to you, are now allocated elsewhere. Even coveted new initiatives don’t seem to have your name on them.
• Stagnant career path: If there’s a blurred vision of your future trajectory within the company, it’s cause for reflection. Feeling that there’s a ceiling to your growth or lacking opportunities to lead or innovate should be red flags.
• Diminished learning opportunities: An organisation’s investment in training is a reflection of its belief in the potential returns from its talent. If you’re not being asked to join training sessions or workshops anymore, it’s a hint. It’s like being left out of the school field trip. Plus, if they give you tools or apps to learn and you’re not using them, they’ll think you don’t want to learn new stuff.

Also Read: How to support startups to survive the ‘tech-winter’

• Avoidance by immediate superiors: When your immediate boss begins avoiding eye contact, shies away from direct communication, or starts routing messages through another colleague, it’s a subtle yet clear sign. Scenario: You start your day expecting the customary morning salutation. Instead, your manager seems constantly distracted, entrusting project discussions to junior managers who relay messages back to you.
• Feedback vacuum: A sudden drop in feedback – neither positive nor negative – can also be a signal. Employers invested in your growth will provide constructive feedback. Scenario: Previously, after wrapping up a project, there would be a debrief session discussing what went well and areas of improvement. These sessions have now stopped or have vanished altogether.

Things change, and that’s okay

Change is the lifeblood of business. As markets transform and technologies redefine landscapes, adaptability becomes crucial. The ideal employee is one who can seamlessly adapt, evolving as the context demands. Employers don’t just seek a readiness to change; they value the agility and nimbleness to do so.

At times, the disconnect emerges when an employee becomes rigid, resisting evolving corporate cultures or technological shifts. Here, the issue isn’t merely skill-based; it’s about fitting into the evolving immune system of the company.

What can you do about it?

Instead of waiting for glaring signs, it’s beneficial for employees to stay proactive. Regular self-reflection can help you align with your company’s evolving goals. Seeking feedback, upskilling, and demonstrating adaptability can bridge the potential gap.

In conclusion, the world of employment is a two-way street. Just as employees might seek greener pastures, employers continually seek dynamic talent capable of infusing fresh vitality into the corporate landscape. Being aware, adaptable, and proactive can ensure that you’re not just growing but thriving, no matter where you are.

—

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

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

Image credit: Canva

The post When your employer is quietly quitting you: The untold perspective appeared first on e27.

Southeast Asia’s leading venture capital firm, East Ventures, has launched its first Indonesia-focused healthcare fund worth US$30 million.

East Ventures Healthcare Fund aims to empower and support promising startups that address the unique challenges and opportunities in the country’s healthcare landscape.

Also Read: East Ventures, SV Investment launch US$100M fund to bridge SEA, Korea startup ecosystems

“Indonesia is one of Southeast Asia’s most dynamic healthcare markets with enormous potential for innovation and growth. With our extensive experience in investing across sectors and stages, we believe this healthcare fund will play a pivotal role in fostering and catalysing healthcare innovation in Indonesia,” said Willson Cuaca, Co-Founder and Managing Partner at East Ventures.

The VC firm is already an active investor in healthcare, with 30 companies in its portfolio, including Mesh Bio, AMILI, Aevice Health, Etana, and Diri Care. It has also invested in genomics startups, such as NalaGenetics and Nusantics.

During the COVID-19 crisis, the VC firm launched initiatives to strengthen the healthcare system in the archipelago. It includes the Indonesia PASTI Bisa (IDPB), a platform to support the government and private sector’s efforts in mitigating the negative impacts of COVID-19 in the nation.

East Ventures has also taken part in supporting the journey of genomics development in Indonesia. Started with the donation to the Biomedical & Genome Science Initiative (BGSi), an initiative of Indonesia’s Ministry of Health (Kemenkes) to provide precision medicine services for the community in August 2022 and provide sequencing needs in the form of reagents and consumables worth more than IDR 1 billion.

Also Read: East Ventures’s new multi-stage fund hits final close at US$550M

Early this month, East Ventures and Seoul-based SV Investment launched a new US$100 million fund. The East Ventures South Korea will open the investment corridor between the Southeast Asian and Korean venture ecosystems, including capital investment, knowledge transfer, and network sharing. The fund will invest in companies across biotech, healthcare, future mobility, green technology, and media & content.

—

The post East Ventures launches US$30M fund to back Indonesian startups appeared first on e27.

Australia-based employment management company Employment Hero has secured SGD229 million (~US$167 million) in a Series F growth round of financing for global expansion.

Led by global growth fund TCV, the round also saw participation from existing backers Insight Partners, AirTree, Seek, and OneVentures.

Also Read: When your employer is quietly quitting you: The untold perspective

The deal follows the company’s 2022 Series E of US$130 million and takes the total capital to over SGD572 million (US$416 million).

Founded by Ben Thompson and Dave Tong, Employment Hero has built an all-in-one platform to recruit, onboard, pay and manage talent. Its super-app Swag is a real-time control centre, empowering employees to manage their work and financial lives.

Since its inception in 2014, it has expanded to New Zealand, the UK, Malaysia, and Singapore.

The firm claims to serve over 300,000 SMEs and 2 million employees globally.

Also Read: Gen Z is saying no to climbing corporate ladders. Here’s what it means for Singapore’s startup ecosystem

Founded and CEO Thompson said: “Within 12 months, Employment Hero will transcend the traditional confines of HR and Payroll. We will open doors to a world where talent flows like water through a pipe, right to your doorstep. That’s the future we’re building. Businesses can seamlessly plug into our unparalleled reservoir of talent, with automatic compliance and compensation mechanisms. No more time or hassle growing your business.”

—

Image Credit: Employment Hero

The post Employment Hero rakes in US$167M to accelerate global expansion appeared first on e27.

Flux Series: Marketing Leaders is happening at the St. Regis in Jakarta, Indonesia, on 15 November 2023. Are you working in the field of marketing? Don’t miss out on this focused and curated event designed especially for marketing professionals!

Visit Flux Series: Marketing Leaders for more information! Read on to get discounted tickets.

Partnerships are the cornerstone of success in any venture, and the forthcoming Flux Series: Marketing Leaders event exemplifies this principle. The Flux Series offers an exclusive platform for industry trailblazers to engage in immersive learning sessions, granting access to industry knowledge and actionable strategies that can fuel sustainable growth and profitability for your brand.

Set against the elegant backdrop of the St. Regis in Jakarta, Indonesia, on November 15, 2023, the inaugural edition of the Flux Series promises to bring together influential marketing leaders. Their mission: to deliberate, brainstorm, and formulate actionable strategies for optimising marketing endeavors through AI-driven innovations and cutting-edge technology, all with the goal of achieving fresh marketing milestones for your company.

Within Flux Series: Marketing Leaders, attendees can anticipate enlightening keynote speeches, dynamic panel discussions, and hands-on workshops covering an array of topics surrounding the complex world of marketing. These sessions will delve into harnessing artificial intelligence to fortify marketing initiatives, cultivate deeper connections with customers, and explore the latest trends in technology.

Partners that are committed to our mission

Sponsors hold a pivotal role in the triumph of Flux Series: Marketing Leaders on multiple fronts. Firstly, they extend diverse forms of support and coverage for the various facets that make the event an enriching and exhilarating experience for participants.

Furthermore, sponsors contribute their wealth of expertise and insights, affording attendees exclusive benefits. Through their extensive networks and marketing channels, sponsors extend the reach of the event, offering valuable insights to a broader demographic.

Also read: Growth tailwinds poised to unlock the region’s startup potential

Equally significant is the presence of sponsors at the event. This creates invaluable networking opportunities for attendees to acquaint themselves with the products and services on offer. This facet aligns seamlessly with the core purpose of the Flux Series — to serve as a curated gathering for marketing leaders, fostering connections between all stakeholders. By championing Flux Series: Marketing Leaders, participants can engage with fellow marketing professionals, gaining access to industry best practices and actionable wisdom, ultimately forging novel partnerships and collaborations poised to propel business growth and triumph.

Meet CleverTap at Flux Series: Marketing Leaders

CleverTap is the all-in-one customer engagement platform that helps brands personalize and optimize all consumer touch points to improve user engagement, retention, and lifetime value. It’s the only solution built to address the needs of retention and growth teams, with audience analytics, deep segmentation, multi-channel engagement, product recommendations, and automation in one unified product.

The platform is powered by TesseractDB — the world’s first purpose-built database for customer engagement, offering both speed and economies of scale.

Get discounted tickets today!

CleverTap is trusted by 2000 customers, including Electronic Arts, TiltingPoint, Gamebasics, Big Fish, MobilityWare, TED, English Premier League, TD Bank, Carousell, AirAsia, Papa John’s, and Tesco.

Also read: Diverse range of startups make it to X-PITCH 2023 TOP100

Backed by leading investors such as Peak XV Partners, Tiger Global, Accel, and CDPQ the company is headquartered in Mountain View, California, with presence in San Francisco, New York, São Paulo, Bogota, London, Amsterdam, Sofia, Dubai, Mumbai, Singapore, and Jakarta.

Apart from the dedicated keynote where a representative from the organisation will impart key insights on marketing in the time of AI, CleverTap’s presence at the Flux Series: Marketing Leaders is driven by two goals: to increase brand awareness and to generate a sales pipeline. With the Flux Series operating as a curated convergence of top marketing leaders from across the region, CleverTap is strategically positioned to help enable and empower a stronger customer journey among participating marketers.

Join Flux Series: Marketing Leaders

Flux Series: Marketing Leaders goes beyond conventional learning environments by providing a curated selection of growth-oriented content stages. These stages serve as dynamic platforms where attendees gain invaluable knowledge on how to leverage disruptive technologies and harness the power of AI to supercharge their marketing efforts. Here, participants get to immerse in active knowledge-sharing guided by industry trailblazers who will be lending their expertise and experiences. From decoding AI-powered tools to unveiling transformative marketing strategies, these content stages are designed to equip marketers with actionable insights that can be seamlessly integrated into their business strategies.

Also read: How PriyoShop is revolutionising the B2B procurement process

For marketing leaders aiming to elevate their company’s marketing goals, Flux Series: Marketing Leaders is a must-attend event. Join us in Jakarta on November 15, 2023, for a day of insightful discussions, interactive workshops, and unparalleled networking opportunities that will reshape the way you approach marketing in the digital age.

Join the Flux Series or become our partner and be a driving force in the AI-powered marketing revolution. To learn more about the event, you may visit the official Flux Series: Marketing Leaders page.

Get ready to embark on a journey that will not only deepen your understanding of AI-driven marketing but also equip you with the actionable insights needed to thrive in the dynamic world of modern marketing.

Join Flux Series: Marketing Leaders with discounted tickets here.

The post CleverTap: Leading customer engagement platform will be at Flux! appeared first on e27.

In the wake of the recent ransomware attack on Indonesia’s Financial Services Authority (OJK) on October 2, 2023, it’s high time we address a common misconception prevalent among many Indonesian businesses—the notion that antivirus software alone is sufficient to protect against cyber threats.

The OJK incident, which stemmed from a single employee inadvertently clicking on a malicious link, underscores the vulnerability of organisations relying solely on antivirus programs. It’s a stark reminder of why a more comprehensive cybersecurity strategy is imperative, especially for companies handling vast amounts of sensitive data.

The antivirus myth

In Indonesia, many individuals and businesses have long placed their faith in antivirus software as the ultimate defence against cyber threats. While antivirus tools are undoubtedly valuable in detecting and preventing known malware, the evolving landscape of cyberattacks demands a broader and more proactive approach.

Also Read: How to achieve cybersecurity independence in Southeast Asia

The reality

• Ransomware strikes unpredictably: Cybercriminals are constantly developing new tactics and malware variants, making it difficult for antivirus programs to keep up.
• Human error is a significant risk: Regardless of the strength of your antivirus software, the weakest link in your cybersecurity chain is often human behaviour. Cybercriminals exploit this vulnerability through social engineering tactics.
• Comprehensive cybersecurity is essential: A comprehensive cybersecurity strategy is a must to protect your organisation effectively. This includes employee training, regular security assessments, intrusion detection systems, and incident response plans.
• The role of ransomware rollback: For organisations dealing with substantial volumes of critical data, having a solution that includes ransomware rollback is paramount. In the event of a ransomware attack, the ability to recover data swiftly and securely can make all the difference.

A call to action

The OJK incident should serve as a wake-up call for businesses across Indonesia. It’s time to dispel the myth that antivirus software alone is enough to safeguard your organisation’s valuable data.

Instead, we need to embrace a more holistic approach to cybersecurity—one that combines advanced technology, employee awareness, and robust recovery solutions like ransomware rollback.

By recognising the evolving threat landscape and investing in comprehensive cybersecurity measures, Indonesian businesses can better protect themselves from the ever-present danger of cyberattacks.

The lesson from OJK is clear: in today’s digital age, an antivirus alone is no longer sufficient. It’s time to bolster our defences and make cybersecurity a top priority.

—

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

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

Image credit: Canva

The post Ransomware wake-up call: Why Indonesian businesses need more than just antivirus appeared first on e27.

Singapore-based manufacturing-tech startup Factorem has closed its seed funding round led by Enterprise Singapore’s investment arm SEEDS Capital and robotics-focused venture builder Blue InCube Ventures.

The investment size remains undisclosed.

Also Read: Phasio lands US$2.5M to connect manufacturers, customers in real-time via digital storefront

The startup will use the capital to accelerate platform development to achieve faster lead times and more accurate quoting for broader coverage, optimise the manufacturing process further, and expand its global customer base.

The funds will also boost Factorem’s supply chain capacity and capabilities in crucial SEA markets like Malaysia and Vietnam.

“The funding will enable us to continue transforming the world of custom manufacturing in Southeast Asia and beyond,” said Factorem Co-Founder and CEO Alexandra Zhang.

Established in 2020, Factorem is a cloud platform providing end-to-end fulfilment services tailored for on-demand, low volume, and no minimum order quantity parts. The platform offers access to various manufacturing technologies, including CNC Machining, 3D printing, sheet metal fabrication, and surface treatment.

Its core mission is to offer a seamless and hassle-free experience for businesses seeking bespoke and complex custom parts across various industries, such as industrial automation, robotics, biotechnology, and telecommunications.

“We are making ordering bespoke parts as easy as ordering an item from an e-commerce store. At the same time, we are continuously building value-added services for our manufacturing partners and automating workflows,” added Co-Founder and Chief Product Officer Hardik Dobariya.

Also Read: Industry 4.0 in ASEAN: Creating factories of the future

The company claims since our last founding three years ago, Factorem’s revenue has grown exponentially by 300 per cent y-o-y, with a portfolio of clients that spans both local and overseas markets.

Factorem’s manufacturing network has grown 10x from ten factories in 2020 to 100 highly vetted factories across Singapore, Malaysia, Vietnam, and South Korea.

—

Image Credit: Factorem.

The post SEEDS Capital backs Singapore’s manufacturing-tech startup Factorem appeared first on e27.

Account Lab was formed in 2023 following the merger of Keystone and UniPass to democratise access to Web3 through wallet innovations.

Based in Singapore, Account Labs is developing next-gen Web3 Account Abstraction solutions, making decentralised account ownership and management a good experience for individual users and accelerating the adoption of blockchain.

The firm recently raised US$7.7 million in a funding round from Amber Group, MixMarvel DAO Ventures, and Qiming Ventures as it prepared to launch its consumer-focused UniPass wallet app on Polygon.

e27 spoke with Account Labs CEO Lixin Liu to learn more about the company’s offerings, goals, account abstraction, and the entry of Grab into the Web3 space.

Excerpts:

How do you plan to utilise this investment to further your goals in Web3 adoption?

Account Labs is utilising the funds to drive the upcoming wave of mass crypto adoption through peer-to-peer (P2P) stablecoin transfers. This is what the UniPass wallet app offers. The funding will also help with the go-to-market plans for the wallet, starting with the Philippines.

What sets UniPass apart from other wallets in the market?

Most Web3 wallets still have high barriers to entry, requiring users to have a deep understanding of the Web3 world. Most need complex seed phrases to even access and only work within a narrow range of compatibility. Also, many wallets from centralised providers are exposed to high risks, as users can lose their assets, as we have seen with FTX and many other examples.

Also Read: Web3: idealistic vision or inevitable future? Insights from expert Chris Sirise 

Account Labs aims to take Web3 to the mainstream by removing the major bottlenecks to onboarding users to Web3 wallets. With UniPass Wallet, users require no Web3 experience at all, yet can confidently access and manage a secure, self-custody, and easy-to-use Web3 wallet. The user experience feels similar to Web2 transfer apps, and users can recover their accounts with a Google account, massively reducing barriers to entry.

As a smart contract wallet app, UniPass provides gasless stablecoin transactions via account abstraction. This allows users to execute transactions seamlessly without directly paying the high gas fees traditionally associated with these transactions. With the UniPass wallet app, users can manage their own self-custody crypto wallet without remembering recovery phrases, thanks to email or social media-based social recovery.

Could you explain the concept of account abstraction and how it plays a pivotal role in Web3 mass adoption?

Essentially, account abstraction develops smart contracts into wallets; users don’t have to understand or manage what happens in the background when they execute transactions. Instead, it’s similar to when users Venmo cash to a friend.

Furthermore, the brilliance of UniPass Wallet lies in its ability to ensure uninterrupted access to your smart contract wallet, even when transitioning to a new device. With UniPass, users can effortlessly regain access to their smart contract wallet on a new device by logging in with their trusted Google Account. This streamlines and eliminates the cumbersome account recovery procedures.

Stablecoins are becoming increasingly important in the crypto space. How do you see them contributing to the broader Web3 adoption?

Account Labs believes stablecoins are the best way to onboard the next billion users into crypto, from cab drivers in Turkey to gig workers in the Philippines. They are key to unlocking crypto mass adoption. By removing the speculative trading aspect of cryptocurrencies, fiat-backed stablecoins eliminate risks associated with price volatility and are easier for non-web3-natives to grasp and trust.

Also Read: Xctuality develops virtual experiential platform, accelerating brands into metaverse”

As traditional financial institutions begin dipping their toes into the crypto finance industry, stablecoins are an inoffensive, neutral ground everyone’s happy to work with. We’re also seeing more non-USD-backed stablecoins coming to market, which is a fantastic development, offering more diversity. I hope to see stablecoins for all fiat currencies one day.

GameFi (Web3 gaming) laid the groundwork in Southeast Asia among young early adopters; next, stablecoins are how we get the ball rolling on true mass adoption. UniPass wallet specifically supports stablecoins on Polygon and massively improves the user experience via account abstraction so that users don’t need any Web3 experience at all.

Can you elaborate on UniPass Wallet’s user experience, especially for those new to Web3 and cryptocurrency?

As a smart contract wallet, UniPass wallet does away with complex 12-word seed phrases to log in. Wallet owners can simply use their Google account to set up and log into their Web3 wallet, with no Web3 familiarity required. This massively lowers the barrier to entry. Plus, users can top up their UniPass wallet directly with cards or Apple Pay. Users can then send stablecoins directly to other Web3 wallets.

Also Read: On-chain data and Web3 security: Insights from industry experts

The UniPass team also spent much time optimising the UI/UX, for example, minimising the clicks required to execute transactions.

What is the significance of UniPass wallet’s ultra-low fees and the reimbursement of three transfers per day per user?

Gas fees are a major barrier to Web3 adoption, as no one likes to pay high fees. If we can’t reduce fees compared to traditional finance options, then we aren’t being innovative enough.

With UniPass, we’re leveraging account abstraction so that users pay transaction fees in stablecoins, rather than any blockchain’s native token, which helps to lower the overall cost. We are also reimbursing the fees for up to three daily transactions per user to encourage users to try out the wallet and discover this next-level financial service.

Grab recently launched a Web3 wallet. What does this mean for the web3 vertical?

Grab’s wallet uses NFTs to power a loyalty programme, which is a great example of how Web3 can align with existing marketing programmes in the Web2 world. It’s a step in the right direction, but users cannot pay for taxis or take-out with their stablecoins through Grab, for example. With UniPass wallet, they can.

—

Image Credit: Account Labs

The post Stablecoins are the best way to onboard next billion crypto users: Account Labs CEO appeared first on e27.

In early October, Singapore-based edutech company Literatu announced that it is working to customise and integrate its AI-based writing solution to the country’s national online learning portal Student Learning Space (SLS)–accessible by all primary and secondary school teachers and students.

Called Scribo AI, the solution will help provide feedback on student’s writing in style, spelling and grammar. It aims to help teachers better focus on guiding students in the more complex aspects of language construction and develop higher-level language skills, such as creative expression and persuasion.

The solution will be integrated into the Language Feedback Assistant for English (LangFA-EL) tool and go live on SLS in December.

According to Literatu CEO Mark Stanley, Scribo sets itself apart by emphasising teaching and learning writing.

“Scribo recognises that to develop strong writing skills, students require a deeper connection to educators that provides timely feedback and personalised guidance. Research supports the hypothesis that students learning to write in English benefit from personalised guidance, feedback, and strategies for improvement,” he explains in an email to e27.

Stanley says Scribo is available to schools as a complete platform or API, but the Singapore Ministry of Education (MOE) implements Scribo as an API integrated with their SLS platform.

Also Read: 

He highlights the three areas that set Scribo apart from existing tools:

– Engagement in planning and scaffolding: “Scribo engages students in the crucial stage of planning and structuring their writing. It tailors its approach to each student’s zone of proximal development (ZPD), ensuring they are set up for success from the planning phase onward.”

– Comprehensive writing feedback: “Unlike standard GPS systems, Scribo goes beyond grammar and punctuation correction. It offers personalised feedback on vocabulary, sentence structure, tone, argument development, and more. This personalised feedback helps students enhance their writing skills within self-directed learning. Moreover, it informs teachers about recurring issues, enabling them to provide targeted guidance and remediation.”

– Transparent scoring and customisation: “Scribo uniquely scores student work and provides detailed explanations for the scores assigned. The engine can calibrate its assessment based on various factors such as genre, year level, and subject and is responsive to curriculum-specific marking criteria.”

“Furthermore, teachers can use their own rubrics, allowing AI to auto-grade and further personalise feedback. Scribo saves teachers valuable time by quickly identifying areas where students require additional assistance, eliminating the need to read and correct numerous essays manually,” Stanley says.

“This guidance on what students should focus on next is invaluable, as it elevates the mentorship role of teachers, giving them more quality time to provide the most impactful, human-cognitive advice.”

Also Read: 

Writing remains a highly relevant skill. This is how Scribo will help

Stanley explains that the idea for Scribo came from his own personal experience with his sons as they moved through school years.

“‘Stranded brilliance’ is a great term to describe the problem many students face where they can be great at some subjects and not so good at others. In our experience, writing was the stranded subject,” he says.

“Writing English well is the most difficult meta-cognitive skill for students to master. The assembly of clear thinking wrapped in many grammar construct rules needs to be developed with a lot of practice and feedback. Writing remains the most critical 21st-century skill that many people are not proficient in and will avoid, given the opportunity. This hesitation to write is indeed the big attraction of Generative AI and ChatGPT.”

This problem is further exacerbated by the workload teachers must go through, clashing with the pressing need for personalised student support. It eventually led to Literatu developing Scribo.

“A key determiner of the quality of any AI model depends on the quality of the inputs and data used in training and fine-tuning the model. Scribo’s K12 data corpus represents the student writing styles of many Southeast Asia (SEA)-based countries and students, many of which make up a diverse school population in most SEA countries. We work with Singapore MOE to curate and develop new levels of representative data to fine-tune the production models used by MOE,” Stanley explains.

“The ultimate litmus test for Scribo is ‘will it advise students with feedback in a way that an English teacher would?’. The closer the answer gets to a resounding ‘yes’, the more effective the platform is in helping teachers and students. We are getting really close.”

Also Read: 

Writing the future

Literatu is run by a core team of nine engineers and support staff who have been working together for over six years.

The company was bootstrapped until it closed a funding round in June by EduSpaze and Heritas Capital to get the corporate structure in place and be investor-ready as it expands.

It plans to raise a new funding round in early 2024.

Stanley shares that Literatu is looking forward to running pilot projects in the US and Canada and is opening new partnerships with publishers in new market segments in the UK and Latin America.

“We have expanded the level of AI and the practical use of AI in Scribo dramatically this year and will deliver these new features into live production later this year. There is so much more AI can help teachers and students with, and we are committed to delivering significant benefits,” Stanley closes.

“2024 will also see Scribo rolls across the MOE student and teacher base of some 500,000 users and large B2B2C deployments into two big SEA countries.”

—

Image Credit: Literatu

The post How Literatu uses AI to help students in Singapore improve their English writing skills appeared first on e27.