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East Ventures, a leading sector-agnostic VC fund based in Indonesia, has appointed Sang Han as a Partner for its South Korea fund.

Han will manage the operations of East Ventures South Korea, a US$100 million fund formed in partnership with SV Investment in October 2023.

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

“My focus will be on strengthening the bridge between Southeast Asia and South Korea to tap into the complementary synergies of both regions,” said Han.

Han brings 20 years of extensive experience and has held key leadership roles within asset management and VC firms covering Southeast Asia, Korea, and the US. His professional journey includes overseeing diverse corporate development responsibilities and directing investments.

He also played a pivotal role in nurturing the growth of startups, notably during his tenure as the MD of Temasek Lifesciences Accelerator (TLA).

Sang holds a BSc in Computer Engineering from Seoul National University and an MBA from INSEAD.

Founded in 2009, East Ventures provides multi-stage investment for over 300 tech companies across Southeast Asia, from seed to growth stage. It is an early backer of prominent tech companies in the region, such as Tokopedia, Traveloka, Ruangguru, ShopBack, Waresix, Xendit, IDN Media, KoinWorks, Sociolla, Tech in Asia (acquired by SPH), Kudo (acquired by Grab), Loket (acquired by Gojek), and MokaPOS (acquired by Gojek).

Also Read: East Ventures launches US$30M fund to back Indonesian startups

Recently, East Ventures and The Indonesian Chamber of Commerce and Industry (Kadin Indonesia) launched Emission Calculator & Visualization Southeast Asia (ECOVISEA). A free web-based global greenhouse gas calculator, ECOVISEA helps companies calculate and measure their environmental impact.

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X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.

Want more from your Echelon experience? Be an Echelon X sponsor or exhibitor. Send enquiry here.

The post Former MD of Temasek Lifesciences Accelerator Sang Han joins East Ventures Korea appeared first on e27.

US-based ContextLogic has agreed to sell all the operating assets and liabilities of its e-commerce unit Wish to Singapore-based Qoo10 for approximately US$173 million in cash.

This marks a considerable discount to the previous valuation of Wish, whose parent ContextLogic raised US$1.1 billion in its IPO in 2020 at a US$14.1 billion valuation. Wish, once a leading shopping destination in the US, faced massive competition from Temu and Shein, forcing it to sell its assets.

Also Read: Looking abroad: Capturing the e-commerce opportunity in SEA

The transaction is expected to be complete in Q2 2024. Following the closing, the Wish brand and platform will become a part of the Qoo10 family of businesses.

Post the transaction, ContextLogic will have limited operating expenses and a balance sheet that will be debt-free, with net cash proceeds from the asset sale, approximately US$2.7 billion of net operating loss (NOL) carryforwards and certain retained assets. The Board intends to use the proceeds from the transaction to help monetise its NOLs.

ContextLogic CEO Joe Yan said: “Integrating the Wish platform into Qoo10 will create a true global cross-border e-commerce platform to support the massive market demand. Upon close, we expect the new Wish platform will have an improved customer experience through increased product assortment and merchant selection.”

Qoo10 CEO and Founder Young Bae Ku remarked, “Wish has innovative technology that provides highly entertaining, personalised shopping experiences for its users while serving as one of the largest global e-commerce platforms. By combining our operating expertise and Wish’s technology and data science capabilities, we expect to drive greater success for merchants while providing an even greater marketplace for consumers globally.”

Also Read: What is next for Indonesian e-commerce scene after GoTo, TikTok Indonesia merger?

In 2019, Qoo10 acquired ShopClues, an online marketplace in India, for US$70-100 million. This all-stock deal was the culmination of a prolonged hunt for a buyer by ShopClues, which at its peak was valued at US$1.1 billion in late 2015.

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X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.

Want more from your Echelon experience? Be an Echelon X sponsor or exhibitor. Send enquiry here.

The post Qoo10 to acquire US e-commerce platform Wish’s operating assets, liabilities for US$173M appeared first on e27.

Visit Echelon X to learn more about the program. Get your tickets here!

Echelon X, one of the most anticipated tech and business conferences of the year, is not just about networking and insightful discussions; it’s also about offering attendees a tailored experience. Happening on 15-16 May 2024 at the Singapore EXPO, the two-day conference serves as a gathering for all stakeholders from across the Southeast Asian tech startup ecosystem.

At Echelon X, you’ll find top-notch speakers delivering cutting-edge insights on the latest trends in tech and innovation, panel discussions on firsthand experiences from some of the most sought out industry insiders, and a showcase of some of the most exciting new startups from across the region. As such, e27 is dedicated to making sure that your Echelon X is customised specifically for your needs.

Also read: Echelon X: 10 years of empowering the SEA startup ecosystem

Whether you’re an industry veteran checking out the latest in tech, an up-and-coming founder exploring growth opportunities, or a tech enthusiast looking to satiate your hunger for innovation, Echelon X has got you covered. With its range of ticketing options, Echelon X ensures that participants can choose the level of access and perks that best suit their needs and preferences.

Echelon X’s customised experience

Let’s delve into the offerings of each ticketing tier and what they bring to the table:

1. Starter Pass:

The Starter Pass is the introductory, no-frills ticket option, ideal for individuals eager to fully engage in the Echelon X experience on a basic level. Despite being the entry-level choice, the Starter Pass provides a wide range of benefits:

• 2-day Echelon X pass: Gain access to both days of the conference, ensuring you don’t miss out on any crucial sessions or networking opportunities.
• Access to all conference stages: Dive into a diverse range of talks and panel discussions across multiple stages, covering various topics from technology trends to startup success stories.
• Access to the Marketplace zone: Explore the bustling Marketplace, where you can check out and even purchase products straight from the innovators behind them.
• Access to the Exhibition zone: Get up close and personal with cutting-edge products and services showcased by exhibitors.
• Access to the TOP100 showcase zone: Witness the excitement of the TOP100 startup showcase, where promising startups pitch their ideas to a panel of judges.
• Access to roundtable discussions: Engage in intimate discussions on specific topics, allowing for deeper insights and networking opportunities.
• Access to side events: Participate in networking sessions, workshops, and other side events happening alongside the main conference.

2. Premier Pass:

The Premier Pass takes the Echelon X experience up a notch by offering additional amenities to enhance your comfort and convenience:

• All benefits of the Starter Pass: Enjoy everything included in the Starter Pass package.
• Lunch and water: Refuel and stay hydrated throughout the day with complimentary lunch and water provided onsite.

Also read: Vonage to lead customer engagement deep dive in Indonesia

3. Gold Pass:

For those seeking a premium conference experience with exclusive perks and privileges, the Gold Pass is the ultimate choice:

• All benefits of the Premier Pass: Benefit from all the perks included in the Premier Pass package.
• Business Meet Package: Take advantage of a dedicated business meet package, including limited onsite branding opportunities and all-day basic coffee and tea service to keep you energised and refreshed.
• Access to speaker lounge: Rub shoulders with industry experts and speakers in the exclusive speaker lounge.
• Free-flow lounge barista coffee: Indulge in premium barista-made coffee throughout the conference.
• Drinks at the official after party: Unwind and network over drinks at the lively after party, exclusive to Gold Pass holders.
• Echelon X merchandise: Take home exclusive Echelon X merchandise as a token of your premium conference experience.

Join us at Echelon X!

As the countdown to Echelon X begins, mark your calendars for May 15th and 16th, 2024, as the Singapore EXPO transforms into a hub of tech and innovation. Over these two jam-packed days, participants will have the unique opportunity to meet industry titans, visionary entrepreneurs, and game-changing startups from across the region.

Also read: How data can be used to empower mental healthcare in Asia

Whether you’re seeking to soak up knowledge, forge valuable connections, or showcase your groundbreaking ideas, Echelon X promises an unforgettable experience. If you’re ready to be part of this transformative journey, whether as a participant or an official partner, head to our official page now to secure your spot. Together, let’s embark on a journey to reshape the future and make a lasting impact.

Join us at Echelon 2024, where innovation knows no bounds and possibilities are endless!

The post Unlocking the full Echelon X experience through customised ticketing options appeared first on e27.

According to STEPVR, video creation plays a pivotal role for businesses and professionals in conveying information in this era of the internet and short videos. However, the existing video production processes are often tedious, costly, and time-consuming, making them inaccessible to small to medium-sized enterprises (SMEs).

AI-based video creation tools are supposed to be helpful for this, but challenges remain.

“Existing AI video technologies have primarily excelled in isolated areas, generating short dynamic scenes from a single image or crafting creative videos based on textual descriptions. Regrettably, these technologies often remain ‘novel and interesting,’ struggling to find practical applications,” says STEPVR President Dr Guo Cheng in an email interview with e27.

To tackle that problem, STEPVR developed a Generative AI-powered video generation platform to make video production as simple as creating a slide presentation for businesses. It can even create digital avatars that verbally articulate a written script in a selected Southeast Asian language.

“We are committed to reverse engineering the entire spectrum of AI technologies essential for video production and seamlessly integrating them into a genuinely practical product. Unlike other solutions, our AI video generation tool is lightweight, allowing users to effortlessly create talking-head videos akin to producing a PowerPoint presentation—making the process more efficient, concise, and tailored to individual needs.”

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

STEPVR currently has 10 core members involved in its AI project and is planning to expand its team further.

The company was part of the AI Trailblazers initiative, Singapore’s first Generative AI Innovation Sandboxes established to accelerate the development of generative AI solutions that address organisations’ real-world challenges. The initiative is part of MCI, DISG, and Google Cloud’s strategic collaboration to bolster the country’s National AI Strategy.

To learn more about STEPVR, check out this edited excerpt of our interview with Dr Guo Cheng:

Can you tell us a bit about your product development journey? How did you come up with the idea and concept?

During the surge in Generative AI technologies, STEPVR actively explored solutions for AI-generated videos. However, the exorbitant cost of developing large models led the team to a pivotal realisation. Generic AI video tools had become the “Colosseum” of industry giants, unsuitable for startups and small to medium-sized enterprises. To thrive, STEPVR needed to identify niche demands and carve out a path towards commercial viability.

At that moment, as the team meticulously organised product information through PowerPoint, a groundbreaking idea emerged. What if they could create a promotional video by employing a similar approach? This could circumvent the traditional processes of scripting, shooting, recording, editing, and post-production effects, liberating productivity entirely.

Moreover, this demand was necessary for startups, sales professionals, business executives, and office workers. An AI-generated high-quality video had the potential to make their products or companies stand out, with a strong willingness to pay for such a service.

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

In a remarkably short period, STEPVR established a web-based AI video tool. This tool seamlessly integrates elements such as digital spokespersons, material images and videos, copywriting, logos, and AI-generated images, focusing on producing enterprise-level promotional or personal introduction videos.

How do you envision your product will be in the next few years?

Our vision is to build a substantial base of paying users globally in the future, with a stellar reputation, genuinely serving the branding needs of SMEs and individuals. Simultaneously, we aim to liberate the productivity of more video producers, providing a valuable service to the broader community.

Who are your users? How do you acquire them?

In the initial phase, STEPVR is targeting SMEs with a user base of several hundred people, aiming to secure initial funding through collaborations with corporate clients. Simultaneously, there are plans to advance the development of the personal edition of our product.

As the parent company primarily engaged in metaverse VR, wearable devices, and robotics, STEPVR’s parent company has accumulated several years of experience with its global sales team and clientele. In the AI product line, STEPVR is confident in leveraging its existing channels to acquire its initial user base.

Additionally, the team will continue participating in major AI competitions and presentations. Furthermore, efforts will be made to establish a communication matrix on social media platforms both domestically and internationally, ensuring that more users become acquainted with STEPVR’s products and expanding its influence.

Also Read: Artificial intelligence has been flourishing incredibly in these 5 Southeast Asia technology hubs

What is your business model?

We aim to initiate our exploration with a B2B model, subsequently advancing our product lines into B2C. We are open to capital infusion throughout this process to fuel further development and investment.

Globally, Singapore is one of the most promising countries regarding AI implementation. Is there any specific opportunity that you want to tap into here?

Singapore will serve as the overseas data centre for STEPVR’s AI video products. The region is conducive to the high-tech industry and boasts a significant pool of potential users. The team identified a substantial business opportunity during the initial market research phase. Many SMEs in Southeast Asian countries lack localised and customised AI video generation tools.

Simultaneously, they find it challenging to afford off-the-shelf AI tools from Western markets. This presents STEPVR with a tremendous business opportunity.

What is the role of partnership in helping you grow your business?

During the recently concluded AI Trailblazer Accelerator programme, a joint initiative by the Singapore government and Google, STEPVR’s product received substantial support.

With Google providing cloud computing services and guidance from its technical team, STEPVR enhanced its product’s user experience significantly. Looking ahead, STEPVR is committed to ongoing collaboration with its partners, continuously refining the product to deliver improved services to its users.

What is your major plan for 2024?

We aim to have 100 enterprise-level users by the year 2024.

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Image Credit: STEPVR

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