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Vietnam’s sand-based thermal energy storage startup Alternō secures US$1.5M

Alternō, a Vietnamese startup providing a thermal energy storage solution utilising sand battery technology, has secured over US$1.5 million in an oversubscribed seed investment round co-led by The Radical Fund (Singapore) and Touchstone Partners (Vietnam).

Antler (Vietnam), Impact Square (Korea), and Glocalink (Singapore) also participated.

Previously, Alternō received grants from international foundations, including US$200,000 from the Temasek Foundation, US$350,000 from P4G, and US$40,000 from the Japan International Cooperation Agency.

Also Read: How Alternō’s vision is changing the energy landscape with sand batteries

Alternō provides an innovative thermal energy storage solution utilising sand battery technology tailored for agricultural applications across drying, warming, or heating needs. This technology comprises insulated sand with custom heat-conducting tubes. It ensures a “seamless” transition to low-carbon agricultural practices while enabling cost savings for customers in a price-sensitive sector, compared to conventional grid energy and lithium-ion batteries.

“With the upcoming carbon tax (CBAM) by the European Union on imported products, our vision not only contributes to reducing carbon emissions in agriculture but also enhances the competitiveness of Vietnamese companies on the international market with products meeting global green standards,” said Hai Ho, co-founder and chief commercial of Alternō.

The company is now developing industrial versions of its sand battery systems with capacities ranging from 250 kWh to up to 1.8 megawatts. This will significantly save energy and reduce annual carbon emissions for farms and agricultural enterprises worldwide.

It was one of the three winners at Net Zero Challenge 2023, a climate innovations competition in Vietnam organised by Touchstone Partners and Temasek Foundation.

Also Read: Balancing act: Carbon Balance’s quest to tackle climate crises with tech-driven sustainability

In recent years, green environment, green economy, and green growth have become a priority for global investors. According to PwC’s “Global Investor Survey,” over 75 per cent of investors have identified or decided to invest in businesses focused on environmental, social, and governance (ESG) factors. Furthermore, the report highlights that green startups and businesses are becoming focal points and preferred investment trends among global investors.

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.

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Asia’s beauty lies in its complexity: 3 strategies to do well in an Asian market

Asia, known as “the continent of contrast”, is one of the most diverse continents in the world.

Entering such a diverse nation can be scary at first, but it is also one of the best locations in the world to do business due to its availability of land, labour, and capital. Many manufacturing and tech companies are based in Asia because of its affordable labour costs.

The Asian market has plenty of room for innovation and growth.

It’s a family affair

The first point is more of a mindset for doing business in Asia.

One of the major characteristics of Asian culture is its collectivist nature. People are very close-knit and attached to one other.  Therefore, if you want to be a part of the family you have to be the family.

That means not being afraid to explore people’s unique tastes, forming close bonds with locals or business partners, and learning everything about the culture.

For example, “giving gifts” in general is a major part of Asian culture. It is something that brings people together.

Believe it or not, in India, businessmen receive gifts from one other, for example, sweets during festivals or occasions. India itself has more than 20 festivals in a year.

All the events can be difficult to remember sometimes, but its all part of blending in with the culture.

In the Japanese work culture, drinking with a work colleague is seen as part of work which is usually not the case in Western society, where people frequently go out for “after work” drinks.

This is because the Japanese sometimes tend to keep their opinions to themselves without voicing it out, so if your Japanese employee has agreed with you during a conference, you might find out that he has a completely different opinion just after a few drinks.

Keeping up with the trends

Asia is the most populous continent in the world, with an incredibly large and diverse market. To serve a market like this, a business must be constantly on their tiptoes.

One example is the incredible rise of the Korean boy band BTS recently. In no time everyone started talking about them ; not just in Asia but also in the US.

Taking advantage of the opportunity, Soko Glam, a Korean skincare and beauty brand, started making BTS sheet masks for the face. At a glance, it seemed like a pretty ordinary facial mask, but with the images of the boyband group on the cover, it was sold out in a matter of few hours.

Simply, knowing what was happening in the market helped Soko Glam create this opportunity for their business.

Two ways to do this can be to befriend locals or hire an expert who knows the emerging trends.

Know your lingo

Knowing the lingo is so important because every country has a different lingo in Asia and knowing it helps in developing a bond between the customer and the brand.

There are tons of examples of businesses who have leveraged on this point.

One of my favourites is Singapore’s leading taxi-hailing service which managed to override the popular international ridesharing app Uber.

By using popular Singlish phrases like “Yay, driver here liao!” and  “Wait ah, finding driver”, Grab has managed to entertain and create a sense of belonging within its customers.

Another example is a study done by Raj Raghunathan, a professor in the Department of Marketing in the University of Texas, who attempted to answer the question about whether participants would show more liking to familiar objects rather than unfamiliar ones.

When participants were shown two sets of Japanese alphabets, one to which they had been previously exposed and another to which they hadn’t, participants reported greater liking for the ones they were familiar with, even though they couldn’t recall seeing them.

And what can be more familiar than language?

Conclusion

Sometimes people can get overwhelmed by the diversity in Asian culture, however, it is important to remember to embrace the uniqueness, and convert the challenge into an opportunity.

This article was first published on September 16, 2019.

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Carousell acquires luxury bag reseller LuxLexicon to strengthen recommerce play

Carousell Group, a multi-category platform for secondhand in Greater Southeast Asia, has acquired the business of Singapore’s luxury bag reseller and consignment platform LuxLexicon for an undisclosed sum.

The acquisition will help Carousell grow its ‘Luxury’ category with an omnichannel strategy and expanded premium luxury offerings. “By joining forces with LuxLexicon’s expertise, we could help each other supercharge our luxury bag business in Southeast Asia, Hong Kong and Taiwan over the next few years,” said Marcus Tan, co-founder of Carousell Group.

Also Read: Carousell partners with YEAP to address challenges in e-waste

LuxLexicon will leverage Carousell’s expertise in online recommerce and overseas expansion for future growth. “LuxLexicon and Carousell Group share a common goal of providing a trusted and accessible platform for buying and selling authenticated luxury bags. Additionally, we both see similar strong consumer demand for popular brands such as Hermès, CHANEL and Louis Vuitton. This acquisition allows us to offer more variety of bags and recommend interested consumers to each other,” added founder Florence Low, who will continue to lead LuxLexicon as a separate brand, retaining its name, retail space, and team.

Founded in 2019, LuxLexicon has one of the largest resale Hermès bag selections in Southeast Asia. Each item goes through a rigorous due diligence examination by their in-house authentication expert before being listed for sale.

Founded in 2012, Carousell is a recommerce marketplace with a diverse range of products across a variety of categories, including cars, lifestyle, gadgets and fashion accessories. Last year, Carousell launched programmes to make buying and selling authenticated luxury bags more trusted and convenient. The firm claims its Certified Luxury, which allows users to buy authenticated luxury bags, has quadrupled transaction volumes since its launch — while ‘Sell to Carousell Luxury’, which allows users to sell or consign their bags directly to Carousell, has more than doubled in leads.

Carousell is available in Singapore, Hong Kong, Indonesia, Malaysia, the Philippines and Taiwan.

The group is backed by investors, including Telenor Group, Rakuten Ventures, Naver, STIC Investments, 500 Global, and Peak XV Partners.

This acquisition follows Carousell Group’s 2022 acquisition of Laku6, an electronics recommerce platform in Indonesia, and REFASH, an omnichannel fashion recommerce retailer in Singapore.

Also Read: Carousell acquires Ox Street to double down on its re-commerce efforts in Greater SEA

“We have been strengthening our recommerce foundations to drive our multi-category approach on our top growth categories. Part of these efforts were acquisitions for fashion, mobiles and autos over the years. Beyond growing organically as a top priority, we will continue to seek acquisition opportunities with the right partners across our focus categories and markets to accelerate the future of secondhand in Greater Southeast Asia,” added Tan.

The total luxury resale market in Southeast Asia, Hong Kong and Taiwan combined is projected to grow to US$7.5 billion by 2026, based on research by RedSeer Strategy Consultants. The Group has observed similar organic growth over the past few years and is set to cement its recommerce leadership. This is mainly organically driven by Carousell where its luxury bag category listings in Singapore have grown monthly by 71 per cent over the past two years.

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.

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Auristone aims to transform precision medicine field with US$4M funding

Chew Jing Ming, CEO and co-founder of Auristone

Singapore-based epigenomic (the science of how genes are expressed) research and innovation company Auristone has announced the completion of its US$4 million seed funding round, led by Elev8.vc.

SEEDS Capital and Genedant also participated.

Also Read: ‘We aim to make early cancer detection accessible on a global scale’: Mirxes CEO

This infusion of capital will be strategically deployed to enhance Auristone’s capabilities through clinical collaborations and to drive market adoption of its flagship molecular profiling test, EPI-CALL, by working closely with regional genomic companies.

Auristone harnesses the power of epigenomic insights to transform the field of precision medicine. Using epigenomics, Auristone can predict patients’ likelihood of response to different treatment options, helping doctors determine patient treatment plans.

EPI-CALL is designed to help doctors and patients navigate the complexities of therapy selection for late-stage cancer patients.

Auristone’s other products are Signomax (a sample-to-report ChIP-Seq and RNA-Seq service to support research endeavours) and EPI-Tome (an epigenomic-driven novel biomarker and drug discovery engine).

Also Read: Harnessing the power of AI to help improve gastric cancer detection

“In order to continually deliver value for the community, we will partner with regional genomic companies to offer EPI-CALL and deepen clinical collaborations to gain new epigenomic insights,” said Chew Jing Ming, CEO and co-founder of Auristone.

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.

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Laws, capitalism, creators and AI

It is a tumultuous time for creators. There is no denying that. ChatGPT is only approaching its first birthday, and arguably, it has already changed the world more than any other technology since the Internet.

And because of the Internet, the aggressiveness of the impact of generative AI is that much stronger. This leaves many people from the creative economy, people like me, journalists, writers, artists, authors, and really anybody with an artistic streak who has sought to make their work public, affected by the innovations.

With that premise, I have seen and read several statements that have come out recently, the most recent one entitled “For an Innovation and Creator Friendly AI Act”. You can find it here.

It was published on 23 November, and 12 groups representing over 500,000 writers, artists, journalists, musicians, and other creatives signed it. As a supporter of collective action, I am really pleased to see this.

In the statement, the organisations are urging European policymakers to focus on transparency for their upcoming EU AI Act, specifically regarding the training data used for large language models. The statement takes a somewhat ambivalent position on whether damage has already been done or could be done by those models and the AI tools built on them. That is a missed opportunity, I think.

There is certainly room to say unequivocally that damage has been done and that forms of compensation for copyright holders should be discussed. OpenAI, Microsoft, Google and the like have deep enough pockets to pay their dues. We should not be shy in asking for them.

Then, we get into other areas with this statement that are more problematic. One is the labelling of the content produced with generative AI tools. Without wanting to intentionally hurt the feelings of these well-meaning artists, I have to be honest: this is wishful thinking.

We have to acknowledge that creativity comes from many places, and that is certifying creative products as “100 per cent human” versus “AI-supported” or “fully AI-generated”, whatever that means, considering the initial prompts or inputs are ALWAYS human-led, it’s just not doable.

Clearly, the intent of these writers is to lobby European policymakers as they approach the completion of the negotiations on this EU AI Act. I am European but have not lived in Europe for about 15 years, and I am not a pro-EU ideologue. To me, imperialism is imperialism, no matter its colour or nationality.

That being said, there is certainly an opportunity here. Just as I strongly believe in the worker’s right to unionise to protect their livelihoods and their human rights, there is certainly a lot that can be done through collective action like this to ensure that creatives are not disproportionally harmed by this new technology.

I have also been very vocal about the fact that many industries within the creator economy are simply outdated and ready for disruption, whether from AI or elsewhere. I will stick here with publishing because it is the one that I have worked in for the longest time, and it is impossible not to see resistance to change and the desire to avoid rocking the boat of the status quo as a fundamental driver here.

That I am 100 per cent not supportive of.

Also Read: AI is not almighty: Why the ‘magic tool’ still needs human help

It is very clear to me that most channels for the commercialisation of creativity today do not favour creators beyond a narrow niche of geographically, gender, and culturally-defined subsets of creators (i.e. mostly white dudes like me). Traditional publishing, where pathetic royalties and outdated business models kill any chance for the average writer to make a living out of their writing, does not help creators.

That is also the case with self-publishing. As it currently stands, self-publishing equals Amazon, and Amazon is a monopolistic, abusive superpower with way too much lobbying and regulatory influence to give a damn about really supporting the millions of creators, and in particular writers, who use platforms like Amazon Kindle.

So, creators have been getting ripped off for the longest time, and now AI comes along, threatening to unleash even more chaos on creators.

I understand the fear, I really do, but I also have a deep belief in the duty of creators to explore and experiment as a core component of their identity as creators.

Is it possible that there is a schism brewing within the creator community? Yes, it is possible. Some creators I speak to, shier than I am in making their positions on AI known, have already talked to me about “AI positive” and “AI negative” creators and organisations. So, it is possible that statements like these will further formalise a divide.

But I also believe that it is too early for that. In fact, I am almost certain that a lot of the fear being expressed in these statements also arises from the very simple fact that most creators don’t know how to use this technology. As someone who spent the last three years exploring generative AI, I can attest to the fact that it is a complex technology to master, although it is deceptively simple to approach because of the chatbot format.

AI has helped me kill and bury writer’s block. It has helped me visualise fantastical locations and events for my speculative fiction that I would never have imagined before. It has helped me edit, draft and iterate on novels that had been stuck on the back-burner for years because of family and professional commitments. These are just a few examples, and they are a topic for other conversations, ones that I am thrilled to have with those willing.

What is relevant to today’s topic are positions like those expressed here.

This is a group of well-meaning writers speaking out against “Writoids” — meaning AI systems that attempt to imitate human writing. They argue these systems violate copyright laws by training on copyrighted content without permission. They view Writoids as a threat to human creativity and livelihoods.

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

They quote Isaac Asimov’s Three Laws of Robotics in their manifesto, questioning whether copyright infringement qualifies as “harm” under the first law.

On this, I cannot agree. It is not the technology infringing copyright but the businesses building the technology with illegal data collection practices. I do not think there is anyone who understands what is happening within the field of artificial intelligence who would agree with the statement that these large language models and the tools built on top of them are just regurgitating copyrighted content, at least so far as text is concerned.

There were certainly justified concerns around image generation and that it was very easy in the earlier days to see watermarks and signatures from copyright holders as fragments of the generated images. Compensation should be obtained for those violations. But the technology has already moved past that issue, even though better safeguards for the styles and techniques of living artists must be further explored. This is a great example.

The Writoid manifesto criticizes the fact that intelligence seems to be very much just a facade for this tech, and they criticize the tech for lacking “true” intelligence or creativity (I’d love to hear their “definitive definitions”).

This is quite naïve. As many people in the AI industry note, the current AI is the dumbest that AI will ever be. It is getting smarter literally week by week, so basing any argument on the current limitations of this tech misses the point.

We should certainly ensure that these systems are and will be built without plain old-school robbery, something that capitalism is fantastic at, from slavery to colonialism and so forth. However, we should not confuse capitalist dynamics with technology itself. Steam engines and electricity caused plenty of social changes, but ultimately, it was the exploitation that surrounded those technologies that caused societal harm, such as displacements, pollution, child labour and more. Certainly not the technology itself.

Technology is and will remain a net positive for society.

Ultimately, there is no turning back. Technologies are here to stay, and the percentage of humanity that will come to rely on AI for many things, including their creative needs (of both creation and creative consumption), is only going to skyrocket from here. So, burying our heads in the sand and blaming technology for the exploitation of the surrounding area is not the way forward.

I believe the way forward is to ensure there are proper safeguards for copyright-holding creative, which should be achieved through collective action to protect the livelihood of authors and make sure proper compensation is given for any exploitative appropriation of copyrighted material that has already taken place.

So, let’s have fairness and compensation where it is due, but let’s also have better, more informed opinions on the other side based on a deeper understanding of this incredibly fast-moving technology.

To me, those should be the two guiding principles going forward for all creators, writers and artists worldwide.

This article originally appeared in the newsletter Code Red for Writers.

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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