Having worked in the blockchain industry, Dipesh Sukhani and Emmanuel Antony witnessed firsthand scalability issues related to Web3; these issues could inflate operational costs by up to 30 per cent and take a devastating financial toll on smart contract exploits that often exceeded US$1 million.

The duo believed that a platform capable of providing robust testing solutions was necessary to address the critical security and efficiency gaps.

“BuildBear Labs was launched as a response to these significant challenges,” co-founder Sukhani tells e27. “We were convinced that Web3 is the future of technology as we observed the market’s palpable shift in this direction. It motivated our mission with BuildBear Labs.”

Also Read: Web3 development tools startup BuildBear Labs nets US$1.9M funding

Founded in Singapore in 2022 by Sukhani and Antony, BuildBear Labs seeks to make the Web3 space more accessible and secure for developers. Its main product is the Phoenix Engine, a specialised automated & continuous testing engine (ACTE), which empowers developers to build secure, scalable, and interoperable dApps, mitigating the risks of post-launch fixes and fostering higher user adoption rates.

“Imagine it as a highly-skilled test engineer that continuously checks your work for any mistakes or vulnerabilities, ensuring everything runs smoothly and securely before your project goes live. This is crucial because, in the blockchain world, a small oversight can lead to significant losses or security breaches. This is what Phoenix Engine does,” he elucidates.

Providing a sandbox environment

The engine transforms how developers approach Web3 development by providing a sandbox environment for testing applications under real-world conditions without risking assets or security. Sukhani claims this approach ensures scalability, performance, and cross-chain compatibility.

From a business perspective, the Sandbox “significantly” enhances the capabilities of Web3 development teams by enabling the creation of tailored private testnets. It allows teams to conduct comprehensive and realistic testing of dApps in a secure, isolated environment.

Also Read: Web3 needs novel prevention tools for novel attack vectors: AI saves the day

By offering features that simulate real-world blockchain conditions, including network states, smart contract interactions, and cross-chain functionality, the sandbox empowers developers to rigorously test dApps for scalability, performance, and compatibility issues.

Sukhani claims that BuildBear Labs has already created over 8,100 sandboxes, with a 19 per cent month-over-month growth rate in active users.

Ensuring the security, integrity

BuildBear Labs takes the security and integrity of its testing environments seriously, he says. The firm plans to integrate advanced security measures and form partnerships with industry leaders like RemixIDE, Scaffold-ETH, Cookbook, Catapulta, and Loki.Code, and SolidityScan.

“Through these collaborations, we’ve incorporated cutting-edge security practices and tools into our Phoenix Engine. This provides developers with a secure and comprehensive platform for testing their dApps,” he remarks.

Amidst the abundance of opportunities, BuildBear Labs faces several challenges. “As the Web3 landscape rapidly evolves, we face challenges like adapting to new technological advancements, navigating the ever-changing regulatory environments, and ensuring our platform remains accessible to developers of all skill levels without compromising on advanced functionalities. Addressing these challenges head-on is essential for leveraging our unique position in the market. It’s our mission to drive innovation and cement our status as a pivotal force in simplifying and enhancing the process of blockchain application development.”

The Web3 startup recently raised US$1.9 million in funding co-led by Superscrypt, Tribe Capital, and 1kx, with participation from Iterative, Plug-N-Play, and angels. The money is being used to deepen to expand its core team with top-tier talent and its global footprint, particularly in the US.

Also Read: How AI and blockchain collaborate for a transparent Web3 future

In the upcoming months, BuildBear Labs will introduce a series of developments and advancements to “solidify our role” in the Web3 development landscape. It includes enhancing the Phoenix Engine with new features, integrating advanced analytics for deeper insights into dApp performance, and expanding its collaborative efforts with industry leaders to incorporate cutting-edge technologies and methodologies.

Web3 losing sheen?

Once the hottest vertical, Web3 seems to have lost its sheen largely due to scalability, user experience challenges, and regulatory uncertainties. However, the last few months have signalled a promising shift, he says.

“With Bitcoin reaching an all-time high, we’re witnessing the Web3 market start to heat up again, underscoring the enduring interest and confidence in decentralised technologies. As someone deeply invested in the potential of Web3, I’m optimistic about its resurgence. The comeback will be fuelled not only by technological advancements and clearer regulatory guidelines but also by increased mainstream adoption and strategic collaborations within the ecosystem. This renewed momentum and the convergence of efforts across the sector suggest that Web3 is poised for a significant comeback, ready to redefine the digital landscape in ways we’ve only begun to imagine,” Sukhani concludes.

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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.

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Kamereo, a food supply B2B e-commerce business based in Vietnam, has raised US$2.1 million in a funding round co-led by Reazon Holdings, Quest Ventures, and Thoru Yamamoto (CEO of Japanese B2B seafood supply chain company FOODISON)

This brings Kamereo’s total amount raised to date to US$7.2 million.

Also Read: Multifaceted effects on Vietnam’s e-commerce: A near-term potential to break through in the Asian market

The company intends to use the funding to strengthen its sales team, increase the range of products and private brands, and expand its warehouse network. It will develop and sell ready-to-eat vegetables for supermarkets and convenience stores under its private brand.

Kamereo is a wholesale food supply e-commerce firm. It owns vegetable and fruit collection centres and directly works with its partners and contract farmers.

With over 200 employees, it serves over 3,000 businesses in Vietnam. Its customer base includes restaurants, supermarkets, convenience stores, factories, schools, and hospitals.

It also develops mobile apps and websites for customer ordering and warehouse and delivery management systems.

Also Read: AI will change the game of tech business in Vietnam by 2024. This is what you need to know about it

Satoshi Kuriga, Senior Executive Director of Reazon Holdings, said: “Kamereo has been diligently constructing a robust food supply chain amidst the logistical challenges of Vietnam, where the infrastructure for supply chain and logistics, akin to that of developed countries, is not readily available. Numerous companies and startups have attempted similar endeavours but ultimately faltered, withdrawing from operations due to the formidable challenges of building and managing teams and operations in this context. Despite the immense size of Vietnam’s food supply market, no clear winner has emerged. We firmly believe that Kamereo is poised to seize this opportunity and emerge as the market leader.”

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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 Vietnam’s B2B food sourcing platform Kamereo lands US$2.1M funding appeared first on e27.

Small and medium-sized firms (SMEs) continue to have a significant impact on the Southeast Asian (SEA) economy, where, including micro businesses, they account for over 90 per cent of all SEA enterprises. According to the UOB Business Outlook Study 2024, the outlook for SMEs in the region is positive. Four out of five businesses in SEA reported greater revenue growth in 2023 vs 2022 – with most businesses experiencing a revenue increase of 10 per cent to 50 per cent in 2023.

Due to the sheer scale of SMEs and their impact on the SEA economy, it is imperative that any prospective future developments be closely monitored and examined as the region recovers from recent economic uncertainties.

Looking ahead to 2024, there are several emerging SME trends that can help these companies to further unlock their potential. These include a rising emphasis on sustainability-led support, the proliferation of Green Technology (greentech), and accelerated demand for overseas expansion within SEA.

SMEs demand for greater sustainability-led support

As the 2030 deadline for the United Nations (UN) Sustainable Development Goals (SDGs) approaches, Southeast Asia continues to struggle with environmental and economic challenges. The effects of climate change, from extreme weather to rising sea levels, are the biggest threat to SEA.

It could result in a fall in the region’s GDP by 11 per cent by the end of the century.  Therefore, to retain productivity and profitability, SMEs must assess the impact of climate change on their manpower and business and build the appropriate risk mitigation measures.

Such measures include advocating for greater support in financing, policy and employment regulations for sustainability practices. At a regional level, the Association of Southeast Asian Nations (ASEAN) adopted the ASEAN Strategy for Carbon Neutrality in mid-2023, highlighting eight areas that include greening the regional supply chain, connecting green infrastructure and market, enhancing common standards, and facilitating green talent development and mobility.

Also Read: Will climate change force us to re-imagine travel in the future?

However, since different countries have distinct sustainability concerns, localised support is also crucial for SMEs. Consequently, SEA nations such as Singapore have launched the Financing Asia’s Transition Partnership (“FAST-P”) to mobilise up to US$5 billion for green and transition projects in Asia, while countries across ASEAN introduced various localised initiatives such as Malaysia’s launch of Belanjawan 2023 and Indonesia’s Just Energy Transition Partnership, to name a few.

Rising greentech for greener consumers

Beyond capital and operational support for sustainable incentives, SMEs in Southeast Asia are driving greater sustainability-centric innovations for profitability, with greentech taking centre stage it appeals to the growing eco-consciousness of the region’s consumers who believe that their individual purchasing decisions can contribute to a significant impact on the wider environment.

To expedite GreenTech innovation launches, SEA hosts a variety of accelerator and incubator programmes that are collaborative in nature, bringing together support in terms of funding, mentorship and piloting.

Regional accelerators such as UOB FinLab’s Greentech Accelerator are well-suited to utilising more extensive networks, which can broaden the scope of expertise, mentorship, and pilot support for SMEs and their green innovation ambitions.

On the other hand, local-level accelerators have the advantage of involving local academic institutions, government ministries, and innovation piloting centres that are more geographically accessible for SMEs. Such was the case with Enterprise Singapore’s Enterprise Sustainability Programme, Vietnam’s Greentech Incubator, and the Agri-Aqua Technology Business Incubation (ATBI) programme in the Philippines.  

The three aforementioned countries, as well as others in Southeast Asia, are at varying degrees of sustainable technology adoption. Nonetheless, the growing presence of innovation accelerators focused on enhancing SMEs’ potential to launch greentech illustrates a shared purpose among countries: to leverage the vastness of their respective SME networks to bring more GreenTech innovation to market for the benefit of their population and the economies.

SMEs to leverage digitalisation for regional expansion

Sustainable development, rapid urbanisation, and digital transformation have all contributed to Southeast Asia’s reputation as an ideal market for business. SMEs are aware of these benefits, with 60% expressing a desire to prioritise regional SEA expansion through 2026, according to the UOB Business Outlook Study 2024. Such expansive mindsets can also be attributed to the revitalised consumer travel in Southeast Asia, which has been on the rise since the region began to recover from the COVID-19 pandemic.

However, trade tensions and restrictions in Southeast Asia can make such regional expansion difficult, prompting SMEs to seek out novel and borderless expansion opportunities, such as digitalisation. Southeast Asia’s digital economy consists of five key sectors: e-commerce, travel, food and transportation, online media, and digital financial services. These sectors have a significant profit potential, with combined revenues reaching an estimated US$100 billion in 2023.

Also Read: The climate change and gender equality connection: How to support underfunded women-owned business

Beyond profit prospects, sustainable factors such as bridging the economic divide can motivate such expansion. ASEAN recently announced implementing a new regional cross-border payment system that allows users to conduct cross-border transactions in Indonesia, Malaysia, Thailand, and Singapore using only a QR code. Not only does this method help streamline payment processes, but it also enables SMEs to easily reach underprivileged communities throughout Southeast Asia.  

Another driver of rising SME expansion-based digitalisation is the increasing support of diverse industry players. For example, tech providers such as cloud providers, system integrators, and cybersecurity specialists have been crucial in assisting SMEs to counter market-proven digital challenges such as lack of digital skill sets among employees and concerns over cyber-security issues.

Furthermore, multinational corporation (MNC) support through foreign direct investment (FDI) can be crucial for SME digitisation because it provides the optimal channel of global networks, research and development (R&D), and accumulated expertise to fill in any gaps of knowledge and resources that SMEs might lack.

A positive outlook for SMEs in Southeast Asia

Overall, while some common issues for SMEs persist, such as access and capital flows, there is hope that old problems can be overcome with new solutions based on sustainability-focused initiatives, novel technologies, and widespread support from the public and private sectors. SMEs in Southeast Asia are an intriguing space to watch, and UOB will continue to keep an eye on new developments.

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