This week, Southeast Asian startups secured funding across various sectors including logistics, entertainment, sustainability and e-commerce.

Jalat Logistics, a Cambodian company, aims to revolutionise same-day delivery with its management portal, while Singapore-based Kasagi Labo focuses on bringing authentic Japanese anime content to a global audience.

In the sustainability sector, Humble Sustainability from the Philippines is promoting a circular economy by helping businesses sell used IT equipment. Investors also showed interest in BANIQL’s innovative technology for sustainable nickel and cobalt extraction in Indonesia.

This funding spree highlights the diverse and promising startup ecosystem in Southeast Asia.

Jalat Logistics (Cambodia)

Founded in 2021 by Sou Sethey, Sou Sreyphoung, and Ung Lylay, Jalat Logistics provides a management portal to streamline logistics operations and enhance service delivery. Phnom Penh-based startup ships inventory, optimises it intelligently across its networks, packs it according to brand identity, and delivers it to customers within four hours. According to Chairperson Sreyphoung, Jalat Logistics aims to introduce standard same-day delivery that is “reliable, convenient, and informative”.

Funding raised: Not disclosed
Round: Not specified
Investors: Satori Giants and X Venture Holdings

Kasagi Labo (Singapore)

Founded and helmed by anime enthusiast Kendrick Wong, Kasagi Labo delivers authentic Japanese anime content through a multifaceted approach encompassing IP licensing, distribution, and merchandising. The platform aims to unite the entire anime content creation ecosystem, from IP owners to artists and voice actors.

Singapore-based Kasagi Labo, a venture studio that brings authentic Japanese anime to a global audience, has secured US$12 million in a pre-Series A round of financing led by Burda Principal Investments, a division of Europe’s media and technology conglomerate Hubert Burda Media.

Funding raised: US$12 million
Round: pre-Series A
Investors: Burda Principal Investments, CMT Digital, SuperScrypt, Hashed, Sfermion, and Gold House Foundation.

BANIQL (Indonesia)

attracts US$1.6M for its innovative approach to nickel, cobalt extraction
Founded by Willy Halim (CEO), Eric Januar (COO), and Seung Wan, BANIQL has developed innovative technology to make the extraction of nickel and cobalt sustainable and environmentally friendly. Nickel and cobalt are essential components in electric vehicle (EV) batteries and renewable energy storage.

Funding raised: US$1.6 million
Round: Seed
Investors: BEENEXT, Seedstars International Ventures, A2D Ventures, Sopoong Ventures, and angels.

Humble Sustainability (Philippines)

Humble promotes a circular economy by helping businesses sell their old IT equipment instead of throwing it away, reducing electronic waste. It aids clients in reaching their Environment, Social and Governance (ESG) goals by reusing equipment. The company has an ambitious goal of making one billion items circular by 2030.

Funding raised: Undisclosed
Round: Not specified
Investors: Gobi-Core Philippine Fund, National Development Company, Double River Impact, Equitrust Holdings, and angels from XA Network.

PopChill (Hong Kong)

PopChill is a luxury resale marketplace for authentic second-hand fashion luxury items in Taiwan and Hong Kong. The marketplace features over 100,000 items in partnership with three of the top ten luxury resellers in Japan and suppliers from Taiwan and Hong Kong. Its most popular brands are Chanel, LV, and Hermes and they contribute to 60 per cent of the total revenues. Handbags constitute 80 per cent of sales, and PopChill plans to diversify into watches and jewellery in the next six to 12 months.

Funding raised: US$3.1 million
Round: Pre-Series A
Investors: Top Taiwan Venture Capital, 500 Global, Acorn Pacific, ITIC, AVA Angels Fund, Acorn Pacific Ventures, and Darwin Ventures.

XSQUARE (Singapore)

XSQUARE Technologies is an intelligent warehousing automation company. Started in 2019, XSQUARE provides intelligent warehouse solutions designed to address critical gaps arising from recurring labour shortages and the urgent need to automate and optimise operations in brownfield and greenfield environments. Its suite of autonomous forklifts and intelligent warehouse orchestrator software simplifies warehouse operations without requiring extensive reconfiguration, thus saving time and costs. It serves clients in a diverse range of industries, from pharmaceuticals to manufacturing.

Funding raised: US$7.8 million
Round: Series A
Investors: Wavemaker Partners, SEEDS Capital, and Goldbell Corporation.

Honest Bank (Singapore)

Founded in 2019, Honest Bank is a financial services startup focused on the Indonesian market. Its core product is the Honest Card, a credit card available in both physical and digital form. In Indonesia, the company is led by Dharu Estiningrum, who was previously an executive in the credit card division of state-owned Bank Mandiri.

Funding raised: US$2.5 million
Round: Series B
Investors: Rakuten Ventures and Jetha Global.

Mighty Jaxx (Singapore)

Founded in 2012 by Jackson Aw, Mighty Jaxx creates limited-edition collectibles in partnership with well-known companies such as Nickelodeon, Warner Brothers, and Netflix, among others. The design studio has customers in 90 countries.

Funding raised: US$11 million
Round: Series A+
Investors: Sunova Capital and East Ventures.

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The transformative impact of generative AI on company productivity has become clear over the past 12 months. According to Microsoft’s 2023 Work Trend Index, 70 per cent of people say they would delegate as much work as possible to AI to lessen their workloads. At the same time, however, 49 per cent of people worldwide fear that their jobs will soon be replaced by AI, with this percentage rising to 58 per cent in the APAC region.

The anxiety of job obsolescence remains palpable and ubiquitous, undercutting the excitement around the technology. Rather than view generative AI with fear and apprehension, however, I believe we should approach the issue with a more empowering mindset.

AI will replace tasks, not jobs

The first thing to remember is that a high level of fear-mongering that we will all soon lose our jobs to the AI revolution exists. The recent spree of highly publicised lay-offs in the tech industry has deepened the assumption that people are actively being replaced by their digital counterparts — a sentiment that started once the job market took a hit by COVID-19. In truth, many of these tech firms are attempting to right-size their headcount after over-hiring during the pandemic to meet the spike in digitalisation.

According to the 2023 Work Trend Index, most business leaders are looking to leverage AI to improve employee productivity, not reduce headcount. High on the list of priorities are automating repetitive yet necessary tasks, eliminating low-value activities, and augmenting the capabilities of existing talent to accelerate the pace and quality of their output. It is my firm belief that AI will be used to replace tasks and not jobs.

Upskilling up new generations

A study by Salesforce last year reported that while 65 per cent of generative AI users are Millennials or Gen Z, 68 per cent of non-users are Gen X or Baby Boomers. This reluctance to use AI can be attributed to unfamiliarity, perceived uselessness, and uncertainty about the benefits of its impact.

Also Read: A paradigm shift on the Z axis: How Gen Z is shaping the new work culture

However, with many generative AI integrations still requiring human involvement, the professional experience that Gen X and Baby Boomers have would give them an edge over Gen Zs as subject matter experts and enable them to exercise better judgment.

Singapore’s SkillsFuture (SSG) movement, a government initiative aimed at workforce upskilling, recently rolled out its LevelUp programme to encourage workers aged 40 and above to future-proof their careers by acquiring new skills. Upskilling in today’s competitive landscape, especially with the advent of new technologies, is no longer a luxury but an imperative to staying relevant in the workforce.

Orchestrating AI agents in an integrated workplace

Rather than having one job replaced entirely by one stream of AI, a person may have multiple AI agents performing specific tasks in different parts of their workflow. Where 2023 saw the introduction of AI apps to the public, enterprise applications have become a quickly developing area of demand that computing giants such as NVIDIA are keen to get ahead of. With the right training, I believe that workers who can codify their domain knowledge and processes into AI Agents for specific tasks will unlock tremendous productivity gains.

Upholding safety and security in the use of AI

As we integrate AI technology into businesses, there is growing attention to responsible practices and vigilant oversight so that sensitive and proprietary data are not compromised.

While regulators worldwide are drawing up guidelines on AI use, I think organisations should prepare by appointing a qualified Data and AI Governance officer, or team, to rollout AI in the organisation with robust frameworks to maintain staff compliance to evolving guidelines.

Also Read: 6 reasons why startups should invest in sustainability

Having an AI Usage Policy is a good starting point for governing how employees may utilise AI within ethical privacy guardrails, especially if general users in the company leverage public tools for specialised queries and document analysis or creation.

Adopt a co-intelligence mindset in using AI

Productivity and governance are two key themes in the era of enterprise generative AI adoption. While there is understandable apprehension surrounding job displacement, the reality remains that AI is more likely to replace tasks rather than entire roles.

Embracing this technology requires a shift in mindset towards continuous upskilling, ensuring that you have the relevant expertise and oversight to be the human-in-the-loop in an AI-enabled workforce.

As Ethan Mollick, Professor at the Wharton School and the author of Co-intelligence expressed, we should perceive AI as co-intelligence. It is my opinion that its benefits will allow workers to tap into heightened levels of productivity. I feel it would be a disservice to oneself to adopt a Luddite stance when the opportunities are here for the taking.

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

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Image credit: Canva

The article was first published on April 30, 2024

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Shomvob, a B2B job-tech and HR-tech platform in Bangladesh, has raised US$1 million in a pre-seed financing round led by Singapore-based Cocoon Capital.

The Dhaka-headquartered startup also received a grant from the Bill & Melinda Gates Foundation.

The funds will support the development of a comprehensive Human Resources Information System (HRIS) that encompasses everything from recruitment to payroll management, streamlining HR processes and improving access to job opportunities, particularly for historically underserved groups.

Also Read: wagely raises US$23M in equity and debt to further expand in Indonesia, Bangladesh

Founded in May 2022 by Rifad Hossain, Naqib Muhammad Faiyaz, and Hasibur Rahman, Shomvob supports the blue and silver-collar workforce in the South Asian country.

Currently, more than 650,000 corporations and SMEs in Bangladesh face critical hiring issues for their frontline workforce due to an over-reliance on paper-based processes and information asymmetry. This often results in a talent mismatch, causing up to 30 per cent productivity loss.

On the other hand, around 70 million people in the country struggle to find jobs that meet their expectations, often falling prey to local brokers or middlemen known as ‘dalals’.

Shomvob addresses these issues by providing job seekers with a professional digital identity application process for relevant positions. Its algorithm matches candidates with suitable jobs, while its Application Tracking System (ATS) offers transparent, real-time updates on application progress. For companies, the platform simplifies their hiring processes, reducing time and costs while ensuring compliance.

Since launch, the startup claims to have registered over 600,000 job seekers and more than 1,300 companies, facilitating over 12,000 job placements. The jobs cover several key sectors, including logistics, retail, and healthcare, demonstrating the platform’s wide-reaching impact.

Also Read: How ShopUp helps Bangladesh SMEs to take on big players with its B2B e-commerce platform

Shomvob has also partnered with UNICEF’s Generation Unlimited P2E (Passport to Earning) to boost job seekers’ employability. This initiative provides youth access to quality education, skills training, and employment opportunities, particularly in underprivileged and marginalized communities.

The HR-tech venture’s long-term vision includes integrating embedded financial services for its clients and expanding into the global mobility market to facilitate the movement of human resources.

The recruitment and staffing market opportunity in Bangladesh is valued at US$17 billion with a broader Asian market size of US$250 billion growing 8 per cent annually.

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Singapore‐based intelligent warehousing automation company XSQUARE Technologies has bagged SGD10.5 million (US$7.8 million) in Series A funding.

Wavemaker Partners led the round, which also saw participation from SEEDS Capital and Goldbell Corporation.

The fresh funds will be used to accelerate the startup’s regional growth and product development efforts.

Also Read: Revolutionising warehousing: An in-depth conversation with XSQUARE Technologies

“Over the past five years, we have enabled companies to overcome automation fragmentation and achieve complete interoperability across a diverse range of warehouses, factories, and dynamic environments,” said CEO Jens Bohnwagner. “This funding serves as a catalyst for XSQUARE’s growth trajectory, empowering us to scale up our operations, further enhance our technological capabilities, and reinforce our position as a leader in intelligent warehouse solutions.”

Started in 2019, XSQUARE provides intelligent warehouse solutions designed to address critical gaps arising from recurring labour shortages and the urgent need to automate and optimise operations in brownfield and greenfield environments. Its suite of autonomous forklifts and intelligent warehouse orchestrator software simplifies warehouse operations without requiring extensive reconfiguration, thus saving time and costs. It serves clients in a diverse range of industries, from pharmaceuticals to manufacturing.

The firm recently partnered with Mitsubishi Logisnext (ML), one of the world’s largest material handling equipment companies, to collaborate on the development of a new line of Automated Guided Vehicles (AGVs) and the distribution of XSQUARE’s existing products through ML’s global distribution network.

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Right Choice Capital Group, a Singapore-based provider of SME and consumer lending, remittances, payments, and wallet services, recently announced its FY2024 revenue surged over 100 per cent.

Started as a small lending business in the Philippines, RCC has grown into a diversified financial services group with four business units across Singapore and the Philippines, six office branches, over 100 employees, and multiple revenue streams. Since its inception eight years ago, the firm has raised over US$22 million in funding from private investors.

The group recently announced that it achieved 114 per cent y-o-y revenue growth and crossed the SGD10 (US$7.4) million revenue threshold while maintaining EBITDA (SGD3.4 million or US$2.5 million) and net income. All its business units grew steadily during this period, including Right Choice Finance Corp, Right Choice Payments, the Rural Bank of San Luis, Right Choice Kapital, and RCC-Tech.

Right Choice Capital’s CEO and founder, Kodi Kodrowski, spoke with e27 about the growth and its diversification and expansion plans.

Edited excerpts from the interview:

Can you share insights into the key drivers behind this exceptional performance for Right Choice Capital Group?

Two business units have had an outstanding performance during FY2024.

Firstly, our newly established Singapore SME financial services consulting business, Right Choice Kapital (RCK), did exceptionally well in its first full year of operations, generating over 25 per cent of group revenue. RCK provides consulting services and loans in a substantial market niche related to SME and small company funding. The SME funding gap in Singapore is estimated to be more than US$10 billion per year.

Also Read: Right Choice Capital gets nod to acquire Filipino rural bank, in talks for US$10M funding

RCK provides strategic guidance, tailored finance solutions, and access to essential resources. This has led to a successful start for the business unit and the ability to quickly ramp up the business and turn it into a profitable operation and margin contributor in year one.

RCC Tech was the other successful business unit within the group during the last financial year. It provides technology services to a broad range of external customers, serving some of the largest BPOs in the Philippines.

Starting as our internal technology provider, it has now expanded into a fully-fledged and profitable business unit.

How has each of RCC’s business units contributed to the significant revenue growth, particularly highlighting the performance of Right Choice Finance Corp, Right Choice Payments, and the Rural Bank of San Luis?

Right Choice Finance in the Philippines continued to provide loans primarily to SMEs and consumers via our earned wage access and salary loan products. Essentially, it operates in a very large, underbanked, and underserved lending market in the Philippines, where existing players are unable to meet the growing borrower demand. This business also has a strong ESG and social impact aspect.

Right Choice Payments has also continued on its steady path of providing international payment services to Singaporean customers who need to efficiently and cost-effectively send funds overseas to its 12 main remittances “corridors.”

Finally, the full acquisition process for the Rural Bank of San Luis will be completed in 2024, providing the group with a fully licensed banking operation that complements its lending operations, a deposit-taking capability, and digitised and streamlined banking operations.

How does RCC ensure sustainable lending business performance through prudent loan underwriting and portfolio management, especially across different markets such as Singapore and the Philippines?

Right Choice Capital ensures sustainable lending business performance through prudent loan underwriting and portfolio management practices tailored to the specific characteristics of each market, including Singapore and the Philippines. It achieves this by using comprehensive risk assessment and due diligence, risk-based pricing, diversification across industries, regions, and borrower profiles, adherence to regulatory standards, proactive portfolio monitoring and management, and stress testing and scenario analysis.

What are the key areas of focus for RCC in terms of pushing boundaries, pursuing innovation, and creating value for stakeholders moving forward?

Technology and digital innovation: RCC will continue to invest in technology and digital innovation to enhance operational efficiency, improve customer experience, and drive business growth.

Product development and differentiation: RCC will continue to focus on developing innovative financial products and services that meet clients’ evolving needs and differentiate the company in the market.

Market expansion and diversification: RCC will explore opportunities for market expansion and diversification, both geographically and across different industry sectors.

Client-centric approach: RCC will deliver exceptional value and service to clients through a client-centric approach. By putting clients at the centre of everything RCC does, the company aims to foster long-term relationships, loyalty, and trust.

Risk management and compliance: RCC will prioritise risk management and compliance to safeguard the interests of stakeholders and ensure the integrity and stability of its operations.

Talent development and culture: RCC will continue to invest in talent development and culture to build on our existing culture of innovation, collaboration, and excellence within the organisation.

Can you provide more information about Right Choice Capital’s investment track record and the opportunities it offers for both fixed-term private debt investments and equity investments in its Series A Funding round?

RCC’s investment track record is solid. Approximately S$30 million (over US$22 million) has already been invested in the business, and S$18 million has been disbursed in interest and principal repayments to its investors.

Also Read: Unlocking the future of lending with risk-based pricing

Based on recent solid growth and strong base business, the RCC group continues to be an attractive investment proposition, particularly for accredited private debt investors seeking fixed investment terms with relatively high yields (up to 19 per cent). The private debt investment funds offer liquidity to lending portfolios to service the continuing borrower demand in the Philippines and Singapore.

In addition to continually raising private debt funding for loan portfolio liquidity, we are also seeking to raise US$20 million in Series A equity funding as growth capital to increase our stake in the Philippines Bank, digitise the bank, grow all business units, and for general working capital.

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Did you know that an estimated 8,000 retired aircraft are stored in deserts, jungles, and storage yards worldwide, with a projected increase of 11,000 over the next decade?

This situation presents a significant opportunity to utilise decommissioned aircraft as a source of valuable circular materials, addressing the waste pollution challenges faced by the shrinking legal boneyards globally. High-value materials such as aluminium and carbon fibre, which constitute the majority of aircraft components, are expected to see rising demand, particularly from industries supporting the green transition.

This is why Singapore-based Nandina REM builds an innovative approach to reclaiming precious materials from retired or end-of-life (EOL) aircraft and reprocessing them to aviation specifications for use in new products, such as electric vehicle battery casings. The company has achieved significant milestones this year, including launching reclaimed carbon fibre from EOL aircraft—an industry first—at the Singapore Airshow.

Run by a team of 13, Nandina REM has raised an undisclosed funding round and is preparing for its next funding stage.

Apart from that, the company has also spearheaded the Aviation Circularity Consortium, an alliance of organisations on a joint mission to accelerate supply chain decarbonisation by catalysing a circular economy model that creates value from the 8,000 end-of-life retired aircraft housed in boneyards around the world.

Also Read: Collaboration and a sense of urgency: What it takes to support climate tech startups in Southeast Asia

Nandina REM CEO Karina Cady explains to e27 the company’s journey and the future it envisions with its solutions.

The following is an edited excerpt of the conversation.

Can you elaborate on the significance of reclaiming carbon fibre from end-of-life aircraft and how it contributes to the aviation industry’s journey to net zero?

Carbon fibre is everywhere, from automotive and aviation products to green technologies like wind turbines. Its unique combination of high strength and light weight makes it a sought-after material for various industries. Demand for it globally is increasing, with signs of a supply deficit already appearing. However, producing virgin carbon fibre has raised considerable environmental concerns as it is extracted from fossil fuels and involves an energy-intensive process, requiring 14 times the energy production of steel.

Nandina REM’s innovative approach mitigates this supply shortfall while addressing the environmental issues of producing virgin carbon fibre. The key to this is retired aeroplanes decommissioned and left parked in boneyards worldwide. There are an estimated 8,000 retired aircraft globally today, with 11,000 estimated to come in the next 10 years – and they increasingly contain more and more carbon fibre.

Some aeroplane recycling does exist, but after parting out critical components like the engine, the rest of the fuselage is usually crushed and used as construction scrap as it loses its material integrity in the process. However, our proprietary recovery technology can reprocess carbon fibre while retaining mechanical properties comparable to its virgin counterpart. To add, it is 30 per cent lower in cost and produced using 71 per cent less energy.

Our approach provides the aviation industry with a new source of sustainable aviation-grade materials that meet its increasing material needs while supporting its transition to net zero. In doing so, we are also eliminating the increasing waste pollution of retired aircraft discarded in boneyards.

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

How does Nandina REM access these retired aircraft materials? Is there any particular challenge to it?

We have developed a strong network of partners where we source and disassemble the planes into parts before sending them to our reprocessing facilities. The challenge is sourcing planes that have been discarded and left to deteriorate in places that can be hard to access – including in jungles and nearby communities within Southeast Asia. Without proper handling, they can cause contamination in their environments and are a liability to local governments.

We are engaged with several brokers for planes in official boneyards but also have an open invitation for governments or organisations in the region to send discarded planes to us as we can breathe new life into them, minimise (or even remove) the risk of contamination in the communities they’ve been left in – and create opportunities for local employment along the way.

Can you tell us the history behind the company? What inspired the founders to focus on this as a solution?

Aeroplanes are some of the most highly-engineered assets in the world, and we wonder what happens to them once they reached their end of life. On average, commercial aircraft can operate between 20 to 30 years before retiring. With commercial aviation existing for decades, you can imagine how many thousands of retired aircraft sit idle around the world today.

With over 90 per cent of aircraft able to be reused or recycled, we made it our mission to turn these decommissioned aircraft into new sources of valuable, low-emission circular materials that can forever be reused in greener manufacturing supply chains.

Each of us holds our passions and professional ties to the aerospace industry, and we bring learnings from our diverse backgrounds across multiple industries, including aviation, finance, and environmental impact.

What is your business model? Who are your users, and how do you acquire them?

A wide range of industries can adopt our aviation-grade circular materials, but our immediate focus areas are aviation and automotive.

Also Read: Why these startups focus on informal plastic waste workers in the fight against climate crisis

Adoption in the automotive market will happen faster as there are relatively fewer market entry requirements (compared to aviation), and we are already seeing great traction in that part of the business, particularly for our circular metal alloys.

Meanwhile, carbon fibre makes up a significant percentage of an aircraft frame. It will continue to be increasingly utilised for its strong and lightweight characteristics, crucial for aviation purposes. Recognising more stringent testing and certification requirements, we spearheaded the launch of the Aviation Circularity Consortium, which is developing the certification roadmap to ensure the circular materials meet international safety regulations and uphold the highest safety standards necessary for aircraft manufacturing within a reasonable period.

Manufacturers can use our reprocessed materials in products as diverse as aircraft cabin galleys and seats and electric vehicle battery casings. Our strong network of partners, including one of the leading trading houses, Sumitomo Corporation, puts us in a strong position to engage with customers along the global supply chain.

How does Nandina REM foresee the future trajectory of its initiatives in reclaiming materials from end-of-life aircraft, especially given the projected increase in retired aircraft over the next decade?

With the projected increase in retired aircraft over the next decade, we are strongly positioned to claim at least 1.5 per cent of the carbon fibre market, which is estimated to be valued at US$790 million. Our feedstock is large, growing, and accessible through our strong network of partners.

Once the certification pathway to get circular aviation materials back into aeroplanes is established, our reprocessed materials can essentially be used across all industries. We will continue to encourage broad industry collaboration towards establishing a new system where reclaiming materials from decommissioned high-value assets such as planes and wind turbines will be the norm. In doing so, these materials can essentially forever be reused in manufacturing supply chains, thereby removing the need to build new mines and further extract them from the environment.

Also Read: Collaboration and a sense of urgency: What it takes to support climate tech startups in Southeast Asia

What is your focus for 2024?

We are on track to reprocess 40 planes this year and aim to double capacity within the next two or three years. In partnership with the Aviation Circularity Consortium, we are also working towards the release of the certification roadmap to get circular aviation materials back into aeroplanes later this year.

In the longer term, we are on a mission to cut one gigatonne of greenhouse gas emissions from industrial supply chains by 2030. Whilst ambitious, it is doable, and we are only at the beginning.

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Image Credit: Nandina REM

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As the Chairman and CEO of GreaterHeat, I am strategically positioned at the forefront, witnessing firsthand the transformative impact of artificial intelligence (AI) across various sectors of our economy and society.

At a time when AI’s applications and ethical concerns are most discussed, it is crucial to recognise that the underlying infrastructure serves as both a fundamental necessity and a strategic asset for technological advancements, presenting prime investment opportunities.

AI infrastructure: The key to future technological innovation

Artificial intelligence (AI) technology has revolutionised various industries in recent years, from healthcare and automotive to finance and retail. AI is reshaping every aspect of our work and lives. However, while people eagerly discuss AI applications and ethics, the infrastructure supporting AI development is often overlooked. In fact, without a solid infrastructure, even the most advanced AI technology cannot truly play its role.

The urgency of investing in AI infrastructure

The demand for AI is growing rapidly among enterprises. According to Mordor Intelligence, the global AI market will reach US$170 billion by 2029. This means enterprises must deploy AI infrastructure as soon as possible to keep pace with technological developments and seize this wave of opportunities.

Also Read: Embracing AI’s promise: Navigating the future of marketing

Conversely, the lag in infrastructure construction will lead to the loss of opportunities. This is a strategic investment concerning future competitiveness, which cannot be delayed.

From expansion to innovation: Reshaping computing and data management models

AI is challenging traditional IT infrastructure. Simply increasing capacity is no longer sufficient; we need to fundamentally reshape IT architecture, shifting from focusing on data management to focusing on AI empowerment.

AI computing prioritises performance and scale, requiring high-performance, high-bandwidth storage and networking. It often monopolises physical machine resources, and many offline computing tasks do not demand high availability, complex scheduling, or disaster recovery mechanisms, making virtualisation unnecessary.

These differences are driving a transformation in IT infrastructure. We must explore more flexible and efficient new infrastructures to unleash AI’s potential fully. This is a revolution from quantitative to qualitative change, which will profoundly affect the future of IT infrastructure.

Embracing blockchain, welcoming a secure, decentralised new era of AI

The rise of Web3 and blockchain technology has ushered in a new era for secure and decentralised AI. These technologies provide AI applications with data security and integrity, which are particularly suitable for sensitive data scenarios.

This forward-thinking new approach safeguards current AI applications and paves the way for future technological innovations. As a responsible technology company, we must embrace these new technologies and proactively lead industry transformation.

Sustainable development: A new consideration for technology investment

While pursuing technological progress, we must also consider the importance of sustainable development. This means that when building AI infrastructure, we should prioritise energy efficiency, actively use renewable energy, and strive to reduce the carbon footprint of digital operations.

This is our responsibility as corporate citizens and an important way to attract environmentally conscious investors. Sustainable development has become a new dimension for measuring the value of technology investments.

Managing risks, choosing the right strategic partners

Investing in AI infrastructure is not without risks. Technological iteration, policy changes, and large project management can all bring challenges. The key is to remain sensitive to risks, focus on flexibility in technology selection, and strictly follow international standards.

Also Read: Human-AI collaboration: The key to unlocking Gen AI’s potential

Choosing the right strategic partners is also crucial. We should seek partners who are not only technologically advanced but also share common values in business ethics and sustainable development. Quality cooperation can bring twice the result with half the effort.

Infrastructure, the foundation of innovation

AI infrastructure serves the present and lays the strategic foundation for future innovation. At GreaterHeat, we are building a robust and flexible new generation of infrastructure to support the long-term development of AI technology.

This requires a forward-looking vision and courage, and we must always keep our vision in mind when making investment decisions and strategic partnerships. We can always stay at the forefront of innovation by keeping our eyes on the future and our feet on the ground.

Driving tomorrow requires today’s cornerstone

Looking to the future, artificial intelligence is bound to set off a profound wave of technological change. And all of this requires a solid infrastructure as the cornerstone. At GreaterHeat, we are trying to build a rigorous and responsible AI infrastructure to match a sustainable technological future.

This is an investment field full of opportunities, an indispensable part of the global technology landscape, and the necessary path to a highly connected, efficient, and sustainable society. Let us join hands and work together to create a new intelligence era.

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

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

Image credit: GreaterHeat

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And that’s a wrap for Echelon X! Over the two-day event, we have experienced an incredible journey filled with excitement fueled by our common desire for, innovation, growth, and meaningful connections. We hope you are now feeling rested and amid the post-Echelon blues.

Echelon X brought together a vibrant community of forward-thinkers, industry leaders, and passionate individuals, all eager to share ideas and forge new paths in their respective fields. It was our distinct pleasure to facilitate these interactions and to witness the dynamic connections and collaborations that emerged.

As we reflect on the highlights and memorable moments of Echelon X, we are filled with gratitude for your participation and enthusiasm. Echelon X would not have been possible without our community. Your energy and engagement were key to making this event a standout success. Moreover, we look forward to continuing this journey together, fostering the relationships and innovations that were sparked during the two-day event, and bracing for the challenges of the future together as a community.

Thank you for being a part of Echelon X. Let’s keep the momentum going as we move forward, inspired and ready to embrace the future.

Echelon X by the numbers

With the success of Echelon X, we reflect on some important numbers from the event. The two-day conference was graced by over 7,000 attendees, 35 sponsors, 110 connections forged at the EC Connect, 50 TOP100 startups, 65 exhibitors, 60 partners, 18 panels, 8 keynotes, 8 side rooms, 21 fireside chats, 12 Speakzone sessions, 154 speakers, and 9 startup showcases.

Among its esteemed attendees was Mr Tan Kiat How, Senior Minister of State of the Ministry of Communications and Information of Singapore, who offered passionate words during his opening address at the Future stage held on day 1 where he presented the initiatives and partnerships that Singapore has done to support the tech ecosystem.

“The future is here, and it’s exciting. We want to partner with all of you to grow the ecosystem in Singapore and support the broader growth of the digital economy in the region and beyond,” shared Mr Tan. The senior minister also took time to go around the conference hall, visiting several exhibition booths at the AI Zone, and engaging with different delegates at the e27 Pavilion.

A showcase of government initiatives across SEA

On day 0, participants of the TOP100 Growth Program had the invaluable opportunity to meet and connect with representatives from various government agencies across Southeast Asia. This unique interaction facilitated discussions on market access opportunities and provided insights into the support available for startups looking to expand in the region.

The participating government agencies included prominent organisations such as the National Innovation Agency (NIA) of Thailand, the Sarawak Digital Economy Corporation (SDEC) from Malaysia, the Ministry of Communication and Information Technology (KOMINFO) of Indonesia, and the Department of Trade and Industry (DTI) from the Philippines. These agencies play crucial roles in fostering innovation, digital transformation, and economic development within their respective countries.

Partnerships and future endeavour

Echelon X also offered a glimpse into exciting partnerships and upcoming projects surrounding the APAC tech startup ecosystem, including the announcement of the third edition of Ideathon: 2040 Extended Intelligence, hosted by the Taiwan Government Agency Ministry of Digital Affairs, MODA. Another exciting project on the horizon is the first-ever Echelon Philippines, hosted by e27 in partnership with Brainsparks. Lastly, a Memorandum of Understanding was signed between e27 and the Nippon Telegraph and Telephone (NTT) during Echelon X day 2.

Keynote sessions, fireside chats, and panel discussions

We kicked off with Dr Ayesha Khanna, Co-Founder and CEO of Addo AI, as she walked us through the ways businesses in Southeast Asia are leveraging generative AI technologies to drive digital transformation during her keynote session entitled “Digital Transformation for Southeast Asian Businesses Using Generative AI”, a segment that explores how businesses in Southeast Asia are leveraging generative AI technologies to drive digital transformation. This session will delve into the various applications of generative AI, such as natural language processing, image generation, and creative content production, and how these technologies are revolutionising industries across the region.

“They want to know how to embed Generative AI throughout the organisation. Is this happening already? Ninety-nine per cent of companies don’t do this. So, that’s a huge opportunity. Essentially, our goal and mission is not to compete, but to complement,” shared Dr Ayesha Khanna, Co-Founder and CEO of Addo AI

Echelon X featured thirteen engaging panel discussions spread across three stages, where our expert panelists delved into a variety of pertinent topics such as healthtech, sustainable hustling, and the venture capital landscape in Southeast Asia.

One of the most well-attended sessions was “Sustainable Hustling and Resilience for Startup Entrepreneurs: Tactics Founders Have Implemented to Reduce Burnout and Play the Long Game When Building Their Startups.” This insightful discussion brought together a distinguished group of panellists, including Joan Low, Founder and CEO of Thoughtfull; Jx Lye, Founder and CEO of Acme Technology; Even Heng, Founder and CEO of Zenith Learning Group; and Henry Motte de la Motte, Founder and CEO of EDGE Tutor. The session was expertly moderated by Terence Chia, Co-Founder of Folklory.

During this panel, the speakers shared their personal experiences and strategies for maintaining resilience while building successful startups. They discussed practical tactics for reducing burnout, such as implementing effective time management practices, prioritising mental health, and fostering supportive workplace cultures. The panellists also emphasised the importance of sustainable growth, advocating for a balanced approach that considers both business expansion and the well-being of team members.

Echelon X featured seven captivating fireside chats, where moderators engaged with speakers to ask the burning questions on everyone’s minds. These intimate conversations offered a deep dive into the journeys, challenges, and thought processes behind some of the most inspiring startup stories in the industry.

One standout session entitled, “Global Market Expansion: A Spotlight on Patsnap’s AI Story,” which featured Guan Dian, Co-Founder, APAC General Manager, and CMO of PatSnap, in conversation with Caela Tanjanco, Director of Endeavor Catalyst. Together, they explored PatSnap’s remarkable journey from its humble beginnings to its current status as a global market leader in innovation, research, and development.

During this session, Guan Dian shared the origins of PatSnap, detailing how the company identified a significant gap in the market for accessible and comprehensive intellectual property and R&D intelligence. He discussed the initial challenges faced by the founding team, including securing funding, developing a robust technological platform, and establishing a foothold in a competitive industry.

This fireside chat, like the others, provided attendees with a rare glimpse into the inner workings of a successful startup, revealing the perseverance, creativity, and strategic thinking required to achieve global leadership. The session was not only informative but also deeply inspirational, offering valuable takeaways for aspiring entrepreneurs and established business leaders alike.

A strong showing at the TOP100 Growth Program

From hundreds of applications, fifty exceptional startups were selected to participate on stage. The competition was intense, but ultimately, the top 10 startups of the TOP100 Growth Program were announced at the Pitch Stage.

Following the awards ceremony, the spotlight turned to the top 10: AltoTech Global, Edge Tutor, HeyMax, MFast, Nirog Street, NonPublic, Pharmint, Priyo Shop, Shoppable Business, and Spacely AI. Each of these innovative companies took to the stage to present and showcase their groundbreaking solutions, highlighting the unique value they bring to their respective industries.

A great big thank you to our partners and sponsors

Last but certainly not least, as mentioned, none of this would have been possible without the community we have built and nurtured, and a big part of that community is the partnerships we have forged with those who share our mission to empower today’s entrepreneurs. As such, we would like to thank the following partners and sponsors for their undying support.

We look forward to joining you all on your journey towards growth and innovation, and we are excited to see what you have in store. With much love, the e27 team.

The post Check out these key highlights from Echelon X! appeared first on e27.

In my conversations with several senior partners and ESG officers, there is a certain fatigue or confusion for the number of ESG frameworks and standards that exist today. Having navigated these complexities myself, I’ve created a concise guide, together with useful links, to help demystify these concepts specifically for private markets. Just to note these may differ slightly for public markets.

Step 1: Distinguishing frameworks from standards

• “Standards” are the specific granularity, reliability, and comparability of topics in ESG reporting. They are technically oriented and supported by the world’s leading standards bodies.
• Frameworks provide guidance based on a set of principles. It defines the direction of information but not the methodology, collection nor reporting itself. It is more focused on the bigger picture of how information should be structured.

Step 2: Standards deep-dive

For this post, I’ll focus on standards, saving a detailed discussion on frameworks and regulations for future posts.

GRI standards

GRI offers a robust suite of metrics applicable across all industries. These standards help organisations report on a wide range of sustainability issues—from environmental impact to social and economic performance. Notably, about 75 per cent of the world’s largest 250 companies use GRI for their annual sustainability reports, which speaks volumes about its applicability and credibility.

GRI has three components:

• Universal standards
• Sector standards
• Topic standards

(You select them based on what is material to your business) GRI is widely recognised for its detailed and extensive criteria which can be adapted by organisations worldwide.

SASB industry-specific standards

(Pronounced as SASS-BEE) Tailored to address the unique needs of different industries, SASB standards guide businesses in reporting financial material sustainability information. This specificity helps companies communicate effectively with investors about sustainability factors likely to impact financial conditions.

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

The key aspect of SASB is its emphasis on standards that are relevant, consistent, and comparable within industries.

IFRS sustainability disclosure standards (S1+S2)

These standards facilitate the disclosure of sustainability-related risks and opportunities for investor use. Supported by international bodies like the G7 and G20, IFRS standards are gearing up for broader mandatory adoption, reflecting their growing importance in the global financial landscape. You would have heard of IFRS standards through the ISSB standards. The ISSB, under the umbrella of the IFRS Foundation, is working on creating a global baseline of high-quality sustainability disclosure standards that focus on investor needs. The goal is to produce standards that provide critical information on sustainability-related risks and opportunities.

GHG emissions – Greenhouse gas protocol

Comprising seven standards and 11 guidance documents, the GHG Protocol supports the detailed measurement and management of GHG emissions across industries, ensuring transparent and credible reporting.

European Sustainability Reporting Standards (ESRS)

European Sustainability Reporting Standards (ESRS) are a set of guidelines and frameworks established by the European Union to standardise the reporting of sustainability-related information by organisations. This is used by companies subjected to the regulation, CSRD (see below).

Frameworks and regulations: A list for quick reference

• Task Force on Climate-related Financial Disclosures (TCFD): Focuses on the financial impacts of climate risk.**
• ESG Data Convergence Initiative (EDCI): Aims to standardise key ESG metrics to enhance comparability across investments, crucial for private equity firms.
• Invest Europe Framework: The Invest Europe Framework provides comprehensive guidelines for ESG reporting and due diligence in the private equity sector, aiming to standardise practices and improve data quality across Europe. These guidelines facilitate transparency and accountability in ESG practices, ensuring that private equity firms align with international standards and reduce the reporting burden.
• Integrated Disclosure Project (IDP): The Integrated Disclosure Project (IDP) is an industry initiative aimed at improving transparency and accountability in private credit and syndicated loan markets. It promotes the harmonisation and consistency of key ESG indicator disclosures by borrowers through a standardised reporting tool, the ESG IDP Template. This template is designed to provide a global baseline of information, making it easier for lenders to assess and compare ESG performance across companies.
• Impact Reporting and Investment Standards (IRIS+): Provides a common language for describing, assessing, and comparing impact.
• ESG VC Framework: Tailored for venture capitals to integrate ESG considerations.

Also Read: The future of finance: ESG integration in tokenised funding

Regulations

• Corporate Sustainability Reporting Directive (CSRD): Expands the Non-Financial Reporting Directive (NFRD’s) scope, aiming to create more comprehensive sustainability reporting.
• Sustainable Finance Disclosure Regulation (SFDR): European regulation focusing on transparency in the sustainability of investment products.
• U.S. SEC Proposed ESG Disclosures for Investors: Indicates upcoming standardised reporting requirements for public companies.
• California Regulations: Includes specific state-level disclosures and requirements around sustainability.

Incorporating Principles for Responsible Investment (PRI)

It’s also essential to consider the Principles for Responsible Investment (PRI), a pivotal framework promoting responsible investment practices globally. PRI doesn’t dictate reporting standards but encourages investors to consider ESG factors comprehensively, enhancing overall sustainability impacts.

**Please be aware that by October 2023, the Task Force on Climate-related Financial Disclosures (TCFD) was officially disbanded after achieving its goal of developing a comprehensive climate reporting framework that has been widely adopted. The oversight of corporate TCFD disclosures has now been assumed by the International Financial Reporting Standards (IFRS) Foundation.

Hope this cheatsheet was helpful and of course, everything is accurate at time of writing. This may change as things continue to evolve and I aim to update them whenever possible. I will continue to discuss more on frameworks, and regulations in subsequent posts.

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PopChill, a luxury resale marketplace in Taiwan and Hong Kong, has secured US$3.1 million in a pre-Series A extension funding round.

The investors include Top Taiwan Venture Capital, 500 Global, Acorn Pacific, ITIC, AVA Angels Fund, Acorn Pacific Ventures, and Darwin Ventures.

Also Read: Lack of pitching skills is a major problem Hong Kong-based startups face: HKSTP’s Derek Chim

The funding takes PopChill’s total investment to US$6.2 million.

The startup plans to use the fresh capital to reach break-even in Taiwan by the end of this year and expedite growth in the Hong Kong market. It also plans to expand into a new market, with Singapore as the primary target, within this year.

The global resale luxury market has doubled over the past four years. According to estimates from Bain & Company, approximately US$49.3 billion worth of second-hand luxury products were sold worldwide in 2023. Taiwan and Hong Kong are among the world’s highest per capita spenders on luxury goods. The estimated value of luxury personal goods is US$8.1 billion in Taiwan and US$3.2-5.4 billion in Hong Kong.

PopChill, a marketplace for authentic second-hand fashion luxury items, aims to tap into this massive opportunity. The marketplace features over 100,000 items in partnership with three of the top ten luxury resellers in Japan and suppliers from Taiwan and Hong Kong.

Its most popular brands are Chanel, LV, and Hermes and they contribute to 60 per cent of the total revenues. Handbags constitute 80 per cent of sales, and PopChill plans to diversify into watches and jewelry in the next six to 12 months.

Also Read: Taipei City government hosts ‘Rock’n Taipei’, showcasing Taiwan’s vibrant startup ecosystem in Manila

“The potential for luxury resale in Asia is tremendous and largely untapped, with no clear leader outside China. The key to success is security, and we are reacting to this by constantly improving our authentication processes,” said Andy Kuo, co-founder of PopChill. “We are confident in our potential to succeed in new markets because not only can we bring our technology and know-how, but also our thousands of sellers who can ship cross-border.”

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