Artificial intelligence (AI) is here to stay, and its role in business continues to grow. However, while 70 per cent of business leaders anticipate that AI will disrupt their industry within the next five years, only 20 per cent feel their organisation is adequately prepared for this impending change.

According to a recent poll, in order to address this issue, 66 per cent of executives will recruit AI specialists externally, while 34 per cent said they will train existing staff to fill the technological gap.

But is this enough? What do business leaders really need to know about artificial intelligence – and how exactly can we utilise this wave of technology to increase our return on investment (ROI) significantly?

This article is designed to shine a light not only on the power of AI in business but also on real-life, usable steps for incorporating AI into a company seamlessly and successfully.

The benefits of AI

Let’s take a look at the various benefits AI can bring to a business. For us at Lean Partner, we merge the Lean Six Sigma methodology with our approach to using AI in several ways, where everything we do must create value for the end customer.

With this in mind, the first big benefit is that AI can greatly improve productivity. With AI automating repetitive tasks, business leaders can focus on enhancing customer service or developing new products instead of worrying about manual data entry or account management.

In fact, when it comes to improving customer service, AI can also play a role. Through Natural Language Processing (NLP) and machine learning capabilities, AI-based customer service platforms are able to speed up response times and offer personalised recommendations based on purchase or browsing history, improving the overall customer experience.

From here, let’s look at how AI can impact both sales and marketing strategies. Business owners can use AI to gather data on customer preferences, market profiles, and competitor activities. In turn, AI’s more efficient capacity for data analytics can also identify the best ways to allocate marketing budgets and which marketing channels are more likely to bear fruit – and of course, automating marketing tasks is a breeze with AI as well.

Finally, let’s look at every business’s bread and butter – finance. At the root level, AI is fantastic for anything involving numbers, so budgeting, forecasting and planning can be completely automated, as well as cash flow and liquidity management and other operational support services.

Also Read: From experts: Tips to improve operations and maximise ROI

Looking even further afield, AI can also assist with risk management, fraud detection, and tax optimisation, or even compliance with regulations around reporting corporate earnings or bank accounts abroad! All in all, it’s clear that using AI can make any business run smoother, faster, and more efficiently.

Using AI to Improve Your ROI

With all that in mind, here are four practical steps any business owner can take to start implementing AI into the day-to-day workflow. Firstly, identify high-impact areas by asking, “Which parts of the business can quickly and positively benefit from AI?” For example, an e-commerce company could start by automating the categorization and tagging of product images to save time and improve accuracy.

Next, create a strategic AI roadmap with clear goals for the identified high-impact areas. Using the example above, the goal could be to reduce image tagging time by 50% within six months. Start with a small pilot project to test various AI image recognition tools and identify the best one. Once found, implement that tool for all product images.

On that note, the third step is to invest in both the right tools and talent. While having image recognition software is good, for further efficiency, finding a machine learning-based image recognition tool that can automatically tag product images and continuously update its own database would work even better. Then, hiring a data scientist to lead the project and train the team on using the new tool would be the perfect follow-up.

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

Finally, it is imperative to continuously monitor and optimise the AI tool. Here, the measurable data points to track regularly include the time saved and the overall accuracy of the AI tool. This ongoing monitoring allows for adjustments and refinements to the tool’s settings, facilitating further enhancements in its performance over time.

The stories of AI-forward success

We not only wholeheartedly believe in the power of AI to completely transform operational efficiency, but have seen it for ourselves. Among the clients we’ve assisted, many have been able to leverage AI tools to improve their day-to-day workflow in leaps and bounds.

For one, a hospital used AI for early disease detection, analysing patient data to swiftly identify disease patterns for faster diagnoses and improved patient outcomes. Similarly, a bank employed AI to detect fraudulent transactions, automatically flagging suspicious activities to prevent financial losses and maintain customer trust.

Additionally, we also assisted a manufacturing plant in integrating AI for predictive maintenance, analysing machinery sensor data to predict and prevent equipment failures, reducing downtime, and production losses, and extending equipment lifespan.

In conclusion, the integration of AI technologies offers a practical pathway to achieving – and even surpassing – a 10x ROI. The strategic application of AI can unlock new levels of efficiency, innovation, and profitability. The journey of using AI to boost ROI is complex, but with the right approach, it is well within reach for businesses ready to embrace the AI revolution.

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At the sidelines of the recent SuperAI 2024 event in Singapore, Vishal Harnal, Global Managing Partner at 500 Global, revealed the challenges businesses in Southeast Asia (SEA) face in adopting new technology, including Artificial Intelligence (AI).

According to him, businesses in the region tend to move slower in this matter.

“Traditional businesses in SEA are generally slower in adopting technology, but that is changing as the first wave of successful tech startups has emerged. Prior to 2012/2013, the idea of a small company selling a technological solution to a large enterprise is new behaviour,” he told e27.

“In the last five years, this has changed as established companies witness their competitors adopting new innovations and becoming more technologically proficient.”

In general, there are two hurdles that businesses are facing when it comes to new technology adoption.

“The first hurdle is that, for traditional enterprises adopting AI often requires significant changes to processes, skills, and culture. Many established companies lack the technological fluency to implement AI solutions,” he said, adding that changes are now more apparent as the next generation of leaders make technology purchasing and acquisition decisions.

“The second hurdle is that AI applications are still in their nascent stages, and the suite of enterprise-ready products and services are still being built.”

Also Read: Artificial intelligence and the art of building presentations

In this interview, Harnal explains in more detail how 500 Global approaches investing in AI, which has gained a significant surge in popularity recently.

The following is an edited excerpt of the conversation:

What is your investment strategy in Asia, particularly regarding AI?

500 Global is a multi-stage venture capital firm. We invest worldwide and have backed 3,000+ companies operating in 80+ countries in various sectors. The volume of our investments over the last 14 years has allowed us to build our expertise and sharpen our long-term investment theses in Asia and globally.

We think about where the world will be in the next five to ten years, the main drivers of value, what consumers will want, and the way we live, work and play. We identify and invest in technological trends that are hard for the mind to comprehend today but that we believe will drive the global economy in the future.

One of the trends we identified well ahead of the curve in SEA is agritech. In 2015, we started building a thesis around agriculture. SEA is home to large agrarian communities, with eight out of 10 countries in ASEAN dependent on agriculture and its production. Yet, farming practices were primitive, and farmers were disconnected from technology.

So, we invested in a company called eFishery, a full-stack fish and shrimp farming management system (app, IoT devices, and SaaS) supporting more than 200,000 fish and shrimp farmers across 280 cities in Indonesia, and has also launched in India with plans to expand its footprint to five new states by the end of 2024.

eFishery is boosting aquafarm productivity and sustainability by equipping farmers with an AI co-pilot that understands their language (Bahasa Indonesia, Javanese, and English). This allows farmers to actually use the data collected to get answers on how to optimise their farms.

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

500 Global has been looking into what we’re now calling AI for about eight or nine years now, so it is one of our long-term investment thesis. Back then, we thought about AI more from the perspective of machine learning and automation before it became mainstream in the minds of the public with ChatGPT in 2022.

We see AI opportunities in three main areas: infrastructure/model building, tooling, and applications. The area we invest in depends on the strength of the markets.

Infrastructure/model-building startups that we invest in are based in the US, Canada, and Europe, and even researchers who move to Japan. For instance, we invested in a company called Sakana AI, an AI research lab at the forefront of exploring alternatives to foundation models that are more adaptive and resilient.

In Singapore, we recently invested in a photonics company focused on supporting data centres in achieving higher computing power for AI.

Tooling is often an overlooked category in general; opportunities in this area are generally in more mature AI markets like the US. In 2009, we invested in Twilio, an AI-powered SaaS company that strengthens businesses’ customer engagement by unifying their data to build insightful customer journey maps.

Applications impact all of us, and this is where we see investment opportunities globally. Startups are using AI to build products and services that solve real problems and create value for their customers.

So, when you look at companies across these three different layers, are there any specific criteria that you use to decide that “this is the company that I invest in”?

It really depends on what area you are targeting in the AI ecosystem.

With infrastructure/model building, we look for subject matter experts with a deep knowledge of AI. As a generalist, you are unlikely to understand the opportunities meaningfully without understanding the core technology and developments. The people in our team who are investing actively in AI are conversant in the scientific research and papers that post-docs are publishing in this space.

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

With applications, we look for companies that use AI non-trivially to significantly optimise how they run their business, such as lowering costs or increasing productivity. With AI, what you need to scale changes phenomenally. Even for companies in SEA, AI can allow early-stage founders to punch above their weight.

As for the team, we look for exceptional founding teams with a strong mix of technical expertise in AI/ML and deep domain knowledge in their target industry. They should have a clear vision of how AI can create value for their customers.

What is the big plan when it comes to AI for this year? Apart from all the companies that you have already invested in, is there anything else that you are looking at?

The thinking needs to shift from “Are you looking for AI companies?” to thinking about AI as a technology layer that everyone will adopt somehow.

From an investment perspective, we are focusing on two broad areas:

Companies building core AI hardware. For instance, we’re bullish on the chip space as SEA has been a semiconductor manufacturing hub for the rest of the world, especially in Malaysia.

Companies building vertical AI applications. We are doubling down on startups building specialized AI applications for specific industry verticals such as agriculture, healthcare, finance, and more. These solutions are tailored to each sector’s unique challenges and data environments, enabling faster adoption and value creation.

One thing I have noticed that has not reached its full potential in SEA is the integration of AI into the startup stack—how startups are utilising AI tools to significantly lower costs and increase their efficiency. It is not happening at the scale it is in the US, so I hope that changes and global teams like ours can help accelerate it.

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Opilot, a Singapore-based AI startup focusing on data privacy and protection, has raised an undisclosed pre-seed amount from Iterative Capital.

This capital will allow it to scale its premium and enterprise tiers as it begins pilot tests with companies.

Also Read: How startups can overcome the AI talent death

With the increase in AI adoption across the workforce, more people are using AI to write emails, create reports and brainstorm ideas. However, the data shared could put users and businesses at risk — with client data, business data and trade secrets at stake.

As a result, companies have started banning or restricting AI usage, resulting in non-compliant workarounds, such as employees using their personal ChatGPT accounts to process emails and company data.

Opilot seeks to create a win-win solution, with employees and companies benefiting from AI to improve overall productivity while maintaining airtight data privacy and protection.

The startup has launched a local, secure, and private AI copilot solution running fully on-device, which is particularly useful for industries or functions that demand the highest data protection and confidentiality standards.

Also Read: Navigating the AI landscape in 2024: Why there is an urgency for enhanced governance

With Opilot, all data is processed locally, with no inputs shared with cloud servers. This additional layer of data protection prevents data breaches encountered by companies using cloud-based services, such as ChatGPT.

Industries that have held back AI usage for employees, such as law and insurance, can increase their productivity as even their most sensitive information, such as contracts with client data or financial models, can now be processed securely.

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Image Credit: Opilot.

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A new era has dawned. The era of Gen Z consumerism. And the travel industry is reaping benefits for young consumers today. For younger generations, travel isn’t just an occasional indulgence — it’s a top priority.

According to a recent McKinsey survey, 66 per cent of travellers are now more interested in travel than they were before the COVID-19 pandemic. And this surge in interest is particularly strong among Gen Zs and Millennials.

And they’re not just talking about it, they’re making it happen. In fact, they are planning more trips in 2024 than they did in 2023. In 2023, they took an average of nearly five trips each, outpacing Gen Xs and Baby Boomers, who took fewer than four.

Travel for Gen Zs and Millennials is more than just ticking off destinations on a map; it’s about creating memorable experiences, discovering new cultures, and sharing these moments on social media. This shift in travel preferences and behaviours is becoming more and more prevalent.

Experience over expenses

For Gen Z and Millennial travellers, it’s all about the experience.

A McKinsey survey revealed that 33 per cent of consumers plan to splurge on travel, making it the third most popular splurge category (behind eating at home and eating out). And of these consumers, younger generations are more willing to devote significant spend towards travel experiences, compared to other generations.

These younger generations prioritise immersive experiences, cultural encounters, and Instagram-worthy moments over the cost of their trips. They’re willing to splurge over US$2,000 to make their travel dreams a reality and create meaningful adventures.

And for those who splurge on travel, they’re determined to cut costs in other areas before trimming their spending on travel experiences. They’re willing to save on flights and local transportation, but when it comes to unique and memorable experiences, they’re all in.

Social media influence

The influence of social media creators is massive. Around 80 per cent of travel bookings are now influenced by their recommendations.

Travel content creators make destinations come alive with authentic, personal stories that feel more relatable than traditional ads. They highlight not just the must-see sights but also the little-known gems, making followers feel like they’re getting tips from a local friend; and in turn, driving FOMO (fear of missing out) of course.

Take TikTok for example. TikTok has completely changed the game for travel inspiration. With a whopping over 443 million views on #travel content, TikTok is one of the key channels where young travellers turn for fresh ideas and hidden gems.

The power of TikTok lies in its ability to deliver bite-sized, visually compelling content that captures the imagination and sparks wanderlust in seconds. It is the ultimate match for the content consumption habits of the younger generation.

Intentional travel planners

Contrary to the stereotype of spontaneous youth, Gen Z and Millennial travellers are becoming more intentional planners, with 65 per cent of them organizing their trips 2-6 months in advance. This trend highlights their independent travel habits, centered around their desire for control, flexibility, and maximising their travel experiences.

These young travellers love the pre-trip planning process. It’s part of the excitement, the buildup to the adventure. This intentional approach ensures they get the most out of their travel experiences, balancing spontaneity with a well-thought-out plan.

What next?

Gen Z and Millennials are redefining travel. They’re not just tourists; they’re explorers, planners, and storytellers, shaping the future of travel with their passion for meaningful, well-crafted adventures.

The travel industry must adapt to these shifting preferences, catering to the experiential demands of these next-gen travellers. By understanding their priorities and behaviours, travel businesses can curate tailored experiences, leveraging social media influencers and intentional planning to stay ahead in the game.

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According to a 2023 PwC study, 44 per cent of employees in Asia Pacific believe that the skills required for their jobs will undergo significant changes within the next five years. However, only 48 per cent have a clear sense of how those changes will unfold.

In the next 12 months, roughly 40 per cent are extremely or highly likely to ask for a pay raise or a promotion, while about 30 per cent are likely to change employers. These figures represent a 7-10% increase compared to the previous year’s survey, indicating an increased willingness among employees to make changes in their careers.

Zooming in on Southeast Asia as a collective of individual emerging markets, these issues are compounded for employers by a long-standing shortage of top talent. Companies are routinely forced to cope with challenging conditions in the talent market. 

On a recent episode of Indonesia Digital Deconstructed by AC Ventures, the firm’s AVP of Organisation and People, Derisa Zahara, sat down with fellow practitioners in the Southeast Asian recruiting and HR sector.

Sandi Sadek, the Chief People Officer at global venture capital firm B Capital, and Sergio Salvador, the former Chief People Officer and current Strategic Advisor at Carsome, as well as a member of ACV’s portfolio advisor community, joined the conversation. The group discussed key strategies for attracting and retaining top talent in emerging Asia. 

Culture is key, but performance is king

When asked at a high level about how to think about hiring and keeping the best people, the group began by looking at cultural fit and diversity. According to Sadek, these two components are increasingly important in attracting talent in Southeast Asia, where the pool is still limited but slowly growing. 

She explained the importance of culture and a strong employer brand – aligning personal values with organisational goals is not just desirable but essential for fostering a conducive work environment. Beyond that, she went on to share that before you can have a strong employer brand, the company itself needs to perform well. 

Also Read: AC Ventures: Investors put more focus on ESG, but Indonesian startups seem “well-positioned” for this shift

“I think, irrespective of what type of company you work for, ultimately, performance is king. People want to work for a high-performing organisation. They want to work with great people. They want to do great things,” said Sadek. “We are also really seeing the importance of culture, particularly in Southeast Asia. This is why we try to make sure that people’s own values and goals align with the goals, values, vision, and mission of the organisation.”

Salvador echoed this sentiment, saying, “Carsome has gone through various phases in terms of its ability to attract talent. I agree that high-performing organisations attract talent. However, I do believe that the motivations of different people can be quite different as well. At the most basic level, that can translate simply into questions like: Am I working with friends? Am I working with people that I enjoy being around? Are we all following inspirational leaders?”

In addition to that, explained Salvador, it is quite different to try to attract very senior talent to an organisation than it is to attract junior or entry-level team members. Strategies for both ends of the spectrum will vary greatly.  

Cross-border hiring and tailored compensation

In emerging markets like Indonesia, where competition for the best talent has always been fierce, employers need to think outside of the box. In many cases, this means looking regionally for the best managers and executives. But cross-border hiring also brings more dimensions and complexities to the compensation discussion. 

“When discussing employee attraction and retention, it’s crucial to recognise that Asia, particularly Southeast Asia, is not a monolith but comprises varied countries with distinct trends,” explained Sadek. “In terms of compensation, it’s vital to consider the specific market dynamics. For example, Singapore’s government actively supports investment initiatives, enhancing its appeal for innovation and entrepreneurship—a contrast to other regions.

“While traditionally, startups have offered lower base salaries, this gap is narrowing, even as compensation strategies become more nuanced depending on the company’s stage and industry context. As such, a company’s approach to benefits and compensation must be tailored to local conditions of the team member as well as the organisation’s maturity.”

Salvador added, “Just double clicking on Sadek’s point, from a practical standpoint, simply offering high salaries to attract and retain talent is unsustainable in today’s market. Companies, whether small or large, must explore alternative strategies to engage employees meaningfully. This involves fostering a workplace where flexibility, autonomy, and internal mobility are emphasised and where managers serve as mentors, not just overseers.

Also Read: Are you a human resource?

“These elements are crucial for making the employee-company relationship ‘sticky,’ enhancing job satisfaction and loyalty. After all, .” 

Hiring top talent  in the age of AI

Zahara pointed out that it is difficult to have an up-to-date conversation about highly skilled employees without discussing the sweeping implications of new technology, namely AI. She mentioned a recent government initiative in Singapore aimed at attracting 15,000 AI professionals and asked how Carsome and B Capital are thinking about the new state of play on the talent frontier, with AI now squarely in the mix.

“AI is a transformative force within our company, significantly shaping how we operate globally,” said Sadek. “From a personal and organisational perspective, we’ve dramatically advanced our understanding and implementation of AI. We’ve established a dynamic in-house AI team pioneering changes across all areas—from investment strategies to operational functions like HR and marketing. This proactive approach is not just about keeping pace but about leading the charge in leveraging AI to enhance our workflows and decision-making processes.”

Salvador added, “Discussing the strategic goal of attracting 15,000 AI specialists is commendable but just a start. Given the expanding need for AI technology, this number is but a drop in the ocean. Over the coming decades, the demand will not only persist but increase across the region. To meet this, a multifaceted approach is essential. Upskilling current employees and collaborating with educational institutions to prepare students will be key. This strategy must combine  immediate talent acquisition with long-term educational partnerships to cultivate a continuous influx of skilled professionals into the AI sector.”

Get the full episode on Spotify, Apple, and Google.

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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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Gen Alpha (people born (or who will be born) between 2010 and 2025) deserves a democratised English literacy in the domain in which they grew up within the metaverse.

English proficiency levels in several Asian countries have declined in recent years, with the COVID-19 pandemic being a significant contributing factor. According to the English Proficiency Index 2023 by Education First (EF), which evaluated adult English proficiency across 113 non-native English-speaking countries and regions: China’s ranking has continued to decline, dropping from 38th place in 2020 to 62nd in 2022, with its English proficiency slipping from moderate to low level.

• Japan is ranked 87th, compared to 55th in 2020
• South Korea dropped from 32nd to 49th place
• Thailand is ranked 101st worldwide and 8th among ASEAN countries, with a “very low” proficiency level

For developed countries like the United States, 33 per cent of American 4th graders read below the basics level.

Millions of American children struggle to read, with many states implementing phonics-based “science of reading” policies to address the issue, which is directly linked to the impact of the COVID-19 pandemic locked down on education. The phonics-based approaches in states like Mississippi and Ohio have seen significant improvements in reading scores.

Experts attribute the decline to several factors, including the impact of the pandemic, which has led to most of Gen Alpha failing in literacy and English proficiency. Gen Alpha, typically defined as those born from 2010 onwards, has been significantly impacted by the lockdown due to school closure and remote learning challenges.

However, the silver lining was that because of the quarantine, the gaming industry boomed, especially with VR and XR applications like Roblox, Minecraft, and Meta Quest. This gives Gen Alpha an unprecedented opportunity to leapfrog its computing experience with the immersive 3D environment as its spatial playground and learning domain through the entirety of the pandemic.

Also Read: Fostering inclusion: AI’s role in SEA’s education sector

duPhonics aims to address these challenges by leveraging the power of the metaverse and generative AI. The company’s real-time metaverse Gen AI platform offers an immersive, interactive, and personalised learning experience designed to engage modern learners who are accustomed to digital environments like Roblox, YouTube, and Minecraft.

Enhancing literacy through the metaverse

Literacy is a fundamental skill that underpins all other learning. Poor literacy can lead to poorer mental health, chronic diseases, and shorter life expectancy, according to research by the University of East Anglia in 2023.

duPhonics aims to address this issue by enhancing literacy by integrating educational content with interactive and immersive experiences. The platform provides a real-time VR and XR experience for students to interact with the teachers while the generative AI handles the heavy lifting of content generation based on the proprietary LLMS that is capable of generating images, videos, and audio that can be composed into learning worksheets and curriculum within the metaverse.

Drama therapy and literacy

One of the unique aspects of duPhonics’ approach is the integration of drama therapy into the learning process. Drama therapists from the UK are involved in the teaching process as a telenanny, using generative AI storytelling and role-play to make learning more engaging. This method helps children develop their reading and writing skills in a fun and interactive way.

Overall, the approach is not only looking after the core reading skills but also the mental wellness of the young learners.

Interactive storylines

The platform’s generative AI can create dynamic storylines for interactive storytelling sessions. These storylines can adapt based on the child’s interactions and choices, making the storytelling experience immersive and personalised. This not only keeps children engaged but also enhances their comprehension and critical thinking skills.

The content of images, audio, and videos is generated through customised LLMs, which are based on 16,000 hours of teaching proprietary data. The company envisions a future where autonomous tutor agents within the metaverse will help students with the real-time generation of learning content and curriculum that can be tailored to the young learners’ needs on the fly in real-time within the gaming engine.

The AI-powered tutors provide real-time feedback on children’s reading and writing tasks. By analysing their performance, the AI identifies areas where they need improvement and offers targeted exercises to help them progress. This personalised approach ensures that each child receives the support they need to develop their literacy skills all inside the metaverse just like their accustomed Roblox.

Reducing cognitive load

duPhonics’ immersive metaverse reduces cognitive load by creating a more natural and engaging learning environment. Instead of focusing on non-verbal cues in video calls, children can interact with virtual objects and characters, making the learning experience more intuitive and less mentally taxing.

Also Read: Why customer education plays an important role in Wise’s international expansion plan

The prolonged remote learning experience led to “Zoom fatigue” among children. duPhonics addresses this by offering an environment where children can interact with virtual objects and scenarios, reducing mental stress and making learning more intuitive.

Promoting mental well-being

duPhonics incorporates elements of play and creativity through a human-first approach with drama therapists as in-game avatars, promoting mental well-being. By allowing children to create their own worlds and scenarios, the platform provides an outlet for self-expression and creativity, which can help reduce stress and anxiety in a trusted environment through the telenanny approach.

The global market for online education is projected to reach US$200 billion by 2030. duPhonics is positioned to capture a significant share of this market, thanks to its innovative platform and unique value proposition.

In summary, it’s important to note that English proficiency remains crucial for countries to engage with the global community and tell their stories effectively.

Education in the metaverse content will be the key driver for Gen Alpha. By integrating the Metaverse into literacy education, we’re preparing Gen Alpha for the future. The skills they develop in these virtual environments—creativity, problem-solving, and digital literacy—are critical for success in the 21st century.

duPhonics is currently part of the Techbite 5.0 accelerator program and recently presented on stage at NextRise 2024 in Seoul.

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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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Taiwan’s agri- and foodtech startup-focused HAOSHi Accelerator has launched its 7th cohort with ten startups.

The startups represent one of the four major fields: agritech, agricultural circulation, cold chain logistics, and F&B processing.

Also Read: Meet the 16 startups that demonstrated in AppWorks’s 28th demo day

During the four-month-long programme, the accelerator will provide comprehensive guidance to these selected startups, promoting the technologisation and sustainability of the food and agriculture supply chain.

The ten ventures are:

DataYoo: It utilises satellite remote sensing and big data analysis technology to monitor crop environments in real-time and optimise resource allocation, improving agricultural productivity and sustainability.

AgriGaia: It offers comprehensive agricultural innovation solutions, using a bionic underground irrigation system to improve irrigation efficiency and providing organic nutrients and microbial materials.

Fecula Biotech: The startup utilises Taiwan’s agricultural resources to develop health foods, promoting health and sustainable agriculture.

InnoRs Biotechnology: It specialises in black soldier fly farming, creating environmental benefits and a circular economy by using organic waste and turning black soldier flies into organic fertilisers and livestock feed.

Farm To Material Inc.: It extracts fibre from banana pseudo-stems through enzyme extraction and turns it into textile fabrics, synthetic leather, and other industrial products.

Ccilu International Inc.: It uses coffee grounds, PET bottles, and agricultural waste as recycled materials, providing solutions for eco-friendly footwear and various eco-friendly materials.

Singularity & Infinity Co. Ltd.: It focuses on solving smart mobility issues, using mathematical optimisation and predictive analysis technology to improve logistics and distribution efficiency.

Also Read: Taiwanese startups join forces with Southeast Asia to venture into Tokyo, Japan

Gocochain: It provides intelligent security services for cold chain logistics, achieving real-time risk management and data transparency through wireless temperature monitors.

Plant Egg: It offers environmentally sustainable and delicious plant-based eggs.

Launched in 2018, HAOSHi Accelerator aims to discover and nurture innovative agri-food tech startups by providing professional guidance, resources, and market connections to help them grow rapidly. Since its inception, it has catalysed the growth of 55 startups.

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Image Credit: Haoshi Accelerator.

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Dear reader,

Indonesia’s startup ecosystem experienced a significant decline in venture funding in the first half of 2024, securing only US$191 million—a 64% drop from US$526 million in the same period last year, according to Tracxn’s Geo Semi-Annual Report. Sequentially, the decline was even more pronounced at 79%. Globally, Indonesia ranked 29th in funding.

Seed-stage investments fell by 27% to US$26 million, while early-stage funding dropped 42% to $113 million. Late-stage investments saw the steepest decline, plummeting to US$52.2 million from US$681 million in H2 2023.

Despite the overall downturn, fintech, insurtech, and enterprise applications emerged as top-performing sectors. Notably, insurtech saw a dramatic rise in funding, increasing from US$7.5 million to US$47 million.

However, the period saw no new unicorns and fewer acquisitions and IPOs. Jakarta led in city-wise funding, with East Ventures, AC Ventures, and Alpha JWC Ventures as top investors.

The subdued IPO market and significant funding drops highlight the challenges faced by Indonesian startups in H1 2024, necessitating strategic adaptations to navigate the evolving landscape.

Sainul,
Editor.

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NEWS

Insurtech shines amidst overall funding decline in Indonesia in H1
Insurtech startups in Indonesia secured US$47M in H1 2024 compared to US$7.5 million in H1 2023, as per a Tracxn report; The overall funding was US$191M in venture funding in the first half of 2024, a 64 per cent decline from US$526 million raised in the same period last year.

Funding down 53% in Vietnam in H1; logistics-tech, edutech buck the trend
The transportation and logistics tech sector witnessed a 940% spike in funding, while edutech recorded a 280% rise in H1 2024; No late-stage funding was reported in H1 2024, mirroring the trend from H2 2023, whereas US$3M was raised in H1 2023.

GXS Bank receives US169M capital injection from backers Singtel, Grab
GXS’ latest financials showed widening losses, with FY 2023 ending December 31 reporting a loss of S$208.2M from a loss of S$132.5M a year prior; Its full-year revenue increased to S$16.1 million from S$5.1 million in FY 2022.

Temasek joins Samsara Eco’s US$65M financing round to end plastic pollution
Samsara Eco plans to open new commercial facilities in SEA to recycle plastic waste and turn it into brand-new products. Samsara has developed a way to break plastic down to its core molecules, which can then be used to recreate brand-new plastic.

k-ID lands US$45M funding to provide safe online environment for young gamers
The investors are a16z, Lightspeed Venture, Konvoy, TIRTA, Okta, and Z Venture; k-ID is a cross-platform, instant sign-on solution for kids and teens; It’s been built as an all-in-one answer for solving the complex issue of privacy and online safety for young players.

Hubble nets US$5M to transform progress and payments in the built environment industry
Private credit financier AlteriQ Global is the lead investor; Hubble will use the money to accelerate the expansion of its financial services division into new industries and beyond Singapore.

Tiger New Energy raises US$3.5M to deploy battery-swapping network
The investors include ADB Ventures, Wavemaker Partners, 500 TukTuks, and Orvel Ventures; Tiger New Energy has a station network where rickshaw drivers can swap depleted batteries for fully charged ones in less than a minute.

Earth VC joins US-based cultivated meat startup Orbillion Bio’s funding round
Orbillion Bio specialises in producing Wagyu beef cells; It has developed an algorithm for scaling up cultivated meat, making commercialising low-cost cultivated beef possible.

Swedish firm Trine backs Vietnamese solar energy startup Stride
Stride offers low upfront-cost financing, insurance, and a streamlined online consumer onboarding process at the point of sale; This capital injection will enable the firm to expand its capacity to fund customers’ clean-energy installations in Vietnam.

Iterative Capital invests in Singapore’s AI copilot startup Opilot
Opilot offers secure, private, and compliant AI copilot solutions for industries and functions that demand the highest standards of data protection and confidentiality.

Pawprints extends seed round to expand its allergy-friendly pet nutrition biz
The lead investor is Asia Fund X; Following the launch of its Pawprints brand in June 2023, the group claims to have more than doubled its monthly revenue and sold over 120 tons of pet food.

Indonesia’s EV battery bet benefiting from regional supply chain shift: report
According to a recent report by property and management consulting firm JLL, FDI in the industry has grown from less than US$2B in 2011 to over US$20B in 2023; This was driven by tax breaks and government incentives for battery-based EVs.

Hacker claims data breach of India’s eMigrate labour portal
Launched by India’s Ministry of External Affairs, the eMigrate portal helps Indian labour legally emigrate overseas. The portal also provides emigration clearance tracking and insurance services to migrant workers.

Flipkart Group launches payments app, Super.money, in fintech push
The Walmart-owned firm’s new app, now live in beta on Play Store, allows users to make mobile payments via UPI, an interoperable network that is the most popular way Indians transact online.

SoftBank to invest up to US$20M in search startup Perplexity AI at US$3B valuation
SoftBank will make this investment as part of a larger US$250M funding round; Perplexity’s search tools enable users to get instant answers to questions with sources and citations.

Taiwan’s agri-food accelerator HAOSHi launches 7th cohort with 10 startups
During the four-month-long programme, the accelerator will provide comprehensive guidance to these selected startups, promoting the technologisation and sustainability of the food and agriculture supply chain.

FEATURES

Moosa Genetics boosts beef production in Indonesia through DNA tech, farmer support
Moosa Genetics enhances Indonesia’s cattle industry with advanced biotech, improving meat yield, quality, and sustainability for farmers.

500 Global aims to double down on startups building AI apps for specific industry verticals
Vishal Harnal of 500 Global also reveals why businesses in SEA tend to be slower in adapting new technologies, including AI.

Thailand in 2024: Fewer funding announcements, but promising opportunities ahead
Between January and May 2024, we covered five funding announcements from startups in Thailand from various stages and verticals.

FROM OUR CONTRIBUTORS

Experience over expense: How Gen Z and Millennials are redefining travel
Gen Z and Millennials are shaping the future of travel as explorers, planners, and storytellers with their passion for meaningful adventures.

Succeeding in e-commerce in China: Building AI-powered chatbots that know how to close a sale
Customer service chatbots, often powered by AI, have emerged as a game-changer in the world of customer experience at all stages of a sales funnel.

The 10x ROI advantage: How AI can supercharge your business growth
The integration of AI technologies offers a practical pathway to achieving – and even surpassing – a 10x ROI.

From classrooms to boardrooms: How we landed our first deal as student VCs
This article shares our journey as student investment analysts, leading to our first real investment decision.

Ransomware reality: Navigating cyber threats in the startup world
Ransomware is a significant threat that can disrupt the startup environment, but with proactive measures, you can minimise risk and impact.

FROM THE ARCHIVES

Addressing barriers to AI adoption in SEA: What tech entrepreneurs can do to help businesses cross that bridge
The increasingly widespread use of AI does not mean there are no barriers for businesses in SEA to adopt it.

With US expansion on the horizon, Helport aims to help customer support teams cut down on error rate
This year, Helport has a major plan to expand in the US while maintaining its leading position in Southeast Asia.

How can Malaysia leverage AI for growth and not see it as a threat?
As Malaysia embraces the AI revolution, it faces both challenges and opportunities to reshape its workforce and economy.

Women and AI: How startups can prevent gender bias and promote responsible use of the tech
Gender bias within AI is quite a complex topic in and of itself, but startups can play a more active role in preventing that.

How to navigate the ethical landscape of Responsible AI
Responsible AI constitutes our greatest chance at cultivating a future wherein AI is wielded for good while mitigating its risks.

What AppsFlyer recommends to keep customers coming back to your e-commerce site
App marketers in APAC have the highest rate of retargeting across all verticals compared to other regions, according to AppsFlyer.

Zendesk launches venture fund to back AI-powered CX startups
Beyond capital, Zendesk Ventures offers access to CX and AI experts, strategic partnership opportunities to accelerate growth and innovation, and the chance to be featured on Zendesk Marketplace, home to over 1,300 apps.

The post Ecosystem Roundup: Insurtech shines in Indonesia in H1 | Singtel, Grab infuse US$169M into GXS Bank | k-ID secures US$45M appeared first on e27.

This week, Southeast Asia’s startup landscape witnessed a flurry of funding activity, with promising ventures across diverse sectors securing vital investments.

From innovative financial solutions and clean energy initiatives to groundbreaking pet nutrition and AI-driven data privacy advancements, these startups are poised to drive significant change in their respective industries.

Here’s a closer look at some of the standout companies that raised funds, reflecting the region’s dynamic entrepreneurial spirit and commitment to innovation.

Paywatch (Malaysia)

Paywatch is an earned-wage access (EWA) service provider. It offers a debt-free EWA solution, also known as on-demand pay, which allows workers to instantly access a part of their accumulated salary in real-time as it is earned and before the end of their payroll cycle.

Paywatch has partnered with leading enterprises across Asia, including Park Hyatt, DFI Retail Group (including Guardian), KFC, Pizza Hut (part of QSR Brands), Wilmar International, PayNet, CGV cinemas, Lotus’s, Jaya Grocer (an affiliate of Grab), major BPO centres and manufacturing companies to provide the solution.

The company claims to have processed over US$58 million in salaries through its system to date and increased its disbursements to nearly US$8 million per month, which is growing month-over-month by as much as 15 per cent.

Funding raised: US$30 million 
Round: Series A
Investors: Third Prime, Vanderbilt University, the University of Illinois Foundation, Octagon Venture Partners, and Wooshin Venture Investment Corp.

Okapi Technologies (Malaysia)

Okapi Technologies is a solar financing startup. Its proprietary platform connects clean energy investors with solar dealers, installers and EPCs (engineering, procurement, and construction) companies nationwide via an embedded financing and project management solution.

With its instant credit decisioning engine, Okapi empowers solar stakeholders to offer cash flow-positive leasing plans of up to ten years to homeowners at the point of sale. According to the startup, this mechanism eliminates all logistical and psychological barriers for households to access lower utility costs, thereby “significantly” reducing their greenhouse gas emissions and carbon footprint, while contributing to Malaysia’s Net Zero goal.

Since its launch, Okapi has established commercial partnerships with dozens of solar companies in Malaysia and targets to fund the installation of 100 residential solar energy systems per month by the first quarter of 2025.

Funding raised: Undisclosed
Round: Unspecified
Investors: The Radical Fund and Ninja Van co-founders Lai Chang Wen and Shaun Chong

Atome (Singapore)

Atome Financial is a buy-now-pay-later company targeting unbanked and underbanked consumers in Southeast Asia. Atome Financial runs Atome (an embedded financing platform and provider of digital financial services that include insurance, cards and lending) and Kredit Pintar (a lending platform).

It is part of the Advance Intelligence Group.

In FY2023, Atome claims to have nearly doubled its operating income to US$170 million from the year before. The company attributes this to the profitability of its BNPL business, driven by a 40 per cent y-o-y surge in GMV to US$1.5 billion and 130 per cent y-o-y revenue growth.

Funding raised: Up to US$100 million
Round: Debt facility
Investor: EvolutionX Debt Capital

Pawprints (Singapore)

Pawprints Group is a provider of allergy-friendly pet nutrition products. Formulated in accordance with AAFCO (the Association of American Feed Control Officials) standards, Pawprints harnesses the power of the superfood insect protein (black soldier fly) to offer quality hypoallergenic novel protein, along with essential amino acids and minerals crucial for the health of cats and dogs.

Following the launch of its signature Pawprints brand in June 2023, the group claims to have more than doubled its monthly revenue and sold over 120 tons of pet food. It has completed over 35,000 orders and is available in over 700 offline outlets.

Funding raised: Undisclosed
Round: Seed extension
Investors: Asia Fund X (lead), Creative Gorilla Capital, and Altrui Investments.

Opilot (Singapore)

Opilot is an AI startup focusing on data privacy and protection. Opilot seeks to create a win-win solution, with employees and companies benefiting from AI to improve overall productivity while maintaining airtight data privacy and protection.

The startup has launched a local, secure, and private AI copilot solution running fully on-device, which is particularly useful for industries or functions that demand the highest data protection and confidentiality standards.

With Opilot, all data is processed locally, with no inputs shared with cloud servers. This additional layer of data protection prevents data breaches encountered by companies using cloud-based services, such as ChatGPT.

Funding raised: Undisclosed
Round: Pre-seed
Investor: Iterative Capital.

Stride (Vietnam)

Stride is a solar energy solutions company incorporated in Singapore. It provides solar energy to households and small businesses in Vietnam.

Vietnam’s target of 50 per cent of residential homes and office buildings using self-produced rooftop solar power for self-consumption by 2030 aligns with Stride’s mission. The country has the potential to generate 380 gigawatts of capacity, significantly exceeding the government’s solar capacity goals.

The startup offers low upfront-cost financing, complementary insurance, independent quality assurance, and a streamlined online consumer onboarding process at the point of sale. The company has received increasing interest from residential and small business consumers who want to shift to lower-cost clean energy to reduce energy bills. Stride addresses this interest with a commercial solution that removes the barrier of high up-front costs.

Funding raised: US$3 million
Round: Debt financing
Investor: Trine.

k-ID (Singapore)

k-ID aims to simplify online safety and privacy management for game developers, parents, kids, and teens. Founded by Kieran Donovan, Timothy Ma, Julian Corbett, and Jeff Wu, k-ID is a cross-platform, instant sign-on solution for kids and teens. It has been built as an all-in-one answer for solving the complex issue of privacy and online safety for young players globally.

The company has also announced a partnership with the ESRB Privacy Certified programme. It has configured its parent/family and developer portals to reflect the programme’s Children’s Online Privacy Protection Rule (COPPA)-based requirements. This partnership offers game publishers a way to leverage k-ID technology to help obtain the ESRB Privacy Certified Kids Seal.

“Kids today make friends and countless memories inside games and virtual worlds, and parents need modern tools to keep them safe,” said Jonathan Lai, General Partner at a16z. “k-ID is serving this need and defining a new industry standard for digital youth safety.”

Funding raised: US$45 million
Round: Series A
Investors: Andreessen Horowitz, Lightspeed Venture Partners, Konvoy, TIRTA, Okta, and Z Venture Capital.

Tiger New Energy (Bangladesh)

Tiger New Energy is a clean energy startup. Founded by Nicole Mao and Yiwei Zhu, Tiger New Energy has introduced a network of stations, where rickshaw drivers can swap their depleted batteries for fully charged ones in less than one minute, compared to four hours previously.

The company said this dramatically reduces downtime and has been shown to amplify the earnings of rickshaw drivers by an impressive 60 per cent.

Its proprietary Offline Swapping and Reverse Charging features aim to ensure service continuity during power outages, while its infrastructure doubles as Decentralised Energy Storage Systems (DESS), contributing to grid stability. Advanced thermal management and data-driven optimisation algorithms further elevate the performance and lifespan of Tiger’s lithium-ion batteries over traditional alternatives.

Funding raised: US$3.5 million
Round: Seed funding
Investors: ADB Ventures, Wavemaker Partners, 500 TukTuks, Orvel Ventures, Humble, Penataran Management, and Brett Barna.

Orbillion Bio (US)

Orbillion Bio is a cultivated meat startup. Founded in 2020 by Patricia Bubner, Gabriel Levesque-Tremblay, and Samet Yildirim, Orbillion specialises in producing Wagyu beef cells. It has developed an algorithm for scaling up cultivated meat, making commercialising low-cost cultivated beef possible.

Currently valued at US$78 billion in the US alone, this market presents significant opportunities for Orbillion’s growth and expansion.

Orbillion has partnered with Luiten Food, a European leader in premium meats, to bring cell-cultured Wagyu beef to over 35 countries pending EU regulatory approval. This partnership will leverage Luiten Food’s network of 1,200 distribution channels, paving the way for Orbillion’s premium product to reach the market.

Funding raised: Undisclosed
Round: Strategic
Investors: Earth VC, The Venture Collective, At One Ventures, Y Combinator, and Metaplanet.

Samsara Eco (Australia)

Samsara Eco uses advanced, enzymatic recycling to end plastic pollution. Launched in 2020, Samsara Eco has developed a new way to break plastic down to its core molecules, which can then be used to recreate brand-new plastic again and again. Its patented process, EosEco, uses a combination of biophysics, chemistry, biology and computer science (such as AI) to create a family of plastic-eating enzymes. The enzymes break down plastic waste (like textiles made from nylon and polyester) into raw materials, which are then integrated into existing manufacturing processes to create new products.

Samsara Eco recycles all forms of plastics, which can be used within existing cross-sector supply chains like automotive, electronics, and consumer packaged goods.

Funding raised: US$65 million
Round: Unspecified
Investors: Temasek, Main Sequence, Wollemi Capital, lululemon, Hitachi Ventures, Titanium Ventures, and DCVC.

Hubble (Singapore)

Hubble aims to transform progress and payments in the built environment industry. Founded in 2016, Hubble digitises and automates site processes to track and expedite progress and enable on-demand liquidity through early payment solutions based on verifiable progress data. Its full-stack progress-to-payment platform synergises the progress data insights from Hubble.Build (its construction management division) with early payment solutions from the financial services division.

Since its inception in mid-2023, Hubble.Financial claims to have demonstrated 655 per cent growth to reach over US$20 million across its projects. This number is expected to more than double in 2024 and beyond.

Funding raised: US$5 million
Round: Unspecified
Investor: AlteriQ Global (lead)

The post Southeast Asia startups spark innovation with fresh funding influx appeared first on e27.

In its latest Startup Outlook Report, InnoVen Capital reveals that today, only 25 per cent of surveyed startups in Southeast Asia (SEA) have women representing more than half of their employees. In comparison, only six per cent are predominantly led by women.

This proves that gender diversity remains a challenge in the region, according to Dawn Yeo, Associated Director of Governance Risk and Compliance at InnoVen Capital. She states that while this is seen in the overall workforce, the underrepresentation is more apparent in leadership positions.

“Another challenge that female-founded startups often struggle with, as compared to male founding teams, is raising funds. While there has been a positive shift in the funding landscape in recent years, the playing field is far from level for female entrepreneurs,” she tells e27.

“Underlying difficulties faced include inherent gender bias, exacerbated by male dominance in the venture capitalists and other investor groups. Traditional culture norms and societal expectations of the role of women and their responsibilities also play a part in the number of women stepping into entrepreneurship.”

InnoVen Capital Group is a venture debt platform and a joint venture between Seviora Holdings (a US$50 billion independent asset management group wholly owned by Temasek Holdings) and United Overseas Bank Group. Established in 2015, the group has a Pan-Asian presence with operations across India, China, and Southeast Asia.

Also Read: Southeast Asia startups spark innovation with fresh funding influx

Their Startup Outlook Report was administered to founders and senior leaders and covers a broad cross-section of companies from early, growth, and late stages. It covers wide-ranging topics around the funding environment, exits, focus areas, challenges, and other aspects that are on the minds of founders. The survey was conducted with over 100 VC/PE-backed startup leaders during the second half of 2023 and the first quarter of 2024.

In this email interview, Yeo shares how cultural norms and societal expectations affect gender representation in the tech startup ecosystem and the kind of initiatives that can break barriers in the workplace.

What initiatives or support systems are in place to promote gender diversity in tech startups in SEA?

Government initiatives play a pivotal part in supporting female entrepreneurs in SEA. Support programmes aimed at promoting gender diversity and supporting women in tech include access to financing, training, talent development, mentorship schemes and networking opportunities.

In SEA, multiple gender-focused accelerators, such as the Women in Entrepreneurship Incubator and She Loves Tech, are committed to catalysing funding for women in technology. In addition to bigger-scale conferences and platforms, several communities of women in tech have sprung up in recent years to support and empower one another, including groups like Product Women and Women in VSEA.

How do cultural norms and societal expectations in SEA impact gender representation in the tech industry?

Traditionally, in SEA culture, the weight of childbearing and caregiving falls disproportionately on women, making it difficult for women to sustain longer-term participation in the workforce when obligations at home mean having to take time out from work.

There is also a common stereotype that women are more suited to administrative or support roles. These biases may trickle into hiring, promotions, and workplace culture, reinforcing the notion and inevitably feeding the cycle of limited representation of women in tech, especially in senior leadership positions.

Also Read: Ecosystem Roundup: Insurtech shines in Indonesia in H1 | Singtel, Grab infuse US$169M into GXS Bank | k-ID secures US$45M

In addition, fewer women pursue STEM-related education and careers than their male counterparts, as society often perceives the tech industry as a male-dominated field.

How important are role models and mentorship for women in tech startups?

Having role models and mentors provides invaluable guidance for women in tech startups. Other women with industry experience can offer insights and advice on navigating challenges and opportunities unique to a male-dominated industry. These mentors also facilitate connections within the industry, opening doors to new opportunities that might otherwise have been closed to women entrepreneurs.

Within the workplace, women in senior leadership positions are empowered to advocate for gender diversity and inclusivity, creating a more supportive environment for other women and counterbalancing gender biases.

What changes are necessary to improve gender representation in the SEA tech startup ecosystem over the next five to ten years? What advice would you give to existing stakeholders in the industry?

Fostering change in gender representation in the SEA tech startup ecosystem requires a concerted effort from multiple stakeholders, including governments, educational institutions, industry associations and tech companies. Apart from weaving technology into the education system, there must be an improvement in overall female access to and participation in the system.

Governments should lend continued support to women in tech through grants and policies, including those which promote anti-discrimination and diversity and support working parents. Workplace culture should continue to shift from focusing on facetime in the office to output-driven hybrid work arrangements, which affords women and working mothers the flexibility needed to balance commitments at home and obligations at work.

These policies should extend beyond just women and working mothers to encompass family-focused policies, similarly enabling male employees to share the burden of responsibility at home.

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Image Credit: Innoven Capital

The post InnoVen Capital: Gender equality remains an issue in SEA with only 6% of female leadership in startups appeared first on e27.