The Sandbox, the user-generated content (UGC) metaverse platform and a subsidiary of open metaverse company Animoca Brands, has secured US$20 million of convertible promissory notes with a US$1 billion valuation cap.

Kingsway Capital and Animoca Brands led the strategic round and LG Tech Ventures and True Global Ventures participated.

The new funding will be used to advance The Sandbox’s vision of a decentralised virtual world where culture meets gaming and where the community can participate in the growth of the whole ecosystem.

Also Read: Turning vision into digital reality: How The Sandbox Co-Founder creates a rich metaverse of creators and gamers

The Sandbox will continue to improve earning opportunities for creators on its platform by updating its Game Maker and VoxEdit 3D editor tools, introducing new social interactions and abilities for avatars, and expanding gameplay possibilities via its new multiplayer rules system, expected to launch in Beta later this year and to the public in 2025.

Additionally, The Sandbox is developing a version of its decentralised metaverse for mobile devices, which is expected to launch in 2025.

Yat Siu, co-founder and executive chairman of Animoca Brands, said: “McKinsey estimated that by 2030 the metaverse could add US$5 trillion to the global economy; today, games like Minecraft and Roblox are some of the most popular titles in the world, but they do not provide their users with digital property rights. The Sandbox represents the evolution of UGC games for the age of digital ownership.”

The Sandbox is an immersive metaverse platform in which users play, create, and monetise unique experiences alongside their favourite brands, IPs, and celebrities across gaming, entertainment, music, art, and other aspects of culture.

It leverages Web3 technologies to fully enable end-user creation and creator economies by providing players and creators with “true ownership” of their assets, creations, and rewards in the form of non-fungible tokens (NFTs).

Over 400 partners have joined The Sandbox, including Warner Music Group, Gucci, Ubisoft, Paris Hilton, The Walking Dead, Snoop Dogg, Lacoste, Steve Aoki, The Smurfs, and many more.

In the last 12 months, over 330,000 unique creators have downloaded The Sandbox’s no-code Game Maker.

Also Read: True Global Ventures injects US$10M into NFT metaverse game The Sandbox

To date, over 60,000 avatar NFTs have been sold and used to play in the virtual world of The Sandbox, including NFTs from 19 official branded collections such as Hellboy, Magnificent Century, Rabbids, MadBalls, Extraordinary Attorney Woo, Paris Hilton, Captain Tsubasa, Maradona, Elvis Presley, Cut The Rope, Habbo Hotel, Agoria, and others.

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Fundraising is a critical yet challenging process for any startup. Having the right resources and guidance can significantly ease this journey. For entrepreneurs eager to scale their ventures and attract investors, e27 has curated knowledgebase articles on the subject matter. These articles cover essential aspects of fundraising, including cap tables, exit strategies, and job titles within a VC firm. Additionally, there’s a bonus article on how KK Fund evaluates early-stage startups for investment.

Also Read: Unlocking the secrets to successful fundraising: 5 essential reads for startup founders

These invaluable resources, carefully selected by e27 editors, are now available through Pro Connect, with a special offer of a 50 per cent discount for new members. Here’s a preview of the expert advice and insights you can gain from this exclusive collection:

Essential insights: Crafting a comprehensive cap table for founders

Creating a cap table is a crucial task for founders, involving pre- and post-money valuations, fully diluted ownership calculations, and understanding preferences. Shirish Nadkarni recommends using tools like Carta or a detailed spreadsheet. Common mistakes include omitting Employee Stock Ownership Plans (ESOPs) and convertible debt. Meticulous record-keeping is essential for accurate equity distribution.

Diverse paths to profits: Exploring exit strategies beyond IPOs and M&A

This article explores various exit strategies beyond IPOs and M&A, particularly in Southeast Asia’s startup landscape. Highlighting successful IPOs like Bukalapak and Society Pass, it outlines ten exit options, including mergers, acquihires, and Special Purpose Acquisition Companies (SPACs). Each strategy’s benefits, challenges, and implications are detailed, aiding investors and founders in their decision-making process.

Decoding roles: A guide to the varied job titles within a VC firm

Understanding the roles within a VC firm is crucial for founders aiming to network strategically. VC firms raise capital from various partners to invest in startups. Roles range from Analysts conducting research to Principals negotiating deals, with Partners making final investment decisions. Clarifying job titles ensures effective communication during the fundraising journey.

Bonus: How KK Fund evaluates an early-stage startup for investment

KK Fund prioritises the management team when evaluating early-stage startups, recognising that team dynamics are critical and cannot be changed post-investment. They also assess the target market size, exit opportunities, business model flexibility, and growth trends over current traction. Founders should highlight their strong team dynamics and sensible cost management to attract investment.

Special offer: Access exclusive Pro Content

Become a community champion and support these amazing startups. Access this exclusive Pro Content for just US$4.90 this month when you subscribe—less than the price of your morning cup of coffee.

Embrace this opportunity to enhance your fundraising knowledge and network strategically within the venture capital landscape.

—

Image Credit: Canva Pro

The post Understanding fundraising and VCs: Essential reads about cap tables, exit strategies, and job titles at a VC firm appeared first on e27.

Dear reader,

The dramatic devaluation of Byju’s, once valued at US$22 billion and now deemed worthless by HSBC, marks a significant turning point in the edutech sector.

This spectacular decline highlights the challenges the Indian startup has faced, from financial misreporting and governance issues to abrupt resignations and failed fundraising efforts.

Prosus, a major investor, has publicly criticised Byju’s for disregarding advice, further straining relations and complicating financial recovery. The US$200 million raised recently, under contentious legal circumstances, underscores the tumultuous state of the company.

This situation isn’t isolated; HSBC’s analysis reveals a broader trend of declining valuations among various startups, reflecting a market correction in tech investments. Byju’s collapse serves as a cautionary tale of how swiftly fortunes can change in the volatile startup ecosystem, emphasising the critical importance of robust governance and transparent financial practices.

As the dust settles, stakeholders in the tech industry must reassess valuations and strategies in light of these sobering developments.

Sainul,
Editor.

———-

NEWS

HSBC believes that US$22 billion Byju’s is now worth zero
It follows a very rough year for the Bengaluru-based edutech startup, which was India’s most valuable not long ago; It struggled to meet its financial reporting deadlines last year, ultimately falling short of its target by over 50% as it faced various governance issues.

Byju’s creditors petition to put more units in US bankruptcy
The lenders accused the firm’s founder, Byju Raveendran, of violating their debt contracts by refusing to give them financial details about the three units — Neuron Fuel, Epic! Creations, and Tangible Play.

Animoca Brands subsidiary The Sandbox raises US$20M at US$1B valuation
The investors are Kingsway Capital, Animoca, LG Tech Ventures and True Global Ventures; The Sandbox is an immersive metaverse platform in which users play, create, and monetise unique experiences alongside their favourite brands and celebrities.

98% startups in India, SEA agree AI is pivotal in future strategy: HubSpot study
About 32% of the startups see AI as a faster way to bring products to market, while 30% believe it can help deliver products more quickly; As many as 30% view AI as a tool to level the playing field against bigger competitors and incumbents.

Mober secures US$6M to add new EVs to its fleet, develop new charging yard
Singapore’s Clime Capital is the lead investor; The green logistics firm will develop a new 3,000 sqm charging yard in Pasay City and establish charging points across southern and northern Luzon.

iPiD bags US$5.3M for its payee verification, identification solutions
The investors are Monk’s Hill Ventures, Quona Capital, Jungle Ventures, 1982 Ventures, Saison Capital, and Resolution Ventures; iPiD will use the capital to develop new products that prevent payments-related fraud and expand in Asia, including SEA.

Botsync closes US$5.2M Series A to further develop autonomous mobile robots
The investors include Capital 2B, Betatron Venture Group, IvyCap Ventures, and AppWorks; Botsync plans to aggressively expand deeper into Southeast Asia and India and enter Australia and the Middle East.

Indonesian logistics SaaS firm McEasy adds US$4.5M to Series A round
Granite Asia led the round; The Series A round now stands at US$11M; McEasy said that its client and partner base has grown 6x over the past 18 months to 1,500 companies;

Consumer fintech firm Elevate nets US$5M in debt for Asia, SEA expansion
Negma Ventures is the investor; YC-backed Elevate enables remote workers to receive their wages directly into their US bank accounts, utilise their debit cards for purchases, and transfer funds to their domestic bank accounts at competitive rates.

Hong Kong’s coupons-as-a-service startup Mezzofy secures US$2M funding
The investors are Isola Capital, Ooosh Tech Lab and Hong Kong government-backed ITVF;
Mezzofy has built a ready-made digital coupon infra that helps businesses issue, distribute and process their digital coupons efficiently.

Myanmar HR tech startup Better HR raises bridge round to fuel SEA expansion
The investors are Blibros and Satori Giants; Better HR offers a cloud-based enterprise solution to streamline HR processes for SMEs, including tracking attendance, leave, and overtime, as well as managing payroll.

Meet the 7 startups selected for batch 9 of TINC accelerator programme
The six-month TINC programme will showcase startups creating innovative solutions for healthcare, fintech, climate, marketing, and smart homes.

Anext Bank doubles customer base, grows cross-border transactions by 6x
This growth was driven by MSMEs in sectors such as wholesale and retail trade, professional services, and IT; Anext is the digital wholesale bank in Singapore and the subsidiary of Ant Group.

Malaysia’s Boost Bank officially opens for business
This makes it the country’s third digital bank, following Grab-backed GXBank and Islamic digibank Aeon Bank; The new digibank is a 60:40 joint venture between Boost Holdings and RHB Bank.

Billionaire Richard Li’s FWD Group revives Hong Kong IPO plan, sources say
Hong Kong-headquartered FWD could target a valuation of up to US$9B in IPO depending on financial market conditions when launching the deal; The deal timeline and offering size are yet to be decided.

FEATURES

Top-funded Southeast Asian startups in May 2024
In May 2024, Southeast Asian tech startups secured US$143M in investments across 30 rounds; This is a decline of almost 43.5% from April 2024 and a plunge of 94.3% from May 2023.

‘We want to prevent payment-related fraud in the banking industry’: iPiD CEO
iPiD’s flagship offering, Validate, tackles the escalating issue of fraud and failed payments within the payment industry by confirming payee names and bank account details.

An overview of all the times the Malaysian startup ecosystem catches our eyes in 2024
In this overview, written exclusively for e27 Pro members, we examine what happened in the Malaysian startup ecosystem in the first five months of 2024.

Understanding the role of fintech, blockchain in transitioning to net zero
This includes the technological know-how that is believed to be “pivotal” in developing and funding innovations to support net-zero transition.

Navigating the gender divide in Southeast Asia’s fintech landscape
Women hold just 13 per cent of management, board, and investor roles across early-stage to public companies within the fintech ecosystem.

How Mylo Speech enhances speech therapy accessibility for autistic children in PH
Mylo Speech is an app designed to support individuals with speech delays and ASD in their speech therapy journey; It has recently earned a spot at the TOP100 Program 2024, held in conjunction with Echelon X in Singapore.

Using AI to enhance maritime safety, Nautisense is looking to expand into the UK, Scandinavia
Nautisense wants to ensure that seafarers and maritime operators have access to the best tools for navigating modern sea travel.

CONTRIBUTORY ARTICLES

From grid to code: Why good cybersecurity will help deliver net zero
As Asia becomes a key player in the renewable energy transition, stakeholders must remain vigilant about cybersecurity threats and practices.

The vital role of regulatory frameworks in the crypto industry
The crypto market is a dynamic and often turbulent space; The recent debacle involving FTX is a stark reminder of the importance of proper checks and balances.

Navigating the future of work: How upskilling shapes tomorrow’s leaders
By prioritising upskilling, organisations can cultivate a future-ready workforce and maintain a competitive edge in the evolving market.

The ever-present threat: Why businesses need robust cybersecurity
Cybersecurity is about safeguarding your entire business ecosystem, including data, networks, endpoints, and brand reputation.

Kickstarting a sustainable ‘change’ reaction with material innovation
Forward-thinking companies are using material innovation to transform the traditional linear product lifecycle into a circular one.

Why measuring digital carbon emissions is key to a greener future
Digital carbon emissions from online activities, including the use of AI tools, contribute to 3.7 per cent of GHG emissions.

FROM THE ARCHIVES

Why I hope that we will no longer need a Pride Month to celebrate intersectionality
Intersectionality, as a central theme in Pride Month, should be socially accepted so that we don’t even need a month to celebrate it.

‘Diversity and inclusion aren’t getting enough airtime in SEA’s workplaces’
An interview with Andee Chua, a culture builder at HubSpot and co-founder of Kampung Collective, a community for community builders across Asia.

How to retain local talent as global demand for remote tech workers surges
Technology jobs like data engineering or software engineering have entered the fastest-growing remote jobs by application volume globally.

Unlocking green fintech prosperity in Asia: Navigating the top 4 challenges
Despite the ongoing ‘funding winter’ faced by global startups, the trajectory of development for green fintech has shown strong momentum.

—

The post Ecosystem Roundup: HSBC believes Byju’s is now worth zero | The Sandbox turns unicorn after US$20M raise appeared first on e27.

This week’s Southeast Asian tech startup scene is buzzing with innovation!

From revolutionising industries like aquaculture and logistics to building the future of finance and entertainment in the metaverse, startups are tackling a wide range of challenges.

Dive into this roundup to discover funding news for companies like eFishery, Mober, iPiD, and Botsync, among others.

eFishery (Indonesia)

Founded in 2013, eFishery is an aquatech company providing digital co-operatives for fish and shrimp farmers. It offers an integrated aquaculture ecosystem that provides access to technology, supporting over 70,000 fish and shrimp farmers in 280 cities across Indonesia.

Its solutions also include access to financial institutions worth more than US$40 million and a platform to sell fish and shrimp crops.

The company has three main objectives: to address food security through aquaculture, to overcome fundamental challenges in the aquaculture industry by providing affordable technology, and to reduce social and economic inequality through an inclusive digital economy.

Funding raised: US$30 million
Round: Loan
Investor: HSBC Indonesia.

Gogoro (Taiwan)

Founded in 2011, Gogoro is a smart mobility and sustainable urban transportation company. It seeks to change how urban energy is distributed and consumed. Its battery swapping and vehicle platforms offer a smart and sustainable long-term ecosystem for urban mobility.

Gogoro’s mission is to put smart, portable electric power within reach of every urban rider globally. Its ecosystem is AI-powered and cloud-connected to deliver accessible energy solutions on an open, turn-key platform.

Funding raised: US$50 million
Round: Not specified
Investors: Gold Sino Assets.

iPiD (Singapore)

iPiD (International Payment Identity) offers payee verification and identification solutions. Founded in 2021 by a team of former Swift executives, iPiD is a fintech company aiming to enhance the security and convenience of global payments. Its flagship offering, Validate, tackles the escalating issue of fraud and failed payments within the payment industry by confirming payee names and bank account details. This solution enhances customer experience and combats authorised push payment (APP) fraud.

Funding raised: US$5.3 million
Round: Pre-Series A
Investors: Monk’s Hill Ventures, Quona Capital, QED Investors, Jungle Ventures, 1982 Ventures, Saison Capital, and Resolution Ventures.

Botsync (Singapore)

Botsync is a robotics startup that develops integrated automation solutions. Founded in 2019, the startup streamlines manufacturing operations through system-agnostic no-code integration solutions (syncOS) and a suite of autonomous MAG Mobile Robots, integrating cross-platform operations from different automation systems all on one platform.

Through its flagship syncOS Integrator platform, Botsync also integrates different automation systems. It features pre-built integration with major robotic and automation products, allowing users to easily connect different robotic systems without having to write any integration code.

MAG Mobile Robots replace forklifts, trolleys, pallet trucks, and other equipment to eliminate manual operations between machines and automate intralogistics operations.

Funding raised: US$5.2 million
Round: Series A
Investors: Capital 2B, Betatron Venture Group, IvyCap Ventures, AppWorks, Iterative, Wong Fong, ZB Capital, Nalin Advani, and Ascend Angels.

Mezzofy (Hong Kong)

Mezzofy is a coupons-as-a-service (CaaS) startup. Launched in 2016, Mezzofy has built a ready-made digital coupon infrastructure that helps businesses issue, distribute and process their digital coupons efficiently. Its CaaS model allows corporations to use the product immediately without investing an upfront cost in developing their own platform from scratch.

Corporations can also integrate with their existing mobile apps, CRM, POS, or ERP systems via Mezzofy API.

Funding raised: US$2 million
Round: Not specified
Investors: Isola Capital, Ooosh Tech Lab, and ITVF.

Elevate (Dubai and London)

Elevate is a consumer fintech startup. Originally started in 2021 by Keenan and Youcef Oudjidan, Elevate (formerly known as Bloom) provides people in Bangladesh, Egypt, the Philippines, and Pakistan with FDIC-insured US bank accounts. This enables remote workers to receive their wages directly into their US bank accounts, utilise their debit cards for purchases, and transfer funds to their domestic bank accounts at highly competitive rates.

Initially trying to provide local USD accounts, Elevate realised that insured accounts based in the US were superior because no money is required to receive payments. In addition, consumers receive the security historically reserved for US customers. This also simplifies receiving payments from US employers and platforms like Deel, Upwork, Toptal and Fiverr.

Funding raised: US$5 million
Round: Debt
Investors: Negma Ventures.

The Sandbox (Hong Kong)

The Sandbox is a user-generated content (UGC) metaverse platform and subsidiary of open metaverse company Animoca Brands. An immersive metaverse platform, it allows users to play, create, and monetise unique experiences alongside their favourite brands, IPs, and celebrities across gaming, entertainment, music, art, and other aspects of culture.

The startup leverages Web3 technologies to fully enable end-user creation and creator economies by providing players and creators with “true ownership” of their assets, creations, and rewards in the form of non-fungible tokens (NFTs).

Funding raised: US$20 million
Round: Strategic
Investors: Kingsway Capital, Animoca Brands, LG Tech Ventures, and True Global Ventures.

Mober (Philippines)

Mober is a green logistics company. Established in July 2015, Mober aims to drive the transition to green deliveries in the Philippines. It helps businesses decarbonise their delivery processes with solutions that avoid upfront costs, promoting a future where business meets sustainability.

To support its long-haul operations, Mober plans to place pocket charging points across Luzon’s northern and southern regions. The company sources its EVs directly from original equipment manufacturers (OEMs), customising each vehicle to meet specific operational needs for optimal efficiency and reliability.

The company’s clients for its EV-powered delivery services include multinational corporations like IKEA, Kuehne+Nagel, Nespresso, Monde Nissin, Nestle, Maersk, and SM Appliance Center.

Funding raised: US$6M
Round: Not specified
Investors: Clime Capital.

Better HR (Myanmar)

Better HR is a human resources tech startup that offers a cloud-based enterprise solution to streamline HR processes for small and medium-sized companies. This includes tracking attendance, leave, and overtime and managing payroll.

Currently, Better HR’s tailored payroll services are available in Singapore, Vietnam, Cambodia, Sri Lanka, and Myanmar. To expand its reach and impact throughout the region, the company plans to use the new funds to open additional offices in other key Southeast Asian markets.

Funding raised: Undisclosed
Round: Not specified
Investors: Blibros and Satori Giants

McEasy (Indonesia)

Founded by Hendrik Ekowaluyo and Raymond Sutjiono in 2017, McEasy aims to change the Indonesian logistics sector’s reliance on paper and pen. The company noted that around 85% of operators still use this old-fashioned method, resulting in disjointed services, unprofessional driver conduct, and low customer satisfaction.

Its logistics management system comprises real-time vehicle tracking software, a transportation management system, and a fleet management app, among other features.

Funding raised: US$11 million
Round: Series A
Investor: Granite Asia and East Ventures.

—

Image Credit: 123RF.

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Recently, Mylo Speech became one of the nine Filipino startups named in the TOP100 Growth Program 2024, leading up to the Echelon X event at the Singapore Expo, May 15-16.

The programme spotlights startups poised for exponential growth, benefitting them with regional exposure, funding opportunities, mentorship, and access to exclusive networking events.

“Being part of Echelon’s TOP100 Growth Program is an ‘ausome’ opportunity for Mylo Speech Buddy and my fellow autism parents. This opportunity provides us unparalleled access to investors and mentors who can help us scale our impact. We are excited to leverage this platform to further our mission of supporting children with Autism Spectrum Disorder (ASD) and speech delays,” said Vincent Rocha, CEO and Founder of Mylo Speech Buddy, in a press statement.

Mylo Speech is an app designed to support individuals with speech delays and ASD in their speech therapy journey.

ASD affects approximately one per cent of the global population, or 75 million individuals worldwide. The Philippines has around 1.2 million reported cases of ASD, with approximately one in 100 children diagnosed with autism.

Also Read: “HUGgy”ng innovation: Dolbomdream’s tech vest aims to bridge mental healthcare gap

“Our goal is to help nonverbal children develop from zero words to their first spoken word and to address the urgent need for accessible and affordable therapy services for these individuals,” Rocha explains.

However, he stresses that the app is not meant to replace traditional speech therapy but to supplement it.

“Our app enables parents to actively support their child’s speech development at home, working alongside speech therapists and medical professionals to provide a holistic approach … We encourage families to continue with professional therapy while using our app at home for additional practice.”

Mylo Speech has a core team of four dedicated members, including Rocha, co-founder Enrico Aquino, and professionals from various fields, such as speech pathology and technology development. The startup has raised an undisclosed funding round and is open to new funding opportunities to expand its reach and improve its services.

In this email interview with e27, co-founder Rocha explains more details about how the platform works and how his own journey as a parent of an autistic child inspired the creation of Mylo Speech.

This is an edited excerpt of the interview:

How does the Mylo Speech platform work?
Mylo Speech Buddy uses a research-backed video modelling method that has been proven effective since the 1980s. It offers clear enunciation guidance and structured exercises. The app is available for download on the Apple Store and Google Play Store.

Also Read: Autistic founders, advocates share their vision of a more inclusive workplace

Once downloaded, users can create an account using their email to access the learning language levels. The levels are based on how many words a child can speak. If unsure, it is best to start at level one.

The app suggests that each video module should be watched twice in the morning, afternoon and evening. It is recommended that a parent or an adult companion be present while the learner is watching to provide guidance.

A typical Mylo module lasts only three to six minutes, with preferred watch times of 10 – 20 minutes each in the morning, afternoon, and evening. This consistent, short practice throughout the day helps reinforce learning effectively.

“Ausome” parents can also monitor their child’s progress and celebrate their achievements in the app. This feature tracks milestones, assesses improvement, and provides valuable insights into their speech development journey.

Can you tell us about your product development process? Do you involve the autistic community in this process?
Our product development is collaborative and community-focused. We work closely with speech pathologists, occupational therapists, and medical professionals to develop the initial content of the Mylo app.

We aim to continue working closely with more speech-language pathologists and developmental paediatricians to ensure that we complement their efforts in assisting children with autism spectrum disorder and speech delay.

Additionally, as a parent of a child with autism, I bring personal insights to the development process. We actively seek feedback from families within the autism community to ensure our app meets their needs.

Also Read: How autism shaped my life and what I want people to know

Can you share any success stories/case studies from your users?
We are in the process of collecting testimonials from our users, who have shown significant, visible improvements in their children’s verbal abilities.

On a personal note, I have seen significant progress with my own son, Noah. He has moved from being nonverbal to speaking his first words, which has been incredibly rewarding.

What is your user acquisition strategy?
We leverage social media campaigns, partnerships with autism organisations, and participation in pitch competitions to raise awareness. Our “Ausome Stories” series, launched on April 2 during our app launch and World Autism Awareness Day, shares real-life success stories and has helped us reach a broader audience.

For this campaign, we have invited 11 families to share their real-life experiences. Our aim is to raise awareness about the lives and challenges faced by families with members diagnosed with ASD. We hope to garner support in spreading awareness about this important cause.

What is your plan for 2024?
This year, we plan to enhance the app’s features, expand our user base, and strengthen our partnerships with autism organisations. We already have over 50,000 downloads and aim to achieve 120,000 by the end of 2024. Our goal is to continue providing accessible speech therapy support tools and to make a significant impact on the lives of children with autism and their families.

While Mylo is currently only available in English, we are actively exploring the localisation of our content for different countries worldwide. Our team is dedicated to making Mylo Speech Buddy accessible to all individuals who could benefit from it, regardless of their language preference.

—

Image Credit: Mylo Speech

The post Bridging communications: How Mylo Speech enhances speech therapy accessibility for autistic children in the Philippines appeared first on e27.

Between May 01 and May 31 2024, Southeast Asian tech startups secured US$143 million in investments across 30 rounds, says a Tracxn report. This is a decline of almost 43.5 per cent from April 2024 and a plunge of 94.3 per cent from May 2023.

The rounds comprised 17 early-stage and 13 seed-stage deals.

With US$737 million raised, October 2023 was the highest funded month in the past 12 months, followed by July 2023 (607 million), June 2023 (US$497 million), and December 2023 (468 million).

Below is the list of the startups that raised the highest funding in May 2024.

Honest Bank (US$21.5 million)

Singapore-headquartered financial services startup Honest Bank secured a US$21.5 million investment in a Series B round of investment, led by Rakuten Ventures with participation from Jetha Global. This follows a US$19 million funding from Japanese firm Orico in 2023.

Based in Singapore, Honest Bank was established in 2019 with an emphasis on the Indonesian market. Its main offering is the Honest Card, a credit card available in physical and digital forms.

Osome (US$17 million)

Singapore-based online bookkeeping and accounting firm Osome closed its over US$17 million Series B funding round from new and existing investors, including Illuminate, Ratio, Constructor Capital, and AltaIR. With the new funding, Osome will enhance its product offerings for modern financial challenges, focusing on automation and AI components to better serve its customer base. The funds will also support marketing, customer service, and go-to-market efforts.

Founded in Singapore in 2017 by Victor Lysenko, Konstantin Lange, and Anton Roslo, Osome offers a full-fledged service that integrates software with the expertise of accountants, tax specialists, and corporate secretaries to handle financial administration. This way, it aims to disrupt the fragmented accounting and corporate services industry.

The company claims to have increased its 2023 revenues while reducing its burn rate, moving closer to profitability. Osome reports commercial growth, serving over 13,000 SME customers and employing more than 400 staff across Singapore, Hong Kong, the UK, the Netherlands, the Philippines, and Malaysia. In 2023 alone, it claims to have helped over 2,500 new businesses go to market.

Allozymes (US$15 million)

Allozymes, a Singapore-based innovator in enzyme discovery and engineering, concluded a US$15 million Series A funding round led by Seventure Partners of France and Xora Innovation.

The money will be used to accelerate its expansion into Europe and forge strategic partnerships within the food and chemical industries. Additionally, the funding will fuel the development of a data library for future enzyme discovery endeavours.

Allozymes is a fast-growing biotechnology company that applies its proprietary ultra-high-throughput platform technology to rapidly develop novel enzymes and unlock the bioeconomy across diverse sectors. Leveraging this ultra-high screening power, Allozymes aims to build the largest enzyme data library in the world to address the current and future needs of building robust biosolutions.

NSG BioLabs (US$14.5 million)

NSG BioLabs, a provider of biotech co-working laboratory and office space in Singapore, completed a US$14.5 million financing round led by Asian private equity firm Celadon Partners.

ClavystBio, a life science investor and venture builder set up by Temasek, also participated in the round.

With the new capital, NSG BioLabs intends to enhance its products and services and introduce additional facilities to meet the growing demands of biotech startups and multinational companies in Singapore and Southeast Asia.

Started in 2019, NSG BioLabs develops solutions in the health, biomedical, agrifood, and industrial biotechnology sectors, working in precision medicine, nucleic acids, AI-enabled drug discovery, and synthetic biology. The co-working space firm provides biotech startups and multinational companies private and shared laboratory spaces, offices, equipment, privileged access to service providers and suppliers, and community engagement.

Rize (US$14 million)

Rize, an agritech platform aiming to make sustainable rice cultivation viable through innovative and data-driven practices, closed its US$14 million Series A funding round. Breakthrough Energy Ventures, GenZero, Temasek, and Wavemaker Impact co-led the round.

This round will enhance Rize’s technology stack, including its measuring, reporting and verification (MRV) technology.

Rize was formed through a joint venture between Temasek, Wavemaker Impact, Breakthrough Energy Ventures and GenZero to decarbonise rice cultivation in Asia. It is building a platform to identify and implement effective strategies to reduce greenhouse gas (GHG) emissions in rice cultivation and the right economic incentives across the value chain to drive the adoption of sustainable cultivation techniques.

Its technology stack captures vital agricultural data essential for implementing sustainable farming practices, making rice farmers more climate resilient, increasing their crop yields, lowering costs, and facilitating efficient access to finance. Rize aims to eliminate 100 metric tonnes of carbon emissions while improving farmer livelihoods.

Galaxis (US$10 million)

Singapore-based Web3 platform Galaxis raised US$10 million from Ethereum Name Services (ENS), Rarestone Capital, Taisu Ventures, and ENS co-founder Nick Johnson.

Incubated by CoinMarketCap, Galaxis allows individuals or brands with a community to create engagement and reward mechanisms for their communities through NFTs. It removes the need for third-party engagement tools with a built-in economy.

The platform has worked with celebrities, including DJ Steve Aoki, actor Val Kilmer and NBA personality LaMelo Ball. It claims to have sold over 225,000 NFTs over the last couple of years, generating over 32,000 ETH (US$100 million) in secondary sales of NFTs.

Rhea (US$1 million)

Singapore- and US-based reproductive health service startup Rhea secured US$10 million, led by existing investor Thiel Capital and with participation from LifeX Ventures, Blue Lion Global, and FJ Labs.

Rhea’s ecosystem is comprised of GenPrime, a global network of owned and partner clinics; Rhea Labs, an integrated technology platform that uses data to speed up time to market and incorporate quality product feedback to enhance patient outcomes; and a suite of fertility wellness partners, including Moom Health, Elix Healing and Madam Partum, to offer more comprehensive reproductive health services.

XSQUARE Technologies (US$7.8 million)

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

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

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.

Chainstack (US$6 million)

Singapore-based Web3 infrastructure provider Chainstack has secured an undisclosed sum in strategic investment. According to Tracxn, the amount raised was US$6 million.

The investors are SBI Ven Capital, Sygnum, Azimut Group, Unicorn Factory Ventures, and Ventech Ventures.

Founded in 2018, Chainstack offers a suite of services connecting developers with Web3 infrastructure, powering applications in DeFi, NFT, gaming, and analytics. Chainstack enables companies (from startups to large enterprises) to cut down the time to market, costs and risks associated with creating and scaling decentralised applications.

Chainstack’s offerings encompass integrations with over 25 public blockchains, four consortium networks, four appchain protocols, and partnerships with all major cloud providers. It serves over 100,000 Web3 developers.

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B2B international trade presents unique challenges in risk control, largely due to the non-standard, fragmented, and offline nature of trade data. Unlike B2C transactions, many B2B transactions are completed offline without standardised formats for order forms. Additionally, logistics data varies significantly across different freight forwarding companies, each using distinct shipping or transportation order formats, leading to complex and fragmented data management.

Moreover, B2B transactions are inherently more complex, leading to a wider range of risk types. For small and medium-sized enterprises (SMEs) engaged in foreign trade, the main risks include money laundering, sanctions, and fraud. First, money laundering detection is particularly challenging in B2B transactions involving SMEs which often exhibit low volume, high frequency, and unpredictable patterns, mimicking money laundering activities. Unlike B2C transactions, without sufficient data from large e-commerce platforms, it is difficult for B2B platforms to detect deviations in consumer patterns effectively.

Also read: 2024 Soft-Landing Program invites global startups

Second, sanctions pose another significant risk due to the complex flow of B2B trade. Transactions might appear between partners in sanctioned locations, but the actual trade flow could involve other regions, complicating risk identification and compliance with international regulations.

Third, fraud detection in B2B trade is also more difficult since B2B transactions require extensive external research and long-term data collection to verify the legitimacy of buyers due to limited direct access to detailed buyer information.

XTransfer: A one-stop cross-border financial and risk management service company

Recognising obstacles in B2B international trade transactions, XTransfer, a leading fintech unicorn, aims to help SMEs facilitate cross-border financial and risk management, build trusts, and reduce the barrier of global expansion. The company specialises in B2B cross-border trade payment services tailored for small and medium-sized enterprises (SMEs).

With a robust customer base exceeding 450,000 registered SMEs across more than 200 countries and regions, XTransfer stands as the global leader and the top company in China within its field. The company has established branches in Mainland China, Hong Kong SAR, the United Kingdom, the United States, the Netherlands, Canada, Japan, Australia, and Singapore, reinforcing its extensive international presence.

“The global trend in B2B cross-border trade is moving towards smaller and more fragmented transactions. This shift has made the challenges in anti-money laundering risk control more prominent. By utilising AI technology as a bridge, XTransfer can connect large financial institutions, banks, and SMEs worldwide. This enables SMEs to easily access cross-border financial services at the same level as large multinational corporations, creating a win-win situation,” emphasised Yanfang Liu, CTO of XTransfer.

How XTransfer use AI to revolutionise Anti-Money Laundering risk control in different industries

XTransfer applies AI technology to risk control through its advanced AI Anti-Money Laundering (AML) risk control algorithm model, designed to manage the complexities of global B2B cross-border transactions for SMEs. As transaction volumes decrease and markets fragment, traditional AML risk management becomes increasingly challenging. XTransfer addresses this by developing a data-driven, automated AI infrastructure focused on SMEs.

The AI AML algorithmic model’s effectiveness hinges on converting large volumes of unstructured data into structured formats. This process requires access to extensive databases that translate unstructured information into a usable format for the AI model.

“Founded seven years ago, XTransfer has served over 450,000 SME customers, allowing us to accumulate significant data. By analysing global economic development, industrial trends, and labour patterns, XTransfer transforms non-structural data into structural data, enhancing its AI-driven AML risk control models. In addition, we are also developing our own large language model to improve risk control and auditing efficiency by analysing diverse information in customer transaction attachments, identifying valuable data, and matching it with transactions, all without requiring customers to provide specific trade information,” shared Yanfang Liu.

Also read: SAFE STEPS: 8 disaster tech startups wow at Echelon X

Moreover, XTransfer’s AI risk control technology also benefits traditional banks, which have historically relied on manual AML checks, making it inefficient and costly to serve SMEs. By partnering with international banks like J.P. Morgan, Deutsche Bank, DBS Bank, and Visa, XTransfer’s AI-driven infrastructure reduces manual work and increases efficiency, enabling banks to better serve SMEs.

This innovation facilitates SMEs’ access to cross-border financial services, boosting global trade efficiency and financial inclusion.

XTransfer’s latest innovations to remain its leading industry position

XTransfer provides SMEs with a comprehensive one-stop service platform, integrating AI throughout its entire product ecosystem, particularly in its intelligent customer relationship management (CRM) system. In particular, XTransfer CRM is an intelligent customer management system tailored for foreign trade SMEs, enhancing business processes such as marketing conversion, customer management, employee management, commodity buyer search and recommendation.

Leveraging new disruptive innovations in the technology landscape, in September last year, XTransfer introduced the industry’s first “AI Employee,” revolutionising the marketing, customer acquisition, and user management experience for SMEs. Now serving over 30,000 Chinese trading SMEs, the “AI Employee” has become the most widely used service among clients. Continuous tracking and feedback show a significant improvement in customer acquisition for enterprises utilising this feature.

Also read: Check out these key highlights from Echelon X!

Furthermore, XTransfer CRM also includes AI letter-writing and AI website-building services. The AI letter-writing feature supports multiple languages and styles while the AI website-building tool enables the creation of personalised websites in just 30 seconds without requiring coding knowledge. This low-cost, easy-to-implement solution is particularly beneficial for foreign trade enterprises seeking to establish an efficient and effective online footprint.

To learn more about XTransfer and its innovative solutions, visit its website.

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This article is produced by the e27 team, sponsored by XTransfer

We can share your story at e27, too. Engage the Southeast Asian tech ecosystem by bringing your story to the world. Visit us at e27.co/advertise to get started.

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Cybersecurity isn’t just for tech giants anymore. In today’s digital world, even a small breach can cripple a business. The 2022 Singapore Cyber Landscape report paints a concerning picture: evolving cyber threats like ransomware and web attacks are becoming increasingly sophisticated.

Here’s why cybersecurity shouldn’t be an afterthought:

• Financial losses: Cyberattacks can be devastatingly expensive. Businesses may lose data, face downtime, and incur costs associated with data recovery and legal repercussions. Ransomware attacks, for example, force businesses to pay hefty sums to regain access to their own data.
• Reputational damage: A data breach can erode customer trust and damage your brand reputation for years to come. Customers are increasingly concerned about data privacy, and a security incident can lead to a loss of business and loyalty.
• Operational disruption: Cyberattacks can cripple your business operations. Stolen data, compromised systems, and malware attacks can lead to downtime, lost productivity, and delays in delivering services to your customers.
• Compliance issues: Many industries have strict data security regulations. Failing to comply with these regulations can result in hefty fines and penalties.
• Supply chain vulnerabilities: Businesses are only as strong as their weakest link. Even if you have robust defences, a cyberattack on a vendor or supplier can still impact your business operations and data security.

Protecting more than just your data

Cybersecurity goes beyond securing your data. It’s about safeguarding your entire business ecosystem, including networks, endpoints, and even brand reputation. As a former IT Security Manager at Cisco, I’ve seen these threats firsthand. Businesses need proactive measures to stay ahead of the curve. However, building an in-house security team can be expensive and time-consuming.

Also Read: The unseen link: How cybersecurity and sustainability converge on Earth Day

To effectively combat the ever-changing landscape of cyber threats, it is essential for businesses to adopt intricate cybersecurity methodologies and strategies. However, we understand that navigating cybersecurity complexities can be daunting.

Effective cybersecurity requires a personalised approach. Businesses should look for solutions that address their unique needs and vulnerabilities.

This may include:

• 24/7 IT support: With 24/7 IT support, you have a team of cybersecurity experts readily available to respond to any threats, regardless of the time. This can significantly minimise the damage caused by cyberattacks and ensure a swift recovery process.
• Flexible engagement options: Cybersecurity is an ongoing process, and your needs will likely evolve as your business grows. Look for service providers that offer flexible engagement options, allowing you to choose the level of support that best fits your situation, such as retainer-based services or ad-hoc consultations.
• Personalised approach: A cookie-cutter approach won’t address the unique challenges faced by each organisation. Security service providers should work collaboratively with you to understand your specific needs and vulnerabilities, then craft a custom security plan.
• Comprehensive security solutions: Robust cybersecurity goes beyond basic protection. Look for services that address various aspects of your cybersecurity needs, such as risk management, audit compliance, and disaster recovery planning.

Investing in cybersecurity is an investment in the future of your business. By implementing robust security measures, you can significantly reduce the risk of cyberattacks and ensure the continuity of your operations.

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In today’s rapidly evolving business landscape, upskilling has become an essential strategy for organisations striving to stay competitive. Technological advancements, changing market dynamics, and the ongoing talent war have made it clear that enhancing workforce skills and capabilities is imperative.

According to a report by the World Economic Forum, by 2025, 85 million jobs may be displaced due to a shift in the division of labour between humans and machines. However, 97 million new roles may emerge that are better adapted to this new division. This underscores the need for workers to acquire new skills and adapt to technological changes.

Upskilling initiatives, such as personalised skill development programmes, digital learning platforms, and industry-academia collaborations, are becoming increasingly prevalent. These efforts aim to bridge the skills gap, facilitate workforce planning, and ensure employees possess the necessary competencies to thrive in a dynamic business environment.

By prioritising upskilling and skills management, organisations can cultivate a future-ready workforce, enabling them to maintain a competitive edge in the ever-changing market.

The benefits

Career progression

Upskilling offers a direct pathway for employees to enhance their career prospects within their current organisations. By acquiring new skills and competencies, employees position themselves as valuable assets, often leading to promotions, new job opportunities, and the ability to lead projects or teams. This career progression is a direct outcome of their commitment to personal growth and adaptability, demonstrating to employers their readiness to take on more complex challenges.

Nurturing a competitive work environment

Upskilling can create a positive and competitive work environment where employees are motivated to improve their skills and work ethic. Observing colleagues upskill and improve workplace capabilities encourages individuals to enhance their own performance. This healthy competition can drive employees to put maximum effort into their tasks, ultimately benefiting the organisation through increased productivity and innovation.

Keeping up-to-date with technological advances

In today’s rapidly evolving digital landscape, upskilling is essential for organisations to keep pace with technological advancements. By upskilling, employees gain the knowledge and ability to understand and manage emerging technologies, such as artificial intelligence, data analytics, and autonomous vehicles.

Also Read: Report: Upskilling employees remains top priority for businesses in Singapore 

A report by the McKinsey Global Institute indicates that nearly 375 million workers, or 14 per cent of the global workforce, may need to switch occupational categories by 2030 due to automation and artificial intelligence. This shift underscores the necessity of reskilling the workforce to fill new positions and ensure a smooth transition.

Retaining staff and boosting motivation

Investing in upskilling initiatives demonstrates an organisation’s commitment to its employees’ professional growth and future. This signals to employees that their employer cares about their careers and is willing to invest in their development, which can lead to increased employee morale, engagement, and loyalty. Upskilling opportunities can foster a sense of belonging and appreciation, reducing attrition rates and helping organisations retain top talent.

Why it’s important

Unlocking new job opportunities

Reskilling equips professionals with new skills and abilities beyond their existing skill set, enabling them to explore diverse career paths. By acquiring additional competencies, individuals can position themselves for roles with increased responsibilities and higher earning potential. This process opens doors to job opportunities that may have previously seemed unattainable, making those who have been reskilled more competitive in the job market.

Gaining knowledge and confidence

Evolving one’s skills through reskilling empowers professionals to solve advanced problems and navigate complex challenges effectively. As employees gain new knowledge and expertise, they experience a boost in confidence, feeling more valued and engaged within their organisations. This heightened confidence allows individuals to take control of their careers, meet current and future workforce demands, and drive tangible business results.

Also Read: My journey in tech: Career change, upskilling, and how you can do it too

Enabling career transitions within a company

Reskilling initiatives within organisations aim to equip employees with the necessary abilities to adapt to new functions and roles, fostering versatility. By acquiring additional skills, employees can seamlessly transition into different roles or departments, aligning with the company’s evolving strategies or business models. This internal mobility not only retains valuable talent but also ensures a workforce capable of addressing emerging technological disruptions.

Keeping up with industry regulations

As industries evolve with technological advancements and changing market dynamics, new regulations and compliance requirements are likely to emerge. Reskilling programmes empower employees to navigate these changes effectively, ushering in fresh perspectives and enabling organisations to remain agile in the face of industry disruptions. By staying ahead of regulatory shifts, companies can maintain a competitive edge and adapt to the ever-changing business landscape.

In conclusion, the future of work demands a proactive and adaptable approach to skill development. Upskilling initiatives equip employees with the necessary competencies to stay relevant, excel in their current roles, and seize emerging opportunities.

Simultaneously, reskilling programmes enable organisations to pivot and align their workforce with evolving industry demands, fostering agility and resilience in the face of disruptions. By embracing both upskilling and reskilling strategies, companies can cultivate a dynamic and future-ready workforce poised to drive innovation and growth.

Those who emphasise upskilling and reskilling will be better positioned to lead, innovate, and thrive in the future workplace as the business landscape rapidly evolves. Companies that invest in these initiatives may help their people attain their full potential and handle future obstacles, all while establishing a brighter future for both their organisations and themselves.

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How do you use Artificial Intelligence (AI) to ensure and increase safety on the sea? Singapore-based maritime tech startup Nautisense may have the answer.

With its platform MantaMind, Nautisense aims to enhance maritime safety, efficiency, and sustainability by providing AI solutions that improve predictive maintenance and critical decision-making processes.

Launched in 2023, the company wants to ensure that seafarers and maritime operators have access to the best tools for navigating the challenges of modern sea travel. According to Dr Vinayak Prabhu, Co-Founder and CEO of Nautisense, in an email interview with e27, one application of MantaMind includes helping marine superintendents perform internal audits of ships.

“Typically, a marine superintendent takes approximately 24 person-hours to perform the audit, including the preparation time, approximately seven to eight hours on the ship itself and the time taken to write the report and enter it into the ship management system,” he says.

But MantaMind updates this process by optimising and prioritising the aspects of the audit that the superintendent should focus on; this could be based on the previous audits’ reports and the crew’s performance. It also has a smart referencing tool to help the superintendent with any questions related to any aspect of the audit by referencing various codes and regulations, internal operating procedures, and past audit results.

Also Read: Studio 30 50 unveils maritime-tech startups joining its latest cohort

Finally, it automates the process of generating the report and connecting it to the organisation’s ship management system.

“Nautisense is the only company today to provide a seamless combination of automation of mundane digital tasks that frees up the time, of say, a chief engineer, for more critical and situational decision making, and supports this decision making by providing holistic and deterministic recommendations,” says Dr Prabhu.

“In view of this, MantaMind has been built to make task automation reliable and the decision recommendations deterministic. With a focus on privacy and security through ring-fenced enterprise data sets, MantaMind provides highly contextual and accurate recommendations verified by domain experts from the maritime industry. And by the way, our AI solution does this with or without strong connectivity.”

According to Dr Prabhu, two aspects play a key role in ensuring the quality of insights: the tech platform and the domain expert validation.

“The tech behind MantaMind has been designed to continuously push the limit of how deterministic an AI companion can be, hence providing reliable and actionable insights,” he says.

“A bulk of our efforts have also been to work with domain experts from our customers, the actual users of the platform, to validate the recommendations and therefore continually improve the platform’s performance.”

Also Read: Our voyage of innovation: Reshaping global maritime logistics

In developing its AI solutions, Nautisense deals with two main challenges: The first is to ensure the quality of the platform’s insights and its mitigation and focus area. “Delivering such quality output is not a given in the AI sector, and our team has dedicated a significant portion of our development efforts to ensure we can do so.”

The second one is tackling the unique data challenge in the maritime industry. “The maritime value chain is complex and teams typically manage their data sets fairly differently across different geographies. As you can imagine, this results in varied standards and more often than not, unorganised and unstructured datasets that are,” explains Dr Prabhu.

“We have made a strong push to integrate a variety of data inputs into the MantaMind platform so that no matter the format, we can make sense of it right away. This means right from text documents to images, to flat files such as Excels and CSVs, we can utilise all these data sources collectively to provide holistic and well-thought-out recommendations that maritime professionals can action on.”

Sailing to the future with AI

Nautisense is led by co-founders Dr Vinayak Prabhu, Gaurav Gupte, and Jheeva Subramanian. It has a team of four other members with expertise in tech and solution development, as well as customer and innovation management.

Also Read: YGT venture arm invests in Norwegian startup Zeabuz for maritime autonomous solutions

For its initial growth over 2024 and 2025, Nautisense is focusing on customers in Southeast Asia, Scandinavia, and the UK.

“Our customers can range from ship owners, to ship managers and to maritime products and services companies. The intended users of Nautisense’s MantaMind AI agent are maritime professionals, including vessel operators and managers, both on-board ships and on-shore offices,” Dr Prabhu explains.

“Our go-to-market strategy includes delivering apps through maritime marketplaces with established traction, such as the Azure and the Veracity marketplace, which we are getting onboarded onto. We are also in talks with connectivity providers that cater to maritime businesses on-shore and at sea to bundle MantaMind’s intelligence suite alongside the services they already provide.”

According to him, the year 2024 is a pivotal one for the company.

“Our main objectives for this year have been to debut with a strong market entry and build up a portfolio of MantaMind early adopters with a positive product and user experience,” he closes.

“2024 is also the year where we intend to raise a seed round of funds to grow the team with the best talent possible, and to fuel our expansion into the UK and Scandinavian market.”

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Image Credit: Nautisense

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