Vietnamese clean energy company Nami Distributed Energy has secured a US$10 million investment from Singapore-based Clime Capital.

This funding, facilitated through the Southeast Asia Clean Energy Fund II (SEACEF II), will be used to deliver rooftop solar and other on-site energy solutions to commercial and industrial customers across Vietnam.

Also Read: Clime Capital, Touchstone Partners inject US$2M into Vietnamese cleantech startup Stride

Luu Hoang Ha, Chairman of Nami Distributed Energy, said: “This investment, along with our extensive and rapidly growing project pipeline, positions us perfectly for the next funding round and expansion.”

Nami Distributed Energy, a subsidiary of Nami Energy, was founded in 2019 to bolster Vietnam’s energy transition. The company provides rooftop solar solutions and other on-site energy solutions, such as battery storage and energy efficiency measures, to commercial and industrial clients. It enables businesses to access lower-cost and sustainable power without upfront or ongoing expenses.

The startup has forged energy partnerships with prominent international and local corporations nationwide, such as SNZ (Sonadezi Corporation), Vicotex (Viet Thang Corporation), Capella Land, Regina Miracle International, Emivest, and Thipha Cable.

Mason Wallick, CEO at Clime Capital, said, “This significant funding provides a double benefit: it will grow competitive renewable energy facilities while also boosting Vietnam’s progress toward its 2050 decarbonisation target.”

The investment comes as Vietnam experiences a breakthrough in energy policy by introducing a new Decree, which creates significant opportunities for distributed (direct line) and grid-connected, cost-effective renewable energy.

Also Read: Driving innovation for a sustainable future: Top climate tech investments of H1 2024

Clime Capital, registered with the Monetary Authority of Singapore, manages SEACEF I and SEACEF II. The VC firm is in Vietnam, India, Indonesia, the Philippines, and Singapore. Its previous investments in Vietnam include Levanta (a wind power development firm), EBOOST (an open network electric vehicle charging operator), and Stride (a provider of households and small businesses with eco-friendly home improvement projects).

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Dear reader,

The recent breach at OpenAI, while superficial, underscores the increasing value of AI companies as prime targets for hackers.

Although the hack was limited to an employee discussion forum, it serves as a stark reminder of the sensitive nature of data AI firms handle. The significance of this breach is not in its immediate impact but in the potential vulnerabilities it exposes. AI companies like OpenAI possess vast amounts of valuable data, including high-quality training datasets, extensive user interaction logs, and sensitive customer information.

The training data, meticulously curated from various sources, is crucial for developing advanced models and is highly coveted by competitors and regulatory bodies alike.

Moreover, the user data generated through interactions with AI, such as ChatGPT, offers deep insights into user behavior, preferences, and needs, far surpassing traditional search data in value. This data is not only invaluable to developers but also to marketers, analysts, and consultants.

Lastly, the customer data used to fine-tune AI models represents another layer of critical information, often involving confidential internal databases.

The breach highlights the ongoing security challenges faced by AI companies and the necessity for robust protective measures. As these firms continue to grow and integrate deeper into various industries, their security practices must evolve to safeguard against increasingly sophisticated cyber threats.

Sainul,
Editor.

—-

NEWS

A hacker stole OpenAI secrets, raising fears that China could, too
A security breach at the maker of ChatGPT last year revealed internal discussions among researchers and other employees, but not the code behind OpenAI’s systems.

Delivery Hero flags potential EU antitrust fine, shares slide
The potential fine would be for “alleged anti-competitive agreement to share national markets, exchanges of commercially sensitive information and no-poach agreements”.

Investors chase wealthtech startups in India as affluent class grows
The high-net-worth and ultra-high-net-worth segments are booming in India; Only about 50-55% of India’s wealth management market is currently under professional management.

India’s CoinDCX acquires BitOasis in international expansion push
BitOasis’s team is joining CoinDCX the cryptocurrency exchange, with the original leadership continuing to manage the exchange, which offers trading in more than 60 tokens; BitOasis will also retain its branding.

Clime Capital invests US$10M in Vietnamese rooftop solar startup Nami
Nami provides solutions, such as battery storage and energy efficiency measures, to commercial and industrial clients in Vietnam; It enables businesses to access lower-cost and sustainable power without upfront or ongoing expenses.

Gobi-backed Pakistani social e-commerce startup DealCart raises US$3M
The investors include Shorooq Partners, Sturgeon Capital, 500 Global, and Evolution VC; DealCart will use the capital to expand its reach and provide affordable essential goods to Pakistan’s low- and middle-income consumers.

Mylo, BCRemit, PAMMÉ win ARISE Plus accelerator programme in Philippines
ARISE Plus Ye! Boost Accelerator is a 14-week programme providing internationalisation support to youth-led startups; It’s funded by the European Union and led by the International Trade Centre in partnership with the DTI-CIG and QBO Innovation.

Otoklix to provide aftersales support to VinFast customers in Indonesia
VinFast, which entered Indonesia earlier this year, plans to invest US$1.2B to build a local assembly plant with a capacity of 60K cars per year; Otoklix supports independent workshops servicing gas-powered vehicles.

Taiwan’s WhatsApp conversational sales platform Cooby closes US$1.75M round
The investors are Shilling VC, Surge, and Pear VC; Cooby enables teams to communicate at scale through an organised WhatsApp inbox and claims to have served over 600 customers.

SAFVR bags funding from Antler to create safer work environment using AI, VR
It offers mobile gamified training and advanced VR hazard simulations to engage employees and boost safety protocol retention; It offers immersive training modules to enhance knowledge retention and practical skills.

FEATURES

OpenAI breach is a reminder that AI companies are treasure troves for hackers
No security breach should really be treated as trivial, and eavesdropping on internal OpenAI development talk certainly has its value; But it’s far from a hacker getting access to internal systems, models in progress, secret roadmaps, and so on.

FROM THE CONTRIBUTORS

M&A in Asia: A strategic roadmap for venture builders
This insider’s guide aims to provide a comprehensive overview of how to identify promising M&A spots in Asia, leveraging both strategic insights and practical tips to navigate this complex landscape.

A head start in business: How Westbourne’s Future Leaders Lab empowers students
Westbourne’s Singapore-based Future Leaders Lab fast-tracks high-achieving students into STEM business leadership via an MBA-style programme.

FROM THE ARCHIVES

Web3: idealistic vision or inevitable future? Insights from expert Chris Sirise
Saison Capital’s Chris Sirise shares insights on Web3’s potential impact in SEA, real-life applications, and the challenges it faces.

No achievement is too small, no individual is too junior to be highlighted: Zelia Leong of PraisePal
If you have financial responsibilities, it’s best to assess the company upfront and ensure your role will be essential in their upcoming business plans, says the PraisePal Co-Founder.

‘It will take another 5-10 years to rebuild the Myanmarese startup ecosystem’
Myanmar-based startups and founders have migrated to countries, such as Thailand either to relocate their businesses or join the corporate life.

The mastermind behind the Gojek app is out to help others succeed
Former Go-Jek VP of Product Alamanda Shantika opens up about her new projects, leadership style, and a certain street kid named Rio.

Mastering the art of fundraising: Winning strategies to engage investors
The VC financing landscape is constantly evolving so new businesses must know how to successfully approach investors while fundraising.

Ilham Habibie on what it takes to bring the Indonesian startup ecosystem to the next level
According to Ilham Habibie, the country has the fundamentals to become a strong startup ecosystem. But there is a need for more collaboration.

Industry veteran Marc Mercuri on how blockchain revolutionises gaming for players, creators
However, Mercuri does not see blockchain gaming as a replacement or competitor to the existing AAA titles.

Gen Z says no to climbing corporate ladders: What does it mean for SG’s startup ecosystem?
Recent turbulence has Gen Z searching for more meaning and purpose to the work they do, and a path of true authorship, not only ownership.

Indonesia’s startup ecosystem today is no longer recognisable –and that is a great thing
There seems to be an acknowledgement of the important role that the local startup ecosystem can play in building the economy.

Finding the right co-founder involves having tough conversations–and a great sense of humour
While there is always an option to go solo, there are also many good reasons to for you to have a co-founder.

Edutech in SEA is still “far behind compared to North America” – but there is some hope
In this interview, D2L Regional Director Asia Nick Hutton explains the challenges faced in edutech adoption in the Southeast Asian region.

‘Collaboration is essential in promoting responsible consumption’
According to Stephanie Dickson, founder of Green Is The New Black, responsible consumption encompasses key factors that prioritise the well-being of people and the planet.

Autistic founders, advocates share their vision of a more inclusive workplace
With its openness to innovation and unconventional company culture, the startup ecosystem can be a welcoming place for autistic professionals.

The art of letting go and how it makes you an even better entrepreneur
As an entrepreneur, are we agile enough to let go of our “grit” and change direction when the twists and turns call for it?

Why finding your co-founder is a lot like meeting your soulmate
What I learned about finding co-founders from my experiences at MaGIC, Entrepreneur First, and Singapore-Deep Tech Alliance.

Shedding light on Singapore’s software development landscape: How collaboration drives innovation
Another detail that the report revealed is the programming language dominates Singapore’s software development community.

Angel investor Mike Flache shares his tips to begin investing in startups
Mike Flache considers himself as an investor in people, instead of tech. This is how he approaches angel investing.

Unlikely mentors: What kids can teach you about entrepreneurship
I distilled some key habits and characteristics that business owners can develop to thrive in a chaotic and competitive business world.

The post Ecosystem Roundup: AI firms face growing security threats | Delivery Hero flags potential EU antitrust fine appeared first on e27.

Choco Up, a revenue-based financing (RBF) and growth platform, recently announced that it has partnered with Set Sail AI, an intelligent contact centre solution provider, to promote the adoption of generative AI solutions among businesses and merchants.

The collaboration will allow Set Sail AI’s customers to access Choco Up’s RBF platform, facilitating the expansion of sales, marketing, and distribution channels for Generative AI technology in Hong Kong and beyond. This partnership aims to unify customer care and lead generation, drive sales, and provide a more holistic customer experience.

Generative AI has the potential to significantly boost global economic output, enhance productivity, and improve customer service by transforming various sectors. Studies suggest that the technology could reduce human-serviced contact volumes by up to 50 per cent and increase productivity in marketing functions by five to 15 per cent.

Set Sail AI’s premier product, the SaaS Gen AI Agents Building Platform, was created to help businesses create customised AI agents for various functions. It manages around 120 million inquiries annually and significantly reduces customer wait times.

Choco Up, with a history of providing swift and flexible financing solutions, has financed over US$1 billion in gross merchandise value in Asia Pacific, helping clients increase revenue, launch new products, expand user bases, and achieve successful acquisitions.

Also Read: Ecosystem Roundup: AI firms face growing security threats | Delivery Hero flags potential EU antitrust fine

In an email interview, Choco Up Co-founder and CEO Percy Hung explained to e27 how the partnership came to be and how they aim to help businesses embrace Generative AI.

The following is an edited excerpt of the conversation.

Can you tell us about how the partnership came to be?

We met through mutual business partners and quickly realised a shared vision: helping businesses grow. Set Sail AI has a robust client base seeking to enhance customer experience through AI solutions, but many lack the necessary capital to invest in these solutions. Our discussions revealed that combining our expertise could bridge this gap, enabling clients to leverage advanced AI without financial constraints.

What specific problem does the partnership aim to solve, as the two companies seem to serve two different aspects of business (financing and customer relations)?

This partnership aims to streamline the adoption of generative AI solutions for businesses and merchants. Choco Up’s mission is to fuel business growth, while Set Sail AI provides tools to enhance customer experience and drive sales through AI. By offering flexible payment terms, we enable more clients to realise their potential.

For instance, Choco Up clients expanding into new markets can use Set Sail AI’s tools to quickly launch chatbots in local languages, improving customer interaction and service. Conversely, Set Sail AI will benefit from faster payments through the B2B Buy Now Pay Later model, allowing them to reinvest funds into R&D and further advance their AI solutions.

What is the unique proposition that you offer to your users with this partnership? How does AI play a role in that?

Our unique proposition combines Set Sail AI’s advanced contact centre solutions with Choco Up’s flexible financing, enabling the seamless adoption of generative AI technologies. This partnership leverages AI’s potential to enhance productivity, personalise marketing, and improve customer service, which is estimated to boost global economic output by up to US$4.4 trillion annually.

Also Read: SAFVR bags funding from Antler to create safer work environment using AI, VR

Set Sail AI provides tools that automate tasks, optimise interactions, and reduce wait times, allowing businesses to create customised AI agents for various functions. Choco Up offers swift, flexible financing that supports growth without requiring equity, enabling investment in technologies like Set Sail AI’s solutions.

For example, AsiaPay (PayDollar) used Set Sail AI’s chatbot to increase sales by 70 per cent for more than 500 merchants within 12 months, allowing merchants to comprehensively manage customers from various channels more effectively with AI.

This partnership helps businesses improve customer interactions and service quality while ensuring they have the necessary resources. Together, we enable businesses to achieve efficiency gains, reduce contact volumes, and focus on growth and innovation.

What is your target for this partnership? How many users do you aim for in the first year? Is there any specific profile of users that you are targeting?

Our goal is to engage businesses across various industries that can benefit from generative AI solutions. In the first year, we aim to onboard users primarily from sectors such as e-commerce, retail, and F&B, where the impact of AI-driven enhancements is most profound. We are targeting companies looking to scale, improve customer engagement, and streamline operations.

Also Read: Google: AI products, solutions to contribute US$146B to Singapore’s economy by 2030

What other areas would you like to explore in the future through this partnership? What other plans do you have this year for this partnership?

In the future, we aim to explore additional industries where generative AI and flexible financing can drive significant value. These include sectors such as aviation, real estate and healthcare, where AI can enhance efficiency, personalise services, and streamline operations.

By leveraging Set Sail AI’s advanced solutions and Choco Up’s financing capabilities, we can facilitate the adoption of AI technologies in these sectors, helping businesses to innovate and grow.

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Image Credit: Choco Up, Set Sail AI

The post Choco Up, Set Sail AI forge partnership to help businesses grow through Gen AI adoption appeared first on e27.

A new blockchain exchange for impact investors has been launched in Singapore.

The Net Zero-X exchange aims to tackle the significant financing gap impeding the global transition to a net zero future.

Open to institutional and accredited investors, the exchange enables sustainability-minded investors to identify and support vetted green, clean, and climate tech projects.

Also Read: Asia’s climate tech: Communicating solutions and avoiding greenwashing

Net Zero-X has been launched with its flagship project: the world’s first ‘Drive-In Waste Disposal & Energy Recovery Hub’. This UK-based initiative aims to redirect waste from conventional landfill sites to a state-of-the-art facility, reducing carbon emissions and environmental impact while maximising resource recovery.

It has also identified 60 immediate sustainability projects seeking investment. The platform aims to onboard 500 projects within the next five years, facilitating the deployment of over US$10 billion in impact capital over the next decade.

Net Zero-X’s platform is built on technology by the Singaporean blockchain company Chintai. Chintai can offer full transparency and secure the exchange’s investments as it can provide immutable and verifiable records of all transactions.

To minimise the worst impact of climate change, world leaders signed the 2015 UN’s binding Paris Agreement to reduce emissions significantly in the decades to come, reaching net zero emissions by 2050.

Also Read: Driving innovation for a sustainable future: Top climate tech investments of H1 2024

However, the de-carbonisation of the world economy requires tremendous financial investments. A study by Allen & Overy and the Climate Policy Initiative estimates that US$6.2 trillion in climate finance is needed annually from now until 2030, after which it will increase to US$7.3 trillion, totalling nearly US$200 trillion to reach the net zero target.

The cost exceeds what the public sector can finance; the net zero emissions goal requires collaboration between governments and businesses. Today, there remains a staggering US$4 trillion annual global financing gap, which the Net Zero-X exchange platform helps tackle.

—

Image Credit: 123RF.

The post Singapore gets Net Zero-X exchange for investors to invest in climate tech projects appeared first on e27.

Although the term Generative AI (Gen AI) has been around since the 1960s, it’s only over the past year that the application has truly taken hold in the mainstream consciousness. From business use to our personal lives, there are countless benefits that Gen AI can bring.

As Singapore embraces its Gen AI Journey, the market is expected to grow at 46 per cent year on year (CAGR), resulting in a market size of US$5.09 billion by 2030. However, for businesses to get the necessary impact out of their investment and ensure a positive experience for all, Gen AI needs to be adopted in the right way.

There is no shortage of examples and applications where Gen AI can really make a difference. Organisations can automate faster and speed up process discovery and development by enabling users to write prompts to create processes, automation and other components.

Gen AI can facilitate improved decision-making by making it easier to access and analyse data. Complexity of automations can be reduced by seamlessly integrating more complex and nuanced use cases into existing processes, with minimal disruption or impact on quality.

While Singapore has made an investment of up to US$500 million to secure high-performance computing resources for AI innovation and capability building, behind the success, there must always be robust data governance, security and accountability.

Also Read: 5 ways generative AI is transforming the payments ecosystem

Any business adopting Gen AI for whatever process needs to ensure that trust and transparency come first and are ‘by design’, not just an afterthought. This is where the fusion of intelligent automation (IA) and Gen AI make for a winning combination.

Automating responsibly  

Gen AI needs to be accountable and auditable. It needs to be instructed and learn what information it can retrieve. Combining it with IA serves as the linchpin of effective data governance, enhancing the accuracy, security, and accountability of data throughout its lifecycle.

Put simply, by wrapping Gen AI with IA businesses have greater control of data and automated workflows, managing how it is processed, secured, from unauthorised changes, and stored. It is this ‘process wrapper’ concept that will allow organisations to deploy Gen AI effectively and responsibly.

The adoption and transparency of Gen AI are imperative now, as innovation continues to grow at pace. The past 12 months have seen significant innovations in language learning models (LLMs) and Gen AI to simplify automation that tackles complex and hard-to-automate processes. According to IDC, this includes large enterprises relying on AI-infused processes to enhance asset efficiency, streamline supply chains, and improve customer satisfaction.

Five years ago, AI tools and models were fairly limited and had narrow applications, but now with off-the-shelf learning models and applications requiring low skills, the only barrier to entry limiting Gen AI adoption is data quality.

Also Read: All hands on deck: How Iron Sail strengthens blockchain gaming ecosystem through collaboration

With 80 per cent of tech leaders planning to adopt Gen AI within three years (Gartner), organisations across all sectors are chomping at the bit to utilise these exciting new technologies within their business processes. Maintaining data security and compliance is imperative.

Future-proofing Gen AI investment

Whether you’re a manufacturing powerhouse or a global financial institution, summarising vast quantities of unstructured data is a challenge for the C-suite and revenue teams alike. Forrester’s AI Pulse Survey highlights how, as Gen AI adds pressure on systems, measurement becomes unpredictable, complicating insight delivery.

Managing security, privacy, and consent adds another layer of complexity. Machine learning’s random nature demands live data sets for measurement and monitoring, lacking a standard linking Gen AI models to source data, increasing uncertainty and risk, the single biggest barrier to the adoption of Gen AI by B2B enterprises.

Before implementing any sort of new automation technology, organisations must establish use cases unique to their business and undertake risk management assessments to avoid potential noncompliance, data breaches and other serious issues.

With the right guardrails in place via a process wrapper like IA to control data input, output and training models, Gen AI can transform how a business automates its processes. By combining Gen AI with IA as the process wrapper, organisations can ensure the security of their data management and transparency.

With a surge of offerings from vendors, customers need to sift through the hype and realise actual business value. Cloud, data, AI, and automation software will continue to push boundaries and overlap with others to create unique applications.

The combination of IA and Gen AI represents a powerful synergy by facilitating effective data governance and enhancing the accuracy, security and accountability of data throughout its lifecycle. Leaders can now be confident in harnessing the full potential of Gen AI to drive their business forward.

As organisations continue to invest in these technologies and a digital workforce, they are not only future-proofing their data management but also ensuring that they can make well-informed decisions while maintaining trust and transparency in their operations by using IA as the process wrapper.

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