Singapore-based Evo Commerce, an omnichannel retailer offering supplements and personal care products directly to consumers, has raised US$2.1 million in a fresh investment round.

Existing investor Shanghai-based IJK Capital Partners led the round.

Chen Capital (Min-Liang Tan’s family office), Reuben Lai (former MD of the Grab Financial Group), Octave Wellbeing Economy Fund, Orvel Ventures, Straits Angels, and Ascend Angels participated.

Also Read: Evo Commerce banks US$2.8M more for product development, Asia expansion

Evo Commerce will use the funds to develop new products, expand retail touch points in core markets, and conduct A/B testing for new market expansion.

“This US$2.1 million investment will significantly enhance our capabilities in product innovation and market expansion. By ramping up R&D, boosting our retail footprint, and exploring new markets, we’re set to supercharge our growth and scale our business profitably over the next three years,” said CEO Roy Ang.

Started in January 2022, Evo Commerce builds premium yet affordable supplements and personal care products for emerging generations. Its flagship products are Bback (formerly known as Bounceback), a hangover relief solution, and Stryv, which specialises in quality personal care electronics and beauty products.

According to the startup, Stryv has seen exponential growth and is now available in Singapore, Hong Kong and Malaysia.

Stryv runs a flagship store at Suntec City in Singapore and a retail store in Kuala Lumpur.

The startup claims its topline has increased by 300 per cent annually over the past two years.

In September, Evo Commerce secured US$2.8 million in equity and debt financing from IJK Capital; Quek Siu Rui, co-founder and CEO of Carousell; Joel Neoh, co-founder of Fave; and Tipsy Collective. A few months earlier, it announced the completion of its pre-series A funding round of US$2 million.

—

Image Credit: Evo Commerce

The post D2C personal care product startup Evo Commerce bags U$2.1M to expand retail touchpoints appeared first on e27.

In the last two years, the Philippine startup ecosystem has seen a significant boom, including increased funding and growth, which can be attributed largely to its young and vibrant talent. However, challenges remain, such as improved infrastructure, regulatory hurdles, and the need to further develop local talent to sustain long-term growth and innovation.

According to the Startup Genome report, the Philippines achieved a GDP growth of 5.6% in 2023, making it the fastest-growing economy among major ASEAN nations. Manila, the vibrant capital at the heart of the archipelago, leads the country’s dynamic startup ecosystem, which includes nearly 1,100 startups, 60 incubators and accelerators, 50 venture capitalists, and 200 coworking spaces.

Its ecosystem growth has climbed steadily in the Global Innovation Index, rising from #100 in 2014 to #56 in 2023, with a goal to break into the top 50 by 2028 as outlined in the 2023-2028 Philippine Development Plan. 

Since then, different ecosystem players have popped up, including a more focused approach in venture studios that allows founders to be nimble and disruptive in their decision-making. According to a report done by the GSSN, “84% of companies created at a venture studio survive to reach growth and secure funding”. 

AHG Lab, one of the Philippines’ largest independent venture studios, aims to unite visionary founders and creative minds with the shared ambition to revolutionise the startup landscape.

A community and hub for disruptors in the local and regional markets

From the idea stage to pre-series A, AHG Lab operates, invests, and builds an ecosystem that empowers, accelerates, and scales technology and tech-enabled startups and founders in the Philippines, Southeast Asia, and beyond. 

Rene Cuatero, CEO at AHG Lab, shared, “We envision a future where no founder feels lost or unsupported and where every startup in the Philippines, Southeast Asia, and beyond is poised for accelerated growth and success.”

Also read: Ushering an AI-ready future with Techsauce Global Summit 2024

Cuartero added, “Our mission is to build an ecosystem that addresses the needs and pain points of founders and startups, fostering a conducive environment that drives their success so the founders can focus on building the solution to the pain point they are solving.”

As an industry-agnostic venture studio, AHG Lab welcomes local and regional strategic partners or ecosystem development institutions to participate. Their objectives are to accelerate the Philippine innovation space to bridge startups and talent with the rest of the region. 

While this is an expansive list of potential connections, from investors to governments, other venture builders and studios, and civil society, AHG Lab believes that as a collective, so much development work is possible.

Committed to empowering local talent on a global scale

AHG Lab operates to empower founders and startups through advisory, capital formation, venture-building, acceleration, and other programmes and activities related to ecosystem building. 

Their influence is highlighted by their team’s keen understanding of various industries, market dynamics, and fundraising environments. As a result, AHG Lab is uniquely positioned and embedded in the networks that are running the space.

Specifically, AHG Lab is eager to partner with experts/practitioners of early-stage startup funding, early-stage ecosystem development, angel investing or angel investment syndicates, M&A deal-makers, and other players who are looking into expanding, partnering, and growing into the Philippines. Ultimately, to bridge the regional with the local.

The purposes of these partnerships may, in the immediate future, be to co-host events, facilitate introductions to portfolio companies, strategise co-investment opportunities, as well as deliver trainings and workshops for stakeholders in the startup space in the Philippine ecosystem. Ultimately, these are what AHG Lab aim to achieve with regional partners as they participate in Echelon Philippines 2024.

Also read: Check out some of the most exciting Thai innovations at SITE 2024

Their Chief of Staff, Jaymes Shrimski, explained, “What allows us at AHG Lab to be nimble and disruptive with our decision-making is the fact we’re independent of conglomerate investment and hence independent of the machinery that comes with conglomerate decision-making.”

Shrimski added, “This also gives us the opportunity to understand which investors and startups have a strategic eye on the Philippines as well as why. While we have our own positive views on the Philippines, our exposure to our portfolio’s various industries allows us to gain a pulse on what investors think, how other startups fare, and the general macro environment sentiment in many sectors across the Philippines.”

Palpable excitement awaits the first-ever Echelon in the Philippines

Echelon Philippines’ participants can expect to see a showcase of AHG’s portfolio companies and successful case studies of their working model as a venture studio. The audience can expect insights and learnings on how they have supported startups as they have grown to maturity.

According to Cuartero, AHG is poised to create more networks and build more bridges between the Philippine ecosystem and the rest of the region — both of which are part of their job as ecosystem builders. “While we learn from examples set by other ecosystems, finding ways to enter them as well as provide entry to them is a key thrust of our mandate — all while ensuring value creation for all stakeholders involved throughout this process,” Cuartero remarked.

Get to know AHG Lab at Echelon Philippines!

AHG Lab is among the many dynamic industry leaders joining us for Echelon Philippines 2024. Alongside them will be other key leaders, visionary entrepreneurs, and innovative startups from across the region. They will converge for an action-packed two-day event on September 26-27 at Level 2, SMX Convention.

Also read: Malaysia’s Tech and Industrial IoT Takes Off with a Technology Showcase at SEMICON 2024

Echelon Philippines 2024, hosted by e27 in partnership with Brainsparks, offers dedicated content stages, exhibitions, panel discussions, and much more — all designed to support and empower the regional tech startup ecosystem with practical insights through various knowledge-sharing activities.

Whether you’re looking to expand your expertise, connect with influential figures in the tech startup world, or present your groundbreaking ideas, Echelon Philippines 2024 presents an unmatched experience sure to give you and your company a boost. Secure your spot now on our official page and join us as a participant or an official partner. Together, we can shape the future and create a lasting impact.

Join us at Echelon Philippines 2024, where innovation knows no boundaries and the possibilities are limitless!

The post How AHG Lab empowers entrepreneurs from the Philippines appeared first on e27.

Indonesian dental wellness startup KLAR Smile announced that it has achieved a 40 per cent compound monthly growth rate for its “smile care line” from April 2023 to March 2024.

In a press statement, the company said that revenue as of May 2024 soared 10x higher than its level at its last funding round in 2022 when it secured a US$4.55 million Pre-Series A funding round co-led by AC Ventures and East Ventures.

KLAR Smile also announced the launch of its aligner treatment and new smile care product line: KLAR Signature, made with premium, best-in-class material for patients seeking ultimate comfort, and KLAR Aligner, designed for value-conscious patients who still desire high-quality treatment.

“The market for smile care is the next big trend after skincare in Indonesia, representing a blue ocean opportunity,” says Ellen Pranata, Founder and CEO of KLAR Smile.

“At KLAR, we celebrate a revolution in smile care, where innovation meets delight. Our relentless focus on delivering gentle solutions and infusing joy into at-home routines has resonated with consumers, driving our growth. This and upcoming product launches reflect our commitment to innovation and our ability to meet the evolving needs of our customers. We are excited to continue driving the smile care industry forward.”

Also Read: Innovating medical devices towards better dental patient care

Founded during the peak of the COVID-19 pandemic in 2020, KLAR Smile began by offering tailor-made clear aligners to correct teeth misalignments without needing conventional metal braces, resulting in a shorter treatment period overall.

To date, KLAR Smile has been trusted by over 1,000 dentists across 32 cities in Indonesia. It says it has transformed more than 6,500 Indonesian smiles and has a patient satisfaction rate of 92 per cent.

Its expansion strategy includes diversifying its product line to cater to different market segments. The company is introducing a more affordable line of clear aligners alongside its high-end products, aiming to make high-quality smile care solutions accessible to a wider audience and further solidify its market leadership.

Beyond skin deep

KLAR Smile is an example of a startup in the beauty and wellness field that regional venture capital firms have been investing in. As the Indonesian middle class continues to grow, so does the demand for non-essential products and services in the beauty and wellness industries. Beyond skincare and haircare, dental care is also included in this segment.

Ken Research predicts the Indonesian dental services market will generate revenues worth US$4 billion by 2026, driven by rising dental consciousness throughout society, growing demand in the dental aesthetics industry, a changing tech landscape, and higher insurance coverage across the country.

Also Read: Dental startup Zenyum secures US$13.6M in Series A funding, making personalised dental products accessible

“Beyond skincare, Indonesian consumers are increasingly focusing on other aspects of beauty, including hair care, body care, and notably, smile care. We’ve observed significant traction in the oral care sector with innovative products, such as those from our portfolio company KLAR. Their purple teeth whitening booster and whitening masks have garnered considerable popularity,” said Madeline Rantung, Investment, AC Ventures.

According to her, this trend means a “broader shift” in Indonesian consumers today as they go beyond the traditional skincare range to something more holistic, including dental care.

KLAR Smile is set to introduce a new range of products in the near future: KLAR Remineral, KLAR ColorPop Electric Toothbrush in vibrant colors, and KLAR Kids Electric Toothbrush.

—

Image Credit: KLAR Smile

The post Since last funding, KLAR Smile has achieved 40% compound monthly growth rate for its “smile care line” appeared first on e27.

Artificial Intelligence (AI) drives the energy industries in Vietnam, including manufacturing, finance, retail, and agriculture.

In 2024, Vietnamese enterprises must identify ways to effectively apply AI to their operations while capitalising on growing market trends influencing the business landscape. The increasing popularity of Generative AI tools has brought greater attention to the growing capabilities of AI. This trend is expected to accelerate in 2024.

Numbers predict the future

A report conducted by technology industry research firm Gartner (USA) projects that the market for AI software will expand at a compound annual growth rate of 14.4 per cent in 2021 to 31.1 per cent in 2025, with a projected value of US$135 billion.

According to McKinsey & Company research, the annual impact of Generative AI on company productivity is estimated to be between US$2.6 trillion and US$4.4 trillion.

Vietnam has made significant progress in advancing AI application, research, and human resource development. The government has also issued the National Strategy on Research, Development, and Application of Artificial Intelligence until 2030.

Also Read: Rider Dome attracts US$2.3M for its AI-powered motorcycle safety solution

Vietnam has numerous AI models, including PhoGPT, VinAi, LovinBot, and FPT AI Mentor. By 2030, Generative AI, which is anticipated to be introduced in 2030, might bring in up to VND14 billion for the digital economy. But achieving the objective would not be easy.

AI and the ability to shape technology business trends in Vietnam 2024

“When they have personnel who are prepared, Vietnamese enterprises will face significant challenges in addressing AI-related issues within their organisations, not just from a technological standpoint but also from human resources. However, some people are not prepared to employ that technology.” – Bee Kheng, President of ASEAN, Cisco

Predictions make it clear that AI will move from being a “nice-to-have” technology to an important, must-have status, and not all organisations are fully prepared to take advantage of it.

Although AI adoption contains significant dangers, it has the potential to yield many transformative benefits. As such, companies must establish a policy framework and set of guidelines to govern data and AI systems management morally and responsibly.

Also Read: How Supahands works with customer feedback to plan their international expansion

A new era of intuitive network infrastructure

More often than not, businesses realise the importance of their digital infrastructure as they use new technologies like AI to increase corporate productivity. Establishing a cutting-edge, intelligent network will significantly affect businesses’ expansion. Because their success in utilising AI and innovation may depend solely on their network’s scalability and integration with AI workloads or other cutting-edge technologies.

Businesses will realise they need comprehensive security platforms that give them end-to-end, real-time visibility into their supply chain. This is increasingly important as workers work remotely, connect to numerous networks, and access data on various platforms, and cybersecurity grows more difficult in multi-application and multi-cloud scenarios.

Fundamentally, the network will give all users, devices, and business units extensive and detailed insight. This reduces the time needed to isolate threats after they are found and enables the network to function as a single point of control for detecting, remedying, and enforcing security policies for containment.

The success of digital transformation initiatives will continue to depend heavily on people and their capacity for change

Vietnamese businesses must ensure their workforce is growing at a rate that keeps up with digitalisation. Although there is a strong need for recruits and the technology business is still expanding, insufficient human resources exist. This allows companies to develop tech workers who are prepared for the future and have the know-how to adjust to the rapidly changing technological environment.

Also Read: ‘Young, tech-savvy population contributes to cryptocurrency growth in Vietnam’

AI is not a threat but a driving force behind our daily progress. AI will be a powerful partner. AI can erase no one, but those who don’t know how to utilise it. So you only have two options: proactively change and cooperate with AI or let it replace you.

Overall, Vietnam understood the necessity of developing and promoting AI applications in economic areas early on. This is also a sound foundation for developing new data, infrastructure, and human resource systems, all of which are critical elements that will build this industry’s resilience in the long run.

—

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

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

Image Credit: 123rf

This article was first published on March 6, 2024

The post AI will change the game of tech business in Vietnam by 2024. This is what you need to know about it appeared first on e27.

As I delve deeper into the realm of coding and generative AI capabilities, I’ve stumbled upon a unique intersection of data science and personal taste. This blend provides a window into one of my deepest inclinations: music. In collaboration with ChatGPT’s data analysis tool, I embarked on a quest to decode my musical preferences — a dataset from my “liked” playlist on Spotify.

This dataset is more than a collection of songs, artists, and albums; it’s a tapestry of my life’s soundtrack, tracing back to my early teens. Using advanced analytics, the AI didn’t just enumerate my favourite artists and albums but ventured further into a thematic odyssey, exploring underlying elements like “energy” and “danceability” that thread my tracks together.

Deep dives and surprises

• Artist preferences: TOOL, Max Richter, and Chicos de Nazca dominated my playlist in terms of the number of favourite tracks, pointing to an affinity for the alternative and experimental, transcending genre labels.
• Surprising absences: The lack of artists like Justin Timberlake or Wiz Khalifa, among my many guilty pleasures in pop music, highlighted the unpredictable nature of personal taste.

Temporal echoes and life chapters

2017 stands out as a significant year, resonating with my life’s rhythm at the time — juggling the early challenges of parenthood and a demanding career as a financial journalist at the time, back in Hong Kong.

Also Read: The neuroscience of startups: Unlocking the brain’s potential for business success

This connection between life events and musical preferences to me, underscores music’s role as a temporal anchor and emotional companion. We have all had that feeling, that ability of a song to recall and pinpoint so accurately specific moments in our memories. One of the many fascinating powers of music.

Themes and echoes

The AI’s linguistic analysis of song titles unravelled motifs like ‘sun’, ‘life’, and ‘dream’, echoing universal human experiences and offering glimpses into my subconscious landscape.

The symphony of metrics

• Balance in energy: My playlist’s moderate energy level mirrors life’s oscillations between calm and chaos — reflecting for me the inability of averages to tell us much about the underlying data.
• Danceability: A subtle lean towards danceable tracks reflects an underlying rhythm in my everyday life. Yes, I like drums. And all beats, really, EDM included!
• Melancholic undertones: The prevalence of introspective tunes speaks to a contemplative and reflective nature. Anyone who has met me will not be surprised.

Synthesis and revelation

This exploration transcends mere data analysis, hinting at the role AI could play in curating our musical journeys. It’s a fusion of technology and human narrative, potentially reshaping our cultural landscapes and personal discoveries.

Reflections and projections

This AI-assisted journey through my musical landscape has been enlightening, revealing the dynamic tapestry of my tastes. It’s a digital mirror reflecting my evolving identity, with algorithms as the new narrators of our personal stories.

This foray into the analytics of personal music taste exemplifies the synergy between technology and human curiosity. It’s a testament to how AI can serve as a lens, magnifying our preferences’ patterns and potentially uncovering aspects of our inner selves.

An appendix

Most prevalent words in my favourite songs’ titles (as explained by GPT-4):

• “man”: A window into personal identity and individual journeys.
• “sun”: Symbolic of life cycles, energy, and new beginnings.
• “life”: Captures the essence of existence and human experiences.
• “heaven”: Reflects aspirations, transcendence, or ethereal states.
• “heart”: Embodies the core of human emotions and connections.
• “dream”: Bridges the gap between aspirations and the subconscious.
• “feel”: A focus on the visceral and emotive aspects of music.
• “alive”: Celebrates vitality, life’s essence, and its myriad forms.
• “go”: Suggests movement, evolution, and the passage of life.
• “song”: A meta-layer, reflecting on the art of music itself.
• “silence”: Represents introspection and the spaces between sounds.
• “night”: Symbolises mystery, introspection, and solitude.
• “never”: Conveys notions of infinity and the unattainable.
• “lost”: Themes of search, longing, and existential journeys.

This article originally appeared on the newsletter Code Red for Writers.

—

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

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

Image credit: Canva

This article was first published on March 18, 2024

The post Dancing through data: What can AI-powered insights into my own music tastes reveal? appeared first on e27.