Growsari, a B2B marketplace for sari-sari stores (neighbourhood stores) in the Philippines, has closed a US$5 million investment round from global investor Oppenheimer Generations Asia.

The e-commerce startup will use the capital to support its three business lines and provide liquidity to employees and early-stage investors.

Also Read: How soonicorn GrowSari plans to expand its reach to 300K sari-sari stores in Philippines

The Philippines has 1.3 million independent entrepreneurs who run small mom-and-pop stores that play an active role in their community’s lives and choices. However, inefficient supply chains and the inability to access capital have often hindered their scaling.

Growsari seeks to even the playing field by democratising access to technology for these storeowners and empowering them to double their earnings.

Launched in 2016 by ER Rollan, Shiv Choudhury, Andrzej Ogonowski, and Siddhartha Kongara, Growsari provides growth tools to 100,000 sari-sari stores in 400 municipalities nationwide. Its three business lines are B2B e-commerce (SariMart), MSME financial services (SariPay), and last-mile logistics (Tranko).

It provides store owners access to affordable FMCG goods at convenient service levels. Goods are delivered to the stores for free, with no minimum order quantity, and flexible payment options of cash on delivery, digital payments or credit.

The platform also allows store owners to grow their business further by selling digital services (prepaid telco load, bill payment assistance, e-wallet top-ups, insurance, online shopping, etc.) to their end consumers via the same Growsari app.

Store owners can also access various business management solutions, including credit, payments, cash management, and insurance.

The company claims its revenue has grown 2x since its US$77.5 million Series C funding round in 2022 and is now close to profitability.

Also Read: GrowSari raises Series B to help 30K small convenience stores in PH increase their earnings

To date, Growsari has raised more than US$110 million across multiple rounds from Robinsons Retail, JG Summit, KKR, International Finance Corporation, Wavemaker Partners, Pavilion Capital, Tencent Holdings, Saison Capital, ICCP-SBI, and Endeavor Catalyst.

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Image Credit: Growsari.

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Dear reader,

The ASEAN electric vehicle (EV) market is poised for significant growth, driven by favourable regulations, partnerships with Chinese automakers, and a robust automotive production base.

Maybank Investment Bank highlights that countries like Malaysia, Indonesia, Vietnam, Singapore, and Thailand are witnessing a notable uptick in EV sales.

In Malaysia, a 142% increase in fully electric car sales is fuelled by potential cuts in fuel subsidies, which would make EVs more competitive. Indonesia’s market is buoyed by government incentives like sales tax discounts and import duty suspensions, encouraging companies like BYD and VinFast to establish local facilities.

Singapore and Thailand also show impressive growth, with Singapore’s EV sales surging by 218%, aided by significant tax incentives and a shift towards greener transportation. Thailand’s market, although currently experiencing a slowdown, is set to benefit from substantial investments by Chinese automakers despite a broader decline in overall car sales.

Globally, the EV market faces challenges such as the end of European subsidies and tariff increases on China-made cars.

However, the overall trend remains positive, with global EV sales expected to reach 17 million units in 2024. Hybrid vehicles are also regaining popularity as a transitional solution, addressing range anxiety and infrastructure concerns, particularly in regions like Japan and the US.

This dynamic landscape suggests a promising future for EV adoption, especially in ASEAN, as regulatory support and strategic partnerships continue to drive growth.

Sainul,
Editor.

NEWS & VIEWS

Maybank says electrical vehicle sales will pick up in ASEAN
The research house said favourable regulations, local brands and penetration of Chinese carmakers would drive EV sales higher in ASEAN; ASEAN is witnessing a pick-up in electric car sales, mainly in Malaysia, Indonesia and Vietnam.

EDBI, SEEDS Capital merge to form SG Growth Capital
This brings together the investment expertise and networks of EDBI and SEEDS Capital to support the growth of innovative enterprises and anchor key operations and capabilities in Singapore. The change will take place on April 1, 2025.

Ayala acquires an additional 8% stake in Mynt for US$394.54M
Mynt is the parent of the finance super app and digital cashless ecosystem GCash in the Philippines; This transaction values Mynt at approximately US$4.93 billion and increases Ayala’s ownership in Mynt to about 13%.

Grab-led GXBank to invest US$333M in Malaysia over the next five years
It will also establish the GX Untuk Semua initiative, which is designed to focus on nurturing local tech talent, developing core competencies and best-in-class industry practices, and innovative solutions.

‘Amazon for fresh farm produce in SEA’ Secai Marche raises US$3.5M
The investors include Beyond Next Ventures, Spiral Ventures Asia, and Mitsubishi UFJ Capital; The funds will be used to expand its fulfilment centres, enhance the accuracy of demand forecasts using AI, and optimise last-mile deliveries.

AI Singapore releases SEA-LION v2 designed to understand SEA’s linguistic, and cultural diversity
SEA-LION v2, built on Meta’s Llama 3, is part of AI Singapore’s mission to develop AI capabilities, create social and economic impacts, and nurture local talent.

OpenAI co-founder John Schulman leaves for Anthropic
Schulman said it stemmed from a desire to deepen his focus on AI alignment—the science of ensuring AI behaves as intended—and engage in more hands-on technical work.

Flipkart blitzes into India’s 10-minute quick commerce battle
The new service offers customers the ability to have a wide range of items, from groceries to smartphones, delivered to them within 10 to 15 minutes; The e-commerce firm is offering customers free delivery on orders priced at INR 100 (US$1.20).

US expected to propose barring Chinese software in autonomous vehicles
The US administration will also propose barring vehicles with Chinese-developed advanced wireless communications abilities modules from US roads, according to sources.

Google loses massive antitrust case over search, will appeal ruling
A US District Court judge found the tech giant acted illegally to maintain a monopoly in online search; It’s a major defeat for Google that could alter the way it does business.

YouTuber files class action suit over OpenAI’s scrape of creators’ transcripts
A YouTube creator alleges that OpenAI trained its generative AI models on millions of transcripts from YouTube videos without notifying or compensating the videos’ owners.

Five US states push Musk to fix AI chatbot over election misinformation
Social media platforms have been under scrutiny for years over the spread of misinformation and conspiracy theories; There’s been growing concern that AI-generated content could mislead voters in the November presidential and congressional elections.

FEATURES & INTERVIEWS

From standalone to lead magnet: How SugarOKR will fuel Happy5’s global expansion
Happy5 CEO Doni Priliandi and SugarOKR CEO Timothy Kua discuss the strategic acquisition and their expansion plans, starting with the US.

Echelon X: Peng Ong of Monk’s Hill Ventures on AI’s transformative impact in Southeast Asia
The Echelon X fireside chat took a retrospective look at the evolution of AI and the trends in investing within Southeast Asia.

Lydea Quek: Championing cybersecurity innovation in APAC
Quek is passionate about guiding customers through their security challenges and customising solutions to meet their specific needs.

Meet the founder who built and sold a US$600M enterprise software startup from Sri Lanka
Sanjiva Weerawarana’s WSO2, an open-source enterprise software provider with customers such as Samsung, Axa, and AT&T, recently agreed to be acquired by PE giant EQT at a valuation of US$600 million.

THOUGHT LEADERSHIP

Genetics AI in Asia: Pioneering the future of technology
One of the most meaningful areas of innovation is genetics AI—a fusion of artificial intelligence and genetics research.

How a data-driven approach can optimise decarbonisation in the built environment
Granular data is key to decarbonising real estate, enabling targeted improvements and optimising ESG goals for greater sustainability.

FROM THE ARCHIVES

Why the right framework creates impactful apps
While this leap to a new framework might seem daunting at first, this article explores why it can be worth making that change.

The future of mobility is in public-private collaboration
Foxconn-initiated MIH Consortium and Techstars are paving the way as they engage startups in Southeast Asia and globally.

How do angel investors source opportunities?
This article is meant to help angel investors build a routine in order to make sure they get to see the great opportunities out there.

Angel investors vs Venture Capitalists for startup funding: Which is right for you?
Choosing the right investors, whether angels, VCs, or a mix, is crucial for providing both financial support and invaluable guidance to ensure startup success.

The pros and cons of signing on an angel investor for your startup
They are seeking to invest their hard-earned savings in your venture in hope of cashing out if your company ends up being a future unicorn. But there are a number of trade-offs you must consider before taking an angel investor’s money.

All you need to know about how angel investors evaluate their opportunities
It is important to take a step back and see if the founder is persistent and pursues the investment opportunity or if we simply feel a deal is not ready for our investment yet but might be in several months; We want to spectate.

How technology is making our food safer
Emerging technologies, including blockchain, RFID tags, and sensors, offer the ability to fight food fraud efficiently.

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.

The business of social responsibility: Why brands are redefining their social conscience
Here, we examine best practices and guidelines for brands looking to publicly communicate their social conscience.

Is generative AI the game-changer for productivity?
While Generative AI can automate various tasks, it cannot entirely replace human creativity, empathy, and critical thinking.

Pivoting beyond product: You need to look at your company culture, too
During a crisis, getting the team on board with pivoting amidst a very palpable crisis requires shifts in culture.

What are some networking benefits that are essential for startups?
From trading information to cultivating relationships with mutual benefits, networking should be a part of any startup’s marketing efforts.

How Southeast Asian businesses can overcome employee training challenges
The challenge of bringing employees aboard the digital transformation ship is not exclusive to SEA. However, most firms admit to not being adaptable enough.

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Image Credit: 123RF.

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Artificial Intelligence (AI) is rapidly reshaping the business landscape in Southeast Asia, opening up new opportunities and transforming traditional models. As AI technologies continue to advance, the region’s startups find themselves in a unique position to leverage these innovations.

In light of this, e27‘s flagship conference, Echelon X, hosted a fireside chat titled ‘Global Market Expansion: A Spotlight on Patsnap’s AI Story’.

The session explored the journey of Patsnap, an innovation intelligence platform, from its inception to its current status as a global market leader in innovation, research, and development. The discussion highlighted how AI has enabled Patsnap to enhance its offerings, streamline processes, and provide unparalleled insights to its customers.

Moderated by Caela Tanjangco, Director of Endeavor Catalyst at Endeavor, and featuring Guan Dian, Co-Founder, APAC General Manager and CMO of Patsnap, the fireside chat delved into key milestones, trends, and insights that have shaped Patsnap’s success. The conversation underscored the transformative power of AI in driving innovation and economic growth in the region.

The fireside chat also explored the future of AI in Southeast Asia, emphasising how startups like Patsnap are well-positioned to capitalise on AI advancements to drive further growth and success.

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Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.

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EDBI, a fully owned subsidiary of the Singapore Economic Development Board (EDB), a government agency under the Ministry of Trade and Industry, has announced a merger with SEEDS Capital, a fully owned subsidiary of Enterprise Singapore.

The new entity, SG Growth Capital, brings together the investment expertise and networks of both investment firms to support the growth of innovative enterprises and anchor key operations and capabilities in the island nation.

Also Read: EDBI’s ex-CEO Chu Swee Yeok launches US$250M fund August Global Partners

The change will take place on April 01, 2025.

Over the past decades, EDBI and SEEDS have contributed to Singapore’s economic development through their investments.

EDBI has attracted and anchored foreign growth-stage companies and nurtured tech-centric local companies. At the same time, SEEDS Capital has grown the local startup ecosystem and worked with private funds to catalyse support for Singapore-based, early-stage technology startups.

SG Growth Capital will better leverage EDBI’s and SEEDS’s expertise and networks to grow their portfolio companies. There will be more collaboration opportunities between local and foreign companies.

This will also enable SG Growth Capital to develop more profound expertise in startup financing, venture building and deep tech areas.

Under SG Growth Capital, EDBI and SEEDS Capital will continue to work closely with the EDB and Enterprise Singapore to ensure that their investment focus remains aligned with both agencies’ economic priorities.

Png Cheong Boon, Chairman of EDB, will chair the Board of SG Growth Capital, with Cindy Khoo, Managing Director of Enterprise Singapore, as Deputy Chair.

Choo Heng Tong, Executive VP, EDB, will hold the concurrent appointment of SG Growth Capital’s CEO. Paul Ng, EDBI CEO, and Tan Kaixin, General Manager of SEEDS Capital, will continue leading EDBI and SEEDS divisions under SG Growth Capital.

Also Read: SEEDS Capital backs Singapore’s manufacturing-tech startup Factorem

Established in 1991, EDBI aims to attract and anchor high-potential foreign companies to Singapore and nurture tech-centric local companies into global and regional champions. Such investments are made both directly into startups and indirectly through a fund-of-funds approach.

Founded in 2001, SEEDS Capital seeks to build a vibrant early-stage VC ecosystem in Singapore by co-investing with private VC firms and corporate venture funds in local startups, with the private sector partners leading investment rounds.

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Image Credit: EDBI

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Mobile fintech penetration in six Southeast Asian countries has more than tripled since 2019, reaching 49 per cent in May 2024, a recent UnaFinancial research showed.

The Philippines leads with 63 per cent, followed by Malaysia (55 per cent), Indonesia (49 per cent), Thailand (45 per cent), Singapore (45 per cent), and Vietnam (32 per cent).

According to this report, the penetration of mobile fintech apps is expected to grow to 60 per cent by 2030. The highest levels will be observed in the Philippines (72 per cent), Indonesia (64 per cent) and Malaysia (61 per cent).

Also Read: How fintech is disrupting the Southeast Asian payments market

“The leadership of the Philippines is due to several factors, including the large share of the unbanked population, regulatory efforts to develop digital financial technologies, a large proportion of the young and tech-savvy population and a growing level of mobile and Internet penetration,” analysts at UnaFinancial explained.

“Indonesia also stands out with the highest growth rate of fintech users over the past five years. The level of mobile fintech app adoption increased from 9 per cent in 2019 to 49 per cent in 2024. Similar to the Philippines, Indonesia is actively developing fintech, supported by government efforts and a large share of the unbanked population,” they added.

The leading segments of fintech apps are digital wallets and payments (35 per cent) and mobile banking (18 per cent). The fastest-growing segment is lending apps, which increased from 1 per cent in 2019 to 5 per cent in 2024.

The lowest penetration levels are seen in investing and cryptocurrency trading apps (2 per cent each), likely due to decreased investment activity amid the unstable global economic situation.

The analysts considered data from data.ai on the number of active users of fintech applications starting in May 2019. In total, the sample included 8,740 apps (iOS + Android) across six Southeast Asian countries (Singapore, Malaysia, Thailand, Indonesia, the Philippines, and Vietnam).

Also Read: A new breed of fintech payment is here to slay the game

UnaFinancial is a group of companies developing digital financial solutions across Asia and Europe. Since its foundation, UnaFinancial claims to have served over 14 million clients and granted access to over US$1.5 billion in loans.

The post Philippines leads mobile fintech app adoption in SEA: Study appeared first on e27.

In an era where technology is reshaping the global economic landscape, platforms that bring together innovators, investors, and industry leaders are crucial.

Since its inception, Echelon has stood at the forefront of this movement. The platform empowers startups, corporates, SMEs, government institutions, and other ecosystem stakeholders with essential tools and insights. Renowned for its impact, it offers access to market insights, growth programmes, digital solution marketplaces, market access programmes, brand credibility, and a platform for collaboration among some of the region’s most exciting innovators.

Held for the first time in the country through a partnership with BrainSpark, Echelon Philippines 2024 promises to be a landmark event, poised to drive the next growth phase in one of the fastest emerging tech markets globally.

Supporting and empowering the fastest emerging tech market

Echelon Philippines 2024 aims to harness the collective expertise of the Philippine and Southeast Asian startup ecosystems. The event seeks to catalyse growth and innovation by uniting visionary entrepreneurs and forward-thinking investors. On the cusp of a technological renaissance, the Philippines presents a unique opportunity for stakeholders to engage in meaningful dialogues about the drivers of collective progress.

Also Read: Riding into its first profitable year, CARSOME looks forward to strengthen its presence in the Philippines

One of the primary objectives of Echelon Philippines 2024 is to foster regional partnerships for funding and investments. Through showcases and business matchings, the event will facilitate connections essential for scaling innovative ventures.

This focus on regional collaboration is particularly relevant as the Philippine tech ecosystem mirrors the growth trajectory seen in Indonesia between 2017 and 2019.

The surge of activity from local conglomerates and the emergence of capital-intensive business models underscore the potential for substantial growth and investment in the region.

Echelon Philippines 2024 will also spotlight thriving and emerging sectors, unveiling new opportunities for entrepreneurship and innovation. By sharing insights from these sectors, the event aims to inspire new ventures and encourage the entry of fresh talent into existing markets. This influx of new ideas and capabilities is essential for sustaining growth and maintaining a dynamic, competitive ecosystem.

Towards a promising future with Echelon Philippines 2024

As the Philippines’ tech ecosystem embarks on its early stages of growth, engaging in discussions about the fundamental drivers propelling progress becomes imperative. Echelon Philippines 2024 will serve as a platform for these crucial conversations, fostering an environment where new talent and innovative ideas can thrive. By providing a stage for regional and international stakeholders to connect, the event will play a key role in shaping the future of the Philippine tech landscape.

Recent reports from Cento Ventures and Foxmont Capital Partners, in collaboration with BCG, highlight the resilience and potential of the local startup ecosystem. In 2023, Philippine startups raised US$956 million in funding, showcasing the robustness of the market.

This surge in investment activity further strengthens the belief that the Philippines is poised for significant technological and economic growth. As we progress through 2024, the continued momentum and positive outlook underscore the strategic importance of events such as Echelon Philippines 2024.

Also Read: AI Singapore releases SEA-LION v2 designed to understand SEA’s linguistic, cultural diversity

By bringing together the brightest minds and key stakeholders, Echelon Philippines 2024 is set to empower the Philippine tech ecosystem and position it as a formidable player on the global stage.

Find out more about it here.

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Sustainability has increasingly dominated discussions in recent years, often appearing in news cycles and workplace conversations. The biggest development in conversations has been the Singapore Green Plan 2030.

However, due to its ever-evolving nature, the opportunities and role of tech in sustainability are still vague and broad for many in Singapore’s tech industries. In particular, Singaporean small and medium tech enterprises (SMEs) and startups still perceive sustainability as intimidating and an additional burden on already lean resources.

Yet, unbeknownst to many, exciting horizons have been quietly opening up worldwide as businesses, organisations, and supply chains inexorably shift into sustainability-driven, digitalised operating models. Foreseeing an acceleration of this global sea-change, the Government has reaffirmed in the Singapore Budget 2024 its determination to achieve the targets of the Green Plan. 

Thus far, technology has been playing an oft-overlooked, yet critical role in enabling large organisations to spearhead this evolution. This role is set to escalate in importance over the next few years in Singapore, beginning as soon as next year when companies go into their FY2025.

Unravelling the tech-sustainability nexus

Entrepreneurs know well that with new challenges, new opportunities will soon ensue. SGTech, in our close collaboration with the Singapore Government, is steadily growing a pool of tech SMEs and startups that exemplify viable use cases of tech being deployed to improve the sustainability performances of organisations and supply chains.

Greater transparency and efficiencies in sustainability claims

Environmental, social, and governance (ESG) practice and reporting is highly relevant for technology applications. Increasingly sophisticated software is deployed in supply chains, especially large supply chains spread across countries, time zones, tech and internet access, and behavioural cultures. This has improved inefficiencies and accuracies in data compilation, accounting, analysis, forecasting, and reporting, aiding corporate decision makers with better data clarity to set targets and commit resources.

Today, data analysts and marketeers are learning to acquire sustainability know-how to provide their employers and clients with data-driven insights, balancing resource commitment, profit, and sustainability outcomes.

Also Read: As the demand for energy soars, climate tech is here to save the day

Improved accuracy and resource intensity of production planning

In manufacturing, the speed and accuracy of production planning for lesser footprints can mean the difference between achieving or missing output and cost projections.

During SGTech’s 2023 TechBlazer nominations, we saw how AI-driven digital twin tech could decrease production simulation times and resource consumption from months into a mere fortnight into zero resource input, or how deploying Internet of Things devices enabled real-time data collection, facilitating more accurate responses to environmental challenges.

If scaled up, such technologies can enable manufacturers to significantly improve the sustainability, productivity and resource consumptions of their production lines.

Technology: The unsung backbone of sustainability

These use cases are only the beginnings of the expanding horizons for the role of technology in an increasingly sustainability-driven and digitalised world. 

Today, technology is a ubiquitous tool and capability across all sectors from hardware to software, and the digital space. As technology is increasingly integrated into supply chains operations, tech will also be increasingly used to improve sustainability and profit performance.

Contrary to popular perceptions, data centres and tech equipment producers today have incorporated sustainability ahead of the game and are in the midst of aiming for net zero environmental impact in their operations and supply chains. A rising number of software and tech consulting companies are now acquiring sustainability know-how to augment their tech-enabled green offerings to clients, while the tech sector’s expertise and influence on data privacy and security are fast becoming a critical pillar of organisational governance.

Additionally with generative A.I. changing the technology game, untold opportunities are lying in wait for tech applications to drive more sustainable organisational decision-making and behaviours. 

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

The Government is introducing changes at a measured and inclusive pace to enable our businesses to adjust and keep up. SGTech is also evolving along with industry shifts and regulatory developments, as we enable tech companies to achieve sustainability through our suite of SGTech Sustainability Programmes. 

Echelon X: Exposure and industry leadership for Singapore’s tech companies

In May, I attended e27’s 10th edition of Echelon X, a tech business conference that connects industry leaders and provides access to market insights, growth programmes, and other opportunities. This year’s conference focused on AI’s future, market expansion opportunities, and for the first time, explored the relationship between sustainability and tech.

As the Head of Sustainability Strategic Programmes at SGTech, I spoke at a featured session about sustainability’s impact on the tech sector in both national and international contexts, especially on the impact and opportunities for Singapore tech SMEs and startups.

Echelon X has been a renowned platform in Singapore for tech companies to hold dialogue, network, find inspiration and synergise, and even co-create opportunities for developing new innovations to the benefit of the wider economy.

As e27 shifts to include addressing sustainability for the tech sector, I believe Echelon X can become the next big platform for tech companies to not only brainstorm and collaborate in solving Singapore’s sustainability problems with tech, but also to demonstrate industry leadership in leading change by becoming sustainable themselves.

Singapore has what it takes to lead sustainability in Asia – and I look forward to continued collaboration with platforms like e27 and Echelon X to intensify public-private collaborations for moving the needle of change for our national sustainability goals.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community.

Share your opinion by submitting an article, video, podcast, or infographicJoin our e27 Telegram group, FB community, or like the e27 Facebook page.

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Secai Marche, a Japan-headquartered company that connects farmers directly with restaurants and retailers in Southeast Asia, has received JPY300 million (US$2.1 million) to bring the total funding raised towards the Series A round to US$3.5 million.

The investors include Beyond Next Ventures, Spiral Ventures Asia, Mitsubishi UFJ Capital, Future Food Fund, Tsuneishi Shoji, Fukuoka Sonoriku, and Foodison co-CEO Toru Yamamoto.

The new tranche follows a US$1.6 million raise in January 2023 from The Agribusiness Investment & Consultation, Spiral Ventures Asia Fund I, and Beyond Next Ventures.

Also Read: How Secai Marche champions farm-fresh food in Southeast Asia

“In response to the rapid growth of the restaurant industry in Southeast Asia and the increasing demand for high-quality, cost-competitive services in Malaysia and Singapore, we will use the funds to expand our fulfilment centres, enhance the accuracy of demand forecasts using AI, and automate and optimise the last-mile deliveries,” Secai Marche co-founder and CEO Ami Sugiyama told e27.

“We also plan to allocate the funds for system development and marketing activities. This fundraising will serve as a starting point for rapidly expanding our market share in Southeast Asia,” she added.

Established in 2019 by Sugiyama and Shusaku Hayakawa, Secai Marche offers a platform for F&B businesses and retailers to purchase high-quality products directly from farmers and fishermen at competitive prices.

The online grocery platform sources over 4,000 items (fresh vegetables, fruit, eggs, and chilled seafood, etc.) directly from farmers in Southeast Asia and Japan. It has partnered with over 1,300 retailers and HORECA customers since its inception.

The startup claims to have achieved 200 per cent growth each year.

The Southeast Asian e-commerce market is projected to exceed US$240 billion by 2025. However, e-commerce has lagged in the fresh food sector due to underdeveloped refrigerated logistics networks (such as cold chains from producers to consumers and small-scale collection and delivery functions).

Since the COVID-19 outbreak, there have been more cases of producers selling directly to consumers via e-commerce, but this has been limited to those with their own refrigerated logistics capabilities.

“By providing a consistent fulfilment service with Japanese quality to many small and medium-sized businesses and producers having no refrigerated logistics capabilities, we are rapidly advancing the e-commerce of fresh food in Southeast Asia,” added Sugiyama.

Also Read: Malaysian B2B farm-to-table fulfilment platform Secai Marche bags US$1.6M in Series A

Fukuoka Sonoriku’s Executive VP, Yusuke Sonoda, said: “Secai Marche is a rapidly growing company that meets the needs of the times by providing a new supply chain in Southeast Asia, where refrigerated logistics networks are underdeveloped. We decided to invest in the company because their service will improve the entire food and agriculture industry by improving the ecosystem. Secai Marche’s end-to-end fulfillment service and Fukuoka Sonoriku’s logistic technologies and skills and agricultural production networks will lead to further development in Thailand and more in the future.”

Foodison CEO Toru Yamamoto said: “We expect that Secai Marche’s innovative approach with the Japanese quality and deep market knowledge will contribute significantly not only to Japanese fresh produce but also to building infrastructure for product distribution in Southeast Asia, particularly Malaysia.”

In 2021, the agritech firm raised US$1.5 million in a pre-Series A funding round from Japanese VC firms Rakuten Ventures and Beyond Next Ventures.

The post ‘Amazon for fresh farm produce in SEA’ Secai Marche raises US$3.5M to add AI feature, optimise last-mile deliveries appeared first on e27.

Artificial Intelligence (AI) is rapidly reshaping the business landscape in Southeast Asia, opening up new opportunities and transforming traditional models. As AI technologies continue to advance, the region’s startups find themselves in a unique position to leverage these innovations.

In light of this, e27‘s flagship conference, Echelon X, hosted a fireside chat titled ‘How AI will Transform Business Models from Transactional to Relational and Why Southeast Asia Startups are Well-Positioned to Take Advantage of This’. The session took a retrospective look at the growth of AI and investing in Southeast Asia.

Moderated by Mohan Belani, Co-Founder and CEO of e27, and featuring Peng Ong, Co-Founder and Managing Partner of Monk’s Hill Ventures, the discussion highlighted key milestones, trends, and insights that have shaped the region’s landscape over the past few decades. From early developments in AI research to the emergence of innovative startups and the expansion of a vibrant investment ecosystem, the conversation explored factors that have contributed to the region’s transformation into a budding hub for AI innovation and investment.

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Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.

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Artificial Intelligence ecosystem provider AI Singapore has released SEA-LION v2, the latest in its family of open-source language models specifically designed to understand and represent Southeast Asia’s linguistic and cultural diversity.

This enhanced model aims to provide more accurate and contextually relevant language processing capabilities tailored to the unique needs of the region, Dr. Leslie Teo, Senior Director at AI Singapore and the project lead, said in a LinkedIn post.

SEA-LION v2 is part of AI Singapore’s mission to develop AI capabilities, create social and economic impacts, nurture local talent, build an AI ecosystem, and position the island nation as a global AI leader. This model leverages a state-of-the-art open-source framework with continued pre-training and fine-tuning for Southeast Asia.

Unlike the original SEA-LION, which was trained from scratch, the second version is built on Meta’s Llama 3.

The original model was trained using 8x Nvidia A100 GPUs and created by a lean team of 20 Singaporeans. It outperformed other large language models (LLMs) on Southeast Asian tasks.

On the other hand, Version 2 was trained using 64x Nvidia H100 GPUs in just two days for each run. This excludes the numerous experimentations with hyperparameters and data mixes. Dr. Teo mentioned that the main challenge with continued pre-training (CPT) lies in maintaining existing knowledge while integrating new information.

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

The project is now part of the National Multimodal LLM Programme (NMLP), which sees the Singapore government setting aside SG$70 million (US$51.8 million) to develop AI talent.

AI Singapore reports that SEA-LION v2 demonstrates superior performance on tasks in regional languages while retaining Llama 3’s general capabilities. According to Teo, SEA-LION v2 includes the following key features:

• Continued pre-training and fine-tuning: Built on the Llama 3 architecture.
• Multilingual capabilities: Instruction-tuned in English, Bahasa Indonesia, Thai, Vietnamese, and Tamil.
• SEA training data: Trained with approximately 50 billion tokens from Southeast Asian languages.
• Open source: Licensed under the Meta Llama 3 Community License.

For now, SEA-LION v2 is available for download on HuggingFace as a base model, an instruction-tuned model, or quantised models. While there is no online demo, the instruction-tuned model supports basic “chats” when properly deployed in a suitable environment.

Plans are also underway to build on Google’s Gemma 2 and AI startup Reka’s models next.

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Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.

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