Singapore-based fintech startup Earlybird AI, which aims to make bookkeeping and financial admin tasks of small and medium-sized enterprises (SMEs) painless and stress-free, has emerged from stealth with a pre-seed funding round led by Antler.

Several unnamed strategic angels also participated.

Also Read: A new insights attitude for SMEs in the era of the ‘insights engine’

“The capital will help us accelerate our go-to-market and minimum viable product release development and hire top quality design, engineering, and AI talent,” Bhavana Ravindran told e27.

Founded by Ravindran, a serial founder and former digital executive at VISA, Earlybird AI has developed a mobile app to make business finances and accounting painless and intuitive while giving real-time visibility into the business. The company claims the app also doubles as a CFO, transforming boring, low-value admin tasks into high-value insights, reports, and recommendations.

Earlybird’s vision is to empower SMEs to spend less time on finance admin and more time on their customers.

“Founders build the future of our society, but they are currently overwhelmed by admin-heavy, poorly designed bookkeeping tools and low-value operational tasks,” she added. “By taking on the multi-billion dollar SME accounting and finance admin industry, we can enable innovation and growth by enabling the founders to focus on what they do best – growing their business.”

Also Read: Small steps, big impact: How SMEs can champion ESG initiatives

The fintech startup claims it currently grows beta test users by 30 per cent week over week.

Earlybird AI won the Asia Startup Network Angels Arena pitch event earlier this month.

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International Built Environment Week (IBEW) 2024, held at Marina Bay Sands, Singapore, represents the most comprehensive arena in Asia for showcasing groundbreaking construction technology (ConTech) innovations across all stages of the building lifecycle.

As the largest innovation and technology (I&T) ecosystem in Hong Kong, Hong Kong Science and Technology Parks Corporation (HKSTP) has long been dedicated to nurturing I&T startups between Hong Kong and Southeast Asia (SEA). The organisation is instrumental in helping these startups explore and expand into new global markets, with Hong Kong serving as their launchpad.

This year, HKSTP took significant steps by leading 14 innovative partner companies to IBEW 2024 by showcasing their pioneering ConTech solutions at the HKSTP Pavilion at the Build Environment Expo (BEX Asia) of IBEW. Nearly 2,000 potential buyers and investors visited the Pavilion, which features market-ready and emerging ConTech advancements. These include construction robotics, AI-powered safety systems, smart building solutions and sustainable technologies.

Through initiatives like these, HKSTP continues to position itself as a critical player in Hong Kong startups’ international expansion journey. Desmond Lee, Minister for National Development of Singapore, visited the HKSTP Pavilion to learn more about the ConTech innovations developed in Hong Kong. His engagement highlights the potential for collaboration in the construction technology sector and underscores the importance of fostering international partnerships to drive advancements in the construction industry. Leading organisations in property management, construction and engineering, and banking also visited the HKSTP Pavilion to learn more about the latest ConTech from Hong Kong.

Also Read: Hong Kong I&T startups gear up in Thailand for global growth

Hong Kong’s Digital Twin startup at the forefront of ConTech innovation

Hong Kong has increasingly become a hub for cutting-edge technologies, particularly in the ConTech sector. Startups in this space are developing groundbreaking solutions that address some of the most pressing challenges in the built environment, including energy management, automation, and sustainability.

One such company, Neuron Digital Group, a groundbreaking joint venture between Arup and Venturous Group, is transforming the built environment through innovative smart building technology. Initially incubated by Arup, Neuron combines AI, Digital Twin technology, and big data to optimise building operations, enhance energy efficiency, and improve tenant wellness. Headquartered in Hong Kong, Neuron is rapidly expanding, driving the shift toward sustainable, digitally integrated smart cities across the globe. This platform is critical to achieving net-zero goals and setting new standards in smart city infrastructure.

Neuron offers modular solutions that can start small and expand based on the client’s needs. Serena Pau mentions that this approach appeals to building owners, “We don’t force the buyer to buy a huge platform because we understand very often building owners want to start small.”

Currently, Neuron’s technology is primarily deployed in Hong Kong, where it has been implemented in over 200 buildings in just two years of operations. Neuron has some projects in Thailand, but Pau mentioned that “[Neuron] is ready to go to Singapore as a stepping stone and then hopefully [the rest of] SEA.”

HK’s robotics ConTech solutions capture the spotlight

Similarly, the Hong Kong Center for Construction Robotics (HKCRC) from InnoHK showcases its award-winning rebar-tying robot. Equipped with autonomous identification and positioning, automatic obstacle avoidance, and automatic column change, the robot can fully automatically complete the tying work across large areas at the centre of the steel mesh.

Also Read: PriyoShop launches Bangladesh’s first MSME credit card with LankaBangla and Mastercard

Dr Liang Haobo highlights HKCRC’s commitment to providing advanced technological solutions: “We use different kinds of robotics to help construction workers achieve safer, faster, and more efficient construction.” While currently focused on construction, HKCRC aims to expand its robotic technology to related industries “[such as] logistics and health.”

HKSTP’s foray into the SEA market is helping HKCRC’s efforts for commercialisation, as they “see more opportunities to explore in the overseas market before the year ends.” The latter actively seeks collaborations in the Asia Pacific region, particularly SEA, where Dr Liang claims to “showcase a strong demand for high-quality construction and technology solutions.”

These examples highlight Hong Kong startups’ relevance and potential to address global challenges in the construction industry, which has been made possible through HKSTP’s efforts to engage potential partners and customers in SEA.

HKSTP as an effective launchpad for global expansion

HKSTP’s participation in IBEW 2024 underscores its commitment to bringing Hong Kong startups to the global stage. The organisation plays a crucial role in facilitating the international expansion of these startups by leveraging its extensive network of corporate partners, investors, and industry stakeholders. This year’s event served as a strategic stepping stone for startups to explore and enter the SEA market, particularly Singapore, which is emerging as a critical hub for innovation in the built environment.

During the event, Filla Mak, Chief Operations Officer of HKSTP, articulated this mission: “We are delighted to showcase solutions from our partner companies on such a prestigious global stage. The tradeshow perfectly aligns with our mission to propel the commercialisation of groundbreaking technologies that anticipate the future needs of urban environments. By participating in IBEW, we [highlight] Hong Kong’s robust R&D capabilities and [foster] significant partnerships that extend our reach into SEA and beyond.”

Also Read: KINTO boosts brand engagement and ROI with Omnichat

HKSTP’s strategy goes beyond showcasing technologies; it involves actively facilitating partnerships and collaborations that can drive the adoption of these technologies in new markets.

Neuron’s Pau commends their experience with “HKSTP [being] instrumental in helping Neuron expand internationally by connecting us with overseas markets, providing PR exposure, and offering funding. HKSTP acts like a “virtual parent” for startups.

SEA: A promising destination for HK startups

SEA is rapidly emerging as a promising destination for tech startups from Hong Kong, particularly those in the ConTech sector. With its stable business environment and strategic location, Singapore serves as an ideal entry point for these startups to explore the broader SEA market.

The success of these efforts is evident in the recognition of two other startups, Ailytics and FJDynamics, who participated at the ConTech Summit through a solution showcase and engaging elevator pitches.

Ailytics garnered the highest number of votes from the judges and was honoured with the Most Popular Startup Award. At the same time, FJDynamics received the Most Creative Startup Award for their outstanding presentation.

This recognition further highlights the effectiveness of HKSTP’s initiatives and underscores the growing synergy between Hong Kong and SEA in the ConTech field.

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This article is produced by the e27 team, sponsored by Hong Kong Science and Technology Parks Corporation (HKSTP).

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

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It is a perilous journey for an entrepreneur, especially for the inexperienced. There are no straightforward ways of building a business, as dynamics change very often in a complex business environment.

I know this, as I too was a young inexperienced startup founder 19 years ago, during the early dot-com era. Whatever I tried applying what I learnt in business school always fall short of success. I failed to understand the nuances of running a business.

Unfortunately, schools only teach the science of business, but fail to talk about the art of business, from culture, negotiations, hiring or real-life understanding of how businesses actually work.

The need for startup mentors to boost your entrepreneurial journey

It is without a doubt that any entrepreneur should and must find mentors in their journey. This is to help fill up the necessary gaps, offer a different perspective and provide impartation of business lessons so that you will not be doomed to repeat history.

I was blessed to have five mentors in my startup life. They imparted to me intangible skills, knowledge and values that now remain part of me as I run my businesses and venture fund.

But while saying this, I had the unfortunate experiences of having others who claimed to be ‘mentors’ but ended up taking advantage of my relationship with them. I also found similar experiences faced by entrepreneurs where that their startup mentors were falling short in a few aspects.

Also Read: Fantastic tech co-founders and where to find them

From the feedback I have collected and from personal experiences, here are some ground rules of what you should expect to have in a startup mentor, and reconsider the relationship if he falls short.

They guide, not dictate, how you run your company

A mentor has no executive power or any involvement in your startup. It is a third-party who uses his experience and knowledge to provide suggestions and direction to the entrepreneur.

I recalled having a mentor who was a driven man but forgot that he doesn’t own my company. In his sessions, I found him dictating and telling me what actions I must do, otherwise, he would not continue mentoring me. I ditched him. Down the road, I found out he was manoeuvring me with the intent to get me to offer him shares and claiming he did the work to build my company.

Only you, the entrepreneur, should make your own final decisions, in particular to the early stages of startup development. The moment you find your mentor coercing or making decisions for you, it is time to rethink the relationship.

They are not paid, so reject those who want compensation

TRIVE runs the NEXT50.sg initiative, which has over 70 startup mentors offering free mentorship to Singapore entrepreneurs. Bottom line: they don’t get paid.

This is the utmost principle of being a mentor, is that he wants to give back to society by helping others freely.

This only changes if the job role has changed to a commercial nature, for example, you are engaging your mentor to do some consultancy work. If it changes to that, ensure you have a contractual agreement. It is also a reconsider to find others to be your mentor.

So, do not offer sweat equity or payment for the mentorship. The dynamics changes. No matter how grateful you are, never bring up the topic of remuneration. Rather, pay-it-forward and help others, because that what your mentor was doing.

They are more than just a friend; they focus on you objectively

A startup mentor is not just a person whom you banter and gossip with, but a person whom you account to on your startup progress. A mentor is objective-driven, to see ways which you can grow your business.

Also Read: How to identify if you’re ready for a rebrand

As a mentor myself, I usually set objectives for the session and end off with a summary of follow-up actions that the entrepreneur needs to work on. Only in this way can you see the value in mentorship.

They listen and stop their humblebrag

One entrepreneur shared with me his personal experience meeting a particular mentor, who spent more time boasting about his accolades and achievements, without even trying to listen to his needs.

Effective mentors are those who listen intently to the entrepreneur to gather sufficient understanding. From there, he uses his prior experiences to guide and impart lessons to the entrepreneur.

If you have a windbag for a mentor, your time is better spent elsewhere finding others.

They go beyond business and understand you as a person

Every entrepreneur is unique, with her own quirks, character, strengths and weaknesses. Businesses can be somewhat similar in nature, but not entrepreneurs.

Effective mentors are those who take the trouble to understand you, and where your dreams and goals are. This is important so that they can offer suggestions that are suited towards your character, rather than leading you down a road you feel uncomfortable about.

To me, the best mentors are those who care for you deeply, as they are like a parent to you. Because those are the ones who provide you with the encouragement when you are down. I personally do that to my startup mentees, because when they succeed, I gain the satisfaction that my mentoring produced value.

They keep information confidential and do not abuse it

A relationship between mentor and entrepreneur is a privileged one. Information has to be kept in utmost confidence. Even terms sheets and negotiations which are deemed sensitive should never be shared, and more importantly, not lead to exploitation or blackmail.

Also Read: 7 common legal pitfalls startup founders should avoid

Abusing the trust is likened to that of a breach of doctor-patient confidentiality. I always advise entrepreneurs to take the time to get to know the mentor first before entrusting him with too much confidential information.

Ending thoughts

As I end this article, finding a great startup mentor with relevant experience and one who also cares for you to see you succeed without strings attached is a challenge. But then again, it is worth seeking out the right one to walk with you on your journey.

—

This is part of the “Startup Advisories” series, where I share pertinent issues faced by startup entrepreneurs. The NEXT50.sg initiative is a pro-bono network of startup mentors who support Singaporean entrepreneurs in their startup journey.

Image Credit: stockbroker / 123RF Stock Photo

e27 publishes relevant guest contributions from the community. Share your honest opinions and expert knowledge by submitting your content here.

This article was first published on May 4, 2018

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Singapore-based digital healthcare provider WhiteCoat Global has agreed to acquire telemedicine company Good Doctor Indonesia for an undisclosed amount.

The deal combines WhiteCoat’s expertise in working alongside the region’s top insurers and corporations to develop and provide omnichannel integrated healthcare services across multiple markets with Good Doctor’s strong position in Indonesia’s digital health space.

The combined entity will work with over 130 insurers and 7,500 corporate partners to serve over 6.8 million insured lives. It will offer online and in-person health and wellness solutions across Southeast Asia.

Also Read: One doctor for every family: Good Doctor wants to make healthcare accessible for all Indonesians

In addition, WhiteCoat has secured an undisclosed sum in a funding round led by Raffles Family Office and participated in by MDI Ventures and The SoftBank Vision Fund.

WhiteCoat founder and CEO Bryan Koh said: “This move not only strengthens our market presence in the largest economy in Southeast Asia but also underscores our commitment to deliver innovative, technology-driven care and work towards enhancing healthcare access beyond insured members to the broader population of over 650 million people across Southeast Asia.”

Good Doctor’s CEO, Danu Wicaksana, added: “Together, we will enhance healthcare access and quality, delivering comprehensive digital and in-person care tailored to the unique needs of Indonesian families.”

WhiteCoat is an omnichannel provider of integrated health and wellness services. Since launching in 2018, WhiteCoat has powered a range of services, including tele- and in-person consultations, medication fulfilment, and diagnostic testing across primary, specialist, and allied care. With a focus on the B2B space, WhiteCoat has forged strategic partnerships with the region’s leading insurers, corporates, and care providers to provide accessible, affordable, high-quality care to its users.

Since 2023, WhiteCoat has provided over 1.5 million consultations and medication fulfilment services across Singapore, Indonesia, Vietnam, and Malaysia.

Good Doctor is a technology-based integrated health service provider with the vision of ‘One Doctor for Every Family in Indonesia’. It collaborates with Grab to provide an integrated telemedicine service, namely GrabHealth powered by Good Doctor, to provide users in Indonesia access to quality health services.

As a B2B2C telehealth player, Good Doctor has built partnerships with over 130 insurance companies, 3,500 corporate clients, and over eight large third-party administrators (TPAS). The firm claims its user base has grown to around 15 million, and it has partnered with over 1,000 doctors and 4,500 healthcare facilities.

Also Read: WhiteCoat closes a tranche of Series B round, poised to break even in Singapore

In addition, Good Doctor provides a 24×7 healthcare solution through the Medical Consulting feature, an e-commerce service for medicines and health products for purchasing and delivery, partnering with more than 4,500 pharmacies, hospitals, and official health laboratories, and Health Articles, which provides content about health, tips, and lifestyle curated by a team of doctors.

The startup hosts thousands of medical specialists across over 26 departments of clinical specialities with thousands of general practitioners.

The post WhiteCoat to strengthen Southeast Asian presence with Good Doctor buyout appeared first on e27.

Dear reader,

The Indonesian government’s decision to block the Temu app is a bold step in safeguarding the interests of local micro, small, and medium enterprises (MSMEs).

By preventing foreign platforms like Temu, which directly connects overseas manufacturers with Indonesian consumers, the Ministry of Communication and Informatics is addressing the growing concern over unfair competition faced by local businesses.

Minister Budi Arie Setiadi’s move sends a strong message that the government prioritises the sustainability of its domestic economy, particularly the MSMEs that are the backbone of Indonesia’s economic growth.

Temu’s business model, similar to that of Shein, bypasses local businesses and creates an uneven playing field. Offering products from foreign manufacturers at lower prices undercuts local producers and threatens the livelihoods of millions of Indonesian MSMEs, especially in regions known for their craftsmanship like Tasikmalaya and Pekalongan.

This intervention reflects Indonesia’s broader strategy to control the digital marketplace and protect local industries from the encroachment of global e-commerce giants.

As digital markets evolve, this regulatory stance is critical to ensuring that technology does not undermine local economies, while supporting innovation that benefits both consumers and domestic enterprises.

Sainul
Editor.

—

NEWS & VIEWS

WhiteCoat to strengthen Southeast Asian presence with Good Doctor buyout
The combined entity will work with over 130 insurers and 7,500 corporate partners to serve over 6.8 million insured lives; In addition, WhiteCoat has secured an undisclosed funding round led by Raffles Family Office.

Indonesia bans Chinese e-commerce giant Temu to protect local MSMEs
According to the government, Temu is not eligible to operate in Indonesia as it was not registered as an electronic system provider; The Ministry of Cooperatives and SMEs disclosed that Temu has attempted to register in Indonesia three times.

Bukalapak responds to Temu acquisition report following recent share price increase
In a letter to the Indonesia Stock Exchange, e-commerce firm Bukalapak stated that it was “not aware of any information regarding its acquisition plans by Chinese e-commerce major Temu.

ByteDance’s TikTok cuts hundreds of jobs in shift towards AI content moderation
Its TikTok platform employs a combination of automated systems and human moderators to moderate content on its platform; The technology firm is also planning more retrenchments next month as it looks to consolidate some of its regional operations.

OpenAI announces Singapore expansion amid doubling of ChatGPT users
OpenAI will work closely with Singapore government partners, such as the EDB, to support the country’s local AI ecosystem; OpenAI has also partnered with AI Singapore to make advanced AI more widely accessible across SEA.

watchTowr secures US$19M to combat emerging cyber threats
The investors are Peak XV Partners, Prosus Ventures, and Cercano Management; watchTowr helps organisations understand and identify high-impact weaknesses in their cybersecurity defences.

Vertex Growth invests in Japanese proptech startup estie’s US$20M round
The other backers are Temasek, Globis Capital, and Global Brain; estie, which provides real estate developers and institutional investors with services that facilitate industry transactions, plans to expand into Southeast Asia.

Singapore’s Meridian Innovation secures US$12.5M to scale operations
The investors are Moveon, TCVC, and HKSTP; Meridian Innovation is a thermal imaging sensors developer; The funding will be used to scale operations, accelerate product development and expand its reach into broader consumer and commercial markets.

Singapore’s fintech firm Surfin raises US$12.5M funding
The investor is Insignia Ventures Partners; Using Al and analytics, Surfin strives to provide an ecosystem of transparent and innovative financial services to the growing, underbanked middle class.

FTX’s Ryan Salame posts jokes on LinkedIn as he heads to prison
The former co-CEO of FTX Digital Markets is starting his seven-and-a-half-year fraud sentence today; Many of the company’s executives have been found guilty on various counts of fraud or conspiracy to commit such acts.

TransTrack in talks to buy port and fleet management firm after US$12M round
It is looking for a company that already has the software and features that can complement TransTrack’s solutions in port and marine operations, as well as the expertise in installing advanced equipment on vessels, tug boats, and barges.

SEA startups secure US$202M in September
This marks a 28.66 per cent rise in funding over August 2024 and a 27.86 per cent decline from September 2023; The region witnessed seven seed-stage, six early-stage, and three late-stage funding rounds last month.

Earlybird AI secures Antler-led funding to simplify finance admin for SMEs
The Singaporean fintech startup has developed a mobile app to make business finances and accounting painless and intuitive while giving real-time visibility into the business.

Emma Watson invests in reproductive health firm Hertility
Watson is known for her interest in the environment and supporting women-led initiatives; She is a UN Women Goodwill ambassador and helped launch the HeForShe campaign, which promotes gender equality.

Startupbootcamp launches TradeSpark programme in Singapore
The TradeSpark programme aims to bring together MNCs, local corporations, and startups/scale-ups to collaborate on cutting-edge supply chain solutions.

Google ordered to open up Google Play to rivals
Judge James Donato issued his final ruling in the Epic and Google saga on Monday, detailing how Google has to change how it operates Google Play.

FEATURES & INTERVIEWS

Revolutionising urban commutes: SEA’s prominent electric two-wheeler startups
Electric two-wheelers are seen as efficient, affordable, and flexible solutions for short-distance travel, especially for last-mile connectivity.

FROM THE ARCHIVES

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5 incentives that can be helpful in attracting awesome employees
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15 strategies for a successful acquisition
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5 essential organisational steps for your startup’s tech infrastructure
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How to create a great thought leadership article even though you suck at writing
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5 growth hacking tips you must consider for your business
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For Indonesia’s 2nd generation unicorns, international expansion is the name of the game
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Balancing revenue, impact remains the top challenges faced by social impact startups
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What you should expect from your startup mentor
Make sure your startup mentor is a pillar of support and not one who constantly disparages and puts you down.

How should non-tech companies approach AI?
Non-tech organisations often have a completely different set of conditions that call for unconventional strategies for AI deployment.

The best New Year resolutions for startup founders: Offering ESOPs that actually work
I want to share key takeaways for founders who are thinking of designing competitive ESOPs in 2022 in order to attract and retain talent.

THOUGHT LEADERSHIP

Why Vietnam is the next big thing for startups and corporate partnerships
With its fast-growing economy, youthful population, and rapid digital adoption, Vietnam offers fertile ground for innovation.

Why Southeast Asian startups must prioritise profitability over rapid scaling
Investors are watching closely, and the startups that thrive in these markets will be the ones that can balance innovation with sound financial strategies.

CSR as a core strategy: How Asia’s tech companies are leading the way
By implementing strong CSR strategies, Asian tech firms boost their reputations while advancing sustainable development goals.

Understanding cybersecurity threats: What you need to know to stay safe
Knowing key cybersecurity threats like phishing, ransomware, insider threats, and APTs helps improve your defences.

Why traditional marketers must embrace digital marketing: Top 3 skills to learn
To stay relevant, it’s crucial that traditional marketers continually learn and adapt to the digital marketing ecosystem.

The power of replication: Fintech success stories in Singapore and Indonesia
Case studies of Xfers, KoinWorks, Tokocrypto, Validus Capital, Nium, and StashAway show how fintech and DeFi firms can use competitor content strategies for success.

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The post Ecosystem Roundup: Indonesia blocks Temu | WhiteCoat acquires Good Doctor | ByteDance lays off around 500 staff in Malaysia appeared first on e27.