At the 2024 Asia New Economy Summit organised by the World Digital Chamber, leaders shared a vision for sustainable growth, underscoring the power of digital innovation and green practices in shaping Asia’s economic future. Across ASEAN, digital transformation is already unlocking economic opportunities while addressing environmental goals. From financial technology to e-commerce, digital platforms empower businesses and individuals alike.
At this event, I was given the privilege to highlight how platforms are turbo-charging industries, enabling new pathways in fields like real estate and digital commerce.
Digital transformation: The path to inclusivity and sustainability
Digital growth in Southeast Asia is reshaping industries, with digital inclusion and accessibility as top priorities. ASEAN’s initiatives in digital literacy and infrastructure foster broader participation in the digital economy, reaching rural and underserved communities.
In Malaysia, digital platforms in real estate and e-commerce are enabling SMEs and individuals to leverage the digital economy through mobile devices. Companies like Xamble are building an ecosystem of 20,000 influencers driving commerce growth.
However, as reliance on digital platforms grows, so does the need for strong cybersecurity and data governance. ASEAN’s focus on digital trust ensures privacy and security keep pace with innovation, critical for maintaining user confidence and sustaining growth.
Green growth and economic opportunity
Green growth is at the heart of ASEAN’s sustainability strategy, as digital technologies facilitate renewable energy, smart city planning, and eco-friendly infrastructure projects. Platforms are being used to monitor emissions and optimise energy usage, with technologies like AI and IoT enabling real-time environmental tracking and transparent reporting on sustainability metrics.
ASEAN’s carbon tracking markets, powered by blockchain, exemplify the synergy between digital and green initiatives, providing accountability and environmental responsibility.
The synergy of digital and green initiatives
The convergence of digital and green transformation presents new possibilities for ASEAN. Digital tools streamline environmental tracking, while data analytics and IoT improve energy distribution. Digital transparency helps companies meet environmental targets, allowing ASEAN to balance growth with sustainability and showcase Asia’s leadership in this dual transformation.
Public-private partnerships and policy alignment
Policies and partnerships are pivotal to ASEAN’s strategy. Governments are fostering innovation through incentives and infrastructure, while public-private partnerships mobilise capital for digital and green initiatives, advancing Southeast Asia’s sustainable digital economy. Investment in skill development ensures the workforce is ready for the digital and green opportunities ahead, addressing a critical gap as these sectors expand.
Conclusion: Asia’s promise in leading global transformation
Asia stands on the threshold of a powerful transformation, capable of setting global standards in sustainable digital innovation. By merging digital growth with green initiatives, ASEAN is building an inclusive, resilient, and environmentally conscious economy.
This integrated approach not only strengthens economic resilience but also positions Asia as a leader in the world’s digital and sustainable future. Through bold policies, collaborative partnerships, and continued investment in innovation, Asia’s journey forward is both an inspiration and a model for the rest of the world.
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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 infographic.
The decline in Singapore’s venture capital market underscores a global funding winter that has cooled deal-making from Silicon Valley to Singapore. With venture funding plummeting to US$4 billion in 2024’s first nine months, half of 2022’s levels, the numbers paint a stark picture. But these figures alone do not capture the full story.
Global economic headwinds—rising interest rates, inflation, and investor caution—are reshaping the VC landscape. Startups are grappling with elongated fundraising cycles and an intensified emphasis on profitability. For deep tech, characterised by capital-heavy, long-horizon innovation, the retreat in investment feels particularly acute. Yet, amid the gloom, there are reasons for guarded optimism.
Singapore’s dominance in ASEAN deal activity remains unchallenged, accounting for 68% of regional deal value. The government’s proactive approach is commendable: initiatives like the expanded Startup SG Equity scheme and the formation of SG Growth Capital reflect an unwavering commitment to nurturing innovation. Stage One, a one-stop platform for startups, signals a forward-thinking effort to bridge global connections.
Singapore’s strength lies in its adaptability. By doubling down on deep tech and leveraging robust public-private collaboration, it positions itself to weather the funding winter and emerge with renewed vigour. The country’s resilience reinforces its standing as a global startup powerhouse—one eye firmly on the challenges, the other on the future.
Japanese crypto exchange DMM Bitcoin to shut down
This follows a security breach in May, which led to the theft of ~4,503 bitcoins, valued at US$306M at the time; By March 2025, the exchange will transfer its customer accounts and custodial assets to SBI VC Trade, the cryptocurrency division of SBI Group.
Maybank revises up GoTo revenue forecasts
Maybank has raised the firm’s target price to IDR 105 (US$0.0066) from IDR 95 (US$0.006); GoTo’s revenue beat its forecast due to the stronger-than-expected on-demand services (ODS) segment and expansion into the lending business.
Taiwan’s TMYTEK secures US$40M Series B to boost 5G, satellite tech
Amazing Microelectronic Corp. and EZconn Corporation led the round; TMYTEK offers innovative devices, beamforming development kits, and phased arrays with antenna-in-package tech, enabling faster industrial innovation and time-to-market.
Rakuten to raise US$500M via bond sale
The company intends to issue hybrid perpetual notes, which can be called after five years; Additional details about the bond sale are yet to be disclosed.
Malaysia’s Catcha Digital acquires 51% stake in Nexible Solutions for US$2.56M
This marks Catcha Digital’s expansion into the IT sector, specifically in SaaS and AI solutions; Nexible’s product Outperform is an AI-powered sales automation platform that enables businesses to effectively manage leads and customer relationships.
Will flexitime become the norm in Southeast Asia?
In light of Singapore’s new flexitime guidelines, it’s time to rethink the traditional nine-to-five work model and embrace agile hiring practices.
9 things you never knew about DAOs
Now that DAOs have started creeping into wider company governance conversations, let’s look at what you may not know about DAOs.
The future of recruitment in Web3 era
Web3 can provide an ecosystem where a credential holder can share a zero-knowledge proof presentation without sharing the original credential.
KPay Group, a Hong Kong- and Singapore-based financial management and business operations platform, has secured US$55 million in its Series A funding round.
This round was led by Apis Growth Markets Fund III and Apis Global Growth Fund III, managed by Apis Partners, a UK-based ESG and impact-native global private equity asset manager.
The investment will fuel KPay’s expansion plans across key Asian economies, including Indonesia, the Philippines, Malaysia, and Thailand. The company will also utilise the capital for organic growth and strategic mergers and acquisitions.
This funding round is significant given the current state of fintech funding in Asia Pacific. Fintech funding in the region hit a six-year low in the first half of 2024.
Founded just over three years ago, KPay empowers businesses with technology solutions. Its one-stop platform helps merchants with financial management, business operations, and digital transformation across Asia.
The company says it serves over 45,000 merchants across Hong Kong, Singapore, and Japan and has achieved a 166 per cent revenue compound annual growth rate (CAGR).
Davis Chan, co-founder and CEO of KPay, said: “We are excited to use this funding to not only expand our existing markets’ SME merchant base, but also broaden our reach into new merchant industry categories, merchants of all sizes, and merchants operating in other underserved markets across Asia. This will bring us closer to our ambitious goal of supporting one million merchants over the next five years.”
Christopher Yu, President and CFO of KPay, added: “Securing this funding gives us financial strength and flexibility to enhance our product innovation, go-to-market speed, customer experience, and operational excellence.”
The semiconductor industry in Singapore plays a pivotal role in the global chip supply chain, contributing approximately 7 per cent to the nation’s GDP. Renowned for its robust ecosystem, the industry includes significant investments from global leaders like Applied Materials, GlobalFoundries, and Soitec. Singapore is home to over 60 semiconductor companies, supported by a highly skilled workforce and advanced infrastructure.
Recent developments underline Singapore’s strategic importance. For instance, GlobalFoundries is building a US$4 billion fabrication plant, while Applied Materials is expanding its Singapore footprint with an advanced facility in Tampines, slated to open in 2024. This facility will focus on developing innovative semiconductor technologies, including 3D chip integration, in partnership with local research institutes.
Similarly, Soitec is enhancing its operations in Singapore to meet the growing demand for energy-efficient chips in sectors such as automotive and mobile communications.
Singapore’s neutral geopolitical stance and efficient logistics system make it an attractive hub for chipmakers looking to diversify their supply chains. Government initiatives, such as tax incentives and R&D support, further bolster the sector’s growth, positioning Singapore as a critical node in addressing global semiconductor demands.
We have compiled a list of top startups that transforms the island nation’s chip industry below:
Silicon Box
Silicon Box aims to bring affordable, high-performance, power-optimised, scalable solutions that enable next-gen large language models (LLM), generative AI, automotive, data centres and mobile computing. The startup enables chiplet architecture, allowing chip designers freedom from the constraints of a single, monolithic chip for processing. By leveraging multiple smaller chips interconnected in a single package, chip designers can create the equivalent of a “system-on-a-chip” (SoC) in a package.
Founding year: 2021
Total funding raised: US$407.6 million
Investors: BRV Capital Management, Event Horizon Capital, Hillhouse Capital Management,
Lam Capital, Maverick Capital, Praesidium Capital, TDK Ventures, UMC Capital, Tata,
Grandfull Convergence Fund, Ally Capital Holdings, and Ignite Innovation.
Divergent Technologies
Divergent Technologies provides turn-key operation, technology consultation, equipment trading, design and services to the worldwide semiconductor industries. It distributes MPI Corporation’s Advance Semiconductor Test System probing solutions for South Asia Pacific, Korea and China.
Founding year: 2024
Total funding raised: US$330 million
Investor: Hexagon.
Zero-Error Systems (ZES)
ZES develops space-grade IC solutions. The company offers QML-qualified, gain flight legacy, and is radiation-hardened for deep space. It also provides autonomous vehicle products. It provides various pending patents regarding the development of IC solutions for autonomous vehicles.
Founding year: 2019
Total funding raised: US$9.35 million
Investor: Airbus Ventures, Dart Family Office, Nanyang Technological University, Seeds Capital,
Silicon Solution Partners, and SEEDS Capital.
Endofotonics
Endophotonics is a medical device company that has developed an endoscopic system based on Raman Spectroscopy. The integrated molecular diagnostic system (IMDX) consists of a Raman Spectroscope, a proprietary specially designed fibre-optic confocal Raman endoscopic probe that comprises a central light delivery fibre for laser light delivery and collection fibres for in vivo tissue Raman signal collection of tissue spectra and can be inserted into the instrument channel of conventional endoscopes and a proprietary control software that enables epithelial molecular information to be extracted and analysed in real-time.
Founding year: 2014
Total funding raised: US$8.5 million
Investors: ZIG Ventures and SEEDS Capital.
Atomionics
It provides Quantum sensors for environmental sensing applications. The company’s product is a gravimeter named “Gravio” which senses the underground infrastructure for land, sea, etc. It can be attached to vehicles for surveying lands, etc. The product is said to provide navigation assistance where GPS doesnt work.
Founding year: 2018
Total funding raised: US$1863640
Investors: Paspalis, Wavemaker Partners, SGInnovate, Cap Vista, Entrepreneur First, 500 Durians, and RISE.
Nanolumi is an advanced materials company that provides optical materials and optical material platforms for challenging but diverse applications. It uses a host of proprietary nano- and molecular technologies.
Founding year: 2018
Total funding raised: US$1 million
Investor: NUS Enterprise
Microtube Technologies
Impact Sensors is a manufacturer of impact sensors. The firm develops stretchable microfiber sensing elements that can be embedded in wearable items. These elements have applications in fitness, healthcare, augmented and virtual reality, and metaverse.
Founding year: 2018
Total funding raised: US$809,800
Investor: Greenwillow Capital Management
Attonics Systems
Attonics Systems, a spinoff from the National University of Singapore, has developed miniature, ultra-fast spectrometers that can be used in areas such as medical diagnostics, environmental screening, and defense and security.
Founding year: 2015
Total funding raised: US$700,000
Investors: SEEDS Capital, Apsara Capital, Moveon, Wavemaker Partners, and Venturecraft.
GridComm
It provides power line communication solutions. These solutions transform meters, streetlights, homes, industrial buildings, and other appliances into energy-aware smart devices that react to grid conditions. Additionally, it offers street lighting solutions, light management software, and components.
Founding year: 2012
Total funding raised: US$555291
Investors: Get2Volume, LCR Hallcrest, Unreasonable Capital, Ontrack Advisory, Miniata Management, Futurity, TYLT Ventures, Tornado Sprayers, and Bismarck.
Plunify
Pulnify is a platform that focuses on the FPGA design flow of the semiconductor chip design industry. It uses big data and machine learning to manage the design of FPGA flows. Plunify’s products include the EDAxtend platform, a cloud platform that integrates chip design flows, and Intime, software that solves FPGA design problems through machine learning without the need to modify source code.
Founding year: 2009
Total funding raised: US$478,970
Investors: Kumpulan Modal Perdana, Lanza techVentures, Get2Volume, and Solidum Solutions.
Nanoveu provides 3D Displays and screen solutions based on nanofilms. Its technology is based on thin film-based nanostructures that shape our vision when viewed through high-resolution smart devices. Its screen protector can transform any mobile device into a portable 3D screen.
Founding year: 2012
Total funding raised: Undisclosed
Investors: Bergen Asset Management and GIG
WaveScan Technologies
WaveScan provides cloud and AI-enabled sensors for structural health monitoring of infrastructures. It offers a suite of NDT sensors mounted on drones for autonomous inspection of buildings and infrastructure facilities to detect cracks, corrosion in pipelines, pests, rodents behind walls, and wiring defects, among other things. The firm also performs AI-enabled analytics and generates inspection reports with defect type and location.
Founding year: 2018
Total funding raised: Undisclosed
Investors: Silicon Solution Partners, Enterprise Singapore, She1K, Plug and Play Tech Center, Leave a Nest, Plug and Play APAC, and SEEDS Capital.
LightSpeed Photonics
The firm manufactures optoelectronic systems, designing and developing modular processors and interconnects for data centres and near-edge computers.
Founding year: 2021
Total funding raised: Undisclosed
Investors: YourNest, GrowX Ventures, Entrepreneur First, Luminate, Enterprise Singapore, and 8X Ventures.
Core Semiconductor
Core Semiconductor provides IPs for SoCs and ASICs for IoT applications. Backed by the security of the QTUM blockchain, it has developed an open-source hardware platform that provides access to necessary tools for developing IoT applications. The firm has created J-Core, an Open-Architecture CPU core, which serves as a foundation stone for its SoC platform.
Founding year: 2018
Total funding raised: Undisclosed
Investors: SpaceChain
Silicon Cloud International
Silicon Cloud International provides secure cloud computing solutions for semiconductor design and collaboration. It also provides a cloud-based scalable computing environment for universities and research institutes.
Founding year: 2013
Total funding raised: Undisclosed
Investors: SPRING Singapore, Get2Volume, Singtel, CyLon, and TYLT Ventures.
MEMSing
It is the provider of IoT-based pipeline monitoring systems. The firm offers underwater acoustic sensing modules for water and oil pipeline leak detection. It also offers technologies for data processing, analysis, security, and communication for low-power wide-area networks.
Founding year: 2018
Total funding raised: Undisclosed
Investors: Accelerate Technology, JCS Venture Lab, and Transfong Ventures.
Niyam
Niyam AI is a cutting-edge technology company that provides AI-powered hardware design validation solutions for the electronics manufacturing industry. Its platform offers real-time design validation, risk assessment, and netlist and Gerber simulations to streamline the design process. This enables manufacturers to reduce development cycles and costs and fix supply chain issues more efficiently.
Founding year: 2024
Total funding raised: Undisclosed
Investor: Iterative.
FlexoSense
FlexoSense provides a flexible sensor that can be customized into different forms for industrial applications. It claims that the sensors have the ability to be customized for measuring dynamic pressures & strain with adjustable range, precision, accuracy, and resolution. It can be used as an enabler in sensing for healthcare devices, robotics, and consumer electronics.
Founding year: 2016
Total funding raised: Undisclosed
Investors: PIER71 and Modern Aging.
Cloptech develops a 60GHz multi-gigabit wireless solution designed based on IEEE 802.11ad WiFi standard and WirelessGigabit Alliance MAC/PHY specification. It has up to 4.2 Gbps peak data rate and enables uncompressed HD video streaming. The firm supports 802.11ad IP networking. It has collaboration with Singapore Government Research Agency A*STAR for R&D and partners with industry players to develop customised solutions.
Founding year: 2015
Total funding raised: Undisclosed
Investors: NTUitive, Silicon Catalyst, Accton Technology Corporation, Seeds Capital, IncuVest, and PlanetSpark.
Hertzwell
Hertzwell offers hyper-resolution radar for self-driving cars. The company claims to be developing a low-powered radar system that can track machine movements and even human gestures to millimetre-scale precision. It also offers solutions for industrial robots and VR/AR technologies.
Founding year: 2017
Total funding raised: Undisclosed
Investors: Entrepreneur First and Vertex Ventures.
EnvironSens
EnvironSens provides connected water quality monitoring systems. It develops a biosensor-based water toxicity monitoring technology. The startup has developed a proprietary solution based on microbial electrochemical sensor technologies, which can continuously detect the illegal or accidental discharge of heavy metals into trade effluent wastewater, which is liquid waste discharged from business or industrial processes, water bodies, and sewer networks in real-time. It collects and analyses toxic samples and the data is transmitted in real-time via a telecommunications system. Upon detection of heavy metals in the water, SMS alerts are sent to relevant personnel, to ensure immediate action to minimise downstream pollution.
Founding year: 2018
Total funding raised: Undisclosed
Investors: Imagine H2O, NUS Enterprise, JCS Venture Lab, and PIER71.
All across the globe, it seems that no one is breathing easy. In fact, the World Health Organisation (WHO) estimates that 99 per cent of the global population breathes air that contains high levels of pollutants. With polluted air leading to increased health risks and even deaths, becoming the second leading cause of non-communicable diseases (NCDs) globally after tobacco, it’s imperative that everyone must play a part in literally clearing the air.
Malaysia in particular is a country that has battled air pollution for a long time, and while we’ve come a long way from it being enough of a problem to prompt a state of emergency declaration — back in 2005 when our Air Pollution Index (API) exceeded 500 — we still have a long way to go, as our API readings still aren’t particularly healthy.
In addition, our recent monsoon season has seen a lot of trees not only being naturally uprooted, but also cut down for safety purposes. While that removes risk in one way, the lack of greenery in both agricultural and urban areas also contributes to increased air pollution as a whole due to the uptick in carbon dioxide emissions.
So what are the main causes of air pollution in Malaysia? How can we not only fight it at its source but also make moves to breathe clean air in our own homes?
The hazy origins of air pollution
There are three main causes of air pollution in Malaysia. Firstly, forest and peatland fires are a major contributor to hazy weather, with 22,000 open burning incidents reported in 2021 alone; the agricultural sector, peatlands, and both legal and illegal landfills are all listed as primary hotspots for open burning between 2020 and 2023.
Next, our commutes have a massive impact on air quality. Malaysia’s urban areas have consistently recorded the highest levels of air pollution compared to non-urban areas, which has inevitably been impacted by the growing number of vehicles on our nation’s roads leading to a massively increased output of exhaust gas.
Furthermore, air pollution is also caused by industrial activities, with pollutant emissions coming heavily from the energy, waste, and industrial processing sectors burning fossil fuels in mass quantities, which include coal, natural gas and oil.
With these massive sources of air pollution, what can Malaysians do to combat this issue on both a micro and macro level?
A variety of pollution solutions
Knowing all this, it’s clear that Malaysians need to take targeted actions at multiple levels. Firstly, to address haze caused by open burning, increased monitoring through satellite technology and patrols could help detect and control fires swiftly; and while strict enforcement and penalties for illegal burning could serve as strong deterrents, providing farmers with alternatives — like composting and crop rotation — is also crucial to reduce their need for open burning.
Meanwhile, the increase in vehicle emissions could be managed by investing in public transport systems that are reliable, affordable, and convenient, as well as promoting carpooling initiatives and developing pedestrian-friendly walkways. Of course, there’s also the need to create better infrastructure to better accommodate both electric vehicles (EVs) and hybrids, making those more environmentally-friendly options more accessible.
Looking at industrial emissions, enforcing strict emission standards that are backed by regular inspections and fines would hopefully hold industries accountable for their environmental impact.
Additionally, with the upcoming Budget 2025 predicted to be greener overall, ideally there can be governmental funds dedicated to streamlining and speeding up the adoption of more energy-efficient technologies and implementing energy management systems, which not only reduce air pollution but can also cut operational costs.
At the individual level, Malaysians can contribute by reducing, reusing, and recycling waste, which helps lower landfill use and reduces the need for burning. For indoor air, installing air purifiers would also contribute to healthier breathing in general, with multiple levels of filtration that accounts for all manner of allergens, pathogens, and other harmful particles.
All in all, by combining policy changes, sustainable practices, and personal responsibility, Malaysians can work towards cleaner air, healthier living, and a more sustainable future for everyone.
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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 infographic.
Applied Ventures, a stage-agnostic venture arm of global semiconductor major Applied Materials, primarily focuses on artificial intelligence (AI), machine learning(ML), big data, energy-efficient computing, extension of Moore’s Law, advanced materials, advanced displays, software, and the broader semiconductor and display ecosystem. Established in 2006, Applied Ventures invests up to US$100 million in startups annually and has backed over 90 companies across 19 countries, including in Asia Pacific.
In this interview with e27, Applied Ventures’s Global Head, Anand Kamannavar, discusses the venture arm’s key focus areas, investment criteria, trends, and expansion.
Edited excerpts:
Can you share what Applied Ventures looks for in startups across different stages? How does being stage-agnostic influence your investment decisions?
Applied Ventures invests in startups from seed to growth stages. We support them through ideation, incubation, commercialisation, and scale by providing the necessary technology and know-how and making connections. We will invest and partner with startups regardless of their stage.
For early-stage investments, we look for scalable technical disruptions that enable new markets or disrupt existing markets, management’s plan to de-risk the technology with fast learning cycles, and ways that partnership with Applied can help the company reach their milestones efficiently.
For growth-stage investments, we focus on customer and revenue traction, unit economics, ability to capture value, management experience with scaling, strength and defensibility of intellectual property (IP), scaling up plans and ways that can help accelerate their growth through active partnerships with Applied’s business units.
How does Applied Ventures identify “disruptive technologies” in semiconductors, AI, robotics, and advanced materials? What criteria or signals stand out?
We identify disruptive technologies by working closely with the ecosystem across the Materials to Systems stack. As one of the key players in the broader semiconductor, display, and deep tech ecosystem, we have unique insights into some of the industry’s key high-value problems, and we then actively look for disruptive technologies that can solve these challenges.
We have a solid track record of anticipating trends early, seeing around the corners ahead of the curve and partnering with startups. A good example is our investments over the last few years in areas that are currently attracting significant investment, such as photonics, advanced packaging, and energy-efficient computing.
Our criteria for investment have always been scalable technologies led by teams that understand the problem, identify effective pathways to reduce risks efficiently, and actively seek to partner with Applied Materials to mitigate these risks.
You invest up to US$100 million annually—what guides your allocation of these funds across regions or sectors, especially given recent global shifts in the semiconductor and deep-tech industries?
Our mission is to accelerate the development of cutting-edge technologies by providing capital, expertise, and connections to a global network of resources.
We also closely observe and respond to the evolving needs of the semiconductor and deep tech markets. We will prioritise regions and sectors based on the number and quality of startups driving disruptive innovation in our areas of interest.
The other element of our consideration in investment is the maturity of regional ecosystems with a strong focus and support in the semiconductor and deep tech startup scene.
Applied Materials is also present in 150 cities in 24 countries globally, which enables Applied Ventures to effectively identify, invest in, and support promising startups worldwide.
What role does Applied Ventures play in the broader corporate VC (CVC) landscape, and how do you see that role evolving in the coming years?
Applied Ventures plays a prominent role in the CVC and VC landscapes by leveraging our strong connections with Applied Materials, Applied’s customers, customers’ customers and supply-chain partners to drive scalable innovation in the semiconductor and deep tech industries. By actively collaborating with other CVCs and VC firms, we help portfolio companies reduce risk efficiently and promptly.
We are already expanding our global reach in markets like North America, Asia and Europe, fostering partnerships with local deep tech innovators, VCs, CVCs and collaborating with universities, accelerators and regional government entities.
We have also set up unique joint funds in Korea and Taiwan, and we plan to expand this model to other regions with local partners. We aim to remain a catalyst for deep tech innovation worldwide and help deep tech startups scale their ideas to create a significant impact through a collaborative ecosystem.
In the coming years, we will continue to focus on collaborating with emerging technologies and regional ecosystems, particularly in areas of interest mentioned above.
How does Applied Ventures leverage Applied Materials’s infrastructure and expertise to support early-stage startups? Can you share examples of how these resources have helped startups accelerate growth?
We provide startups access to state-of-the-art labs and R&D facilities globally, which are crucial for scaling deep tech innovations. We also have customer sites and collaborations in regions like Asia, the US and Europe, and we are expanding engineering and supply-chain capabilities in Singapore and India. These resources help startups accelerate growth by moving from lab-scale innovations to large-scale manufacturing.
Our collaboration with VVDN India has been a good example of growth-stage startup collaboration, where we partner with them to expand their role in the electronics value chain.
Beyond funding, what unique advantages or benefits does Applied Ventures provide to help startups navigate scaling challenges in deep-tech industries?
Applied Ventures leverages technical and industry expertise to accelerate startup ecosystems. Through the ASTRA (Applied Startup Technology & Research Accelerator) for startups in India, Singapore, Korea and Taiwan, we help identify and partner with relevant deep tech startups by offering consultation, joint development and investment opportunities.
We also connect startups with our network of customers, supply chain partners and co-investors (both corporate and financial VC and PE firms), providing access to new materials engineering and semiconductor technology innovations. Our global innovation infrastructure enables startups to validate high-performance devices and scale faster.
Finally, startups that work closely with Applied Materials gain financial support and the opportunity to collaborate with leading experts in various scientific fields, driving successful outcomes for our portfolio companies.
The latest ASTRA cohort focuses on critical areas like AI, semiconductors, and supply chains. How does this year’s cohort align with Applied Ventures’ broader goals and industry priorities?
This year’s ASTRA India/Singapore cohort aligns with Applied Ventures’s broader goals and industry priorities by focusing on AI, semiconductors, and supply chains. These are central to advancing deep tech and driving the semiconductor roadmap forward. By supporting startups in these fields, Applied Ventures fosters innovations that enhance energy efficiency, increase computational power, and drive technological progress.
Additionally, the emphasis on supply chain solutions addresses the need for resilient and efficient systems in a global market, aligning with the need to solve real-world problems and drive industry advancements.
Overall, this cohort showcases globally relevant startups with local home-grown innovations, in line with Applied Ventures’ strategic goal of advancing the industry.
What market or technological trends are most exciting to Applied Ventures?
Applied Ventures is excited about multiple markets and technological trends that align with our mission of using materials engineering (defined as atomic engineering on an industrial scale) to drive the semiconductor industry’s revenue from US$0.5 trillion to over US$1 trillion by the year 2030, as well as to address multiple opportunities that will shape the future.
Key trends include:
The growth of AI, including Gen AI, and the need for energy-efficient computing to address the power consumption challenge for AI data centres in both training and inference applications. This includes advanced packaging, chiplets, heterogeneous integration, and thermal management solutions.
Increased productivity through agentic AI and software bots that collaborate with one another.
New manufacturing technologies that integrate robotics/cobotics, fab automation and the global supply chain.
Quantum technologies (computing, communication and sensing) and the integration of classical and quantum computing models.
The autonomy and electrification of vehicles, achieving internal combustion engine cost parity and Level-5 autonomy simultaneously.
What challenges do startups face in entering and thriving in the semiconductor ecosystem, and how does Applied Ventures help mitigate those challenges?
Startups entering the semiconductor ecosystem face challenges such as scalability, capital intensity, access to advanced facilities, regulatory and market dynamics, and talent acquisition.
We aim to mitigate these challenges by providing them access to state-of-the-art labs and fabs, financial support from seed to growth stages, expertise and collaboration with leading technologists at Applied Materials, a global network to connect with customers and partners, key talent recruitment and strategic guidance to align innovations with industry needs. This comprehensive support helps startups mitigate risks, drive innovation, and launch scalable products in the deep-tech ecosystem.
What is your perspective on the future of the semiconductor market, especially in relation to emerging technologies like high-performance computing, autonomous vehicles, and AI?
The future of the semiconductor market is incredibly promising, driven by emerging technologies like high-performance computing, autonomous vehicles, AI and the intersection of semiconductor and deep tech across multiple domains. One of our key focus areas is improving energy efficiency, which is crucial for enabling GenAI, as it consumes significantly more energy than traditional internet searches.
We are investing in both hardware and software innovations, including large science models for Physics, Chemistry and Materials science. With a strong portfolio in semiconductor and deep tech, Applied Ventures is well-positioned to collaborate with startups, particularly in India and Singapore, to drive innovation and efficiency in the semiconductor market.
With investments in over 19 countries, how does Applied Ventures approach global expansion? Are there specific regions you are particularly focused on for future growth?
Our approach to global expansion is based on experience and a strategic focus on deep tech. Our investments align with Applied Materials’s goals, focusing on the entire Materials to Systems stack, from lab to fab. We are particularly excited about the semiconductor and deep tech space and look forward to supporting groundbreaking innovations globally with a key focus on North America, Europe and Asia.
Across India, Singapore and Southeast Asia, we have seen the deep tech startup system grow significantly in the past few years, with many more startups in our interest areas of semiconductors, photonics, robotics, manufacturing, software and AI/ML/Big Data.
Singapore serves as the regional headquarters of Applied Materials in Southeast Asia and is our strategic regional hub supporting diverse functions across manufacturing, customer support, corporate functions and R&D.
Similarly, in India, since our humble beginnings as a small office in Bangalore in 2002, Applied Materials has grown to about 8,500 employees across multiple Indian cities, and we have strong collaborations with leading Indian Universities like IITs and NITs.
From Digital to Traditional: Salmon Group’s Integration Strategy with Rural Banking to Enhance Financial Services
At Echelon Philippines 2024, Pavel Fedorov, Co-Founder and Executive Chairman of Salmon (Fintech Holdings Ltd), joined Maansi Vohra of Monk’s Hill Ventures for a fireside chat titled ‘From Digital to Traditional: Salmon Group’s Integration Strategy with Rural Banking to Enhance Financial Services’. The session delved into Salmon’s innovative approach to bridging the gap between digital solutions and traditional rural banking.
Fedorov outlined Salmon’s entry into the Philippines, highlighting the country’s young, tech-savvy population, low credit penetration, and underperforming legacy banks as key factors. Despite challenges like regulatory hurdles and external disruptions, Salmon acquired a rural bank in Santa Rosa, Laguna, planning to rebrand as Salmon by early next year.
Salmon’s strategy centers on deploying technology to improve financial inclusion in rural areas. By leveraging advanced tools to assess credit risk and offer easy access to loans, the company aims to expand the unsecured consumer lending market from US$22-23 billion to US$28 billion by 2028. Additionally, Salmon provides competitive deposit rates and plans to integrate QR-based technology for future products, enhancing accessibility and convenience for customers.
The chat also explored the operational and regulatory challenges of integrating digital solutions with traditional banking models. Fedorov emphasised the importance of compliance and service quality in their mission to create meaningful impact in underserved areas.
Salmon Group’s efforts reflect a broader vision of combining innovation with traditional practices to reshape financial services and improve lives in rural communities.
Watch the session video above to learn more about these insights and the strategies shaping the future of entrepreneurship.
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Missed Echelon Philippines this year? You can now catch the recorded sessions on demand, showcasing insights from leading startup experts, visionary entrepreneurs, and forward-thinking investors from the Philippines and Southeast Asia, all geared toward driving the next phase of growth. And stay tuned—more videos are coming soon!
TMY Technology (TMYTEK), a Taiwanese provider of millimetre-wave (mmWave) solutions, has raised US$40 million in its Series B funding round. Amazing Microelectronic Corp. and EZconn Corporation led the round, which was participated in by CDIB Capital Group.
The funding will accelerate the company’s global expansion plans and bolster its research and development capabilities. It will focus on optimising mmWave phased array antenna modules.
TMYTEK, one of SparkLabs Taiwan’s portfolio companies, also aims to debut on the Taipei Exchange (TPEX) in 2025.
TMYTEK provides mmWave solutions for 5G/B5G and satellite communication applications. It offers innovative devices, beamforming development kits, phased arrays with antenna-in-package (AiP) technology, and over-the-air (OTA) testing methodology, enabling faster industrial innovation and time-to-market.
The firm’s technology is used in various applications, including 5G/6G communication networks, satellite communication, automotive radar, defence systems, and smart city infrastructure. TMYTEK’s phased array antenna modules and subsystems have become essential components in these industries, offering improved signal transmission efficiency and stability compared to traditional antenna technology.
Su-Wei Chang, founder and president of TMYTEK, said, “Our journey from a responsive problem-solver to a trusted technology partner reflects our dedication to mmWave excellence. Today, clients involve us at the earliest stages of their projects to define specifications collaboratively. Looking ahead, we will deepen our presence in Japan, Europe, and North America by working closely with global system integrators and leveraging Taiwan’s agile supply chain to showcase world-class design and integration capabilities.”
TMYTEK also aims to reduce energy consumption in its mmWave modules, contributing to a more sustainable future for smart cities and IoT applications. Its mission remains focused on technological innovation, collaborating with international partners, and leveraging Taiwan’s supply chain strengths to achieve its vision of “Designed in Taiwan, Achieved Globally.”
(L-R) Unabiz CCO Loic Barancourt, CTO Alexis Susset, co-founders Philippe Chiu and Henri Bong, and COO Rémi François
Singapore-based UnaBiz, a provider of customised IoT solutions, has announced a strategic investment from Frank Phuan in its pre-Series C funding round.
The investment follows the closing of the first tranche of UnaBiz’s pre-Series C funding round led by KDDI Global Innovation Fund 3 and Kyocera Communications System in August this year.
This latest investment sees Phuan, co-founder of Sunseap Group, one of Southeast Asia’s largest clean energy solution providers, joining UnaBiz’s Board of Directors. His expertise is expected to amplify UnaBiz’s impact on global ESG initiatives.
Over the past two years, UnaBiz claims to have achieved significant growth, including a more than 10x increase in recurring revenue and adding over 5 million new devices to its global 0G Network.
“With their core technology Sigfox, UnaBiz is one of the rare deep tech companies that drive significant ESG impact through their innovative IoT solutions, especially in the energy and utilities sector,” said Phuan. “Their solutions not only deliver sustainable economic and environmental value but also help accelerate their customers’ journey towards net zero.”
Phuan brings a wealth of expertise in renewable energy and sustainability to UnaBiz. As the co-founder of Sunseap and the co-chair of the Sustainability Alliance of multiple Trade & Associations in Singapore, he has been instrumental in driving solar energy adoption and sustainable development across the region.
Launched in 2016 by Henri Bong, UnaBiz aims to provide scalable, energy-efficient IoT solutions for firms in critical verticals, such as aerospace, facilities management, F&B, healthcare, logistics, supply chain and smart cities.
UnaBiz claims to have connected one million security devices over the past year. It is now investing in partnerships with major automobile and motorbike manufacturers to scale its telemetry and anti-jamming services globally.
In 2022, UnaBiz secured an undisclosed sum in fresh funding led by Japan’s SPARX Group, with participation from G K Goh Holdings and Optimal Investment. It also acquired French IoT firm Sigfox 0G in the same year.
Earlier, it bagged over US$25 million in an oversubscribed Series B round led by SPARX Group through its US$700 million Mirai Creation Fund II.
The shift towards remote hiring, skyrocketing during the pandemic, has shaped how companies operate from 2021 to late 2023. However, as some employers argue against the necessity of continued remote work, many remote hiring policies are on hold. Despite this, assessing the viability of remote hiring in 2024 remains crucial.
The question remains for 2024: Is hiring remote resources still a good choice for your business? Spoiler alert: it might be — or might not?
Pros: Every resource, everywhere, any price, all at once
Hiring without borders: The ultimate reason
Global talent pool
The idea of a “local” workforce is becoming quaint. As of 2024, savvy companies are breaking free from geographical constraints, turning their hiring strategies global. A US-based tech giant can now seamlessly integrate AI specialists from Europe and data analytics teams from Asia, each bringing distinct insights and skill sets that are rare or unavailable domestically. Consider the broadened perspectives and the fresh, innovative solutions these diverse teams contribute.
It has also been a game-changer for many, especially those with disabilities for whom daily commutes and non-inclusive office environments were significant hurdles. The flexibility of location-independent roles means companies can retain highly qualified individuals who might otherwise exit the workforce.
Strategic flexibility in hiring
The dynamics of local hiring are filled with challenges, particularly in terms of scalability and adaptability. Launching new products often necessitates tapping into new markets, which traditionally meant hiring locally and, consequently, facing the possibility of mass layoffs if market conditions shift or the company pivots its focus. This approach can tarnish a company’s reputation and morale.
In contrast, leveraging a global, contract-based workforce can provide the flexibility needed for businesses to scale operations up or down without the disruptive cycle of hiring and layoffs. Utilising hiring agencies or service providers streamlines this process, ensuring companies can adapt quickly to market changes or project completions with minimal disruption.
The financial upside
The freedom to choose between multiple hiring models—be it full-time remote employees, part-time consultants, or freelance experts on a project basis—provides a distinct advantage. This flexibility is precious for SMEs and startups, where resource allocation needs to be strategically managed to balance growth, sustainability, while still keeping everything budget-friendly.
Consider TrueCar, a Santa Monica-based company specialising in automotive pricing and digital retailing. In a strategic move, TrueCar reduced its physical office footprint by approximately two-thirds (and still aims to further downsize to just 4,000 square feet!) This reduction translates into substantial cost savings across various fronts, including office supplies, cleaning, and maintenance.
Companies. like TrueCar, find that the savings accrued from reduced physical office needs can be redirected towards enhancing their remote work infrastructure, resulting in better employee benefits, and a boost in overall operational efficiency.
Productivity booster
Flexible hours
Remote work allows employees to choose their most productive hours, increasing efficiency and output. Recent studies from 2023 and 2024 confirm that when workers control their schedules, their motivation and engagement soar. Consider the case of a software developer who discovers their peak productivity spikes at dawn or in the still of the night. Who are we to judge his “9 to 5”? According to Microsoft, 87 per cent of hybrid employees say they’re productive at work.
Strategic partnership
In the tech world, smart hiring means playing to your strengths—and sometimes, those of others. Partnering with specialists in niche areas can be a masterstroke for tech firms. It allows the internal team to stay focused on big-picture goals like expanding the market and engaging customers, while expert partners handle the nitty-gritty technical details.
This approach cuts down on time spent learning jargon and streamlines operations, letting everyone work at what they do best. It’s a win-win: the work gets done faster, innovation speeds up, and the company sharpens its competitive edge.
Employees matter: A touch on retention, satisfaction, and balance
Work-life balance
The quest for work-life balance reshapes modern employment, with workers and companies reaping the benefits. Employees who enjoy flexible schedules are not just happier—they’re also driving their firms toward higher profitability. Data from the Flex Index and Boston Consulting Group highlights this trend, showing that revenues at fully flexible firms surged by 21 per cent from 2020 to 2022—quadruple the growth rate of their less flexible counterparts.
Impact on mental health
The traditional “9 to 5 culture” often contributes to employee stress, with even minor annoyances. Ursula Mead, CEO and co-founder of InHerSight, points out that with such a “mental first” policy, companies now have a chance to treat their employees as whole individuals, committing to healthier work environments for everyone involved.
Furthermore, companies that adopt remote work often observe a decrease in employee burnout and turnover, which leads to a more stable and engaged workforce. The feedback from employees is clear—they feel less stressed and more satisfied with arrangements that respect their personal time and mental health.
Cons: The other side of the coin
Timezone is the real deal
Miscommunication
Without the nuances and immediate feedback of face-to-face interactions, the intent behind written words can be easily misinterpreted, leading to confusion and conflict within teams. With that being said, a report by FlexOS highlights that 30 per cent of employees experience frustration due to unclear communication from their superiors.
Time-zone differences
Another major hurdle in remote work environments is managing time zone differences, particularly with teams that span the globe. The challenge of aligning schedules is well illustrated by a scenario where a project manager in New York struggles to coordinate with developers in India and designers in Europe. These differences can result in significant delays and inefficiencies in project delivery.
To mitigate these issues, companies are finding it beneficial to ensure a reasonable overlap in working hours among team members. For example, Atlassian’s CTO, Rajeev Rajan, mentioned that on teams of around 150 engineers, ensuring a 4 to 6 hour overlap in schedules can drastically improve collaboration and efficiency.
Security is key
Remote work introduces additional security risks, such as data breaches and unauthorised access. Without the controlled security protocols of an office setting—such as secure networks and monitored access—home environments can become easy targets for data theft and cyber exploits.
Since the onset of COVID-19, the cyber threat landscape has evolved dramatically, seeing a whopping 238% spike in cyberattacks. Cybercriminals are quick to target the most vulnerable points, which now happen to be the numerous home offices set up in a rush during the pandemic. Add technologies like deepfakes into the mix, and the risk escalates; these tools can create eerily accurate impersonations of colleagues or executives, leading to sophisticated frauds that can deceive even the vigilant eye.
Managing remote performance
As we move deeper into 2024, organisations will be (as they should!) keeping tabs on employees in term of productivity and overall performance under flexible work conditions. Many companies are contemplating a return to office policies as a solution to close any gaps in employee engagement that have surfaced with remote work.
The data suggests a trend: when productivity dips, the knee-jerk reaction is often to bring everyone back onsite. However, this approach not only overlooks the benefits of flexible working but also needs to pay attention to potential strategies to enhance engagement without sacrificing the flexibility that employees value.
How do you know if your employees are actually working?
Yet, digital tools and management strategies can effectively replicate these benefits in a remote setting. Project management platforms like Asana, Trello, and Jira are instrumental in managers keeping a pulse on project timelines and individual contributions without the need for physical oversight. Beyond software solutions, implementing regular check-ins and thorough performance reviews helps maintain a dialogue between managers and team members, ensuring any concerns are addressed swiftly and performance stays on track.
People who are still doing it
So, back to the main concern: Is remote working a hit or miss?
It depends, one must say
That’s pretty much the playbook at Chicago-based law firm Chapman & Cutler. Led by Sarah Andeen, the head of library and research services, the firm operates on a flexible remote work policy tailored to the specific needs of different departments and client demands. This approach recognises that remote work isn’t a one-size-fits-all but rather based on each department’s needs and requirements.
The strategy leans heavily towards flexibility for small and medium-sized enterprises (SMEs) and startups. These smaller, often more agile entities find great value in off-shore hiring and outsourcing, allowing them to start small and scale quickly without the overhead of large office spaces.
Rob Sadow, co-founder of Flex Index, suggests that as more firms emerge and existing office leases expire, the propensity for adopting flexible work policies is likely to increase. This shift is especially pronounced among newer, smaller companies that can maneuver more nimbly than their larger counterparts.
Statistics reinforce this trend, noting that those in tech and information sectors—predominantly based in tech hubs like San Francisco and Los Angeles—are leading the charge in remote work, with these areas seeing the highest percentages of full-time remote workdays, at 46 per cent and 40 per cent as of November.
A miss
Adapting to remote work isn’t equally feasible for all sectors. Large corporations, and industries that prioritise stringent security measures often find that traditional, on-site work setups are more advantageous. According to Code42, 76 per cent of information security experts anticipate an increase in data loss due to insider events. This underscores a significant challenge: the mere presence of security tools doesn’t guarantee their use by employees.
This gap in compliance is particularly critical in sectors where security and resource control are crucial. The risks linked to remote work, such as potential data breaches and the lack of direct oversight, can indeed overshadow the potential benefits. For instance, Tech.co’s 2024 report reveals that 59 per cent of employees admitted to not using a VPN provided by their employers, highlighting a significant lapse in adopting prescribed security measures.
However, despite all the pros and cons listed throughout this discussion, remote working remains a nuanced issue. Whether it proves to be a hit or a miss depends largely on the specific characteristics of a firm—its priorities, industry, size, and how well remote strategies align with its operational criteria. It’s always wise to keep all options on the table. Firms should consider maintaining a blend of on-site employees while also tapping into offshore and remote resources.
This balanced approach allows organisations to leverage the best of both worlds, adapting dynamically to changing business needs and market conditions. Ultimately, the goal is to ensure that the chosen work arrangements serve to enhance, not hinder, your business objectives.
Either way, the aim is to make it a win for your organisation, turning flexibility into a strategic advantage rather than a struggle.
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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 infographic.
