Singapore-based CarDekho SEA, the Southeast Asian arm of India’s leading digital automotive solutions provider CarDekho Group, has raised US$60 million in its first external funding round.

The investment was spearheaded by Navis Capital Partners and Dragon Fund, bringing the total funds raised to over US$100 million.

Established in 2020, CarDekho SEA provides a range of services, including used car financing and refinancing options, dealer inventory funding, and classifieds. It has a presence in Indonesia, the Philippines, Singapore, Malaysia, Thailand, and Vietnam. The company owns and operates a portfolio of brands, including OTO in Indonesia, and Carmudi and Zigwheels in the Philippines.

Also Read: Digitalisation is driving the new normal for Southeast Asia’s automotive sector

Since its inception, CarDekho SEA claims to have achieved over 200,000 disbursements and exceeded US$1 billion in gross merchandise value (GMV). The company has established partnerships with over 50 financiers and 20,000 dealers and retail agents, resulting in a 50-fold increase in GMV over the past three years. In Indonesia, CarDekho SEA commands a 3 per cent market share in the used auto finance sector and collaborates with over 40 financiers.

The newly acquired capital will be strategically allocated to bolster CarDekho SEA’s capabilities in used car financing and classifieds in Indonesia and the Philippines. The company will also focus on fortifying its B2B2C model and expanding its market reach through enhanced partnerships and distribution channels.

Future plans include building upon its existing ecosystem for distribution partners in the region by offering solutions such as inventory funding for used car dealer/agent partners. The company aims to accelerate growth by introducing complementary solutions in auto insurance, extended warranties, and electric vehicle financing.

CarDekho SEA distinguishes itself through its technology-driven loan processes, asset-light marketplace model with zero credit risk, extensive network among used car dealers and agents, and strong partnerships with financiers. The company utilises AI and machine learning to mitigate fraud and credit risks and aims to provide additional data insights to its financing partners. Efforts are underway to deepen technology and process integrations with financier partners, enabling a streamlined and secure digital loan journey.

 

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During a transformative tour of Southeast Asia, visiting innovation hotspots like Singapore and Indonesia, my team and I were deeply inspired by the rapid adoption and integration of blockchain and AI technologies in the region.

This journey was punctuated by a landmark collaboration with the Cambodian government to champion blockchain initiatives, closely following a significant partnership with the UNDP Global Center in Singapore through the UTC Initiative. This initiative is poised to deploy the Internet Computer to facilitate digital credentials, dramatically expanding access to financial services for micro, small, and medium enterprises across Southeast Asia.

The vibrancy of Southeast Asia’s economies is undeniable, characterised by a young, dynamic population that’s increasingly embracing digital assets, making the region a close contender to North America and Western Europe in global crypto transactions. Alongside, there’s a surge in smart city investments through public-private partnerships, which naturally raises questions about the cybersecurity infrastructure safeguarding this digital leap.

The discussions with key stakeholders in the region underscored the urgent need for a robust infrastructure capable of supporting diverse applications within complex regulatory landscapes. Central to overcoming these challenges is the deployment of sovereign cloud infrastructures that not only ensure data sovereignty but also decentralise power and safeguard individual rights.

The mechanics of sovereign clouds

A sovereign cloud, tailored for single entities or defined groups like DAOs, operates under strict jurisdictional control, ensuring data governance, control, and security remain localised.

Also Read: Debunking misconceptions about FinOps and cloud spending reduction

Here’s how sovereign clouds transform digital infrastructure:

• Autonomy and control: Sovereign clouds ensure all data operations and governance are confined within a specific jurisdiction, aligning with the rightful data owners’ mandates.
• Redundancy and resilience: Optimised for disaster recovery, these clouds maintain critical service operability amidst natural or digital calamities.
• Decentralised architecture: Unlike centralised systems, sovereign clouds leverage a decentralised node network, eliminating single points of failure and employing cryptographic security to safeguard data integrity.
• Regulatory compliance: Each cloud is customisable to meet the nuanced regulatory demands of specific countries or regions like the EU, ensuring compliance without sacrificing operational fluidity.
• Customisation and personalisation: Sovereign clouds can be finely tuned to user-specific needs, including specialised AI model training, providing unmatched flexibility and security.

Contrasting sharply with conventional clouds offered by tech giants, which pose risks of centralised control and failure, sovereign clouds offer a decentralised alternative free from external corporate or political pressures.

A paradigm of sovereign clouds

UTOPIA, or Unstoppable Tamperproof Open Platform for Independent Autonomy, epitomises the pinnacle of sovereign cloud innovation using Internet Computer technology. Designed for enterprises, NGOs, and governments, UTOPIA platforms are fortified to operate beyond the reach of traditional cybersecurity threats, eliminating the reliance on firewalls and anti-malware.

Built on a robust distributed node system, UTOPIA clouds are inherently resilient to various threats, ensuring continuous service and data integrity even as nodes are dynamically adjusted. This architectural elegance emancipates operators from conventional IT dependencies, paving the way for a truly sovereign digital infrastructure.

As blockchain technology heralds a new era of secure, user-centric internet, the integration of sovereign clouds like UTOPIA is not just innovative but essential for the digital sovereignty of tomorrow’s global infrastructure.

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Dear reader,

Carro’s dramatic 92% reduction in operating losses signals a broader trend in Southeast Asia’s startup ecosystem: the shift from growth-at-all-costs to profitability-driven strategies.

With its FY24 results, Carro demonstrates that it’s possible to recalibrate business models for sustainability without entirely sacrificing expansion. The company’s focus on higher-margin revenues and ancillary services—now contributing 60% of gross profit—highlights a savvy pivot towards ecosystem monetisation.

This approach reflects the broader economic climate. Rising interest rates and a challenging funding environment have put pressure on startups to show tangible returns. Carro’s restraint in loan growth and impressive non-performing loan ratio below 0.5% underline its prudent financial management—traits increasingly valued by investors navigating uncertain markets.

As the company eyes a potential IPO, positive operating profit will be a crucial benchmark. Yet, Carro’s cautious tone regarding the macroeconomic landscape suggests it is bracing for headwinds, much like its peers. Rival Carsome’s recent performance and cautious loan book expansion indicate similar recalibrations.

The takeaway? Startups in Southeast Asia are learning to thrive in a more demanding financial ecosystem. For Carro, the road ahead may not be smooth, but its methodical approach to profitability offers a compelling playbook for others navigating the region’s evolving investment landscape.

Sainul,
Editor.

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NEWS & VIEWS

Carro swaps growth for profitability, as losses fall 92% in FY24
The used-car marketplace Carro says it cut its operating losses by 92% to US$6.7M in FY 2024); While this came at a cost, with the company posting a y-o-y decline in revenue growth of about 6% to US$781M, gross profit margins improved from 8% to 12%.

SG competition watchdog clears EQT’s takeover of PropertyGuru
The Competition and Consumer Commission of Singapore said after a public consultation last month that the deal was “unlikely to substantially lessen competition in Singapore’s digital real estate advertising services market.”

Kamereo secures US$7.8M Series B to scale Vietnam’s food supply ecosystem
The investors include Sumitomo Corporation, Inspire Co, and SMBC Venture Capital; Kamereo’s marketplace business connects producers and manufacturers with its existing network of over 3,000 customers.

InnoVen invests in SG e-commerce aggregator Rainforest
The investment aims to enhance the firm’s efforts in acquiring and scaling brands focused on parenting and children’s products; Founded in 2020, Rainforest has expanded its portfolio to include 17 brands.

Flipkart said to plan IPO, move HQ to India
The Walmart-owned company aims to complete the IPO process by late 2024 or early 2025; The IPO is expected to be pivotal for India’s startup ecosystem, placing Flipkart alongside recently listed consumer internet firms such as Zomato and Nykaa.

Singapore’s Belli wins FutureTravel Summit in Barcelona for innovative air cargo solution
Belli helps airlines manage their end-to-end air cargo operations by replacing their spreadsheets and manual processes with a fast and easy-to-use system.

OpenAI Startup Fund raises US$44M in its largest SPV yet
Launched in 2021, the Fund has an unusual structure; It uses OpenAI’s name, but says OpenAI is not an investor; Originally legally controlled by OpenAI cofounder and CEO Sam Altman, it has raised money from outside LPs, including Microsoft.

ByteDance, TikTok seek temporary halt to US ban pending Supreme Court review
The companies warned that without the order the law will take effect and will “shut down TikTok—one of the nation’s most popular speech platforms—for its more than 170M domestic monthly users on the eve of a presidential inauguration.”

Paytm sells PayPay stake to SoftBank for US$279.2M
The sale of Paytm’s stake in PayPay, a Japanese payments firm that it received through acquisition rights six years ago, follows months of restructuring that saw the Indian firm sell its entertainment ticketing unit to Zomato for US$246M in August.

FEATURES & INTERVIEWS

From innovation to impact: Key sectors driving GenAI adoption in ASEAN
As ASEAN’s GenAI ecosystem matures, the region is set to become a global leader in AI innovation, driving meaningful change across industries and improving lives at scale.

Echelon Philippines 2024: Strategies for success in climate tech ecosystem
The Echelon Philippines panel explored innovations, funding opportunities, and strategies for navigating regulatory landscapes.

Echelon Philippines 2024: Building an AI-first tech ecosystem for global competitive advantage
The Echelon Philippines panel highlighted the importance of a collaborative AI ecosystem uniting startups, tech companies, academia, and government.

FROM THE ARCHIVES

Awareness level about the potential benefits of energy efficiency is low in SEA: TablePointer CEO
To address this, TablePointer will partner with financing institutions to offer attractive financing options and differentiate itself through its data-driven approach.

B Capital believes in startups, corporates collaboration to bring decarbonisation efforts forward
According to B Capital, increased engagement between startups and corporates can de-risk investments, create a positive feedback loop.

Unlocking deeptech for sustainable development: SDTA launches revamped venture building programme
Through collaboration among startups, investors, industry leaders, and policymakers, we can unlock technology’s potential for sustainable development.

The transformative power of sustainable technology and practices for businesses
Sustainable technology and practices can help businesses become more resilient in the fast-changing world we are living in.

How to navigate the investment opportunity in climate tech sector
Climate technology investments have matured in developed countries while maturing rapidly in developing markets.

The Mills Fabrica aims to transform agrifood, textile industries through its climate tech investments
The Mills Fabrica plans to invest up to US$3 million in each climate tech startups, and does not have specific cap for the numbers.

‘Climate investment is still viewed as a philanthropic agenda, not commercially viable’
Alina Truhina, CEO and Managing Partner of The Radical Fund, says that it takes time for a founder to convince investors that climate solutions enable cost saving or reduction and/or additional value and profit.

Insulation’s environmental impact: A call for sustainable innovation
Inappropriate insulation disposal and a lack of recycling choices cause environmental challenges and waste management problems.

Sustainable solutions for energy-intensive data centres in humid Singapore
Addressing the environmental impact of energy-intensive data centres is crucial for ensuring a more sustainable future.

Celebrate World Environment Day: 4 ways blockchain and ReFi are supporting a greener future
Blockchain enables transparent supply chains, providing consumers with accurate product origin and supply credentials.

How Circular can help to reduce e-waste through its device subscription service
Circular notices that there is a problem of underutilisation that leads to the significant amount of e-waste generated in Singapore each year.

Demystifying the financial impacts of climate change with Intensel
Intensel leverages AI, big data, and its team’s combined expertise in climate science and finance to create its analytics platform.

WasteX helps poultry farms improve productivity, achieve sustainability with biochar solution
The biochar solutions that WasteX produced offer many benefits for poultry farms, from disease eradication to carbon offsetting.

How Zuno Carbon plans to help organisations reduce their environmental impact
In Southeast Asia, sustainability remains at the bottom of a company’s priority list. But this is how Zuno Carbon plans to deal with it.

THOUGHT LEADERSHIP

Unlocking new investment horizons: Hong Kong and Indonesia’s strategic economic partnership
As the economic relationship between Indonesia and Hong Kong continues to grow, how will this impact global investment trends?

Failing the Olympic hurdle: Is it the beginning of the end for the Airbnb boom?
One major contributing factor to Airbnb’s Q3 slide was the company’s weakening profit margins of US$555M during the previous quarter compared to the $650 million reported over the same period in the year prior.

How AI agents will transform financial services
As AI agents become more capable, they will be able to conduct transactions and complex processes without the need for human intervention. However, it is important to put the right safeguards in place to ensure the right levels of accountability.

Startup governance and how it can make or break the business
Startup governance ensures that the management’s values, ethics, and business practices align with, and lead to their financial goals.

The post Ecosystem Roundup: Carro’s losses fall 92% in FY24 | Paytm sells PayPay stake to SoftBank for US$279.2M | Kamereo secures US$7.8M appeared first on e27.

Omni HR, a SaaS-based employee management startup based in Singapore, has closed US$7.4 million in funding.

The round was led by Picus Capital, with participation from Alpha JWC Ventures, January Capital, and Ratio Ventures.

This deal brought the startup’s total funding raised to date to US$9.8 million.

Also Read: How Remote is pioneering global talent management and the future of work

Omni HR will use the fresh funding to expand and further develop its product offerings across the Asia Pacific region and scale up its localisation efforts, including launching a multi-country payroll.

Founded in 2021 by former Goldman Sachs executive Brian Ip, Omni HR provides a unified, data-driven workspace for teams to automate HR tasks, manage teams, and handle multi-country payroll from a single platform. It automates manual HR processes from multi-country payroll to performance management while integrating with renowned office productivity suites.

“Asia has long been overlooked in the HR tech landscape, forcing companies to choose between global platforms that lack localisation or local platforms that fail to scale. We’re changing that by building natively for Asia, blending localised features with modern functionalities like automations and flexible workflows. Designed for the needs of modern, multi-country teams, we aim to be the foundational operating system for seamless and effective employee management,” said founder and CEO Brian Ip.

Currently, it serves hundreds of customers across Asia, with end users spanning 79 countries.

It claims to have helped optimise global workforce management—with nearly 70 per cent of its customers running multi-country teams—for a list of customers, including Endowus and Funding Societies.

Also Read: Remote hiring in 2024: The pros, cons, and everything in between

Rapid economic growth and business expansion within APAC—staggering estimates in a recent McKinsey report attribute 70 per cent of global post-pandemic economic growth to the region—underscore the critical need for HR solutions that cater to the region’s unique characteristics. As more businesses look to capitalise on this boom, navigating the complexities of managing a global workforce with regional nuances will prove to be a major HR challenge.

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South Korea is experiencing a transformative AI boom, positioning itself as a global leader in artificial intelligence innovation. Driven by its world-class expertise in semiconductor technology—essential for AI systems—South Korea has become a pivotal hub for AI-related advancements.

The country’s dominance in memory chips, particularly those used in AI data storage and processing, has attracted significant international attention. Global companies such as NVIDIA are relying on South Korean firms like SK Hynix and Samsung for cutting-edge high-bandwidth memory (HBM) solutions.

The South Korean government is heavily investing in AI and semiconductor infrastructure, exemplified by initiatives like the US$471.4 billion Yongin Semiconductor Cluster. This has led to a surge in investor confidence and boosted the global profile of local startups. Companies such as Naver, LG, and Kakao are at the forefront of AI development, from generative AI chatbots to advanced cloud infrastructure.

Moreover, collaborations with global tech leaders, including OpenAI, Google Cloud, and Amazon Web Services, have further accelerated South Korea’s AI capabilities. These partnerships underscore the country’s growing importance as a strategic player in the AI landscape.

Also Read: From innovation to impact: Key sectors driving GenAI adoption in ASEAN

South Korea’s vibrant AI ecosystem, bolstered by government support and robust international collaborations, has made it a hotspot for innovation. It nurtures startups that are shaping the future of artificial intelligence globally.

Below is the list of South Korea’s top AI startups:

Rebellions

Rebellions manufactures AI accelerators. It develops AI processors using silicon-based architecture and deep learning algorithms and offers custom processors with optimised algorithms. These processors have applications in financial trading, energy systems, cloud servers, and autonomous vehicles.

Founding year: 2020
Total funding raised: US$211 million
Investors: Aramco, Wa’ed Ventures, KT, Korean Development Bank, Korelya Capital, KT Cloud, Pavilion Capital Partners, Shinhan Venture Investment, DG Daiwa Ventures, Somers Investment Partners, Korea Development Bank Europe, Mirae Asset, IMM Investment, KB Investment, Kakao Ventures, Mirae Asset Capital Markets, STH, GU Equity Partners, KT Investment, Shinhan Capital, Dunamu & Partners, and ReVentures.

DeepX

DeepX designs and manufactures neural network processing units for edge applications. The startup also develops an AI-powered bot that keeps crypto socials free from scammers and spammers.

Founding year: 2018
Total funding raised: US$103 million
Investors: SkyLake, BNW Investment, Time Polio Asset Management, Aju IB Investment, Korea Development Bank Europe, ALUMNI-PARTNERS, Pathfinder H, Shinhan Bank, Capstone Partners, Shinhan Financial Group, DS, InterValue Partners, Magna, and Kingo.

Selectstar

Selectstar provides a platform for AI training solutions. It allows users to collect images, voices, videos, and texts from different sources and label and validate the raw data. Selectstar’s features are object segmentation, line segmentation, classification, transcription, editing, comparison, and other tools for labelling solutions.

Founding year: 2019
Total funding raised: US$67 million
Investors: Kakao Ventures, Company K Partners, CJ Investment, Now IB Capital, and Kolon Investments.

Wrtn Technologies

Wrtn develops an AI and NLP-based writing assistant to enhance creativity and productivity.

Founding year: 2021
Total funding raised: US$32 million
Investors: SkyLake, BRV Capital Management, Z Venture Capital, Capstone Partners, Industrial Bank of Korea, KB Securities, KEB Hana Bank, WOORI Venture Partners, Hana Financial Investment, KDB Industrial Bank, Sui Generis Partners, and Krew Capital.

Moreh

Moreh develops a full AI software stack. The platform enables users to optimise the life cycle of a hyper-scale AI. Moreh also provides AI infrastructure software designed for parallelisation and cluster scalability. Its software stack includes AI infrastructure and application services like chips.

Founding year: 2020
Total funding raised: US$30 million
Investors: KT, AMD, Smile Gate Investment, and Forest Partners.

Skelter Labs

Skelter Labs develops AI-based language processing technologies for enterprises. Its offerings include a conversational AI engine that allows users to build AI chatbots and provides management tools for both sequential and non-sequential conversation flows. It also provides speech recognition and synthesis technology that can be used to recognise or synthesise voices from various speakers with features like emotion, tonality, context recognition, and visual processing.

Also Read: Digital transformation and AI revolution: Shaping Singapore’s F&B industry with Korean restaurant tech

Founding year: 2015
Total funding raised: US$23.5 million
Investors: KBD Capital, Stonebridge Capital, Kakao Ventures, Korea Investment Holdings, Korea Development Bank Europe, BNK, ATP, Golden Gate Ventures, Kakao Brain, Stonebridge Ventures, LOTTE, Colopl Next, Shinhan Futures Lab, The Wells Investment, Access Ventures, and BNK Venture Capital.

Mobilint

Mobilint provides sensor fusion and deep learning systems on a chip technology, which provides accelerated artificial intelligence solutions. Its NPU solutions are optimised for AI tasks.

Founding year: 2019
Total funding raised: US$15.3 million
Investors: Kyobo Securities, Union Investment Partners, Daesung Startup Investment, Korean Development Bank, L&S Venture Capital, and FuturePlay.

AIMMO

It provides an AI model labelling and training platform. AIMMO enables users to build, train, label, analyse, and manage AI models for multiple applications. Its features include labeller analytic tools, real-time communication functions, a custom workflow designer, auto-labeling tools, a thumbnail viewer, and LiDAR data tools. The firm uses computer vision, NLP, and cloud technologies. It caters to the automotive, healthcare, and robotic industries.

Founding year: 2016
Total funding raised: US$12 million
Investors: DS, Industrial Bank of Korea, Hanwha Investment & Securities, Toss, Korea Asset Investment Securities, VentureField, and S&S Investment

Channel Talk

It provides AI- and SaaS-based customer relationship management solutions for online retailers. The platform supports retailers in capturing customers and tracking the customer identity, duration of visits, and drops in messages, offering them product recommendations, deals, and more.

Founding year: 2014
Total funding raised: US$10 million
Investors: Laguna Investment, KB Investment, Atinum Investment, BonAngels Venture Partners, Colopl Next, KDDI Open Innovation Fund, Global Brain, Korea Investment Holdings, Aju IB Investment, Stonebridge Capital, Fast Track Asia, SparkLabs, Amorepacific Ventures, Kolon Investments, IMM Investment, Fast Investment, and Four Asian Tigers.

Odd Concepts

Odd Concepts provides computer vision and deep learning-based image recognition solutions for enterprises. It uses its proprietary image recognition platform to develop products and provide cloud-based API solutions for clients.

Founding year: 2018
Total funding raised: US$10 million
Investors: KB Securities, HB Investment, Kiwoom Investment, SBI Investment Korea, Korean Development Bank, Stonebridge Capital, Colopl Next, and KB Investment.

Lablup

It is a cloud-based AI model development and deployment. Lablup develops algorithms for computing-based research using AI and cloud computing technologies. The AI firm also provides a management platform for training deep learning models and computational research, and machine learning-based chatbot, and a web UI application. The SDKs are compatible with optimised environments for machine-learning toolkits such as TensorFlow, PyTorch, and Caffe. It leverages machine learning to create apps for multiple applications such as Visual Studio Code and Atom Editor.

Founding year: 2015
Total funding raised: US$9.6 million
Investors: K2 Investment Partners, LB Investment, Industrial Bank of Korea, Daesung Startup Investment, Stonebridge Capital, Kakao Ventures, and Campus.

42Maru

42Maru provides AI, cloud, and NLP-based question-answering chatbots. The firm develops a question-answering system based on deep learning technology and NLP-based text analytics systems. The QA system is powered by a machine reading comprehension engine and paraphrasing techniques that allow computers to understand the meaning of the text and user queries and find answers to any given question. The system is applicable to digital chatbots, smartwatches, smart speakers, smart toys, connected cars, and data warehouses.

Founding year: 2015
Total funding raised: US$9.3 million
Investors: NAVER Cloud, LG U +, Hancom Secure, Hana Financial Group, Industrial Bank of Korea, Korean Development Bank, SpringCamp, and Techstars.

SOOHO

SOOHO provides blockchain-based payment security and transaction monitoring solutions. The firm offers a solution to audit smart contracts and on-chain transactions. It also provides security assessments through API and IDE plugins to find bugs, detect vulnerable codes, and verify their safety. SOOHO leverages machine learning to analyse transactions and filter unreliable ones.

Also Read: Bering Lab raises US$2.3M to take AI-powered legal translation solution beyond Korea

Founding year: 2018
Total funding raised: US$9 million
Investors: Woori Technology Investment, Samsung SDS, LG CNS, SK, Shinhan Futures Lab, and Consensys Labs

Furiosa

It provides an AI-based inference computing solution

Founding year: 2017
Total funding raised: US$6.9 million
Investors: Korean Development Bank, Truston Asset Management, Naver, DSC Investment,
NAVER D2 Startup Factory, IMM Investment, Quantum Ventures Korea, Now IB Capital, and Schmidt.

Align AI

Align is a data analytics platform that helps builders of AI-native products convert conversational data into insights. The company provides an analytics infrastructure to manage the performance of conversational interfaces and agents. It includes a natural language search tool to find specific conversations. Align leverages semantic search to identify and generate data.

Founding year: 2021
Total funding raised: US$3.5 million
Investors: KB Investment, STH, and Danal.

ACTNOVA

It is an AI vision-based behaviour test platform provider. The company offers a web application for analysing videos and leverages AI and machine learning to identify and visualise behaviours. Users can import video files by drag-and-drop and experiment with conventional behavioral apparatuses or customise.

Founding year: 2020
Total funding raised: US$2.5 million
Investors: Hana Ventures, A-Venture, and Fast Ventures.

Bering Lab

Bering Lab offers domain-specific AI translation engines to handle complex legal document translations. Its flagship translation platform is BeringAI. BeringAI+, which combines AI technology with expert review by over 500 lawyers and 800 professional translators across over 30 countries, achieves 99 per cent translation accuracy.

Founding year: 2020
Total funding raised: US$2.3 million
Investors: SBVA (formerly SoftBank Ventures Asia) and The MBA Fund.

CMITech

CMITech provides iris recognition imagers and modules for system integrators and OEMs. Its products include an iris imager for capturing and recognising to authenticate users. The solution is applied to physical access control, healthcare, civil ID, border security, and financial applications.

Founding year: 2009
Total funding raised: US$2.1 million
Investors: Magellan Technology Investment, SBI Investment Korea, Industrial Bank of Korea, and KT Investment.

Skychips

Skychips is a provider of AI-based chips for applications. It offers a data processing solution by implementing a serial data processing method known as a parallel data processing method or CNN.

Founding year: 2019
Total funding raised: US$1.67 million
Investors: SoluM, Kingospring, P&P Investment, C&Venture Partners, Daedeok Venture Partners, Korea Investment Holdings, and Genaxis.

Testworks

Testworks provides a platform known as aiWorks that specialises in training data for artificial intelligence models. It also provides learning data collection and processing solutions and claims to provide accurate data sets for the rapid growth of AI.

Founding year: 2015
Total funding raised: US$884K
Investors: D3 Jubilee Partners and Microsoft Accelerator.

Xbrain

Xbrain provides a cloud platform for automated data science functions. The platform Daria provides multiple features for data input and processing, including oversampling, scaling, and normalization. It automatically selects the best machine-learning models for each dataset from different combinations of algorithms and hyperparameters.

Founding year: 2014
Total funding raised: US$700,000
Investors: Postech Holding, Tech Incubator Program for Startup, Capstone Partners, SparkLabs.

Dabeeo

It provides an open-source and AI-enabled mapping platform. Dabeeo’s solutions include map services for location-based services, online to offline services, and custom-made styles. It also features indoor map data, API integration, map editors, POI managers, object detection, and statistic tools. The maps offer offline services, meaning they can be downloaded to the device and user.

Founding year: 2012
Total funding raised: US$445,000
Investors: LIG Nex1, SJ Investment Partners, Mirae Asset Venture, BonAngels Venture Partners, Tech Incubator Program for Startup, igniteXL, and OpenWaterINV.

Roborus

Roborus provides smart restaurant management solutions. Its smart ordering solution greets customers and recognises their orders using proprietary AI algorithms. Based on order history, Roborus also offers personalised loyalty programmes for every individual customer. It collects customer feedback and records customer satisfaction levels by analysing their facial expressions.

Founding year: 2016
Total funding raised: US$135,000
Investors: Render Capital, Metro, Techstars, Boomtown Accelerators, ActnerLab, Right Side Capital Management, Tech Incubator Program for Startup, RISE, The Farm, LeadX Capital, MXcel, and Xcel.

Weavel

Weavel offers product analytics for conversational AI products. The platform enables users to integrate the platform into conversational products. It offers pre-built reports generated automatically for actionable insights. Weavel’s features include automatically generated pre-built reports, integration into conversational products, analysis of conversations, tracking of events, and elevating data to action.

Founding year: 2023
Total funding raised: 125,000
Investors: Y Combinator and Krew Capital.

Blue Dot

It provides AI-based semiconductor IPs. Blue Dot features 4K/8K resolution and high-definition video encoder solutions that support 5G networks for live social video, cloud gaming, immersive video VR/AR, and OTT/VOD.

Founding year: 2019
Total funding raised: Undisclosed
Investors: NAVER D2 Startup Factory, KB Investment, Smile Gate Investment, and BluePoint Partners.

DoingLAB

DoingLAB provides AI-based apps for calorie tracking and nutrition recommendations. It offers DietCameraAI, an app for tracking calories and analyzing eating patterns using an AI-based camera, and Diabetic Camera, which recommends recipes suitable for diabetes.

Founding year: 2016
Total funding raised: Undisclosed
Investors: Insight Equity and NAVER D2 Startup Factory.

ZETIC.ai

It is a platform offering pipelines for serverless AI systems. It profiles and predicts AI model performance across devices and processors. The firm offers an automated pipeline for on-target AI model library implementations and supports the integration of AI services.

Founding year: 2024
Total funding raised: Undisclosed
Investors: Korea Investment Accelerator, and TheVentures.

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Image Credit: 123RF

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On 30 October, SWITCH of TAIWAN: Networking Night with Taiwanese Startups took place in collaboration with StartUP@Taipei, the Taipei Government’s program supporting Taiwanese entrepreneurs. This dynamic event gathered a diverse group of entrepreneurs, investors, and corporate representatives. As a result, the event created a vibrant platform for cross-border collaboration between Taiwan, Singapore, and Japan.

Powered by Startup Island TAIWAN, the event marked a significant step in fostering innovation across Asia. As Taiwanese startups are looking to expand beyond local markets and leverage Southeast Asia’s robust digital economy, these initiatives will help drive regional growth and collaboration.

Also read: Why Taiwan’s tech ecosystem is ASEAN’s next big growth driver

Evolving SEA startup ecosystem in focus at SWITCH of Taiwan

With around 80 participants, including representatives from 9 pioneering Taiwanese startups, the night facilitated curated discussions and networking opportunities. Investors, VCs, and CVCs benefited from a dedicated investor matching session, enabling high-impact connections with startups poised for regional expansion.

A highlight of the evening was the keynote address by Raymond Choong, Venture Partner at Focustech Ventures. Choong provided valuable insights into the evolving startup ecosystem in Southeast Asia. His perspectives on key market trends and strategies for regional growth resonated with the attendees. This is particularly true as Taiwanese entrepreneurs are increasingly seeking opportunities for expansion in Southeast Asia.

Through StartUP@Taipei’s Global Pass program, which facilitated the involvement of Taiwanese startups, Singapore is recognized as a strategic gateway for companies exploring international markets. This initiative connects startups from Taiwan to an integrated network of resources and partnerships, essential for navigating cross-border expansion.

Also read: Bridging Taiwan and Southeast Asia through innovation and tech

Fostering cross-border collaboration across Asia

The event underscored the importance of regional networking nights and investor matching sessions that enable impactful collaborations across Asia. By connecting Taiwan’s vibrant startup ecosystem with Southeast Asia’s dynamic markets, the SWITCH of TAIWAN Networking Night catalysed new opportunities for founders, investors, and ecosystem builders alike.

Further, the evening’s enthusiastic networking reinforced the need for a thriving regional ecosystem. This ecosystem is where startups can connect, learn, and grow together. As more Taiwanese startups look to scale into Southeast Asia, this event represents a vital step toward deepening relationships and building a robust entrepreneurial network across Asia. Finally, the success of this event highlights the strong demand for cross-border collaboration. As a result, it paves the way for future partnerships that will help propel startups from Taiwan and beyond onto the global stage.

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This article is sponsored by One&Co Singapore

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Startups face a handful of significant challenges in getting off the ground. While funding and breaking into the market may be the most obvious, you shouldn’t overlook your workforce, either. Turnover can be common among new businesses, and high attrition could stop you from reaching your goals efficiently.

The startup-heavy fintech sector exemplifies this issue. Singaporean fintech businesses have an average attrition rate of 10 per cent to 15 per cent, and employees typically stay with the company for just three years. Thankfully, artificial intelligence (AI) can help. Here are five ways you can use AI to reduce employee turnover:

Find ideal candidates

AI’s role in attrition reduction starts before hiring even begins. Many employees leave startups because they struggle to see the company’s long-term potential or may misunderstand its culture, as this will be less established. Consequently, you can avoid turnover by finding people who are a better fit for your business.

AI candidate screening tools can recognise subtle characteristics suggesting how well a job-seeker will match the role. Because AI is better than humans at detecting easy-to-miss trends in data, it can find ideal recruits conventional hiring approaches may overlook.

Looking for unconventional candidates can increase the available labour pool by nearly 10 times the norm. Consequently, you’re far more likely to find people who match your company culture with AI’s help.

Personalise onboarding and career development

Once you find the right employee for a role, AI can help by tailoring their experience to their requirements. Failure to nurture workers’ talents or lacking the resources to meet individual needs are other common causes of startup turnover. Automated personalisation fills that gap.

Also Read: Why building user communities is far better than paid advertising

Machine learning models can analyse an employee’s experience and preferences during recruitment to learn what they need from the company. They can then modify onboarding templates accordingly, ensuring everyone’s training matches their unique situation. Consequently, people will feel more comfortable and ready to start work at your startup.

Similar benefits apply to long-term career development. Limited opportunities for advancement are a key cause of attrition for 43 per cent of workers in Southeast Asia. You can address this need by using AI to match current employees to potential promotions or training opportunities, helping them advance while providing the most value to the company.

Automate un-engaging tasks

You can also use AI to reduce attrition by automating work your employees may find tedious or boring. As minor as such complaints may seem, low engagement leads to higher burnout and turnover, so removing unengaging tasks can have the opposite effect.

Common non-engaging work includes data entry, billing, scheduling and reporting. All of these functions are also easily automatable with today’s available AI software. AI also tend to perform such work with higher accuracy and greater efficiency, so you can save time and money by automating them, too.

Remember to use AI to complement workers, not replace them. Your takeaway should be that AI frees employees to focus on the tasks they enjoy and that contribute more to the company. Threatening job losses with automation will likely lead to worse turnover.

Evaluate employee sentiment

Another way to reduce attrition through AI is to evaluate how your employees feel about the workplace. Customer sentiment analysis is already a common AI use case in many businesses, and you can apply the same concept to your workforce to learn where company culture may need to change.

Also Read: Is omnichannel commerce a fairy tale for SMEs in Singapore?

Automated surveys and internal communications provide the data AI needs to determine employee sentiment. When using surveys, remember to ask about feelings toward your AI technology itself. It’s the second leading cause of job losses among today’s technologies, so you want to assure your workers as soon as possible if they fear such a future is headed their way.

Once your AI model summarises your employees’ state of mind, you must act. Address any common issues people bring up about the workplace and open a dialogue about how things can improve. Workers will be more likely to stay if they see positive change and witness leadership listening to their input.

Guide your startup’s future

It’s also worth considering that some employees may leave your company because they realise many startups fail. You can assuage these concerns by using AI to gain insight into your industry’s future and build a more reliable long-term strategy.

As much as 98 per cent of startups say AI is crucial to their future business strategy. You may fall behind the competition if you don’t also capitalise on the technology. Start by looking for cost or time-saving opportunities through AI-driven automation and use AI to identify inefficiencies or predict future market changes.

When you build a better business model with AI, you can assure workers of their future at a successful organisation. Attrition will fall as a result.

Startups must emphasise employee retention

Workforce turnover is expensive and disruptive. Consequently, you must boost retention to give your startup a better chance at success.

AI may not be a panacea for workforce issues, but it can assist you in many areas. Following these five steps can help you build and manage a successful, engaged team to drive your business forward.

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AI is the talk of 2024, with ChatGPT, Claude, Perplexity and other tools taking centre stage, but how will this technology transform the very fabric of some vital industries that we rely on today?

The truth is that AI is evolving so fast it is difficult to predict the long-term impact. What is clear is that it is now a supportive tool within many organisations and is quickly becoming an integral part of how companies operate. 

As AI agents become more autonomous, it is crucial that we take a step back to understand where society can benefit most. According to Capgemini research, 82 per cent of organisations with over US$1 billion in revenue plan to integrate AI agents within the next one to three years. Companies will begin to trust them with tasks like email generation, coding, and data analysis. 

Today, let’s focus on one sector that is poised for a major transition: banking and finance. With profound implications for efficiency, personalisation, and security. As these agents start transacting with one another there are profound implications for personalisation and security in the entire financial services sector.

AI agents facilitating autonomous transactions

As AI agents become more capable, they will be able to conduct transactions and complex processes without the need for human intervention. However, it is important to put the right safeguards in place to ensure the right levels of accountability when it comes to AI decision making. According to Charles Dray, Founder of Resonance Security, 

“As of today, November 2024, AI requires a human operator. Without an operator confirming accuracy of replies, and continuous AI threat modeling which tests the AI to see how much it takes to make it provide an incorrect reply and correcting it, the AI can stray away from its expected behavior. 

AI  providing incorrect replies for financial services companies can be a major risk. Not only can it damage reputation, and feed incorrect actionable information, but it will reduce the personal touch customers love. On the other hand, deploying new technology helps technology scale, so it’s a matter of who wants to dive in first. Chances are we’ll learn a lot from early adopters “

You only have to consider the scenarios to see the risks. Imagine AI agents autonomously negotiating loans, executing trades, or even processing insurance claims between different banks or financial institutions. 

Also Read: 5 common mistakes in financial modelling during startup fundraising

The autonomous nature of these transactions will mean that banks and fintech companies will be able to execute real-time financial decisions. Whether it’s approving loans based on AI-verified data or negotiating cross-border payments, the speed and accuracy of these processes will be unparalleled.

Transforming customer engagement with hyper-personalisation

AI agents excel at analysing vast amounts of data, allowing them to tailor financial services to individual customers. These agents can interact naturally with both humans and other AI systems, enabling a new level of hyper-personalisation in banking. From personalised loan offers to real-time investment advice, AI agents can cater to the unique needs and preferences of each customer.

Chris Sotraidis of Autonomys, a decentralised network designed to enable secure, sovereign collaboration between humans and artificial intelligence, notes that AI agents are already dramatically enhancing customer service by providing personalised, human like support.

“The transition has happened rapidly and is already evident. Proactive customer support is the next evolution. Chatbots, and even real-time phone bots are in beta.”

A new era of hyper-personalisation is coming and will give customers more control over their finances, allowing personal AI agents to proactively manage their savings and optimise their investments. 

AI agents revolutionising fraud detection and risk management

Traditional fraud detection systems are often slow and reactive, identifying issues after the fact. In contrast, AI agents can autonomously analyse massive volumes of transactions, quickly identifying suspicious behaviours or fraudulent activities.

For instance, Mastercard has already begun using AI to double the speed of identifying potentially compromised cards while reducing false positives. This ability to detect anomalies instantaneously allows financial institutions to act before the fraud can escalate, protecting both institutions and customers.

Sotraidis cautions against relying AI models to execute all transactions autonomously speaking about the risk of adversarial attacks on AI models where data can be easily manipulated.

“This creates a need for new governance structures to manage accountability, especially in the case of incorrect or fraudulent transactions initiated by compromised agents. It will be essential for money managers to fully understand and trust the fidelity of their decision-making systems,” says Sotraidis.

Also Read: To Voice AI or not – The changing face of customer experience

The new frontier in finance with decentralised finance (DeFi)

One of the most exciting developments today is the potential of AI agents within DeFi. DeFi platforms allow peer-to-peer financial transactions without intermediaries, and AI agents can interact with these protocols, executing trades, loans, and asset management. This opens up a future where AI agents could manage entire portfolios.

In this scenario, AI agents could even cooperate across different blockchains, managing transactions, and ensuring compliance with complex regulatory frameworks. For example, an AI agent could autonomously navigate through the DeFi ecosystem, lending assets on one platform while borrowing on another, all while managing risk dynamically based on real-time market conditions.

AI agents driving financial inclusion

In many parts of the world, access to traditional financial services is limited due to lack of adequate infrastructure. As Sotraidis points out,

“AI-driven mobile banking solutions will expand access to professional services in remote regions where in-person advisory at traditional branches is impractical.”

He explains that this helps to reduce the cost of delivering services and also enables institutions to provide tailored financial products to underbanked populations. By interacting with local economies and learning from local data, these agents can offer financial products tailored to specific needs.

It is clear that AI is continuing to play a growing role in our everyday lives and transforming traditional industries in ways that are unprecedented. However, as we embrace this new era, challenges around data privacy, transparency, and bias in AI decision-making must be addressed to ensure that these systems serve everyone fairly and responsibly.

Using decentralised finance to add a layer of transparency and immutability makes sense as we begin to allow these autonomous agents to act on our behalf.

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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.

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Vietnamese B2B food supply e-commerce platform Kamereo has secured US$7.8 million in Series B funding.

Sumitomo Corporation, Inspire Co, SMBC Venture Capital, Mitsubishi UFJ Capital, and Reazon Holdings co-led the round, which also saw unnamed investors’ participation.

This round brings the startup’s total funding to over US$15 million.

Kamereo plans to use the new capital to expand across Vietnam, starting with Hanoi. This follows its expansion into Ho Chi Minh City (HCMC), which together account for over 50 per cent of Vietnam’s GDP.

Kamereo is a wholesale food supply e-commerce firm that owns vegetable and fruit collection centres and works directly with its partners and contract farmers.

Also Read: Multifaceted effects on Vietnam’s e-commerce: A near-term potential to break through in the Asian market

The company’s marketplace business connects producers and manufacturers with its existing network of over 3,000 customers, primarily in the HORECA (hotels, restaurants, and cafes) sector. This allows suppliers to expand their sales without the need for significant upfront investments in logistics and operations. Its customer base includes restaurants, supermarkets, convenience stores, factories, schools, and hospitals.

The company has established a daily refrigerated transport network connecting the north and south. It aims to set up operations in central Vietnam to cater to the growing demand from customers beyond the two major cities.

Beyond geographical expansion, Kamereo will also focus on product diversification, introducing new services like a marketplace model and enhancing its product features.

The firm’s recent partnership with GYOMU JAPAN, the operator of Gyomu Super in Vietnam, brings approximately 450 Gyomu Super products onto the platform.

The company also plans to further develop its private label strategy, focusing on two key areas:

• Development and sale of pre-cut fruits and vegetables for supermarkets and convenience stores: This caters to the growing trend of modern trade in urban Vietnam, emphasising food safety, traceability, and health consciousness.
• Private labelling of consumables to enhance brand awareness and price competitiveness: Kamereo aims to leverage Vietnam’s OEM manufacturing capabilities to produce high-quality products at competitive prices.

Early this year, Kamereo raised US$2.1 million in a funding round co-led by Reazon Holdings, Quest Ventures, and Thoru Yamamoto (CEO of Japanese B2B seafood supply chain company FOODISON).

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Climate Tech: Seizing Opportunities in an Emerging Ecosystem

At Echelon Philippines 2024, a panel discussion titled ‘Climate Tech: Seizing Opportunities in an Emerging Ecosystem’ brought together key voices in the climate tech space to explore innovations, funding opportunities, and strategies for navigating regulatory landscapes.

Moderated by Katherine Khoo, Lead, Social Impact and Equity Action from Ayala Corporation, the panel featured insights from AC Alyzsa Dy, Head of Incubation and Venture Support at Villgro Philippines; Enzo Pinga, Head of Business Development at Humble Sustainability; and Zachary Lee, Venture Partner at The Radical Fund.

The conversation delved into critical areas of climate tech innovation, including renewable energy, sustainable agriculture, and carbon reduction technologies. Pinga shared Humble Sustainability’s circular economy model, which repurposes IT equipment to reduce e-waste. Dy highlighted Villgro Philippines’ focus on renewable energy, electric mobility, and nature-based solutions. Lee emphasised the increasing capital flow into electric vehicles while stressing the importance of concessionary capital to support early-stage startups.

Also Read: Echelon Philippines 2024: The funding landscape for Filipino startups

The panelists also addressed challenges in the sector, such as climate anxiety and the complexities of navigating carbon credit markets. They stressed the importance of inclusive climate solutions, particularly for rural communities, and the urgent need to build a robust talent pool for green jobs.

For aspiring entrepreneurs, the speakers offered valuable advice: focus on creating solutions that are not only sustainable but also commercially viable. The panel concluded with a call for collaboration across sectors to scale climate tech innovations and maximise their impact.

This discussion highlighted the growing opportunities in the climate tech ecosystem and underscored its potential to drive meaningful change in the Philippines and beyond.

Watch the session video above to learn more about these insights and the strategies shaping the future of entrepreneurship.

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