Southeast Asian startups raised US$353 million in venture funding from 42 rounds in February 2024, reveals Tracxn findings.

This figure is 43.65 per cent higher than the total capital raised by startups in the region in January this year and nearly 44% lower than the money raised in February 2023.

Seed funding rounds (27) formed the bulk of the deals in February, followed by early-stage (12) and late-stage ones.

Also Read: UNOAsia secures US$32.1M to provide digital banking services in Philippines

Singapore-incorporated SaaS company Capillary Technologies raised the largest capital of US$95 million. Singauto, a new energy-intelligent refrigerated vehicle maker, raised the second largest funding round (US$45 million), UNO Digital Bank (US$32.1 million), Xcellerate (US$25 million), and Oobit (US$25 million).

See the infographic for more details:

—

X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.

Want more from your Echelon experience? Be an Echelon X sponsor or exhibitor. Send enquiry here.

The post Startup investments in SEA see 44% monthly rise in February: Tracxn appeared first on e27.

One of the ways Artificial intelligence (AI) helps to support business operations includes its use in document processing, bridging the gap between physical documents and digital workflows—an area that Staple is working on.

The company’s AI technology can process documents in over 190 languages with an interface designed to be intuitive and user-friendly. Staple’s solution can be deployed remotely to any location as a cloud-based platform. Its specialised modules, from scanning to workflow automation, address the full spectrum of document processing needs.

According to CEO & Co-Founder Benjamin Stein, this flexibility and scalability have helped Staple to serve multiple markets. Today, the platform has a user base that spans 56 countries, with a concentration in Asia. Its clients include major global financial institutions, Fortune 500 companies and tech unicorns.

“Staple’s solutions are tailored to address specific pain points in document processing like inefficiency, high error rates, and the challenge of handling diverse data formats, highlighting the importance of deeply understanding and responding to customer needs,” Stein says in an email interview with e27.

“The ability of Staple’s solution to scale according to business growth demonstrates the value of designing solutions that can adapt to increasing volumes and complexities of data.”

Also Read: AI assistant or replacement? A PR pro’s take on using ChatGPT

Established in 2018, Staple is currently run by a team of 35, including specialists in AI, data science, application engineering, sales, marketing and customer success.

It has raised approximately US$1.3 million in funding from Entrepreneur First and Delivery Hero Ventures and reached its first profitable quarter in Q3 2023.

Stein shares his insights about AI in the market and the company’s major plans in this interview. Here is an edited excerpt of the conversation.

In the past year, GenAI has been experiencing a surge in popularity in the market. How does this impact your business as an AI solution provider? Is there any specific opportunity that you are tapping into?

As awareness and adoption of GenAI grow, more businesses are likely to seek AI-driven solutions for their operational challenges, creating a larger potential market for Staple’s document processing solutions.

The advancements in GenAI can be leveraged to improve Staple’s existing AI-driven technologies. Improvements in language models and document understanding algorithms can enhance Staple’s ability to process and manage a wide variety of documents, including those in over
190 languages.

The evolving landscape of GenAI presents opportunities for Staple to innovate and develop new features or capabilities that align with the latest AI trends, enhancing the self-learning mechanisms of Staple’s tool, improving the user interface, and integrating new functionalities that respond to changing market demands.

Also Read: AI will change the game of tech business in Vietnam by 2024. This is what you need to know about it

As AI becomes more mainstream, competition in the AI solutions market will likely intensify. Staple’s focus on continuous innovation, unique selling propositions like handling a wide range of document types, and user-centric design can help maintain a competitive edge.

With the increased interest in AI, Staple might find itself in a position to educate potential clients about AI’s benefits and practical applications in document processing, involving more consultative education efforts.

The growth of GenAI can open new doors for collaborations and partnerships, either with other technology providers or with businesses seeking to integrate advanced AI capabilities into their operations.

As AI technology advances, so do concerns around ethics and regulation. Staple may need to adapt to new standards and regulations continuously, ensuring its solutions remain compliant and ethically sound.

What is the next tech innovation that you aim to build? How will they be different and better than existing ones?

Further development in machine learning algorithms could allow Staple to process documents with even greater accuracy and efficiency, involving more sophisticated natural language processing (NLP) capabilities to understand better and interpret complex document structures and languages.

Staple might aim to integrate predictive analytics into its platform, allowing businesses to process documents and derive predictive insights from the data extracted, thereby aiding in decision-making processes.

Staple’s R&D efforts focus on transitioning from “enterprise automation” to the “autonomous enterprise.” Many existing technologies and solutions can automate a portion of any given process or workflow, say up to 70 or 80 per cent, but full automation remains elusive due to the exceptions and variations that arise in real-world business environments.

Also Read: Navigating the AI frontier: Strategies for scaling for SEA startups

Staple’s AI can handle increasingly complex tasks with minimal human intervention by focusing on more advanced workflow automation and exception handling. Developing industry-specific AI models tailored to unique document processing needs of different sectors like healthcare, legal, or logistics could be a potential innovation direction. Innovations might also focus on the user interface, making the system even more intuitive and easier to use, enhancing user adoption and satisfaction. It could be a unique and relevant innovation to incorporate features that help businesses reduce their carbon footprint, such as tools for optimising document processing to minimise energy usage.

In terms of differentiation and improvement over existing solutions, Staple’s future innovations could include even higher levels of accuracy and efficiency in document processing to provide more personalised and industry-specific solutions, enhancing user experience to make complex AI functionalities more accessible to non-technical users, integrating advanced security features to ensure data privacy and compliance with global standards, and focusing on sustainability to align with the growing global emphasis on eco-friendly business practices.

What is your five-year plan?

Over the next five years, Staple will continue on its transformative journey to redefine document processing and data management across industries globally. Our plan is anchored in three pivotal areas: innovation, expansion, and partnerships.

We plan to continuously enhance our AI-driven solutions, focusing on advancing our capabilities in handling a broader spectrum of document types and languages. Our roadmap includes investing in research and development to push the boundaries of what our technology can achieve — particularly in machine learning and artificial intelligence.

Staple intends to broaden its market reach, targeting new sectors and geographies. Recognising the universal challenge of efficient data management, we see immense potential in the healthcare, finance, and logistics sectors, where our solutions can have a significant impact. Expanding our presence to new regions will involve strategic marketing efforts and leveraging cloud-based technologies to ensure our solutions are accessible anywhere in the world.

A key component of our five-year strategy is forging and deepening strategic partnerships. Collaboration with industry leaders, technology partners, and innovators will enable us to integrate our solutions with various platforms and systems, enhancing the value of our offering. Partnerships will also open up new channels for market penetration and customer engagement, allowing us to deliver our solutions to a broader audience.

Also Read: Navigating the AI frontier: Strategies for scaling for SEA startups

We plan further expansion into Asian and European markets and a new expansion into the Americas to service truly global enterprises with a universal solution. We also plan further development of our AI capabilities to evolve from “enterprise automation” to the “autonomous enterprise”. Staple’s advances can support deeper workflow automation by handling exception management tasks that traditional automation tools cannot handle.

In parallel, we remain committed to delivering intuitive, efficient, and intelligent document processing solutions. Our focus on enhancing user experience, ensuring data security, and fostering a culture of continuous learning and improvement will guide our efforts.

Our journey over the next five years is not just about growth but empowering our clients to achieve unprecedented levels of efficiency and insight from their data, ultimately contributing to their success in AI.

How can we further promote the safe use of AI in the business ecosystem in Southeast Asia?

Promoting the safe use of AI in the business ecosystem, particularly in a diverse and rapidly growing region like Southeast Asia, involves a multifaceted approach. Governments in Southeast Asian (SEA) countries should develop clear and comprehensive regulatory frameworks that ensure that AI is used ethically and responsibly, with an emphasis on data privacy, security, and consumer protection.

Collaborations between governments, private companies, and academic institutions can lead to the development of safer AI applications. Such partnerships can facilitate knowledge sharing, develop best practices, and ensure alignment of AI advancements with public interests.

Educating the workforce about AI is crucial. This includes technical training for AI professionals and awareness programmes for business leaders and employees about the ethical use of AI, data governance, and privacy protection.

Also Read: Generative AI: Unprecedented adoption rates in 2024

Encourage AI developers and businesses to adopt transparent AI practices, including explainable AI models that allow users to understand and trust AI decisions and processes. Organisations should adopt ethical AI guidelines that dictate how AI is developed and used within their operations, encompassing fairness, accountability, and transparency.

Given that AI systems often process vast amounts of data, robust data security measures are essential, including secure data storage, encryption, and strict access controls.

Involving local communities in AI development processes can ensure that AI solutions align with Southeast Asian cultural and societal norms and values. Encourage the development of AI applications that address local and regional challenges such as healthcare, education, and environmental sustainability.

This not only promotes safe AI but also demonstrates its positive impact.

Regularly auditing AI systems for compliance with ethical standards and regulatory requirements can help in the early identification and mitigation of potential risks.

SEA countries can benefit from cross-border collaboration in AI governance. Sharing best practices, regulatory frameworks, and learnings can lead to a more cohesive approach to safe AI usage in the region.

—

Image Credit: Staple

The post Staple CEO: SEA countries can benefit from cross-border collaboration in AI governance appeared first on e27.

Ai Palette, a Singapore-incorporated startup enabling consumer packaged goods (CPG) companies to create products using AI and machine learning technologies, has bagged US$4 million in equity financing from local VC firm Tin Men Capital.

This brings the capital raised by the AI startup in the Series A extension round to US$5.8 million.

Also Read: How AI Palette wants to help CPG companies develop products faster and easier with AI

With the fresh funds, Ai Palette looks to expand further into the beauty & personal care and nutraceutical categories, which began development in November 2023. The injection will also fuel its global expansion in North America, Europe and the APAC regions and supercharge its Generative AI capabilities.

“Our goal is to streamline the entire journey from concept to launch, positioning Ai Palette as the go-to choice for CPG brands. With this investment, we’re primed to expand our market reach significantly and enhance our team with top-tier talent,” said Somsubhra GanChoudhuri, CEO and Co-Founder of Ai Palette.

Headquartered in Singapore with offices in the US and India, Ai Palette provides a multimodal AI-powered platform catering to the CPG industry in the F&B, beauty and personal care, and nutraceutical products.

The platform enables real-time identification of emerging consumer trends with contextual understanding and generates and screens product ideas within minutes. This improves the costs and efficiency of developing new product category entries, product line expansion, identification of new demand spaces, portfolio optimisation and product repositioning.

Its patented technology can identify emerging trends across 61 billion data points collated from 150-plus data sources in real time, uncovering consumer drivers and motivations and helping create product concepts and validate them to address unmet consumer needs. It utilises a Natural Language Processing algorithm that can also understand 18 different languages, including Asian languages.

Also Read: Foodtech startup Ai Palette gets US$1M seed funding from Decacorn Capital, others

The startup’s clients include Fortune 500 giants such as Nestle, Danone, and Kellogg’s.

“Ai Palette’s solution is a classic example of a masterful blend of cutting-edge technology and an acute understanding of customer pain points to revolutionise traditional processes. Their solutions materially shorten product development timing for the CPG industry by as much as 6 months. The unique application of Generative AI also removes bias while enabling enterprise clients to drastically improve product development success rate and maximise revenue through speed to market,” said Jeremy Tan, Co-Founder of Tin Men Capital.

—

X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.

Want more from your Echelon experience? Be an Echelon X sponsor or exhibitor. Send enquiry here.

The post Ai Palette nets US$5.8M to empower CPG brands with real-time insights into consumer trends appeared first on e27.

Singapore’s edutech accelerator EduSpaze has unveiled the six early-stage Southeast Asian startups selected for its three-month programme.

The latest batch of startups aligns with the accelerator’s programme goal of supporting the development of innovative solutions that can improve the education landscape in Singapore and the region.

The six startups were meticulously selected due to their high market potential and scalability, strong founding team, and clear value proposition while displaying great potential.

Also Read: In this age of digitalisation, is edutech a bane or boon for educators?

As part of the programme, the edutech startups would receive seed funding and mentorship from industry experts, access to a network of investors, and opportunities to expand their businesses in the region.

“The Southeast Asia region is known for its unique challenges and opportunities, making it a dynamic area for professional endeavours. This region comprises diverse countries, each with its own distinct characteristics and obstacles despite their geographical proximity. We observe varying levels of readiness for digital transformation among countries in SEA,” said Alex Ng, Managing Director of EduSpaze.

For example, with a 98 per cent internet penetration rate among students in Singapore, the Edtech Masterplan 2030 is focused on creating a seamless and enhanced learning environment for students. “However, in countries with low internet penetration rates like Cambodia, their edtech policy prioritises expanding access to quality education for marginalised communities. As such, we are committed to bolstering the growth of the eighth cohort, to foster innovation and address the diverse educational needs and capacities within the SEA region,” Ng added.

EduSpaze, operates under the umbrella of Spaze Ventures, a seed capital firm and startup incubator, and is supported by Enterprise Singapore. Now in its eighth iteration, the programme strives to empower and uplift edutech startups within the region. Past participants of this initiative include Flying Cape, ClassPoint, and myFirst.

Below are the profiles of the six startups:

Yaho Lab (Vietnam)

YAHO! is a tutor and class matching platform designed for children aged 2-12. The edutech firm connects parents with verified and trained tutors for in-home services within 24 hours, considering the child’s age, personality, interests, and individual requirements.

Edvance (Malaysia)

Edvance provides schools with a suite of school management systems aimed at digitising various aspects of school operations, such as fee collections, billing, and classroom scheduling. In collaboration with their credit partner, they address the cash flow requirements of schools by providing invoice-based lending solutions. Concurrently, it handles collections by offering parents multiple payment methods.

Also Read: Edutech in SEA is still “far behind compared to North America” – but there is some hope

Quippy (Thailand and Hong Kong)

Quippy is an AI-based platform for learning Chinese speaking skills, designed for K12 students. It’s affordable and user-friendly, tailored for K12 learners.

School On Cloud (Singapore)

SOC presents an innovative suite of learner-centred products designed to provide personalised education. Starting with FunBooks, an interactive online portal featuring e-storybooks and learning videos, SOC gathers valuable data on learners.

Safe Space (Singapore)

Safe Space fortifies mental resilience through swift and cost-effective access to high-quality mental health therapy care, available both online and offline. Additionally, the edutech offers preventive education and a customised Employee Assistance Program (EAP) that is not only hyper-local but also globally scalable.

Sala Tech (Cambodia)

Sala is a two-sided marketplace for high school students to find their path and for institutions to connect and engage more students through the school management suite. Through Sala, high school students in Cambodia can access advice, guidance, deals, information and networks to make study an enjoyable experience while connecting them to the right opportunities.

—

The post A sneak-peek into the six edutech startups joining EduSpaze’s cohort 8 appeared first on e27.

Launching a startup is never easy, and there are lots of things you have to take into consideration before you decide to make that massive step. This is particularly true with e-commerce startups.

One of the issues you should focus on is your finances, and creating a proper budget could really go a long way. You should also try to cut costs as much as you can, of course, and save as much money as possible. If that’s something you’re thinking about doing as well, here are some strategies you should look into.

1. Opt for online accounting

Having your own accountant is one of the things people used to pay lots of attention to in the past, and entrepreneurs of the previous generations took huge pride in having the best accountant in the area.

This could, however, turn into a massive expense, and that’s not something you should want for your new business. Luckily, you can find a solution in the online world and opt for an online accountant instead.

Also Read: 3 mobile commerce trends that Singapore e-commerce shop owners must know

This will probably be a lot easier, cheaper, and quicker than having your own accountant. You can also opt for a helpful app, and do everything on your own, thus saving quite a lot of money on a yearly basis.

2. Use an inventory control app

No matter what you do and how big your e-commerce startup is, the chances are you’ll have to deal with some sort of inventory. This means you’re going to need to find a way to control your inventory and manage it properly, which could turn out to be rather expensive.

But, again, if you choose an online solution, you could accomplish quite a lot for only a fraction of the price. Using an app is also a quicker alternative, and you’ll basically be saving valuable time every time you’re checking, changing, or working on your inventory.

3. Design seamless experience

Making your customers feel fully satisfied with your services should be your top priority, as it not only builds brands loyalty but also reduces the cost of developing new products and services.

It is no wonder, then, that the people behind an innovative master course in service design underline the importance of testing specific approaches, methods and tools when developing projects related to creating new services, evaluating and transforming existing services or implementing operational changes at the supplier level.

Also Read:  3 ways voice assistants is going to change the game for e-commerce

Your business should encourage an experimental attitude and collaboration with users to come up with the solutions that the consumers need more quickly and effectively.

4. Rethink your office supplies

Every business needs some office supplies, and your new e-commerce startup is no different. However, not just any supplies will do, and you need to think long and hard before spending your money on them.

Buying your essential office supplies in bulk might make a lot of sense financially, and you won’t have to worry about running out of supplies anytime soon.

So, what you need to do is find everything you need at one reliable seller and use their affordable paying options as much as you can. This will save you more money than you’ve anticipated, and make your life a lot easier at the same time.

5. Switch to cloud-based services

Instead of cluttering your office with tons of paper, hundreds of binders, and a ton of useless junk, you should explore the benefits of the 21^st century, and switch to cloud-based services.

This way, you’ll be able to do your work more quickly and efficiently than before, but will also be able to share it with your colleagues, business partners, and other people you work with. From Google Apps for work and Dropbox to Skype and Slack, these things will make your job much easier and quicker, and that’s something all e-commerce startups need.

6. Consider outsourcing

Instead of speaking tons of money on hiring full-time employees, you should consider outsourcing them. There are lots of people all around the world who would be happy to work for you as freelancers or home-based employees, and both of these options will significantly cut your costs. Outsourcing comes with a number of other benefits as well, so explore this idea and invest your time into turning it into reality.

When it comes to working from home, if you let your employees do that, you’ll be saving money on office costs. Instead of spending a ton of money on designing, equipping, furnishing, and running an office full of people, you could all work from your own homes and still do an amazing job. Discover reliable apps that allow you all to stay in touch, assign tasks, and solve problems at the same time – wherever you are in the world.

Reducing your e-commerce startup costs won’t be easy, but, after all, running a successful company is as far from easy as you can imagine. That’s why you need to work hard in order to find the ideas that are cost-effective and figure out ways to make them work for your startup as well.

Once you do that, you’ll immediately start being more successful and productive, and that’s always a good thing.

–

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

Join our e27 Telegram group here, or our e27 contributor Facebook page here.

Image Credit:  rupixen

This article was first published on October 29, 2019

The post 6 strategies to reduce your e-commerce startup expenses appeared first on e27.

wagely, an Indonesian earned wage access platform with a presence in Bangladesh, has secured US$23 million in new funding.

The latest round, led by Capria Ventures, comprises a mix of equity and debt financing.

Existing investors also participated. An unnamed private debt fund also made a significant contribution.

Also Read: ‘As workplaces rapidly change post-pandemic, the way people getting paid changes too’: wagely CEO

wagely will use the fresh capital to expand further its earned wage access service in Indonesia and Bangladesh.

A financial wellness platform, wagely offers workers visibility into their daily earnings and instant access to earned wages. This allows workers to better manage their money by letting them access their pay after each workday. It is offered free to employers, who then provide it as an optional benefit to employees.

The startup also allows users to track their salary and access financial literacy resources.

In 2023 alone, wagely claims to have disbursed over US$25 million in salaries, processing close to one million transactions and being accessible by 500,000 workers.

In March 2022, the company raised US$8.3 million in pre-series A round, led by East Ventures, with contributions from existing backers Integra Partners, the ADB, Global Founders Capital, Trihill Capital, Blauwpark Partners, and 1982 Ventures.

Also Read: wagely nets US$8.3M pre-Series A to grow in Bangladesh

As much as 75 per cent of the nearly 195 million workers in Indonesia and Bangladesh navigate financially challenging situations, relying on each paycheque to make ends meet. Lack of access to conventional financial services leaves a significant number of workers without the necessary financial tools and support to help improve their financial well-being.

—

X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.

Want more from your Echelon experience? Be an Echelon X sponsor or exhibitor. Send enquiry here.

The post wagely raises US$23M in equity and debt to further expand in Indonesia, Bangladesh appeared first on e27.

Singapore-based impact private equity fund, ABC Impact, has made an undisclosed investment in Winnow, a UK-based AI-driven food waste reduction solution company.

Winnow will use the money to expand its presence in Asia.

“Asia is a key market for our solutions and has vast potential to further reduce its food waste, with Singapore, Japan, and Indonesia a particular focus for us. We look forward to working with ABC Impact to enhance our AI capabilities further and to bring greater profitability and sustainability to Asia’s kitchens,” Marc Zornes, CEO and co-founder of Winnow, said.

Also Read: ‘Impact capital can help address bottlenecks in agri productivity, bioenergy, healthcare in SEA’

Headquartered in London with offices in Singapore, Chicago, Dubai, and Cluj-Napoca, Winnow provides AI-enabled solutions, which are trained to recognise waste as it is thrown in the bin, whether during preparation or from a customer’s plate. The automated recording process captures 100 per cent of the waste stream and analytics identify and track where wastage occurs. This approach enables users to optimise efficiency, change behaviours, and drive significant waste reductions in their kitchens.

The company serves large hospitality businesses, such as hotels, contract caterers, and cruise ships, operating in over 2,000 sites and 70 countries worldwide. Accor, Four Seasons, and Hilton are some of its customers. On average, Winnow claims to help customers reduce 50 per cent of food waste and cut costs by 2-8 per cent.

Sugandhi Matta, Chief Impact Officer at ABC Impact, added: “Food loss and wastage has a vast economic, social, and environmental impact – depleting resources, worsening global hunger, and increasing greenhouse gas emissions. The innovative AI-driven food waste management solution developed by Winnow has been successfully deployed globally. When we reduce food loss and waste, we can mitigate the pressure on climate, water, and land resources – and ultimately contribute towards a more sustainable future.”

Also Read: How Meals In Minutes tackles food waste with ready-to-cook meal kits

According to the United Nations, around 13 per cent of food produced is lost between harvest and sale. At the same time, about 17 per cent of global food production is wasted in total across households and commercial food services. With the scale of food loss and waste exacerbating the emission of greenhouse gases, the food and hospitality sector that Winnow specialises in plays an important role in global food waste reduction.

In Singapore, the National Environment Agency has mandated that all large commercial and industrial food waste generators must segregate their food waste for treatment from this year onwards, with further food waste segregation and reporting requirements expected to be implemented.

—

X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.

Want more from your Echelon experience? Be an Echelon X sponsor or exhibitor. Send enquiry here.

The post Winnow gets ABC Impact’s backing to take its AI-driven food waste reduction solution to Asia appeared first on e27.

Visit Echelon X to learn more about the program. Get your tickets here!

Scaling is an important step for startups as it marks the transition from a fledgling venture to a sustainable and impactful business. It’s not merely about expanding operations but about achieving a delicate balance between growth, efficiency, and maintaining the core values that set the startup apart.

Scaling allows startups to capitalise on early successes, expand their customer base, and increase revenue streams while ensuring operational agility and maintaining the quality of their products or services. This phase is pivotal for startups as it often determines whether they can transition from promising ventures to established players in their respective industries.

In this journey, leveraging emerging technologies and innovation plays an important role as it enables startups to automate processes, streamline operations, and enhance productivity, thereby allowing them to handle increased demand without proportional increases in resources. For instance, cloud computing provides scalable infrastructure solutions, allowing startups to easily adjust resources based on fluctuating demands. Similarly, artificial intelligence and machine learning algorithms can analyse data to optimise various aspects of the business, from marketing strategies to supply chain management, fostering efficiency and agility.

Also read: Exploring emerging tech at the Future Stage in Echelon X

Moreover, innovation drives differentiation and competitive advantage, essential elements for successful scaling. Startups can innovate in product development, service delivery, or business models to capture new markets or outperform competitors. Emerging technologies such as blockchain, augmented reality, and the Internet of Things offer unique opportunities for startups to create disruptive solutions and redefine industry standards.

By embracing innovation, startups can not only attract customers but also investors who recognise the potential for growth and scalability. This endeavour is also accelerated further through collaborations with other innovative startups, research institutions, or industry leaders, leveraging collective expertise and resources. By harnessing the power of emerging technologies and fostering a culture of innovation, startups can effectively navigate the challenges of scaling and position themselves for long-term success in the dynamic business landscape.

AI as a tool for scaling

AI stands at the forefront of today’s most exciting emerging technologies, revolutionising industries across the board with its intelligent approach to various aspects of business. From enhancing automation and efficiency in manufacturing to powering personalised recommendations in e-commerce, AI’s potential is boundless.

AI’s ability to analyse and process vast amounts of data and derive actionable insights enables businesses to make more informed decisions, improve customer experiences, and drive innovation. Moreover, AI’s adaptability and continuous learning capabilities ensure that its impact will only grow, shaping the future of technology and society in profound ways.

As such, AI is well-positioned to aid businesses throughout their growth journeys. Scaling Southeast Asian startups through the power of AI represents a burgeoning trend in the region’s rapidly evolving tech landscape. Southeast Asia is witnessing a surge in entrepreneurial activity, fueled by a young population, increasing internet penetration, and a growing digital economy. In this dynamic environment, AI emerges as a transformative force, offering startups unprecedented opportunities for growth, efficiency, and innovation.

However, along with these prospects come unique challenges that require strategic navigation and innovative solutions.

Also read: Echelon X: A platform where partnerships are forged

One of the most significant trends driving the scaling of Southeast Asia startups through AI is the increasing adoption of AI-powered automation across various industries. From e-commerce platforms optimising supply chain logistics to fintech companies personalising financial services, AI-driven automation streamlines processes, reduces costs, and enhances productivity. Startups leveraging AI-driven automation can scale rapidly by efficiently managing resources, improving operational efficiency, and delivering superior customer experiences.

AI also poses significant challenges that require careful consideration and strategic planning. One of the primary challenges is the scarcity of AI talent and expertise in the region. While the region boasts a vibrant startup ecosystem, the shortage of skilled AI professionals hampers the development and implementation of AI solutions. Addressing this challenge necessitates investments in AI education, training programs, and talent acquisition initiatives to build a robust AI ecosystem capable of supporting startup growth.

Additionally, data privacy and security concerns present formidable challenges for the region. With the proliferation of data-driven technologies, ensuring the protection of sensitive customer information and compliance with regulations becomes paramount. Startups from the region must prioritise data privacy and security measures, implement robust encryption protocols, and establish transparent data governance frameworks to build trust and mitigate risks associated with AI-powered solutions.

Echelon X: An opportunity for learning

Echelon X is a premier gathering of innovators, entrepreneurs, investors, and tech enthusiasts from across Asia and beyond. Happening on 15 and 16 May at the Singapore EXPO, this event serves as a platform for networking, collaboration, and knowledge exchange within the vibrant Asian startup ecosystem.

With a focus on showcasing groundbreaking technologies, emerging trends, and disruptive ideas, Echelon X offers attendees valuable insights, connections, and opportunities for growth. Through keynote speeches, panel discussions, startup showcases, and interactive workshops, participants gain valuable industry knowledge, forge strategic partnerships, and explore investment opportunities.

With knowledge-sharing at the heart of its mission, Echelon X will feature a fireside chat entitled Scaling SEA Startups through AI: Trends, Opportunities and Challenges. Participants can learn straight from industry experts on how to leverage AI for startups in the Southeast Asian region, including emerging trends and growth opportunities.

The panel will delve into the unique challenges faced by startups in adopting AI technologies and offer practical strategies for overcoming them. Through discussions and real-world examples, attendees will learn how AI can drive innovation, efficiency, and sustainable growth in the rapidly evolving startup landscape of Southeast Asia.

Also read: The first 27 key innovation leaders who will speak at Echelon X

Guiding participants through the rich discussion is Piruze Sabuncu, Partner for Square Peg, a global investment firm on a mission to empower exceptional founders, which manages more than US$2.5 billion in assets across its venture capital, opportunities, and global listed equities funds and in addition has delivered material realised returns of more than US$550 million.

Piruze Sabuncu works with exceptional founders in Southeast Asia and beyond with a focus on Series A and Series B. She also acts as an advisor to the Asian Development Bank and is on the board of Kodluyoruz, a coding academy enabling the youth to realise their potential in tech. She was the first employee in the region for Stripe and was part of a great growth journey where she led efforts such as launching countries, hiring first employees, building the APAC HQ, experimenting with various projects, and being responsible for the regional GTM strategy and P&L along the way.

Moderating the fireside chat is Adriel Yong, Head of Investments at Ascend Angels, who is currently leading multi-stage investments at Ascend Angels, the largest angel syndicate in Southeast Asia which also operates an early-stage venture capital fund, Orvel Ventures.

Piruze and Adriel will be helping participants navigate the complexities of scaling through their deep industry expertise and actionable insights.

Join us at Echelon X!

Gear up for the premier tech and innovation conference as Echelon X kicks off on May 15th and 16th, 2024, at the Singapore EXPO. This dynamic event will bring together industry leaders, visionary entrepreneurs, and groundbreaking startups from all corners of the region for two packed days.

Whether you’re eager to expand your knowledge, network with key players from the tech startup scene, or showcase your innovative ideas, Echelon X offers an unparalleled experience. Join us as a participant or an official partner by securing your spot now on our official page. Together, let’s embark on a journey to shape the future and create a lasting impact.

Join us at Echelon 2024, where innovation knows no limits, and the possibilities are endless!

The post Navigating the AI frontier: Strategies for scaling for SEA startups appeared first on e27.

RizqX, a Singapore-based startup dedicated to halal investments, recently achieved a notable feat by securing the second position at Venture Z, a global startup competition held during the 2nd International Conference on Sustainability: Development and Innovations (ICSDI) 2024 in Riyadh, Saudi Arabia.

With competition from 318 teams across 40 countries, RizqX showcased its commitment to financial inclusivity in Singapore and Southeast Asia (SEA).

The startup focuses on empowering Muslims to make informed financial decisions following Shariah principles. By consolidating a diverse range of Shariah-compliant investment options from global institutions into an all-in-one platform, RizqX provides users with detailed reviews and educational resources, currently featuring 44 live investment options as of February 2024.

The driving force behind RizqX is its diverse four-member team, led by Managing Director Muhammad Ridhwaan Radzi, a finance industry veteran with over six years of experience and a Certified Shari’ah Advisor and Auditor (CSAA) certification; COO Muhammad Nur Salihin Bin Samsudin, with a background in Public Policy and Management, oversees operations, governance, and administration; Syed Hafiz Bin Salim Alsree, the CTO, leads product development as an Aerospace Engineering major at Imperial College London; and Foong Yan Kai, the CMO, manages marketing and partnerships, leveraging his studies in Linguistics and Multilingual Studies at NTU and prior experience as a freelance PR and content consultant across various sectors, including fintech and edutech.

Also Read: Innovation meets piety: How Netverse sets itself apart as a sharia-compliant metaverse

The company sees its success at Venture Z, which underscores its dedication to promoting financial inclusivity within the framework of Islamic finance, with a robust platform and a team of experts navigating the complexities of halal investments.

In an email interview with e27, Muhammad Ridhwaan Radzi, CSAA, Managing Director, RizqX, explains more details about the company, the market they are targeting, and their plans for the future.

The following is an edited excerpt of our interview with him:

What are the particular challenges Muslims in Singapore face in accessing financial services? How does your solution help them?

Muslims in Singapore are looking for investments that are both Shariah-compliant (or we call it halal) and provide reasonable returns.

However, these halal investments are often scattered and underpublicised by nature. Halal investors have difficulty screening and finding halal investments when there’s more information about non-halal investments in the market. This makes halal investments, both public and private, get lesser awareness.

Adding on to the scattered nature of these investments, it is challenging for Muslims in Singapore to have a holistic comparison of available investment options as such a comprehensive platform or resource is unavailable. This lack of consolidated knowledge hinders investors from making informed decisions.

I have been exploring and understanding halal investments for the last 10 years and have experienced the challenges faced by the community. Hence, I want to ensure that public and private halal investments get the recognition they deserve and that Muslim investors can grow their wealth harmoniously with their beliefs. This led me to start Islamic Finance Singapore (IFSG), Singapore’s largest organically grown Islamic Finance in 2018, and now RizqX, a fintech gateway to halal investments, in 2023.

Also Read: How du-it aims to empower SMEs with its Shariah-based BNPL platform

Can you explain more about the user profile you aim for? What is your strategy to acquire them?

Our primary users are Muslims in Singapore (and SEA) seeking to grow their wealth in line with Shariah principles. They want to ensure that their choices are aligned with their religious beliefs – they do not wish to compromise their religious principles while seeking financial freedom.

A 2022 report noted that 61 per cent of SEA halal consumers find Shariah compliance a crucial factor for banking or investment products. We aim to reach out and acquire these users directly through the established Islamic Finance Singapore (IFSG) network. Furthermore, we will provide resources (articles and guides on our website and short-form content) and opportunities such as events and webinars to allow users access to the knowledge they seek.

Our secondary users are retail investors seeking better-performing investment options, as Halal investments are not limited by religion. If we compare the S&P 500 and the S&P 500 Shariah Index, the halal option outperformed in the usual years.

What is your product development process?

We are developing the investment platform as a web application in three main stages: We have completed Stage One and started onboarding users last weekend to experience the product and provide feedback.

In Stage One, we provide a consolidated selection of halal investments, both public and private. We provide a profile of each investment and additional articles and guides aimed at educating investors. The information provided is suitable for all levels, from beginner to advanced. While we have listed the 44 options, we continuously improve the profile writeup and find new halal investment opportunities.

The subsequent stages include a comparison feature to evaluate various investment opportunities, a personalised dashboard where investors can monitor their investment and a community forum. We are looking to develop the comparison and community forum features next to allow the community to have a platform to seek and share their knowledge on Islamic Finance.

Also Read: Ethis Group, Gobi Partners to launch Shariah-compliant US$20M seed fund

What other innovation do you have in the pipeline?

Down the pipeline, we are exploring Zakat 2.0 and Halal 2.0. Zakat 2.0 is a new way to conduct your alms while considering the multiple halal investments available. Halal 2.0 explores a new stock screening methodology that combines Shariah and ESG screening.

What is the prospect of Sharia-based financial services and investment in Singapore?

Singapore’s Islamic Finance landscape has been changing rapidly. If we look at 10 years ago, most of the halal investments and Islamic financial services you see currently were not available.

Now, we see many players and opportunities entering the Lion City rapidly – a Malaysian bank shared its plans to establish Singapore as a regional wealth management hub; a Singapore wealth app recently obtained Shariah certification to ensure their offerings are easily accessible to the Muslim community.

With more awareness from the stakeholders involved, we foresee more products and services manufactured outside of our country entering the market and being accessible to Singaporeans.

What is your major plan for 2024?

For 2024, we have two main focuses – product development and user acquisition.

We are incubated and funded by NTUitive, Nanyang Technological University’s innovation and enterprise company. We seek grants to develop the app further and fix any potential blind spots. Through these grants, we aim to complete Stage Three of our current development process. We also aim to increase the awareness of RizqX as a solution provider for halal investing for Muslims in Singapore and SEA.

In short, we hope to establish the foundations of RizqX in 2024, so it can flourish in the years to come.

Do you have plans to expand beyond Singapore?

We perceive Singapore as the launchpad for effective expansion throughout the region. We believe that SEA has a huge potential as Indonesia alone has 240 million Muslims. Therefore, that’s our vision for the next five years: to expand from Singapore to SEA.

—

Image Credit: RizqX

The post Following triumph at global startup competition, RizqX aims to further promote its halal investments platform appeared first on e27.

Last week witnessed a surge of investment activity in Southeast Asian startups, with a diverse range of investors pouring funds into the region’s burgeoning tech ecosystem.

From early-stage venture capital firms to angel investing platforms, a multitude of players displayed confidence in the potential of Southeast Asian companies. These investments signal a growing interest in the region’s digital markets, underscoring its emergence as a hub for innovation and entrepreneurial growth.

Let’s delve into the varied e27 Connect investors who participated in this funding spree.

M Venture Partners (MVP)

MVP is an early-stage VC investor. Based in Singapore, the company invests in companies across Southeast Asia, from pre-seed to Series A stages. The average cheque size is US$500,000 to US$2 million.

Cento Ventures (e27 connect)

Cento Ventures specialises in under-invested emerging digital markets, primarily in ASEAN. It invests in emerging digital markets, primarily Malaysia, Thailand, Singapore, Indonesia, the Philippines, and Vietnam. It backs Series A and B-stage companies. The average ticket size is US$1 million to US$4 million.

Also Read: SEA startups get a funding boost in latest investment wave

Gobi Partners

Founded in 2002, Gobi is one of the most active early-stage investors in digital media and technology in Asia. It manages four funds with over US$300 million under management. Since its establishment, Gobi has funded dozens of early to traction stage companies and continues to invest actively in the region. It invests from the seed stage to Series C and above. The focus markets are China, Hong Kong, Singapore, Malaysia, Indonesia, Thailand, Vietnam, the Philippines, the United Arab Emirates, and Pakistan.

All three VCs invested in ProCredit, a tech-enabled SME lender in the Philippines.

Iterative

Iterative Capital is an accelerator exclusively investing in companies based in Southeast Asia. Founded by co-founders of Decide.com (acquired by eBay), Iterative differentiates itself with partners, mentors, advisors, and investors who have all previously started, sold, and operated startups. It invests in angel and seed startups. The average cheque size is US$150,000.

The startup invested in is the Vietnam-based wealth management platform 1Long.

Monk’s Hill Ventures

MHV is an investor in early-stage technology startups in Southeast Asia. Founded in 2014 by entrepreneurs Peng T. Ong and Kuo-Yi Lim, MHV invests in early-stage technology companies throughout Southeast Asia, mainly Series A. It takes a first-principles approach and is sector agnostic, investing across industries and sectors including healthcare tech, edutech, fintech, and logistics.

The startup invested in is the Vietnam-based wealth management platform 1Long.

Indelible Ventures

Indelible Ventures is a seed-stage VC investor in Malaysia funding tech-enabled seed-stage startups with B2B products that can expand internationally. It invests in seed to pre-Series A. The average ticket size is US$150,000 to US$500,000.

The startup backed is K-LINK, a Singapore-based provider of a unified contact centre platform.

A2D Ventures

A2D is an angel investing platform. Based in Thailand, it invests from pre-seed to pre-Series A companies. The average ticket size is US$100,000 to US$1 million.

The startup backed is K-LINK, a Singapore-based provider of a unified contact centre platform.

Accelerating Asia

Accelerating Asia is an early-stage fund headquartered in Singapore that invests in pre-Series A startups in Southeast and South Asia. Licensed by the Monetary Authority of Singapore, Accelerating Asia invests up to US$250,000 in pre-Series A startups, and the current portfolio covers ten Southeast and South Asian countries including Singapore, Indonesia, Vietnam, India, Bangladesh and Malaysia.

The startup backed is K-LINK, a Singapore-based provider of a unified contact centre platform.

500 Global

500 Global is a multi-stage VC firm that invests in founders building fast-growing tech companies across 30-plus sectors. A multi-stage VC firm with US$2.7 billion in assets under management, it focuses on markets where technology, innovation, and capital can unlock long-term value and drive economic growth. 500 Global has backed over 5,000 founders representing more than 2,700 companies operating in 81 countries.

The startup invested in is Komerce, an e-commerce enabler for SMEs in Indonesia.

Protege Ventures

Protege is a Singapore-based student fund with two distinct characteristics: it is run by students and only invests in startups with at least one student co-founder. A joint initiative by Kairos ASEAN and the Singapore Management University (SMU), it leverages Kairos’s network in the regional startup ecosystem as well as SMU’s expertise in entrepreneurial know-how to prepare university students for real-world success in venture capitalism and entrepreneurship.

Also Read: Generative AI: Unprecedented adoption rates in 2024

The startup it invested in is ZOLO, an AI-powered B2B software company started by two alumni from two Singapore universities.

Pi Ventures

Pi Ventures is an early-stage venture investor based out of India. The fund focuses on backing product and technology companies in the areas of AI, machine intelligence and IoT. It aims to invest in startups at different stages ranging from early proof of concept and product/market fit stages to the Series A stage.

The startup it backed is Silence Laboratories, a cybersecurity startup focusing on Web3 technologies.

—

The post Diverse investors fuelled Southeast Asian startup growth last week appeared first on e27.