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

Echelon X is back this 2024 and it promises bigger and bolder things for all stakeholders from across the Southeast Asia tech startup ecosystem.

With a focus on fostering connections, facilitating knowledge exchange, and catalysing growth, Echelon X is a platform for startups to gain visibility, secure funding, and forge strategic partnerships. Attendees can expect insightful keynotes, panel discussions, startup pitches, networking sessions, and more, all aimed at driving forward the dynamic and vibrant tech ecosystem in Asia.

With this in mind, Echelon X will feature insights and learnings from some of the top industry leaders in the region. Meet the first 27 voices in the Southeast Asia tech startup ecosystem who will be speaking at Echelon X!

Ameer Jumabhoy, Co-founder of utu

Ameer Jumabhoy is a Co-founder and VP of Consumer Technology at utu, a company focused on disrupting the tax-free shopping and global rewards industry.

Their values are rooted in the concepts of fairness, freedom of choice, and removing various elements of friction in the retail journey.

Caecilia Chu, Co-founder and CEO of YouTrip

Caecilia Chu is the Co-Founder and CEO of YouTrip, a regional financial technology company dedicated to creating a next-generation digital banking experience in Southeast Asia. Before founding YouTrip, Caecilia worked at Citi overseeing growth investments in the technology and consumer sectors. Before that, Caecilia worked at McKinsey advising financial institutions across Asia on product and growth strategies. Her fintech experiences before YouTrip include positions at Lufax, China’s leading online wealth management platform, and QF Pay, a mobile payments company backed by Sequoia China.

Dayu Dara Permata, CEO & Founder of Pinhome

Dayu Dara Permata CEO & Founder of Pinhome, a platform that utilises the best technology to ensure that property sale, purchase, and rental transactions become hassle-free, efficient, and transparent — made possible through their platform. Their mission is to remove the barriers that buyers and owners often experience when making property transactions by providing the best possible experience.

Federico Brandi, Chief Marketing Officer of Roojai

Federico Brandi is an accomplished marketing and management professional with years of experience both in the private and public sectors. He has a vast understanding of marketing management, branding and advertising, growth strategy, performance marketing, budget planning, team management, and data analysis. His focus is using marketing to generate leads and sales, by customising the message and using specific tactics depending on the channel, and the stage in the customer journey.

Otohiko Kozutsumi, Co-founder of AnyMind Group

Otohiko Kozutsumi is the Chief Commercial Officer and Co-founder of AnyMind Group and is responsible for developing the overall marketing business strategy. Kozutsumi has an experience portfolio spanning digital marketing, advertising technology, and business development. He was previously the COO of MicroAd Vietnam and contributed to the growth of businesses in Vietnam and the APAC region.

Rob Schimek, Group CEO of bolttech

Rob Schimek is the Group Chief Executive Officer of bolttech, the fast-growing international insurtech, responsible for the company’s development and growth around the world. With more than 30 years of experience in the financial services industry, Rob has previously held senior leadership roles in insurance, including President and CEO of AIG’s commercial insurance businesses worldwide and Chief Executive Officer of the Americas for AIG. Prior to that, Rob served as President and Chief Executive Officer of EMEA and was the Chief Financial Officer of AIG’s global property and casualty business.

Jeffrey Chi, Vice Chairman & Founding Partner at Vickers Venture Partners

Jeffrey Chi is the Vice Chairman & Founding Partner at Vickers Venture Partners, which is a global venture capital firm focused on early-stage investments in Asia and beyond. The firm’s portfolio covers life sciences, technology, media, and telecommunications as well as consumer and financial services.

Also read: The first 26 trailblazing startups of the TOP100 Growth Program 2024

Puiyan Leung, Partner for Vertex Ventures

Puiyan Leung is a Partner for Vertex Ventures Southeast Asia and India where she helps lead the organisation in partnering with founders who are creating innovative, transformative, and scalable businesses. It has a long and strong track record of investing in early-stage startups and building champions like Grab, PatSnap, Nium, FirstCry, XPressBees, Licious, 17LIVE, and others. VVSEAI supports its portfolio companies with unmatched operating experience and deep access to the capital, talent, partners, and customers they need to build truly global businesses.

Guan Dian, Co-Founder & CMO of Patsnap

Guan Dian helps run Parsnap, the company behind the world’s leading innovation intelligence platform. Patsnap is used by more than 10,000 customers in over 50 countries around the world to access market, technology, and competitive intelligence as well as patent insights needed to take products from ideation to commercialisation. Patsnap believes that customers are innovators across multiple industry sectors, including agriculture and chemicals, consumer goods, food and beverage, life sciences, automotive, oil and gas, professional services, aviation and aerospace, and education.

Julien Mialaret, Operating Partner at Eurazeo

Julien Mialaret invests in early and growth-stage technology companies in Asia for Eurazeo, a listed European technology fund manager active globally with 12 offices. His main areas of focus — through Smart City Fund I & II — are related to technologies and digital services to build more sustainable cities, advanced mobility, new energy, supply chain, industry 4.0, the built environment, and underlying deeptech such as AI, cybersecurity, IoT, and robotics.

Giovanni Casinelli, Co-Founder & President of Aspire

Giovanni Casinelli is the chief proponent of Aspire, an all-in-one finance software for growing businesses. The company serves over 15,000 startups and SMBs in Southeast Asia, helping them save time and money with multi-currency accounts and cards, expense management, payable management, and receivable management solutions — all in one account. Headquartered in Singapore, Aspire has over 400 employees across four countries and is backed by global top-tier VCs, including Sequoia, Lightspeed, and Y-Combinator.

Piruze Sabuncu, Partner for Square Peg

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.

Adriel Yong, Head of Investments at Ascend Angels

Investing in companies that will deeply impact the way we work, live, and play in Southeast Asia, Adriel Yong is currently leading multi-stage investments at Ascend Angels, the largest angel syndicate in SEA which also operates an early-stage venture capital fund, Orvel Ventures. He was previously part of the founding team at Access, a social mobility non-profit organisation (access-sg.co), providing underserved secondary school students with impactful career exploration opportunities and support. I led and scaled our partnerships with schools and leading organisations such as DBS Bank, GIC, Kaspersky, SMRT, MOE, and MCCY.

Casey Lau, Head of Asia at RISE Web Summit

Casey Lau is the Head of Asia at the RISE Web Summit. He stands at the forefront of the global tech community as a multifaceted leader with a rich background spanning various domains which includes being an international tech conference host, a web3 wizard, a comic creator/collector, and a community builder, where he has emerged as a prominent figure in the international tech scene.

Also read: Unlocking the full Echelon X experience through customised ticketing options

Daryl Chung, Co-Founder and Business Development Director at JBI

Daryl Chung is the Business Development Director at JDI, a Venture Catalyst driving forward the future of innovation. He oversees all sales, marketing and business development activities across the group’s 6 BUs, such as Launch JDI: Vietnam Market Expansion, Tech JDI: Software Development/Outsourcing, and Venture JDI: Corporate Venturing and Venture Building, among others. Daryl is also a contributing writer to regional tech startup blogs, a speaker and mentor at startup/entrepreneurship/innovation-related events and programmes, a venture partner at The POD, a Tokyo Ambassador at Invest Toyko, and a certified basketball referee with the Basketball Association of Singapore (BAS).

Gullnaz Baig, Executive Director at Angsana Council

With over 13 years of leadership experience across the technology and public sectors, Gullnaz Baig is a seasoned policy and revenue professional who has deep and varied expertise in regional development, security, and political issues across the Asia Pacific. She has successfully led and scaled policy and revenue teams from Twitter, TikTok, and Facebook, unlocking revenue potential, ensuring risk management and regulatory compliance, and developing creative solutions to meet business objectives.

Iannis Hanen, Chief Executive Officer of iScale Solutions

Iannis Hanen has 20 years of experience in software development and enjoys situations where he can remain technical and face customers to work with them on solving problems. As such, his role in iScale enables him to lead a team that is constantly looking for the best talent in the market. At iScale, they offer three primary services: Team Augmentation, Software Development, and BPO.

Irawan Harahap, Chief of Digital Tech Ecosystem and Development at Sinar Mas Land

Irawan Harahap is an experienced Group CEO associate with a demonstrated history of working in the real estate industry. Skilled in negotiation, budgeting, business planning, business development, and strategic planning. A strong operations professional with a Master’s degree focused in Marketing/Marketing Management, General from Universitas Trisakti, Irawan helps lead Sinar Mas Land, the largest and most diversified property developer in Indonesia.

Jeremy Au, Investor and Podcaster for BRAVE Southeast Asia Tech

Jeremy Au invests in founders who will transform millions of lives. He hosts BRAVE Southeast Asia Tech, the region’s number 1 startup podcast with over 50,000 followers, and has angel-invested in 24 startups. Previously, he co-founded CozyKin, an early education marketplace, and led the startup as CEO from 0 to series A to sale. He won Harvard Business School’s New Venture Competition and the MassChallenge grand prize.

Leanne Robers, Co-founder and Co-CEO of She Loves Tech

Leanne Robers is the Co-founder and co-CEO of She Loves Tech, a platform that creates the environment necessary for startups to thrive. We are the world’s largest acceleration platform for women and technology, seeking and empowering the dinest entrepreneurs and technology for transformative impact. She Loves Tech champions the best entrepreneurs through education and mentorship, working closely with their partners to create a global ecosystem for women in technology.

Leslie Teo, Senior Director at AI Singapore

Leslie Teo is a digitally-led Director, Architect, Strategist, and Head of Tech who combines technical and commercial insight with 30 years of experience driving strategy, big data, data science, economics, policymaking, and investment management. He advances processes and tools and maximises emerging asset allocation and technology adoption to drive change, engagement, and cost efficiency, obtaining an understanding of needs before creating solutions for swift implementation, focused on designs that are practical and flexible yet scalable.

Also read: Antler joins Echelon X 2024 as sponsor

Nicko Widjaja, Chief Executive Officer at BRI Ventures

Nicko Widjaja is the CEO of BRI Ventures, a venture arm of Bank Rakyat Indonesia (BBRI), the country’s largest bank focusing on micro and small-medium businesses. An early tech investment pioneer, Nicko has a career that spans over 10 years in venture capital, corporate transformation, and startup ecosystem.

Nicole Ngeow, Director of Prudence Foundation

Nicole Ngeow is a self-motivated L&D professional with a total of 7+ years of experience in leading the project of transformation for training administration processes and driving e-learning via the Learning Management System. Eager to support the development of corporate-led training programs that meet the requirements of the company, she contributed to streamlining SOP training administration and digitalisation of training data via the development of the One-Stop Training Management System.

Paul Hadjy, CEO & Co-founder of Horangi

Paul Hadjy is a focused individual who is experienced in navigating difficult environments while continually driving results. He is the CEO & Co-Founder of Horangi where they are passionate about building a safer cyberspace and creating software that solves challenging cybersecurity problems. Horangi focuses on building partnerships with our customers, developing an understanding of their business goals and building a security strategy that helps achieve their objectives.

Prahlad Jaya, Founder for kurate

Prahlad Jaya is a media professional and startup enthusiast who is constantly improving himself by connecting with talented people, reading books by leaders and experts, and watching and listening to documentaries/podcasts on the economy, business, marketing, philosophy and self-development. Prahlad has a unique perspective in marketing by viewing it holistically and going in-depth into the user experience and features of products, while having a keen grasp on the larger business objectives, given his background in developing apps and building a startup.

Rahul Thayyalamkandy, Host of Understanding VC

Rahul Thayyalamkandy is the host of Understanding VC, a podcast that provides founders with the knowledge and resources they need to understand venture capital. Understanding VC is a deep dive into how Venture Capitalists work. The focus of the show is to provide entrepreneurs and technology enthusiasts with experiential and actionable insights to have a collegial work relationship with VCs.

Rama Mamuaya, CEO of Dailysocial.id

Rama Mamuaya is the Founder and CEO of DailySocial.id, a Jakarta-based innovation enabler with the mission to bridge the gap between organizations and technology through open innovation. Aside from media, DailySocial.id also helped corporates with their online corporate innovation platform through its Orchestra.co.id product.

Get to know these industry leaders and more at Echelon X!

Get ready to mark your calendars for May 15th and 16th, 2024, as Echelon X gears up to take the Singapore EXPO by storm! Transforming into a vibrant epicentre of tech and innovation, these two days dedicated to tech, innovation, and business growth will unite industry giants, visionary entrepreneurs, and groundbreaking startups from across the region.

Whether you’re craving knowledge, eager to expand your network, or ready to unveil your game-changing ideas, Echelon X guarantees an unforgettable journey. Secure your spot now, whether as a participant or an official partner and prepare to be part of a transformative experience that reshapes the future and leaves a lasting impact. If you’re interested in becoming one of our speakers, feel free to check out the application form here. Learn more about Echelon X through our official website.

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

The post The first 27 key innovation leaders who will speak at Echelon X appeared first on e27.

Singapore-based fintech group Helicap, which connects global investors to private debt opportunities in Southeast Asia, has formed a strategic partnership with Bank Danamon Indonesia to support the archipelago’s fintech and alternative lending industry.

This collaboration aims to position the duo as a one-stop solution for non-dilutive growth capital targeting fintech, alternative lending firms and MSMEs across diverse segments, including supply chain, leasing, and e-commerce.

Beyond capital infusion, the deal envisions a supportive and innovative funding ecosystem catering to the debt financing needs of non-bank firms at every stage of their growth journey, from seed funding to IPO.

Also Read: Helicap joins Filipino consumer lender BillEase’s cap table with US$20M debt facility

Danamon’s banking infrastructure and product suite will be utilised to drive its business growth through transaction volume and Helicap borrowers’ account openings. It allows borrowers access various products, including cross-border collaborations and credit and cash management solutions.

Helicap will build a “robust” flow of risk-managed transactions for Danamon in Indonesia, and the two aim to co-lend to targeted investees, amplifying lending capacities and impact.

Combining Helicap’s technology with Danamon’s banking infrastructure via Danamon Cash Connect will streamline cash reconciliation, fraud analytics, credit risk monitoring, due diligence, and bank account pledge processes.

Singapore-based Helicap leverages its advanced data-processing capability to serve more than 5 million MSMEs and individuals. Its goal is to fill a US$500 billion financing gap that banks cannot serve and deploy capital to 300 million underbanked through 1,000 originators in the region.

It has raised over US$20 million in paid-up capital and deployed over US$250 million with its in-house data analytics expertise.

The company’s equity backers include Credit Saison, Temasek-backed alternative investments firm Tikehau Capital, PhillipCapital, East Ventures, Access Ventures, Voveo Capital, and Soilbuild Group.

Also Read: Helicap partners with Credit Saison Group to provide US$10M debt financing to alternative lending platforms in SEA

Danamon has an extensive banking network, totalling over consolidated assets of IDR 221 trillion, with its subsidiary Adira Finance and deep banking expertise in Indonesia. As much as 92.47 per cent of its shares are owned by MUFG Bank, and another 7.53 per cent by the public.

As of December 2023, Danamon is supported by a network of 863 conventional branch offices, Sharia units, and subsidiary branch and business network, and a network of ATMs, ATM Bersama, PRIMA, and ALTO totalling more than 60,000 units spread across 34 provinces.

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In its latest summary of findings report from their new Future Economy Lab in Asia, SecondMuse Capital revealed the link between gender equality and climate change, highlighting the “undervalued relationship” between the two issues.

“Gender inequality and climate change are interconnected in South and Southeast Asia. In the face of mounting climate challenges, women are uniquely positioned to serve as catalysts for climate mitigation and adaptation. Their roles in sectors such as agriculture, forestry, and ecotourism, which are all closely tied to climate resilience, provide women with valuable insights and hands-on experience in sustainable practices,” the report explains.

“Moreover, studies have consistently shown that when women have access to resources and decision-making power, they are more likely to prioritise environmental conservation and community well-being, particularly as men migrate more for work in the region.”

Understanding to potential of women’s contribution in alleviating the impact of climate change, the report stresses that while gender lens investing has taken off, it remains removed from climate finance.

“Investors are increasingly incorporating gender considerations into their strategies and directing capital toward businesses that prioritise gender diversity and women’s economic inclusion, in recognition of the superior financial and social returns that can be attained. A common standard for gender lens investment is the 2XC criteria, which requires that an investment meet certain targets in support of women in entrepreneurship, leadership, employment, and consumer roles,” the report says.

Also Read: The key to tackling climate change: Electrify shipping

“While there is a distinct relationship between gender inequality and climate change, investment mandates rarely combine a climate and gender lens, and there is a lack of communication and understanding between the two ʻworlds.ʼ Climate financiers are not always aware of the potential for gender equality to help catalyse positive climate action, and gender-lens investors may perceive climate science as being less relevant, difficult to understand, or difficult to integrate into their efforts.”

Supporting underfunded women’s businesses to tackle climate change

SecondMuse Capital is the impact-focused capital arm of SecondMuse. Supported by Visa Foundation and AVPN, the organisation carried out Future Economy Lab focusing on “Financing Gender-Smart Climate Businesses in Asia.” The lab addresses financing barriers faced by gender-smart, climate-positive micro, small, and medium-sized enterprises (MSMEs) in South and Southeast Asia, specifically in India, Indonesia and Vietnam.

SecondMuse Capital reviewed more than 40 recent literature sources for this report, including reports by leading institutions, academic research, news articles, and webinars. It also conducted more than 25 key stakeholder interviews with individuals with relevant experience and expertise.

It highlights the challenges typically faced by women business owners:
– Women are less likely to hold independent access to basic financial services and registrations
– Collateral requirements and gender biases exclude women from finance
– Women business owners have less access to resources, information, and networks than men
– Community is both a challenge and a solution

But what are the solutions that stakeholders can look into in the effort to tackle climate change and gender inequality? According to SecondMuse Capital, it has identified several gaps and opportunity areas that it could address by designing its financial mechanism to get more accessible capital into gender-smart climate MSMEs in South and Southeast Asia.

Also Read: What is left behind in our conversation on climate change

“These opportunity areas are key levers of change, addressing some of the systemic challenges and specific contextual obstacles outlined in this report.”

One example of such key opportunities is utilising blended (public and private) finance to lower the real and perceived financial risk of climate-related investments.

“Blending different funding sources can address both real and perceived credit risks, making investments more attractive to a broader investor base by adjusting the risk-return profiles. In turn, more funding will be directed toward proving the efficacy and scaling of gender-smart climate-focused projects.”

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Image Credit: Nathan Cima on Unsplash

The post The climate change and gender equality connection: How to support underfunded women-owned business appeared first on e27.

Just 50 days after inking a deal with the Indian government, Vietnamese automaker VinFast is ready to officially break ground on a massive electric vehicle (EV) manufacturing facility in the southern state of Tamil Nadu.

Also Read: Thinking out loud: Are electric vehicles as sustainable as we believe?

This US$500 million investment marks a major step for VinFast’s global ambitions. India’s booming EV market presents a strategic opportunity, and this factory aims to become a regional production hub, churning out up to 150,000 EVs annually.

The factory plans to export EVs to South Asia, the Middle East, and Africa.

The project is expected to generate 3,000 to 3,500 jobs.

Separately, VinFast has signed a Memorandum of Understanding (MoU) with three Indonesian clients to provide 600 EVs for their corporate fleets. Under the terms of the MoU, VinFast will provide 600 EVs to Jakarta-based firms PT. Energi Mandiri Bumi Pertiwi, PT. Sumber Amarta Jaya and PT. Teknologi Karya Digital Nusa Tbk.

Also Read: The growth of electric vehicles is saving the planet, one trip at a time

The first two EV models in A & B-SUV segments that are open for order and soon to be launched in the Indonesian market will serve the companies’ goal of expanding their respective corporate fleets and cultivating the growth potential of the local green mobility industry.

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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 VinFast to soon begin construction of US$500M EV factory in India appeared first on e27.

UNOAsia, the company behind UNO Digital Bank in the Philippines, has raised US$32.1 million in a pre-Series B investment round comprising equity and debt.

The investors include Gateway Partners, Creador Private Equity, and Nextinfinity Management.

This round brings UNOAsia’s total raise to approximately US$75 million.

The startup will use the fresh money to accelerate the digital bank’s presence in the Philippines. The deal will also help in its efforts to transform the digital financial space in the archipelago and drive financial inclusion.

Also Read: How digital banking is driving financial inclusion in SEA

Founded in 2020 by Manish Bhai, Puneet Gupta, and Kalidas Ghose, UNO Digital Bank is a full-spectrum credit-led digital bank licensed under the Digital Banking License framework promulgated by the Bangko Sentral ng Pilipinas (BSP) in the Philippines. Filipinos can use the app to save, borrow, transact, invest, and protect money.

CEO Manish Bhai claimed UNO Digital Bank has secured accounts with a million customers in just fifteen months since its commercial launch and amassed US$100 million in deposits, predominantly within transaction, savings, and time deposit accounts.

Singapore headquartered financial technology company UNOAsia is one of the primary incorporators of UNO Digital Bank. The company plans to expand its digital bank platform across key South and Southeast Asian markets.

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Aerodyne Group, a drone-based enterprise solutions provider headquartered in Malaysia, has signed an agreement with Singapore-based air mobility company DroneDash Technologies to introduce cross-border drone delivery services between the two countries.

This aims to boost logistics efficiency between the two countries and advance the region’s delivery and supply chain capabilities.

The two firms will work to obtain all necessary permits to commence shore-to-shore drone operations along the Malaysia-Singapore corridor.

Also Read: AI can bring more intelligence and automation into drone industry: Aerodyne CEO

Central to the operation is a cutting-edge navigation system crafted from satellite communications with expansive dual-city 5G roaming to ensure drones safely navigate through congested maritime and aerial paths.

The service is designed for critical deliveries such as urgent documents, high-value electronics, medical supplies, and perishable foods. The features include real-time tracking, advanced security protocols, and blockchain technology for logistical oversight.

The drones can carry up to 30 kilograms and achieve 150 km/h speeds within a four-hour flight.

The initiative will initially focus on establishing delivery routes to Johor Bahru and Iskandar Malaysia, which were strategically chosen for their proximity to Singapore. This phase sets the foundation for future expansion throughout Malaysia, with commercial operations anticipated to start in Q3 2024.

“Organisations in the logistics, cargo delivery and freight services sector stand to gain a double-digit percentage improvement in overall productivity and cost. Drone deliveries are also beneficial
for the environment with emissions and carbon footprint being reduced by up to 100 per cent and 80 per cent, respectively,” said Paul Yam, CEO of DroneDash.

Also Read: Petronas leads US$30M financing round of Malaysian industrial drone firm Aerodyne

Aerodyne specialises in managing critical assets like power lines, solar facilities, telecom infrastructure, agriculture, and oil and gas operations.

DroneDash is an air mobility infrastructure company that has a presence in five Asian countries. It harnesses the integration of advanced innovations with drones and robotics to provide environmentally friendly and sustainable delivery solutions for customers and stakeholders across the public and private sectors.

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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 Aerodyne partners with DroneDash for cross-border delivery services between Singapore, Malaysia appeared first on e27.

The consumer packaged goods (CPG) industry has a problem with short product life cycles. CPG companies often face restricted timelines and high costs associated with identifying, validating research for, and creating hyperlocalised product concepts. This is a problem that AI Palette wants to solve with its AI solutions.

CPG has been lagging in AI adoption compared to other industries, such as healthcare or fintech, according to Kasun Perera, Head of Data Science, AI Palette, in a conversation with e27. Meanwhile, the use of AI can be helpful in areas such as product innovation.

“The CPG sector, when they want to introduce or even renovate new products to the market … there is a 90 per cent failure rate,” Perera says.

The reason behind this high failure rate is the research process itself. Companies will perform a go-to-market survey of 1,000-2,000 customers about what they want in a product, then perform data crunching to develop product ideas. Even if the process results were accurate, a product innovation likely takes at least 12 months to complete. By the time the product is out, there is a possibility that the trend has already changed.

This is why AI Palette developed a Gen AI-powered platform to reduce research and marketing costs for CPG brands by providing them with the ability to identify consumer trends as they emerge, facilitating the rapid development of new food product concepts that resonate with market preferences.

Its Creative Suite offers FoodGPT, an F&B domain-specific conversational agent that enables users to quickly discover insights on trending ingredients and consumption themes across countries and categories, complete with references and source citations. It can even go as far as envisioning how the product can be launched in the market by generating image collateral for product packaging and even suitable marketing campaigns.

Also Read: Transforming customer service: AI’s “artificial empathy” holds the key

AI Palette works with 61 billion F&B domain-based data points accumulated from over 150 data sources. It helps companies such as Monde Nissin, Kellogg’s, Olam Food Ingredients, Symrise, and Nestlé accelerate their new product development cycles.

“AI Palette collects the data from consumer footprint from multiple different sources. When you go in and have something from a fancy restaurant, you may actually post that on social media. You may order something from FoodPanda, buy groceries from e-commerce platforms, or share recipes … These are not asked from the customers. These are genuine feelings that they are putting up there,” Perera explains. “If we can tap into that, it is going to [lead into] an organic conversation.”

In the last five years, AI Palette has been collecting data from 24 different countries in 18 different languages.

“Navigating through this massive amount of data was quite hard for our users; they were also always looking for an easy experience. Then Generative AI comes in to help us,” he says. “You simply ask the question, what are the top trending ingredients in a beverage category in Australia? If you want to develop a new product, then this is a question you can ask instead of having five different clicks. The system can easily answer because we already have that crunch data in our database.”

“It’s just like asking insights from your colleague in the same office.”

AI Palette mostly works with sales, marketing, and brand managers for CPG companies.

Most of their existing users are already users of the company’s other solutions. The Gen AI tools are being sold on top of these tools as a value-added service.

Also Read: How Transparently.AI uses Artificial Intelligence to detect accounting manipulation, fraud

Building an AI company in Singapore

AI Palette’s Creative Suite, including FoodGPT, was crafted using Google Cloud’s Vertex AI platform and foundational models as part of the AI Trailblazers initiative.

For AI Palette, the choice of Singapore as a development hub stems from the supportive government initiatives, industry readiness, and robust infrastructure, with cloud providers such as Google Cloud facilitating advancements in generative AI. The strategic location enables swift prototyping and validation crucial for Generative AI, given its inherent costliness, according to Perera.

Furthermore, Singapore serves as an ideal base for AI Palette due to its diverse talent pool. The company’s tech team comprises individuals from Bangladesh, India, China, and local Singaporeans, creating a dynamic mix of skills and perspectives. Additionally, Singapore’s status as the Asian headquarters for many of AI Palette’s customers facilitates streamlined communication and collaboration, contributing to the overall success of its AI initiatives in the region.

AI Palette is run by a total of 80 people in three different locations: Singapore, India, and the US.

The company has operated for about five years; it started as an incubatee at Entrepreneur First. Its latest funding round was a Series A in 2021.

“The big plan is to push more and more on the Generative AI side … building these conversational AI capabilities into the CPG sector,” Perera closes.

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Image Credit: AI Palette

The post How AI Palette wants to help CPG companies develop products faster and easier with AI appeared first on e27.

Global climate change presents one of the most pressing challenges of our time, impacting ecosystems, economies, and communities worldwide. The rise in greenhouse gas emissions, primarily from human activities such as burning fossil fuels and deforestation, has led to unprecedented changes in Earth’s climate system.

The world over, many tech entrepreneurs are working to mitigate the impact of climate change, and they need support and capital to achieve their mission.

The Radical Fund is an investor helping climate-tech companies with capital and guidance in Southeast Asia (SEA). The fund invests in early-stage disrupters.

In an interview with e27, The Radical Fund Managing Partner and CEO Alina Truhina delves into the fund’s unique approach to identifying and nurturing ventures aligned with the climate resilience needs of SEA. With a focus on scaling businesses for impactful climate solutions, Truhina outlines the rigorous criteria used to select founders and ventures, emphasising a tailored, hands-on approach post-investment.

Edited excerpts:

What specific criteria do you use to identify founders and ventures that are aligned with the climate resilience needs of Southeast Asia?

The Radical Fund invests in entrepreneurs and business models that can scale. A scaling business is the best engine for impact; it delivers a self-financing economic model with capacity and inclination towards innovation and adaptation.

To achieve this, we seek and identify local entrepreneurs with a personal connection to the opportunity and the drive and ambition to conquer a scaled addressable market.

Also Read: New year, new funding strategies: Powering up sustainability tech startups

Every business in our portfolio is evaluated for its potential to drive climate resilience in Southeast Asia. We measure this in three ways:

• The entrepreneur’s prior experience in and openness and commitment to the issue,
• The setting of clear and defensible metrics that estimate and validate the venture’s potential to drive climate mitigation/adaptation,
• The designing of tactical solutions to reach those metrics by aligning the business model and value chain to the climate goals.

Specifically, we focus on/ look for:

1. Founders/founding team: Early-stage investing requires a heavy reliance on identifying founders as there is often a lack of historical performance data:

• Personal motivation and connection to the solution are critical. Being a founder is hard, and personal motivation is key in providing drive in the hardest moments.
• Domain and sector expertise: we seek deep experts, not all-rounders, who can deliver unique solutions to exceptional problems.
• Empathic strong leaders: we believe in entrepreneurs who can understand the needs of all their stakeholders (customers, employees, investors, etc.) and chart a direct and efficient path to success. We seek founding teams who approach building a business with a user-centric, not technology-first, approach (iteration, agility, customer centricity, etc.)
• Coachability: we seek entrepreneurs who are lifetime learners and open to radically transparent feedback.

2. Scaled commercial opportunity: In evaluating a business’s potential, we look at the total addressable market (TAM), unit economics and margins, MOAT, and cap table for incentivisation. We also seek and validate user demand and product-to-market fit.

3. Climate potential: We unpack whether the venture already has — or has the potential to have – climate impact in SEA. We look at the specific applicability of opportunities to SEA through 3 main lenses:

• Is SEA the primary or significant strategic geography where the venture’s climate impact occurs or could occur in the future?
• How important is it to SEA based on the sectors with the most emissions and/or adaptation potential?
• Is the solution contributing to an inclusive climate transition (affordability, accessibility)?

How do you ensure that the ventures you invest in address the unique challenges communities face in Vietnam, Thailand, Indonesia, the Philippines, Singapore, and Malaysia?

The Radical Fund starts with selecting the founders and ventures that can show their understanding of the unique challenges faced by communities across SEA:

• SEA investment focus: we are uniquely focused on founders building and scaling ventures in Southeast Asia. This means that, unlike other funds, we do not invest in US or European companies and expect them to expand to SEA.
• Evaluation of the problem-solution fit: in our due diligence, we evaluate the extent to which the founding team understands the specific challenges of their market and customer. This is critical to us, and one of the most important aspects that we review is whether the founding team has done enough validation and can prove that the problem they are trying to solve is real (this is called “problem-solution fit”).
• Local founders: We also have a significant bias toward local founders – this means that the entrepreneur was either born and raised in the SEA market or has spent a significant amount of time here and understands the specific geographic, social and sector nuances.

Post-investment, we ensure we support our companies in a very tailored and hands-on manner:

Our hyper-localised approach is strategic: our team is embedded into the local ecosystems of each market to source and originate deals, as well as to support then the ventures post-investment across all aspects of the ventures’ needs:

• Climate management; product, growth, and talent; commercial and business model design; commercial partnerships; investment; governance and financials; operations.

For example, our Chief Product Officer works closely with our ventures to support them with getting to product-to-market-fit faster, which means understanding the users of the communities and their specific needs;

Another example is that our Head of Climate works closely with our founders to ensure we capture and design the relevant climate management frameworks and KPIs that help the founding team address the country’s most appropriate climate needs.

Can you provide examples of successful ventures in your portfolio that have demonstrated a strong understanding of their target market’s needs and behaviours?

One of The Radical Fund’s recent investments is Arkadiah Technology:

A seed-stage nature technology company that uses AI to fuse lidar and remote sensing to bring transparency and traceability to unlock nature as an investment asset in Asia, delivering high-quality carbon/nature credits, community impact and investment returns.

Also Read: Arkadiah secures seed funding for AI-driven nature restoration solution

Arkadiah operates across Singapore and Indonesia and will soon be in the Philippines and Malaysia.

Arkadiah’s platform was purpose-built to cover Southeast Asia’s rich biodiversity and landscape. Its founding team is local and consists of practitioners and experts in reforestation and landscape restoration, ecology, geospatial technology and software development.

How do you evaluate the scalability potential of the solutions proposed by the ventures you invest in?

We analyse the following elements:

• Differentiation of the product/service – the moat of the business
• Unit economics/commercial model
• Business model (e.g. B2B/asset light/capex heavy, etc.)
• Current and prospective primary and secondary customers/users
• Current and future market expansion opportunities (market size)
• Regulatory tailwinds (in SEA).

Could you elaborate on the types of new business models that your ventures are exploring to address climate resilience in Southeast Asia?

• Deeptech/IP-led businesses
• Business model innovation
• Examples of business models:
• Marketplaces
• Software and data
• Manufacturing
• Retailing
• SaaS
• Distribution-based business model
• Project management
• Resource Management

What strategies do you employ to support ventures in achieving mass adoption of their solutions within the region?

The Radical Fund helps our entrepreneurs understand their market in direct ways that deliver unexpected insights and stimuli that create unique solutions and strategies. Through a combination of human-centred research, on-the-ground technical expertise, and creativity, we enable our portfolio to grow beyond just our capital investment.

Specifically, we push our founders to think narrowly about achieving product-to-market fit while maintaining an eye on the scale (TAM, unit economics, distribution partnerships, etc.). We work in sprints, aligning outcomes with cash flow and funding, and only pivot when the data supports the need.

We also work hard to help the entrepreneur see their pathways to scale. In general, after reaching product-to-market fit, we believe that businesses scale in one of two ways: product/service extension and new markets. This choice is often overlooked and mishandled.

Perhaps the most important support The Radical Fund provides is in being the entrepreneur’s partner. Being a leader is a lonely role, and we work hard to remove that pressure. Beyond a sense of community, we try to give the entrepreneur the sense of controlling time rather than time controlling them. We do this through careful planning, prioritising outcomes to deliver sustained capital investment, and identifying and engaging unexpected risks.

Can you explain how you facilitate the entry of ventures into new markets within Southeast Asia?

Our model rests on the principle that our team is local, which means we have an on-the-ground presence in several of SEA’s markets (and will soon be in the majority). We facilitate expansion and entry into new markets through:

• Business growth strategy: we define their expansion strategy with the founders. See above Q on strategies for scale.
• Product & growth: we support testing and validating with customers in the new market. This is critical, as it would define the venture’s market entry strategy and positioning.
• Operations & talent: we support defining the right talent and hiring plant (including which roles to hire when), and also help with actual recruitment of the team in new markets.
• Network: our LPs and partners are in each market.

How do we work with ventures on their climate strategies?

The Radical Fund diagnoses their needs and level of “climate maturity” pre-investment so that post-IC, we can develop tailored approaches and plans for each company. This could be developing clear KPIs and climate metrics (GHG emissions reduced or dollars saved due to avoiding losses, for example) and/or developing a clear climate strategy for avoiding unintended negative impacts throughout the business’s value chain.

Also Read: The key to tackling climate change: Electrify shipping

This is part of our value creation and portfolio management and is closely aligned with and embedded with the commercial growth of the business – we believe that the companies that can scale significantly are commercially viable and will have the greatest chance of delivering scaled climate outcomes in the region.

How do you determine the appropriate ticket size and investment instruments (SAFE notes, direct equity, grants) for each venture in your portfolio?

Each venture and founder is different, so we take an individualised approach to every company. This means that some pre-seed ventures may need a SAFE note based on their maturity and stage of venture development, while those that raised previous rounds may be ready for a priced equity round. We also work closely with all of our co-investors, which means we consider their requirements. We lead, as well as follow, depending on the deal.

Overall, the main principles behind our decisions are:

i) Does this make sense for the founders, and does this set them up for success, based on what we have learned about them in due diligence?

ii) Does this make sense for us as investors in our conviction of the venture’s growth and, therefore, future exits and returns from the company as it scales?

We usually invest on average US$250,000 at pre-seed, US$500,000 at seed, and up to US$850,000 at pre-Series A, but there are always exceptions.

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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.

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The post How The Radical Fund discovers, backs, spearheads climate-resilient ventures in SEA appeared first on e27.

David Chen, who previously headed Singapore-based buy-now-pay-later (BNPL) platform Atome, has shifted gears to join GoTo Financial as Head of Consumer Lending.

This news follows another high-profile departure from Atome last year, with former regional General Manager Trasy Lou Walsh leaving to build the B2B payments company Fluid.

Also Read: Advance Intelligence Group raises US$80M to further develop AI innovations

Known for his extensive experience in both technology and finance, Chen spearheaded Atome’s growth into a regional powerhouse with over a decade of industry expertise. He also founded Nestia, a popular Singaporean consumer lifestyle app.

While transitioning to GoTo, Chen will retain his co-founder role at Atome’s parent company, Advance Intelligence Group, and remain Chairman of Atome Financial.

Chen has a PhD and Master’s degree in Computer Science and has professorial experience at both Shanghai Jiaotong University and Nanyang Technological University.

Also Read: Advance Intelligence Group acquires Jewel Paymentech to expand Web3, fraud and risk management capabilities

Founded in 2016, Advance Intelligence Group is headquartered in Singapore, with operations across Asia. It provides an ecosystem of AI-powered, credit-enabled financial products and services that include BNPL platform Atome; lending platform Kredit Pintar; SaaS solution for enterprise digital identity, compliance and risk management ADVANCE.AI; and omnichannel e-commerce merchant services platform Ginee.

As of May 2023, the company served over 500 enterprise clients, 235,000 merchants and 40 million individual consumers. Since its inception, it has disbursed over US$4 billion in loans.

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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 Atome CEO David Chen makes move to join GoTo Financial as consumer lending head appeared first on e27.

Growing affluent and mass-affluent segments herald new demand for financial advisory services across the Asia-Pacific region. Worldwide, McKinsey anticipates a substantial increase in households with investable assets between US$100,000 and US$1 million, reaching a total of US$4.7 trillion by 2026.

This presents a unique opportunity for financial advisory firms (including banks and insurance companies) to expand offerings to new segments but also challenges in how to deliver the expected bespoke relationship-based services at scale. 

At the heart of the challenge is how the industry can serve the increasing demand for personalised services across the wider demographic at scale without being hindered by legacy systems and manual processes.

Generative AI is a new enabler for this — it will reduce the time and effort to generate engaging, personalised recommendations, insights and content for clients.  

Increasing demands on financial advisors 

Today, financial advisors find themselves spending three-quarters of their time navigating between increasingly complex systems, leaving only a quarter to build meaningful customer relationships. They also see gaps in accessing training material and product information to be familiar with the latest policies, products, and trends. Clients also demand increased access to relevant data and analytics to make their own decisions.  

Generative AI is already creating value for the financial advisory sector 

At SoftServe, we see how Generative AI is increasingly used for customer engagement and can offer solutions to the unique challenges facing financial advisors and the broader industry. Generative AI-powered virtual assistants like SoftServe’s Meeter-Greeter are starting to streamline customer onboarding, facilitate advisor matching, and enhance the overall client experience. 

Also Read: How Southeast Asian businesses can overcome employee training challenges

Virtual assistants also aid advisors with responses to client questions and can create customised marketing and financial literacy content. In organisations with higher maturity, these virtual assistants can also assist in fundamental analysis, data gathering, and risk identification for decision-making. Leading banks like J.P. Morgan, Morgan Stanley, and Citigroup are already doing this. 

Banks in Southeast Asia are similarly starting to roll out Generative AI tools, starting with internal ‘co-pilots’ like virtual assistants to improve productivity by searching across multiple knowledge bases and generating engaging content for marketing and client outreach.

Over the course of 2024, we expect many of these internal pilots to mature — they will be connected to more data and introduced to more employees. This will gradually be followed by a shift towards client-facing virtual assistants as familiarity with and confidence in Generative AI solutions increases. 

Embracing and increasing trust in Generative AI 

Leveraging Generative AI should not just be the responsibility of AI or innovation teams. Organisations need cross-functional teams with adept change management skills, senior leadership alignment, and sponsorship. Leaders must understand that Generative AI cannot fully be introduced within a short timeframe but rather requires a long-term commitment involving multiple shifts. 

In practice, this involves coordinating Generative AI adoption with overarching goals, gaining stakeholder buy-in, setting up appropriate governance structures to manage risks, involving legal and compliance teams, setting priorities, allocating resources wisely, and determining measurable outcomes.

It also requires a willingness to experiment and fail in the process of getting Large Language Models (LLMs) to meet the high bar of excellence expected of client advisory. Perhaps 20-30 per cent of projects will make it all the way from proof-of-concept, minimum viable product to gather customer feedback, and into production. 

Also Read: SEA’s startups shine in Jan funding boom: Chiplets, AI, rural banking lead the charge

One helpful framework that guides thinking on increasing trust in Generative AI is the proposed model AI governance framework for Generative AI published by the AI Verify Foundation and the Infocomm Media Development Authority (IMDA) of Singapore recently.

The nine-point framework contains key ideas on accountability, model visibility, testing & assurance that teams should consider early in the development process and use as guidance for adding guardrails or other risk-mitigating mechanisms into Generative AI solutions.  

Riding the Generative AI wave 

While there are still many perceived limitations — reliability, trustworthiness, and privacy, amongst others — of today’s Generative AI solutions, organisations wanting to harness the multiple benefits of Generative AI solutions should not ‘wait-and-see’ but instead be proactive in starting their journeys.

This will allow them to adapt to shifting market dynamics and innovate more effectively from a position of strength as the technology and available tooling mature rapidly. 

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The post Riding the affluence surge: How Generative AI can power growth in financial advisory appeared first on e27.