Dear Pro member,
Is the ChatGPT boom over?
The explosive boom of ChatGPT, once a revolutionary breakthrough in AI-driven conversational technology, has begun to taper off.
Initially hailed for its remarkable ability to generate human-like text and engage in diverse conversations, limitations have come to the forefront. Users have encountered instances of biased, inappropriate, or nonsensical responses, eroding the trust in its reliability.
The initial fascination has also waned as the novelty wore off, revealing the tool’s inability to deliver deep insights or truly understand the context consistently.
Concerns about data privacy and security have also played a role, with users apprehensive about the potential misuse of their interactions.
Moreover, the competitive landscape has evolved, with newer models addressing some of the predecessor’s shortcomings. While ChatGPT remains a valuable tool in various applications, the initial unbridled enthusiasm has transformed into a more balanced view of its capabilities and limitations, marking a shift from an era of unfettered growth to one of refined expectations.
Not just ChatGPT but many other AI projects are also losing their sheen. This is the highlight of today’s Ecosystem Roundup.
We also have many other exciting news and feature articles in today’s edition.
Happy reading.
Sainul,
Editor.
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Is the AI boom already over?
The new AI-powered Bing search hasn’t made a dent in Google’s market share, ChatGPT is losing users for the first time, and the bots are still prone to basic errors that make them impossible to trust.
Indonesian EV maker ALVA raises US$50M Series B
The investors include Horizon Ventures, Indika Energy, and HH-CTBC Partnership; Started in May 2022, ALVA has launched two EV models — ALVA One (motorcycle) and ALVA Cervo.
PropertyGuru to shut down Indonesian business Rumah.com
According to PropertyGuru CEO Hari V. Krishnan, the company made the strategic decision to prioritise its investments on other opportunities; Rumah, acquired by PropertyGuru in 2011, is the second most-visited property portal in Indonesia after 99.co.
Alipay declares live commerce ambitions in pre-IPO growth chase
The fintech giant also announced an updated international version of Alipay that promised to make it easier for foreign visitors to China to use the digital payment service using Visa and Mastercard.
Indonesian regulator wants the VCs to register locally
The regulator OJK is discussing plans to woo VCs to seek licences in the archipelago; It has met venture capital associations to discuss the feasibility of the plan.
Temasek, Touchstone launch climate startup competition in Vietnam
Called Net Zero Challenge 2023, the programme seeks to support climate solutions in Vietnam, which has received less funding compared to other tech sectors, according to a joint statement.
AntsBees sets aside US$860K to support AI-powered tech startups in Malaysia
The AI and robotics automation solutions provider will back startups focusing on the industries of education, healthtech or any field that could contribute to the AI tech ecosystem.
TikTok Shop to capture 13.2% of SEA e-commerce market share: report
The e-commerce arm of TikTok is on course to reach its US$15B GMV target in 2023; This would place TikTok Shop’s market share in the region at the same level as Tokopedia, estimated at 13.9%, and Lazada, estimated at 17.7% this year.
Dubai to attract over 600 new web3 ventures by end of 2023
Dubai’s move to extend heavily subsidised commercial license for enterprises in the AI and Web 3.0 sector is predicted to lead to an immediate spike in web3-centric investments across UAE.
‘We aim to make early cancer detection accessible on a global scale’: Mirxes CEO
Mirxes has developed a miRNA tech platform, which it claims can accurately and reliably measure miRNAs in human blood by increasing detection sensitivity and reproducibility.
‘AI must be used to enhance team members’ expertise, not to sideline them’
To thrive, workers should acquire new skills in AI, data analysis, and customer experience management, says Ravi Dodda of MoEngage.
Is the Philippine real estate market ready for the next wave of proptech?
An overview of the proptech scene in the Philippines in five numbers that provide clues to where the innovation compass is pointed.
Why bootstrapping remains the key to survival in Asia’s funding winter
Bootstrapping gives startups the opportunity to focus on sustainable and organic growth, ensuring they remain profitable.
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The image used in the article is AI-generated.
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