Kelvin Teo, Co-founder and Group CEO, Funding Societies | Modalku

Digital finance platform Funding Societies | Modalku (Funding Societies) today announced that it has raised US$25 million in equity investment from Japan’s sovereign wealth fund Cool Japan Fund (CJF), marking the fund’s first investment into a fintech company in Southeast Asia (SEA).

The company said it will funnel the investment to deepen its core business in SME financing across its five markets (Singapore, Indonesia, Malaysia, Thailand and Vietnam) whilst further expanding its payments business since embarking on it in 2022.

In a press statement, Funding Societies said it will focus on helping businesses get paid faster through innovative receivables and financing solutions. It will also leverage technology and AI to digitise and automate lending origination processes.

“These initiatives and synergies between payments and lending align with the company’s objectives of achieving growth and profitability.”

The investment also cemented a partnership between Funding Societies and CJF to provide financial services to support Japanese companies.

Also Read: FlyORO soars into green skies with its sustainable aviation fuel blending solutions

President and CEO of Cool Japan Fund, Kenichi Kawasaki, said, “We are excited to be backing Funding Societies through this investment. Their track record of supporting SMEs in SEA places them well in helping Japanese companies overcome challenges when entering new overseas markets – particularly in this region. With the shift of interest from Japanese firms steering towards Southeast Asia, we believe our partnership with Funding Societies through this investment will grow the overseas demand for Japanese products and services, in turn, benefitting Japan’s economy as well as the local SMEs doing business with Japanese companies.”

Annually, Japanese direct investment in the ASEAN region averaged about US$18.6 billion, with approximately 15,000 business establishments set up by Japanese companies in the region, according to data presented at the ASEAN-Japan Commemorative Summit in 2023.

Funding Societies said it has achieved over US$4 billion in business financing, serving about 100,000 SMEs. It has processed an annualised payments gross transactions value (GTV) of over US$1.4 billion since expanding into its payments business in 2022.

Previously, the company raised a strategic equity investment from Maybank and a third annual credit facility from HSBC’s ASEAN Growth Fund, part of an accumulative commitment of over US$100 million credit facility with the bank.

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Image Credit: Funding Societies

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How can we use artificial intelligence (AI) to improve the lives of marginalised communities, particularly people with disabilities? This question was at the forefront during AWS re:Invent 2024 in Las Vegas earlier this month, where innovative solutions for inclusivity were spotlighted.

At the event, e27 witnessed product demonstrations from two global startups dedicated to empowering people with disabilities. The first, Romania-based .lumen, has developed an AI-powered device to enhance mobility for blind individuals.

The second, US-based Sign-Speak, is working to bridge communication gaps for American Sign Language (ASL) speakers. Their AI tool provides live translations, enabling ASL users to interact seamlessly with a broader audience.

These startups exemplify how AI can be leveraged to address challenges marginalised communities face. Through groundbreaking technology, they aim to foster greater independence and inclusion.

Check out their stories to learn more about the transformative potential of AI in creating a more accessible world.

Guide dogs for the AI age

Cornel Amariei, the CEO of Lumen, has embarked on an ambitious journey to transform mobility for visually impaired individuals. Drawing from his personal experiences growing up in a family where everyone but himself had a disability, Amariei sought to leverage cutting-edge technology to fill the longstanding gaps in assistive tools for the visually impaired.

Also Read: What this digital shift means for people with disabilities in SEA

“If you think of visual impairment right now, over 300 million people worldwide are affected, and this number is expected to reach half a billion by 2050,” Amariei stated in an interview with e27.

Yet, the solutions available have remained static for centuries, limited to guide dogs and white canes. “Last year, we spent over US$500 million training just 2,000 guide dogs globally,” he noted.

With only 28,000 guide dogs available worldwide for over 300 million visually impaired individuals, Amariei recognised the need for scalable alternatives.

In 2020, amidst the challenges of the pandemic, Amariei founded .lumen, aiming to bring the sophistication of autonomous driving technology to pedestrian navigation. The result is a wearable device resembling a virtual reality headset.

“It’s a self-driving car for pedestrians,” he explained. The glasses employ AI-powered haptic feedback to guide users, effectively mimicking the functions of a guide dog without requiring internet connectivity. “If a guide dog pulls your hand to direct you, our device pulls your head,” Amariei said, underscoring the innovation’s intuitive design.

.lumen’s development journey has involved over 300,000 hours of research and testing with more than 400 visually impaired individuals. The device is slated for a European launch in early 2024 and will enter the US market by year-end.

Affordability and accessibility are central to .lumen’s strategy. In Europe, many countries offer reimbursement or subsidies for assistive technologies. Amariei highlighted a recent initiative in Romania where the glasses could be free to eligible individuals. “We’re working to ensure that the end user pays little to nothing,” he said.

Also Read: Inclusion matters: How GitHub enhances accessibility for individuals with disabilities

Similar efforts are underway in the US and Japan, where .lumen has partnered with the Toyota Mobility Foundation to bring the product to market.

Amariei emphasised that Lumen’s goal is not to replace guide dogs but to complement them. “We aim to provide the same features as a guide dog to the tens of millions of people who cannot access one,” he said.

Looking ahead, Amariei envisions significant improvements in subsequent device iterations, including reduced size and weight. Reflecting on .lumen’s journey, Amariei described founding the company as the “best and worst decision” of his life.

“Quitting a well-paid corporate job to launch a startup during a pandemic was a gamble, but it’s paying off,” he said. The company’s recent milestone includes becoming the first Romanian startup to join the European Union’s deep tech accelerator programme, coupled with the closure of a substantial investment round.

Connecting ASL speakers to the world

In a panel discussion at AWS re:Invent 2024, Nikolas Kelly, Chief Product Officer of Sign-Speak and a member of the deaf community, demonstrated the groundbreaking potential of his company’s AI-powered sign language interpretation technology.

Using the very tool his team developed, Kelly shared the inspiration and mission behind Sign-Speak, highlighting its dual focus on addressing everyday communication challenges and providing scalable solutions for organisations.

Sign-Speak co-founders (left to right): Nikolas Kelly, Yami Payano, and Nicholas Wilkins

“I had everyday frustrations in my communication that led to miscommunications, breakdowns, and awkward social experiences,” Kelly explained. “So my team got together and started Sign-Speak.”

Also Read: Rayo: Transforming web accessibility worries into confidence for people with disabilities

Sign-Speak’s core innovation is its automated sign language recognition technology, which combines AI-generated avatars with human interpreters. This hybrid approach offers deaf individuals the autonomy to choose between machine-generated translations and human assistance. Kelly emphasised this flexibility as a critical aspect of the platform, particularly in the US, where interpreter shortages persist.

During the presentation, Kelly showcased the platform’s capabilities using a laptop featuring an AI-generated image of a young man, representing his virtual “translator.”

As Kelly communicated in American Sign Language (ASL), the system translated his signs into spoken words in real time, supported by closed captioning for accessibility. “Deafness comes in a spectrum,” Kelly noted, underscoring the platform’s inclusive design.

Sign-Speak’s application extends beyond individual users. The company has developed an API enabling organisations to integrate technology into various industries, from retail to banking. “We wanted to build something for the enterprise level,” Yami Payano, CEO of Sign-Speak, explained at the same event. “In the US market, accessibility is typically provided by organisations, not the deaf consumer.”

Already, the technology is being piloted in settings such as banks and smart TVs, where deaf customers can interact seamlessly with tellers or access digital interfaces. Payano saw this as a step toward broader adoption: “We’ve created B2C products to help deaf consumers get comfortable with the technology at home.”

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Image Credit: .lumen, Sign-Speak

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Jetpac CEO Aditya Goyal

The global eSIM market was valued at US$1.22 billion in 2023 and is projected to grow to US$6.29 billion by 2032, indicating a robust compound annual growth rate (Fortune Business Insights).

In Singapore, the eSIM market is experiencing significant growth, driven by the increasing adoption of connected devices and the demand for seamless connectivity. This growth is supported by collaborations among device manufacturers, mobile operators, and eSIM solution providers, all contributing to the dynamic and competitive eSIM industry landscape.

Jetpac Global, launched in November 2022 under digital telco Circles.Life, is a travel eSIM provider. The company claims to have achieved its target of 15 per cent conversion shortly after its inception. Singapore Institute of Technology. As the market expands, the Jetpac looks to be a leading player in the coming years.

We spoke with Aditya Goyal, Jetpac’s CEO, to learn more about its offerings and the competition in the space.

Edited excerpts:

Could you provide a brief history of Jetpac and the inspiration behind launching an eSIM?

One of the key consumer insights we observed post-COVID-19 was that per capita data consumption had increased significantly (almost 2X) due to people engaging much more with social media/games, etc., during COVID-19 days. This created an opportunity for the travel segment, where the cost of data is very high, as international roaming is exorbitant and 10X vs. local data costs easily.

What makes your eSIM unique in a rapidly growing industry, and how does your company differentiate itself from other providers?

Jetpac is a tech solution for customer convenience, and eSIM is part of the overall proposition. Unlike other players, who offer a simple vanilla eSIM, we offer end-to-end travel convenience solutions, including travel eSIM, free lounge access, VPN services, and fast-track passes.

Also Read: Switchless travel: How Truely’s innovative eSIM tech sets it apart from the likes of Airalo

Jetpac uses multi-IMSI technology that allows seamless migration from one country to another, depending on the customer’s location. You don’t have to buy a separate eSIM for each country you go to! This results in Jetpac being able to serve 150+ destinations with one eSIM versus having to download multiple SIM cards or eSIMs for different regions/locations like several other competitors. This enables our customers to use one eSIM and one app to download, purchase, and activate their packs seamlessly wherever they are.

What types of eSIM plans (local, regional, global) do you offer, and what are the most popular among your users? Who are your primary target customers, and how have you seen demand for eSIMs shift over recent years?

Our primary target customers are travellers who travel more than three times a year, are digitally savvy and want to prioritise convenience when they travel. They do not want the hassle of physical SIM cards or even having to purchase multiple eSIMs on the go.

We offer one eSIM that covers all types of packs, from global to local data packs. This unique feature allows our customers to add whatever packs they want from the app at any time without hassle.

How do you determine which regions or countries to cover, and are there regions where your service is especially popular?

There are two main drivers for us to offer a plan: 1) significant demand for those travel corridors and 2) reliable partners who can offer superfast, seamless, and reliable service. We want our customer experience to be top-notch, and thus, this is super important for us before we launch.

eSIM technology is constantly evolving. How is your company incorporating the latest technological advancements into its platform?

We work with multiple partners specialising in telco technology, specifically eSIMs, IoT, etc., and we collaborate with them to bring the latest tech advancements. Our latest launch is a tech called “Geo APN.” One of the key issues is latency problems for eSIMs, which aren’t local. For example, if you bought a Japan pack and the data server is in Europe, then the speed experienced by the customer will be very slow despite the 5G connection.

So, we launched this technology in November 2024. For most of our portfolio markets, Jetpac will automatically pick up the nearest routing location (e.g., Singapore for Japan) and decrease the latency substantially, giving an amazing customer experience!

Can you share any AI or analytics-driven insights used to improve or personalise services for your users?

We currently gather a few analytics-driven insights, such as summarising customer support tickets to better understand customer pain points and then develop product features to improve the overall customer experience. We are also able to detect our customers’ travel patterns based on their purchases and usage, which allows us to provide the best rates for popular destinations to our customers based on the data collected.

How are your eSIM plans priced, and what factors influence the pricing strategy for various regions?

It’s pretty straightforward in our case. Our packs across the regions are priced to meet customer affordability. Even when some market players (e.g., Airalo) charge 20 per cent of the average market price, we are very reluctant to raise our prices to ensure affordability for our customers.

In your view, how does your company’s service compare to other eSIM providers in the market, like Airalo and Holafly, both locally and globally?

Our key differentiation factors are 1) Affordability, 2) end-to-end travel convenience, and 3) award-winning customer service.

Airalo is mostly priced higher than other market players and thus isn’t as affordable as Jetpac. Our pricing is much cheaper for customers overall.

Also Read: Use Airalo eSIM and stay connected wherever you go in the world

Holafly mostly provides an unlimited data plan, wherein a fair usage Policy governs data usage. If data speed is throttled after a certain daily consumption, this may lead to a poor customer experience. The plan may also have limits on device tethering/hotspotting!

Our plans are fixed data plans, and we don’t throttle customers’ data speeds, ever! Plus, you can hotspot as many devices as you want.

We bring award-winning customer service from our parent company, Circles.Life, wherein we are available to our customers via WhatsApp, App chat, Email, etc. Our customers constantly talk about how excellent and empathetic our customer service is, and that sets us apart from our competitors!

How do you see the eSIM landscape evolving over the next few years, and what role does your company plan to play in shaping it?

I expect the following for the eSIM market.

• Travel eSIM business will continue to grow ~10 per cent every year.
  eSIM and eSIM-enabled handset penetration will grow substantially in the next four to five years.
• We will see many new travel eSIM players enter the market, and many will go out of business or shut down shop.
• We expect to see a lot of consolidation and mergers in the travel eSIM space. Specifically, multiple smaller players will be acquired by mid- to large-sized players.

How do you envision the future of eSIM technology impacting travel and connectivity?

Simple. No more physical SIM cards, no more hunting for WiFi spots; the eSIM technology will eventually allow all travellers to feel like they are roaming at home because the strength of the connectivity will be the same, if not better, wherever they go.

Lastly, what is the most exciting trend or challenge in the eSIM industry right now?

For the eSIM industry, I think the IOT space is super exciting, specifically what you can do in M2M (machine-to-machine).

For example, you can set up vending machines in remote areas because they can connect to the Internet via eSIMs and don’t need WiFi anymore. This can fundamentally change distribution POS. The potential and opportunity in IOT are really huge!

The key challenge is the low barrier to entry, which can lead to quality deterioration. Many players need more tech know-how and/or a focus on customer experience and service. This is a cause of grave concern because it can impact customers’ perceptions of eSIMs, which will be very difficult to change. Still, I am very hopeful about the future of the eSIM space, specifically Jetpac!

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With Singapore’s security sector facing a long-term manpower crunch, which has been exacerbated by the COVID-19 pandemic, many security officers are feeling blunted with the increasing hours on the job and performing duties beyond the usual scope, such as facilities management.

This is coupled with misconceptions that the security role is merely a watchman’s job traditionally meant for low-skilled workers.

Security Sector Manpower Crunch (NTUC LearningHub Industry Insights Report 2022: Security, Union of Security Employees)

Steve Tan, Executive Secretary at the Union of Security Employees (USE), estimates that there is currently a shortfall of 10,000 to 15,000 security officers in Singapore. With the evolving global concern for safety and terrorism, the demand for security officers has also grown.

This manpower crunch translates to a situation where existing security officers are taking on additional responsibilities to cover the shortfall.

Outcome-based contracts and optimising resources through technology

To discuss potential solutions to the manpower crunch, we take a look at the approach adopted by the industry. There has been a push by the Ministry of Home Affairs (MHA) for organisations to adopt outcome-based contracts (OBC), wherein service buyers are required to specify contract requirements in terms of expected performance levels rather than output levels.

The government has taken the lead on this front by making the adoption of security service OBCs mandatory from May 2020. Compared to the traditional output-based contracts, where fixed amounts of resources such as manpower and equipment that the service provider needs to supply are specified, an outcome-based contract allows providers to propose innovative security solutions that optimise resources to meet desired security outcomes by taking advantage of technology and redesigning work processes.

According to MHA, outcome-based contracts promote cost-effectiveness while reducing reliance on manpower. Given the rise in manpower costs, such contracts are more sustainable for both providers and customers in the long run.

Considering the sustainability of outcome-based contracts, this model presents the opportunity to nurture future ‘security technologists’ to be part of a skilled workforce, thus helping to increase cost efficiency and improve productivity.

As uncovered in NTUC LearningHub’s  (NTUC LHUB’s) Industry Insights report on Security, Singapore’s security sector will be transformed when workers are equipped with the relevant skills to execute cutting-edge technology solutions at buildings and facilities.

The report, which explored the industry landscape and trends in Singapore’s private security sector, is based on in-depth interviews with experts from NTUC LHUB, Union of Security Employees, CBM Security, and Apollo Global Academy.

Leveraging on technology to improve delivery outcomes

In 2018, Cisco conducted the Asia Pacific Security Capabilities Benchmark Study, and it found budget constraints as one of the key attributes leading to the slow adoption of technology.

Also Read: How businesses should navigate the Singapore Budget 2022

Fast forward to today, technological advancements allow security operations to be performed efficiently by integrating them into facilities management while harnessing Artificial Intelligence (AI) and Robotics. To better support building owners and developers in adopting smart infrastructure technologies such as sensors and intelligent building management systems, the government has allocated US$30 million to help them defray costs in adopting these technologies.

Security companies can therefore achieve better outcomes with less manpower, presenting potential opportunities for security officers to upskill and take on more meaningful roles enabled by technology.

Security Landscape Framework (NTUC LearningHub Industry Insights Report 2022: Security, Apollo Global Academy)

With technological tools, security officers can increase accuracy, productivity and efficiency using biometric readers, surveillance robots and smart access cards. In addition to these technological tools, there are also digital solutions to potentially alleviate headcount issues in the security industry.

Facets of Security Technology Management (NTUC LearningHub Industry Insights Report 2022: Security, Apollo Global Academy)

To optimise headcount in the manpower-scarce industry, companies can also consider the Security Technology Management system, which integrates AI into operations, allowing security officers to be more productive.

There are four aspects that security officers need to be familiar with, namely:

• Access control management
• Alarm system management
• Robotics and automation application
• Security surveillance management

Digital skills and critical core skills go hand-in-hand

While technology is here to improve work systems for more efficient deployment of manpower, these solutions also require the support of skilled security officers. This reiterates the importance of upskilling the workforce alongside advancements in technology.

Also Read: Why Singapore’s traditional sectors need a digital makeover

For instance, SkillsFuture Singapore has outlined the Skills Framework for Security to promote skills mastery and lifelong learning as an integral part of the transformation in the security industry. The Framework outlined two broad skills classifications: Technical skills and competencies and critical core skills, that security officers must acquire to perform the various tasks.

The former comprises technical skills and competencies that cover occupation-specific knowledge, such as contract management, incident response, threat observation and robotics and automation application.

The latter comprises transferrable skills that enable individuals to be employable, facilitate their career mobility and enable the acquisition of technical skills. In fact, critical core skills such as digital fluency, problem-solving, adaptability and community are key for security professionals, either if they are branching out through horizontal skills or keeping pace with the changes in technology.

As the security industry in Singapore takes on brave strides in leveraging technology to enhance the delivery of services, there will be lower dependence on manpower to perform manual work such as patrolling and CCTV monitoring.

Instead, there will be more job opportunities arising from the new need for backend support in security technology management. Therefore, security officers must master technology to better meet the demands of this sector, and upskilling is crucial for the industry’s shift toward digital solutions.

Upskilling as the way to thrive in the domain

It is observable that the upskilling of security officers and the adoption of technology solutions are in tandem. In fact, technology does not replace the role of security officers, and critical core skills are still vital for security officers to keep up with technological changes in the industry.

A human element in the security industry is increasingly crucial even as AI capabilities and applications continue to advance. This means that in addition to upskilling to take on more meaningful roles in the advent of new technological solutions, we also need to develop core skills of security officers, such as digital fluency, problem-solving, adaptability and communication.

Security officers who want to thrive in the domain should open up to the concept of reskilling or upskilling. Otherwise, they risk being left behind. Therefore, we need to revamp and focus on the adoption of technology while acknowledging the human aspect of the job that goes hand-in-hand with the use of technology.

With that in mind, NTUC LHUB is dedicated to helping close the skills gap and creating career opportunities to achieve higher productivity in the wake of the manpower crunch. We believe that equipping these officers with the relevant knowledge to increase efficiency and improve productivity for companies through relevant upskilling is the solution.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

Join our e27 Telegram group, FB community, or like the e27 Facebook page

Image credit: Canva Pro

This article was first published on September 2, 2022

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The kitchen has long been the heart of the home, but in recent years, startups have transformed it into a hub of innovation. From cutting-edge appliances to apps that simplify meal preparation, these companies are redefining how we cook, eat, and even think about food.

This shift, often called “Cooking 2.0,” highlights the role of technology and creativity in modernising culinary experiences.

Smart appliances: The engine of innovation

One of the most obvious changes is the rise of smart kitchen appliances. Companies are creating tools that connect to apps, gather data, and simplify cooking. Smart ovens now recognise recipes, adjust the temperature, and tell you when your dish is done. These innovations save time and give you consistent results so everyone can cook like a gourmet.

For example, a smart blender can recommend recipes based on ingredients you have or dietary restrictions. This kind of convenience wasn’t possible 10 years ago. These appliances let you play in the kitchen without feeling overwhelmed.

Apps for cooking and meal planning

Beyond hardware, apps have changed the way we think about food. Meal planning has been reimagined by startups who offer personalised solutions. Now platforms give you tailored grocery lists based on your preferences and even suggest substitutes for missing items. Some apps even track your food inventory to reduce waste.

Another way tech helps is by simplifying measurements while cooking. Conversions can be a pain, but tools like this 8 tablespoons to cups converter make it easy to get instant results. Little things like this make cooking fun even for kitchen newbies.

Also Read: Brewing success: A comparative analysis of Kopi Kenangan and Kopi Janji Jiwa coffee chains in Indonesia

Subscription services redefining ingredients

Startups in the food subscription space are also making waves. These services deliver pre-portioned ingredients with step by step recipes, so you don’t have to guess what to cook. They solve the shopping and meal prep time and encourage you to try dishes you wouldn’t have otherwise.

Beyond convenience, many of these services are also focused on sustainability. Some partner with local farms to ensure ingredients are fresh and responsibly sourced. Others use compostable packaging. By baking these values into their business model they attract eco-conscious consumers and set new industry standards.

AI and data to reduce food waste

Startups are using artificial intelligence to tackle food waste in new ways. Apps can now analyse your purchase history and suggest recipes based on what’s in your fridge. Smart trash cans are being developed to track what you throw away and give you insights into your wasteful habits and how to change them.

AI is also helping restaurants and big kitchens optimise inventory so they only order what they need. This may not be visible to the average home cook but has a trickle down effect that benefits everyone by making the food system more efficient and sustainable.

Startups are catering to diverse diets

Another area where startups are making a difference is dietary diversity. As more people adopt specific diets – whether for health, ethical or cultural reasons – the demand for solutions grows. Startups are answering by creating products like plant-based meats, gluten-free baking kits and apps that help users navigate allergens.

Also Read: You are what you eat: Opportunities in Southeast Asia’s agri-food sector

For example, recipe platforms now allow users to filter by diet type, ingredient or cuisine. So even niche diets are catered to without compromising on variety or flavour. Cooking at home is now a more inclusive space for everyone.

The future of cooking 2.0

Looking forward we have so much more disruption to come. 3D food printing, AI recipe creators and zero waste meal systems are already in development. Startups that put the user first and sustainability second will be the ones to watch.

For the home cook this means less stress, more creativity and a greater appreciation for cooking. Whether you’re a seasoned pro or a beginner trying a simple recipe the tools and platforms emerging today will make the kitchen a more fun and inclusive space.

In conclusion, startups are revolutionising the way we interact with food, blending technology and tradition to create smarter, more sustainable kitchens. By embracing innovation and addressing the needs of modern cooks, these companies are paving the way for a culinary future that is efficient, inclusive, and inspiring. Cooking 2.0 is here, and it’s changing the way we think about the kitchen forever.

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Damien Keogh, PhD, Director, CEO at BluMaiden Biosciences

BluMaiden Biosciences, a Singapore-based biotech company working in drug discovery, recently announced that it has secured “substantial investment” in a round led by deep tech VC firm Elev8.vc and joined by SEEDS Capital.

The company has developed what they refer to as a transformative approach to small molecule drug discovery, addressing a
significant challenge in the pharmaceutical industry: the limited diversity of chemical compounds in traditional chemical libraries, which restricts the scope of potential drug candidates and hinders innovation in drug discovery.

BluMaiden’s solution involves probing the vast chemical space hidden within the human body, using advanced AI-guided computational genetics and chemistry.

The company’s co-founders are Rohan Williams, Michael Tillmann, and Damien Keogh.

Rohan Williams, Ph.D., is a scientific co-founder at BluMaiden with expertise in bioinformatics and systems biology. He is also the Head of the SCELSE Integrative Analysis Unit. Michael Tillmann, a founding member and Chairman of the Board, has been instrumental in BluMaiden’s growth, leveraging his experience as a former CEO at Roche Diagnostics.

Also Read: Asia’s biotech boom: Innovation, investment, and a new era of discovery

Before founding BluMaiden, Keogh was actively engaged in the biotech sector, including roles in venture capital as an entrepreneur-in-residences, involved in spin-out and venture-created biotech companies, and being an alumnus of Johnson & Johnson Innovation JLABS.

In this email interview with e27, Keogh explains the problems the startup aims to solve and how AI technology helps it achieve these goals.

This is an edited excerpt of the conversation.

What specific problem or need does BluMaiden address, and what inspired you to take on this challenge?

The pharmaceutical industry encounters significant challenges with chemical libraries in small-molecule drug discovery. One key issue is repeated rediscovery of known compounds, which wastes resources without yielding new treatments.

Additionally, these libraries often have molecular biases that limit compound diversity, reducing the likelihood of finding innovative drugs. Since the early 1980s, about 50 per cent of successful FDA-approved small-molecule drugs have been derived from natural products, owing to their structural diversity and biological activities. Nearly half of these are synthetic drugs that mimic natural products.

My motivation to establish BluMaiden comes from my research interest in metabolite biology, which focuses on the mechanisms and effects of small molecules derived from natural products. At BluMaiden, our diverse team explores new chemical spaces within the human body, linking this with clinical data to uncover pharmacological significance.

How does your AI-powered platform integrate computational genetics and chemistry to enhance the drug discovery process? Can you share a specific example of a breakthrough or significant finding your technology has facilitated in drug discovery?

Our AI-guided technology integrates computational genetics and chemistry to improve drug discovery, and we begin by harnessing natural products as a rich reservoir for new small-molecule drug candidates. Our team brings expertise across various scientific and technological domains.

Also Read: Biotech co-working provider NSG BioLabs concludes US$14.5M financing round 

And we have become quite effective at communicating and understanding across these disciplines. We utilise customised machine learning models and advanced feature engineering to extract health-predictive signals from microbiome and clinical data.

We identify novel therapeutic opportunities by analysing long-range semantic relationships within extensive and diverse datasets.

What are the biggest challenges you face in developing and deploying AI algorithms for drug discovery, and how do you tackle them?

We believe that starting from clinical evidence gives us a unique edge and a higher chance of finding safe and effective drugs. This is why we’ve assembled a team of diverse science and technology experts to explore novel chemistry space within the human body, a natural product, and link this with clinical data (human evidence) to provide pharmacological significance.

Obtaining reliable clinical data in sufficient quantity is a crucial challenge for many biotechs, including our early-stage drug discovery programmes. BluMaiden addresses this through our Pharma Services division.

By offering comprehensive services, we aim to gain early access to clinical studies and ensure reliable data generation through a regulatory-compliant, pharma-grade quality management system. This data feeds directly into our drug discovery engine.

The synergistic relationship between these divisions ensures smooth data flow and sustainability for our business.

What is your company’s business model? Who are your users, and how do you acquire them?

We are prioritising sustainability and profitability; from the beginning, we have committed to building a sustainable business model. Despite making some strategic adjustments, we have, for example, successfully developed a globally deployed Pharma Services for clinical trial analytics. As an auditable vendor to clinical trial sponsors, we deliver comprehensive analysis and reporting, including patient stratification, drug responder vs non-responder analysis, end-point optimisation, and more.

Also Read: Forte Biotech: Helping farmers with early detection of prawn diseases in Vietnam

With Amazon AWS, we are recognised as an AWS Qualified Software Provider and have deployed this in key markets in the US and Europe.

What role do partnerships and collaborations play in your approach to leveraging AI for drug discovery?

Partnerships and collaborations are a cornerstone of BluMaiden’s strategy. We’ve established several global partnerships with tech and life science companies to leverage our capabilities to key markets in the USA and Europe. These partnerships are particularly significant for our Pharma Services, enhancing clinical trial decision-making.

These partnerships are also a channel for obtaining reliable and ample clinical data crucial for our early-stage drug discovery programs. By offering comprehensive services, we gain early access to clinical data and ensure high-quality, regulatory-compliant data generation. This data is integrated into our drug discovery engine, fostering a synergistic relationship between our drug discovery division and Pharma Services, promoting efficient data flow and business sustainability.

What are the most exciting developments or future applications you anticipate for your AI-powered drug discovery platform?

There are many exciting prospects, but what excites me the most is the ability to predict previously undiscovered natural products and their signalling targets with a high success rate. This advancement will significantly expand chemical diversity and increase the odds of finding drug-like candidates.

What is your big plan for 2024 and beyond?

Over the past few years, we have built a solid foundation in our R&D and commercial capabilities. In 2024, we aim to significantly advance our drug discovery programs and revenue pipelines through our engagements with Pharma. We aim to establish a self-sustaining venture model for our biotechnology company and demonstrate to our shareholders the benefits of risk-adjusted returns on their investments.

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Image Credit: BluMaiden

This article was first published on July 30, 2024

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As environmental concerns continue to escalate globally, one of the most pressing issues today is electronic waste (e-waste). In Singapore, approximately 60,000 tonnes of e-waste are generated annually, with only 17.4% being properly recycled. The rapid pace of technological advancements makes this an even more pressing challenge. As a result, many electronic devices discarded improperly, often ending up in landfills or oceans. The impact of this is far-reaching, threatening both the environment and public health.

To address this urgent issue, the Youth E-Waste Ambassador Program (YEAP) is stepping up as a catalyst for change. Co-hosted by e27 and supported by Meta, YEAP has become a pivotal initiative empowering the youth of Singapore to take charge of e-waste management. For the second consecutive year, e27 is organizing this impactful program to engage young people in responsible e-waste practices. Specifically, it leverages the power of social media platforms like Instagram and Facebook.

Empowering youth to drive change through e-waste awareness

The core mission of YEAP is to raise awareness about e-waste and promote responsible disposal practices among Singapore’s youth. Meta, the parent company of Instagram and Facebook, plays a critical role in supporting YEAP. It provides training and resources to help young ambassadors create engaging digital campaigns. As a result, these campaigns drive action and foster discussions around sustainability.

In collaboration with e27, a leading Southeast Asian tech and ecosystem platform, YEAP conducted a digital skills training workshop for program participants. During this workshop, young leaders learned how to effectively use Meta technologies. This includes Instagram Stories, Reels, posts, and Facebook ads. Through these, they craft compelling campaigns that engage their peers and spread awareness about the importance of e-waste management.

By leveraging the visual storytelling capabilities of Instagram and Facebook, YEAP ambassadors are able to amplify their message. In fact, they can reach thousands of youths in Singapore and beyond. Through these platforms, YEAP aims to inspire more than 15,000 young people to take action, understand the importance of e-waste management, and promote responsible disposal practices.

Also read: YEAP joins forces with youths to drive e-waste awareness and sustainable innovation

Growing the community: Facebook Community, workshops, and webinars

Beyond just digital campaigns, YEAP is actively building a community of like-minded individuals through its Facebook Community. This online space serves as a hub where young ambassadors, environmental advocates, and anyone interested in sustainability can connect, share ideas, and collaborate on ways to tackle the growing e-waste issue.

The Facebook Community offers a variety of resources for members. First, they get access to workshops and webinars designed to provide valuable insights into e-waste management and sustainability practices. Second, they become equipped with ways to use social media for environmental advocacy. These sessions are not only educational but also interactive, encouraging participants to share their experiences, ask questions, and learn from experts in the field.

In addition to workshops and webinars, YEAP hosts community-driven campaigns. This is where members can contribute by sharing their personal stories, tips on recycling, and how they are incorporating e-waste management practices into their daily lives. The goal is to foster a strong sense of community, empower youth with the knowledge they need, and encourage collaboration on innovative solutions to the e-waste crisis.

The importance of e-waste management

The need for proper e-waste management cannot be overstated. E-waste contains harmful substances like lead, mercury, and cadmium, which can contaminate water and soil if not disposed of correctly. However, many electronic devices also contain valuable materials, such as gold, silver, and copper, that can be recycled and reused. Proper e-waste disposal can help conserve natural resources, reduce pollution, and support a circular economy where materials are reused and waste is minimized.

YEAP is committed to raising awareness and providing young people with the tools they need to take action. Through digital platforms like Instagram and Facebook, YEAP participants are able to share important information about how to safely dispose of old electronics, the benefits of recycling, and the long-term environmental advantages of e-waste management.

Also read: 16 youth ambassadors championing sustainability in e-waste

e27’s commitment: Year 2 of YEAP

This year marks the second year of e27 organizing the YEAP program. Its continued commitment underscores the growing importance of youth engagement in sustainability efforts. e27, which is dedicated to empowering Southeast Asia’s tech ecosystem, has expanded YEAP’s reach and impact through its partnership with Meta. By bringing together youth leaders, environmental advocates, and technology experts, e27 is creating a collaborative platform that amplifies the message of sustainable e-waste management across Singapore and Southeast Asia.

The program’s success is a testament to the growing role of digital platforms in environmental advocacy. With the support of Meta, YEAP participants are equipped to create content that not only informs but also motivates action. The combination of social media tools, community engagement, and digital skills training is empowering young people to become advocates for sustainability and responsible e-waste disposal.

Looking ahead: Creating a sustainable future

Through its Facebook Community, workshops, and webinars, YEAP continues to create an inclusive space for youth. Through it, they learn, collaborate, and lead efforts in e-waste management. By reaching over 15,000 young people in Singapore and connecting with other like-minded individuals across Asia, YEAP is positioning itself as a driving force in the fight against e-waste.

Also read: Empowering innovation: e27 collaborates with Meta for the AI Accelerator Programme

Join the movement: Together, we can make a difference

As the program continues to grow, YEAP invites everyone to become part of the solution. Whether you’re a young person looking to make an impact or an organization passionate about sustainability, you can join the Facebook Community, attend workshops and webinars, and use social media platforms like Instagram and Facebook to spread awareness and take action.

Together, we can make a lasting impact on the environment, build a more sustainable future, and ensure that our e-waste doesn’t harm the planet for generations to come. 

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This article is produced by e27

We can share your story at e27 too! Engage the Southeast Asian tech ecosystem by bringing your story to the world. Reach out to us here to get started.

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Our top 27 contributors of 2024

At e27, we believe that fostering community-driven growth is essential to building a platform that thrives on collaboration and shared knowledge. The industry insights contributed by our community members bring immense value, helping professionals across sectors stay informed, inspired, and connected.

As we approach the end of the year, we take a moment to celebrate the voices that have shaped our platform. Here’s a round-up of 27 noteworthy contributors whose insights and expertise stood out. Their contributions have made 2024 a more informed, dynamic, and engaging year.

We look forward to continuing this journey together in 2025.

Anndy Lian

Anndy Lian is a business strategist with experience advising companies and governments across Asia. A blockchain pioneer, serial entrepreneur, and investor, he currently serves as Chief Digital Advisor at Mongolia Productivity Organisation, leading national digitisation efforts. His book, NFT: From Zero to Hero, has sold over 8,000 copies.

“My proudest moment this year? Seeing Bitcoin hit US$100,000—a milestone that highlights crypto’s growing adoption and potential. In 2025, I’m excited about AI and crypto leading innovation, with their convergence unlocking endless possibilities. I love the interaction with the e27 community members. Many have connected with me on LinkedIn and X, fostering meaningful conversations and collaborations.”

Anton Lucanus

Anton Lucanus is a published scientist and the Founder of Neliti and Reputio. A former breast cancer researcher, he advocates for open access to scientific knowledge and invests in innovations focused on longevity, ageing, and biohacking.

Bernadetta Septarini

Bernadetta Septarini, a Content and Social Media Marketing professional at ArmourZero, entered the cybersecurity field without prior experience but quickly discovered a passion for simplifying its complexities. She is dedicated to sharing insights that make cybersecurity accessible and engaging for all.

“Being nominated as a top contributor last year was a proud milestone that fuelled my passion for writing. This year, I challenged myself to publish more consistently, and I’m thrilled to have achieved my goal of releasing articles almost every month. As we move into 2025, I’m excited about the rise of AI and its potential to transform not just cybersecurity but how we approach our entire careers. I hope to inspire others to see AI not as a threat but as a tool we can use positively and effectively.

To the e27 community, thank you for fostering an environment of growth and collaboration. I look forward to seeing how this platform continues to provide insights, expand networks, and help startups gain the recognition they deserve.”

Camellia Chan

Camellia Chan, Co-Founder and CEO of Flexxon, leads the company’s strategy, R&D, and global expansion. Since 2007, she has grown Flexxon into a global enterprise with a presence in over 50 cities.

“As we look to 2025, I’m excited to see a growing shift in how cybersecurity is approached, especially with the integration of advanced hardware-level protections. This is the year where hybrid defense models—combining dynamic hardware safeguards with pre-existing software capabilities—will gain momentum. This layered approach ensures no single point of failure, paving the way for enhanced resilience against increasingly sophisticated cyber threats.”

Christopher Quek

Christopher Quek is the Founder and Managing Partner of TRIVE, a Singapore-based firm specialising in venture capital, private equity, and business transformation for family businesses and offices across Southeast Asia. With over 13 years of experience, he has provided one-on-one advisory to more than 2,000 startups. He is also a CAIA and CFA charterholder.

“One of my proudest moments was achieving the CFA charter after three failures over six years. I liken that journey to entrepreneurship—keep trying until you succeed. In 2025, I anticipate a surge in Venture Capital and Private Equity deals across Southeast Asia as allocations shift toward alternative investments. To the e27 community: life will only get better in 2025. Stay hopeful for the big breakthroughs in VC and entrepreneurship.”

Also Read: Rebellions to Weavel: Unveiling South Korea’s most promising AI ventures

Dae Ro Won

Dae Ro Won is an experienced executive with over 20 years in Fund Management and Venture Building. Specialising in cross-border projects and startup expansion, he provides tailored solutions across Korea, Singapore, and Southeast Asia. He is the Director and CEO of Wilt Venture Builder.

“My proudest moment of 2024 is launching Zero100, a Venture Studio program bridging Korea and Singapore, where we train Korean entrepreneurs for three months before supporting their startup ventures in Singapore.”

Daniel Tan

During the COVID-19 pandemic, Daniel Tan observed that many SMEs were burdened with high finder’s fees and facing issues with loan brokers cherry-picking customers or profiteering. Seeking a more transparent and efficient solution for borrowers, he founded FindTheLoan.com, Singapore’s first loan marketplace, to revolutionise how SMEs access financing.

“In 2024, AI dominated the headlines, from healthcare to finance, personalised medicine to chatbots. But many other innovations such as those in fintech continue to change lives. Platforms like Kiva allow individuals to lend money to small businesses or individuals in need, providing an alternative to traditional bank loans and driving financial inclusion by giving rural populations access to capital.

In edutech, learning platforms have made education more accessible to people around the world. Farmtech, such as precision farming helped farmers in Africa and other parts of the world increase crop yields and improve their income. Telemedicine platforms made healthcare more accessible remotely saving lives. Excited to see what 2025 will bring and hope you are too!”

Darryl Dickens

Darryl Dickens, Founder of Out-Position, specialises in positioning and Category Design for tech startups, innovators, and growth-focused enterprises. His expertise helps businesses craft unique market positions that drive differentiation and sustainable growth.

“Healthcare is seeing radical change to its business and operating models as well as an acceleration in innovation and tech adoption. It’s being driven by these three factors and will continue to accelerate in 2025: post-pandemic reverberations and the necessity for change; aging demographics that are impacting and accelerating on healthcare systems; and AI maturity and adoption.

In particular, the home is increasingly seen as an overlooked component of infrastructure for ‘aging in place’ or ‘hospital at home’ models. New categories emerging such as Comprehensive Healthcare at Home, will enable seniors to age longer from their home, as well as progressively use their home for medical recovery from illness or surgery. This in turn frees up beds and eases pressure on the overall healthcare system, but also improves health outcomes. It’s a great time for innovation and redefining healthcare categories!”

Darryl Han

Darryl is currently the Co-Founder of LFG, a travel discovery engine, where he leverages on his extensive global experience to drive startup’s early stages. He is an operations and creative leader who’s spent the last seven years helping tech companies grow across Asia Pacific, from startups to major tech platforms. He’s done everything from leading 60-person teams to building products from scratch, particularly in Australia, Singapore, and Vietnam.

“Looking ahead to 2025, I’m genuinely excited about two major shifts happening right now. The way we search for and discover information is being transformed by AI assistants that actually understand what we’re trying to accomplish, with tools like Perplexity reshaping everything from information seeking to shopping. Meanwhile, the space industry is hitting remarkable milestones, with companies like AstroForge securing the first-ever deep-space mining license and Northwoods Space successfully testing satellite connectivity systems, showing how space tech is becoming part of our everyday reality.”

Davin Dedhia

Davin Dedhia is the Co-Founder and CMO of Auptimate, a platform empowering fund managers, family offices, and professional investors to swiftly launch their Special Purpose Vehicles (SPVs) and syndicates online. Auptimate ensures investors can concentrate on their primary focus of investing, handling the legal, compliance, and operational aspects of SPV creation and management.

Fanny Fajarianti

Fanny Fajarianti is a digital marketing specialist with over three years of experience in SEO, paid advertising, and content strategy. She is dedicated to helping brands achieve online growth through innovative and effective marketing solutions.

“In 2025, I’m excited about the continued evolution of AI and automation in digital marketing, especially in SEO and paid ads optimisation. These tools are empowering marketers to deliver hyper-personalised experiences at scale, and I’m eager to explore how they can make campaigns even more effective!”

Felicia Theodorus

Felicia Theodorus is a certified marketing professional, writer, and content creator with over a decade of experience. She authored Big Impact, Small Budget: Winning Marketing Strategies for Startups and runs Insight Arc Media, publishing platforms like The Javachip and Feliccine. Recognised as a top blogger and beauty influencer in Indonesia, she delivers fresh insights across business, lifestyle, and societal trends.

“Looking ahead, I’m thrilled about the advancements in technology, particularly in the fintech space across Southeast Asia. Despite the challenges and changes we saw in 2024, there’s a sense of resilience and innovation in the region. Fintech is transforming how businesses and individuals interact with financial services, fostering inclusion and growth. I’m also eager to see how AI innovation will continue to evolve, especially in enhancing productivity and enabling more creative, human-centric solutions. It’s an exciting time to be part of this dynamic ecosystem.

To the e27 community, thank you for being a space where ideas thrive, and connections are nurtured. The Contributor Programme has been invaluable in amplifying voices and fostering collaboration. Here’s to another year of building, sharing, and growing together—let’s make 2025 extraordinary!”

Georg Chmiel

Georg Chmiel is a seasoned business leader, company director, and senior advisor with 30 years of experience in scaling companies and navigating disruptive technologies. With expertise in capital markets and technology businesses, he has extensive global exposure across Asia, Australia, New Zealand, and Europe. He is the Co-Founder and Chair of Juwai-IQI Holdings, a leading proptech group in Southeast Asia, and the Co-Founder and Executive Chair of Chmiel Global Advisory, a boutique advisory firm.

“My proudest achievement this year has been witnessing a return to strong, profitable growth across all the businesses I am involved in. Looking ahead to 2025, I am excited about the continued advancements in AI, the stronger growth of social commerce, and, above all, the hope for an end to hostilities in current conflict zones.

To the e27 community, I want to say this: it’s an incredible platform for learning, sharing, and growing together.”

Also Read: Funding the green transition: Southeast Asia’s climate tech leaders of 2024

Ivy Nhi Chau

Ivy Nhi Chau is the CEO and Founder of Ivy+Partners, a communications firm focused on integrated campaigns for local and international brands. With nearly a decade of experience, she leads a team dedicated to creating impactful, culture-focused PR solutions. She is also a member of The Public Relations and Communications Association Southeast Asia (PRCA SEA) and a founding member of One Asia Communications.

“2024 was a transformative year for me, as I witnessed the powerful interaction between PR and technology. While PR amplified the voices of tech companies, technological advancements, especially AI, took PR to new heights. As we step into 2025, I’m excited to see how AI continues to shape the future of communication, pushing the boundaries of what’s possible in our industry.

I’d like to express my sincere appreciation to the e27 Contributor Programme for fostering such a vibrant community for knowledge sharing and networking within the tech industry. The platform has been instrumental in connecting me with fellow thought leaders and professionals, and I’m incredibly grateful for the opportunities it has provided. Here’s to a fantastic year ahead for the entire e27 community!”

Izwan Zakaria

Izwan Zakaria is a startup, venture, and tech lawyer at Izwan & Partners, a corporate law firm dedicated to supporting tech companies and startups in navigating legal complexities and raising capital both in Malaysia and internationally.

“2025 is likely shaping up to be a big year for Southeast Asia’s tech scene. We should anticipate greater cross-border partnerships as we see more AI and blockchain adoption, driven by clearer regulatory clarity on the horizon. As a startup lawyer, I’m excited to work with e27’s team more closely to empower more founders to build the future of tech in the region. If you’re a founder, 2025 is a great year for startups to shine!”

Jackie Tan

Jackie Tan is a 2x founder with 2x exits. He lectures in data science at Nanyang Technological University and entrepreneurship at Singapore University of Social Sciences. As Co-founder and CEO of BorderDollar, Jackie focuses on closing the trade finance gap for SMEs and leveraging AI for supply chain and procurement solutions. His work integrates data science, fintech, and algorithm design to drive efficiency in trade finance.

“My proudest moments this year include winning a couple of hackathons I participated in for fun—it’s a hobby of mine. I’m excited about the possible recovery in funding volume as more VCs start investing again.

How much you get out of a community is proportional to how much you put in—the e27 community is amazing and you will be in the company of the most motivated, hardworking, and clever individuals.”

Jenny Zheng

Jenny Zheng is a seasoned professional with over six years of experience in the blockchain industry. In 2017, she founded Blockcast.cc, a respected Singapore-based blockchain media outlet, establishing her as a key figure in the space. In 2022, Jenny joined Bybit, one of the leading cryptocurrency exchanges, where she serves as the Business Development Lead for their NFT marketplace/Web3 business, further advancing her expertise and contributions to the industry.

Karen Kim

Karen Kim is the CEO of Human Managed, an ASEAN cloud-native data platform empowering businesses to make smarter decisions for cyber, digital, and risk outcomes. She focuses on aligning purpose, strategy, and operations, applying design-thinking and a service-first approach to branding, service design, and business development.

“One of my proudest achievements was leading the development of an industry- collaborative whitepaper on the emerging technology of federated learning and privacy preservation. The whitepaper titled “Better Intelligence is Collective: Unlocking the Potential of AI with Federated Learning ” included contributions from experts from Microsoft, Snowflake and Paynet. Seeing the research insights resonate with stakeholders in our ecosystem has been extremely rewarding.

In 2025, I believe that Service Design will become critical in the age of AI products. While there is a plethora of AI-powered features, products and agents flooding the market, service interactions need to be better designed. Customers want AI powered interfaces, that are not only efficient and effective, but also thoughtful and human-like at times, collaborative and nuanced at others.

The Contributor Programme at e27 has amplified my voice as a tech leader, allowing me to share insights on emerging technologies and industry trends in Data and AI with a global audience. It has helped in creating awareness about the solutions offered by our company, Human Managed, for operationalising AI  in enterprises across the ASEAN region. The editors at e27 have always been open to ideas that have been proposed and I look forward to continuing this collaboration.”

Leighton Cosseboom

Leighton Cosseboom serves as Principal and Head of Marketing at AC Ventures. He co-founded C2 Media, the parent company of Content Collision, Indonesia’s top-of-mind PR firm for tech companies and VC firms, and ContentGrow, a managed freelance talent network and workflow app for global content teams.

Lisa Gibbons

“This year it was an honour to be chosen as one of the leading female voices in Web3. As a woman in a position of leadership I believe it is crucial for us all to pave the way for future female leaders to use their skills, showcase new opportunities and have an opinion when it comes to how advanced technologies are being used in society. 2025 will be the year when we see AI and immersive tech infiltrate some of our most important industries. This will bring unprecedented change when it comes to the way we value productivity and also bring more freedom to create, express and showcase our cultures in ways that would have been previously unimaginable.

Lydea Quek

Lydea Quek has nearly a decade of experience in cybersecurity, having honed her expertise with leading companies like Fortinet, Thales Security, and currently at Hackuity. Her career is driven by a passion for solving complex challenges and tailoring security solutions to meet the unique needs of clients. Outside of her professional life, she is deeply committed to promoting well-being and mental health.

“This year, I’m proud of the progress we’ve made in building meaningful relationships with customers and partners, driving impactful conversations around cybersecurity in APJ. In 2025, I hope to see businesses accelerate their growth by proactively tackling security challenges and turning them into opportunities for innovation. To the e27 community, thank you for fostering collaboration and driving innovation in this ever-evolving space!”

Maggie Po

Malcolm Tan

Malcolm Tan is a serial entrepreneur and Founder of Gravitas International and Qrypt Technologies. He serves as Chief Strategist at Technicorum Holdings and Strategic Advisor for Kingswap DEX. He specialises in Cryptocurrency and Blockchain law, advising on over 80 projects, focusing on DeFi, fintech, and Regtech. He is the author of How to ICO/ITO in Singapore and DeFi — The Latest Financial Phenomenon.

Moch Akbar Azzihad M

Moch Akbar Azzihad M is an entrepreneur focused on leveraging technology to create impactful solutions. As Founder & CEO of Converco, he develops blockchain-based solutions for secure, fast, and low-cost transactions, revolutionising the traditional financial industry.

“One of my proudest moments this year was integrating AI into Web3 projects, which opened new doors for innovation and elevated user experiences. Looking ahead to 2025, I’m excited about the continued synergy between AI and blockchain to create smarter, decentralised systems. To the e27 community, thank you for fostering collaboration and amplifying voices that shape the future of technology!”

Paolo Danese

Paolo Denese has over a decade of experience pioneering digital initiatives and launching innovative platforms. As an AI Strategy Advisor, he bridges AI applications with business goals, driving impactful strategies in publishing, media, and the creator economy. His work includes leading the GlobalRMB media brand and launching the Storya AI publishing app, attracting thousands of users and authors globally. He focuses on creating scalable AI solutions and fostering cross-cultural collaboration.

Sam Lee

Since founding Paloe (formerly Excide) in 2015, Sam Lee has become a trusted advisor in preparing startups for Series A and Series B rounds. With extensive experience acting as interim CFO for various tech companies during their fundraising phases, he has helped more than 70 companies craft financial models and effectively communicate their stories through data. His expertise spans working with companies like PolicyPal, Haulio, X0PA, Detrack, Moovaz, Geniebook, USEN, Rainmaker Labs, and Gobbler.

“In Southeast Asia, the funding winter appears to be thawing, with an uptick in Series A announcements likely in the first half of 2025. However, investors are expected to adopt more stringent selection criteria, prioritising startups with clear traction, strong unit economics, and sustainable growth plans.”

Sarah Dongmi Choi

Sarah Dongmi Choi is an experienced startup ecosystem builder with eight years of expertise in fostering growth and innovation. She specialises in Korean startup acceleration, helping early-stage ventures scale globally and maximise investment opportunities. Currently serving as Senior Manager at Chungbuk CCEI, a leading public accelerator funded by the Ministry of SMEs, Sarah plays a key role in supporting startups in their journey to success.

“Being named one of e27’s Top 10 Female Contributors last year opened many doors. This year, as a LinkedIn influencer, I’ve been interviewed by major Korean media and honoured at the Global Women of Influence Awards 2024 in Singapore. I was also recently recognised as one of the Top 10 LinkedIn Voices by an Asian media outlet, gaining widespread recognition.

I’m passionate about helping startups build resilience and entrepreneurs develop strong leadership amidst uncertainty. In the coming year, I plan to share actionable insights and strategies for thriving in challenging times. Additionally, I’ll focus on personal branding to equip entrepreneurs and investors with practical tools for success.

Working in a government-affiliated organisation and a startup accelerator in South Korea, I’ve gained valuable insights and connections through e27’s content and network. I look forward to the community’s continued growth, supporting global expansion for companies and helping investors discover outstanding businesses.”

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic.

Join us on Instagram, Facebook, X, and LinkedIn to stay connected.

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The Southeast Asian (SEA) tech sector faced a challenging year in 2024, with startup funding plummeting to US$2.84 billion—a 59.14 per cent decrease from US$6.95 billion in 2023, according to the Tracxn Geo Annual Report: SEA Tech 2024.

This sharp decline marks an 80 per cent drop compared to the funding levels seen in 2022, underscoring the sector’s struggles amid a broader global downturn in tech investments.

The decline in SEA was observed across all funding stages. Seed funding fell by 52.4 per cent, while early-stage funding contracted by 28.6 per cent.

Late-stage startups were hit hardest, experiencing a staggering 76.9 per cent drop in funding.

The fourth quarter of 2024 proved particularly weak, with funding totalling just US$494.8 million—the lowest quarterly figure for the region in five years. This represented a 12.65 per cent decline from the third quarter and a 62.9 per cent year-over-year reduction.

Also Read: Startup funding in Southeast Asia sees a 9% uptick in August: Tracxn

Adding to the bleak picture, the report highlighted declines across key indicators of startup activity. The number of funding rounds dropped by 22 per cent, while first-time funded companies decreased by 28 per cent.

Initial Public Offerings (IPOs) declined by 53.85 per cent compared to 2023. Mergers and acquisitions were also subdued, with a 17.11 per cent year-on-year decrease in 2024.

The report offered limited insights into the reasons behind these declines, although it noted that SEA tech accounted for just one per cent of global tech funding in 2024. Broader trends in the global funding landscape likely contributed to the downturn as similar declines were observed in other major markets, including the US, Europe, India, and China, reflecting a widespread pullback by investors.

While Southeast Asia’s tech ecosystem remains a vibrant hub for innovation, the funding slowdown in 2024 highlights the challenges startups face in an increasingly cautious investment climate. The region’s long-term growth potential remains intact, but navigating this downturn will require resilience and strategic adaptation from startups and investors alike.

Singapore leads the pack

Singapore emerged as a standout performer in SEA’s tech landscape in 2024, securing 67.86 per cent of the region’s total tech funding, according to the report. Despite an overall regional decline, Singapore attracted US$1.9 billion in funding.

The city outpaced its regional peers, with Jakarta securing US$276 million and Bangkok receiving US$261 million in funding, placing them second and third, respectively. Singapore’s dominance in the funding landscape is attributed to its stable economic environment, supportive government policies, and a well-developed talent pool.

Also Read: SEA startups raised US$371M across 42 rounds in March: Tracxn report

Key sectors driving investment across the region were fintech, high tech, and enterprise applications, which collectively accounted for a significant portion of the US$2.84 billion raised by SEA tech firms in 2024.

Of these different verticals:

– Fintech led the pack, attracting US$1.4 billion, though this represented a 29 per cent decrease compared to 2023
– High tech followed with US$966 million, reflecting a 25 per cent decline from the previous year
– Enterprise applications secured $764 million, marking a 32 per cent drop from 2023

Despite these declines, investor interest in these sectors remains strong, highlighting their potential for long-term growth in the region.

The report does not offer projections for 2025, but it notes trends that may shape the coming year. While the global funding downturn could continue to impact SEA, Singapore’s resilience suggests a potential bright spot for regional investment, particularly if the city-state sustains its momentum.

Investor confidence in specific sectors, such as fintech, high tech, and enterprise applications, also signals potential areas for growth. While challenges persist, these industries continue to attract significant attention, positioning them as key drivers for the region’s recovery.

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Image Credit: Helena Lopes on Unsplash

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As startup founders, we’ve all felt the pressure lately. Economic uncertainty, shrinking VC funding, and investor demands for faster returns have hit quite hard. It’s not easy to scale, especially in Southeast Asia, where competition is fierce, and the funding environment has changed drastically. 

But here’s the thing: we don’t have to just survive this, we can thrive — if we approach growth differently. As opposed to years ago when scaling was everything, now investors start asking for quicker returns while we’re still trying to figure out how to make our product fit the market perfectly. 

But the good news is, there’s a way forward that doesn’t require burning through cash at breakneck speed.

Here are the top five areas from what I’ve learned and proven to work in every region where I’m operating — Asia, Europe, and Latin America.

Capital efficiency over growth at any cost

It’s tempting to chase after fast growth, especially when that was the golden rule just a couple of years ago. But in this economy, we’re being asked to do more with less. Investors aren’t just looking for growth anymore; they want to see how efficiently we can use the capital we have.

For us, this means rethinking where we allocate our resources. And it starts by asking the right questions: What’s giving us the best return? Are we automating where we can? Automation has been a lifesaver for many startups that survive the test of time, freeing up time and allowing them to scale without adding unnecessary overhead. 

It’s a tough pill to swallow sometimes, but being lean and efficient isn’t about limiting growth — it’s about growing sustainably. And in the long run, it makes all the difference.

Invest in the customers like they’re our lifeline (because they are)

Acquiring new customers takes time and money, two things that are in short supply when the market is tight. However, focusing on deepening relationships with existing customers and prioritising their experience can have a huge impact. 

One of Deloitte’s reports even stated that well-executed hyper-personalisation can deliver 8x the return on investment on marketing spend, and lift sales by 10 per cent or more. And this is where personalisation and understanding the real needs of our customers come into play.

In the eyes of the customers, startups need to become more than just a service or product provider. In an uncertain economy, they rely more heavily on us to ensure their business operations flow smoothly with a more limited capacity. 

Also Read: Exploring the creator economy in gaming

In the end, we have to step up our game, making sure our customers know we’re listening, care about their feedback, and eventually adapting to meet their needs. In times like these, those strong customer relationships can keep us afloat and even help drive word-of-mouth growth.

Make digital our best friend

Southeast Asia is unique in how quickly it’s embracing digital channels—whether it’s e-commerce, mobile apps, or social media. Investing in the digital strategy early on was one of the best decisions we made to survive any volatility in every region. 

But being online isn’t just about looking good on Instagram or Facebook anymore. It’s about finding what’s hidden and what customers secretly need from their behavioural patterns. Localising digital presence for each Southeast Asian market is also more crucial than ever. Some countries aren’t just dealing with economic slowdowns but also political instability. 

It’s a tricky space — one wrong move and we could be in the spotlight for all the wrong reasons. But get it right, and the impact can be game-changing like nothing we’ve seen before. So, every step we take to engage with our audience in a way that resonates locally, eventually brings us closer to sustainable growth. 

Be ready to pivot (anytime)

If there’s one thing we’ve all learned from these last few years, we must be nimble. The market shifts quickly, and what worked yesterday might not work tomorrow. As a founder, I’ve had to pivot multiple times — whether it was changing our marketing approach, tweaking our product, or shifting how we communicate with customers.

Now, this is where shifting to the agile mindset has been crucial. And no, this isn’t about throwing everything out and starting over. It’s about making small, iterative changes that keep us aligned with our customers’ evolving needs. While it’s sometimes nerve-wracking to take those risks, these pivots often lead to the biggest breakthroughs.

Trust is the main currency, especially with investors and advisors

One thing I’ve also learned is that building trust in the investors isn’t just about securing the next round of funding. Our investors want to see us succeed, but they also want transparency. Being open about our challenges, capital efficiency, and growth plans has helped us maintain strong relationships with them, even in tougher times.

Also Read: Managing talent in an economic downturn

We’ve also leaned heavily on our advisors—people who’ve been there and done that, and who understand the local and global startup scene. Whether it’s scaling up, entering new markets, or managing resources, getting insights from those who’ve been there before helps us avoid repeating the mistakes made in the past.

Coming out stronger

Despite the challenges, Southeast Asia remains a region with enormous potential, and certain sectors are still attracting VC interest. Startups in sectors like AI, automation, and digital health are well-positioned to secure funding, even as other sectors face a funding crunch.

If your startup operates in these high-growth sectors, now is the time to double down on your R&D and innovation efforts. Highlighting the technological edge and long-term growth potential can help you stand out to VCs who are looking for the next big thing in these spaces.

We’re all in this together, and I know how tough it can be to navigate these uncertain times. But by focusing on capital efficiency, strengthening customer relationships, staying agile, and building strong investor ties based on trust, we can set our startups on the path to healthy, sustainable growth for long-term success.

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