Dear reader,

Elon Musk’s recent meeting with Indonesian President Joko Widodo marks a significant step towards potentially expanding Tesla’s footprint in Southeast Asia.

Indonesia’s offer to host an electric vehicle battery plant, utilising the nation’s abundant nickel resources, aligns perfectly with Musk’s vision for sustainable energy solutions. The discussions, held after the World Water Forum in Bali, also included proposals for SpaceX to build a launchpad on Biak Island and an AI centre, highlighting Indonesia’s ambition to become a hub for advanced technology.

While Musk has yet to comment, the move underscores Indonesia’s strategic push to attract major tech investments and develop its EV sector. By leveraging its rich mineral resources and strategic location, Indonesia aims to position itself as a key player in the global electric vehicle market.

If Tesla accepts the offer, it could catalyse significant economic growth and technological advancement in the region. This potential partnership reflects broader trends of integrating advanced technologies into emerging markets.

Sainul,
Editor.

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NEWS

Indonesia minister says Musk to consider offer to build EV battery plant in country
Indonesia’s government has been trying for years to lure Tesla to build manufacturing plants related to electric vehicles as the government wants to develop its EV sector using the country’s rich nickel resources.

Vertex Ventures launches US$64M fund for Japan investments
Vertex Ventures Japan focuses on deeptech, digital transformation, AI, and the creator economy; The new fund’s launch follows Vertex Ventures Southeast Asia and India raising US$541 million for its fifth fund in September 2023.

Snowflake is in talks to buy Reka AI for US$1B
Reka AI develops large language models that can be used in areas like online customer support and caption generation; The company was founded by ex-employees of Google and Meta– Yi Tay and Dani Yogatama.

Alibaba adds US$230M into Lazada’s coffers
With this, the Chinese tech giant has poured a total of roughly US$7.7B into Lazada since 2016, when it invested US$1B into the Shopee rival to take a controlling stake.

Kasagi Labo secures US$12M to bring Japanese anime to global audience
The investors include Burda Principal, CMT Digital, SuperScrypt, Hashed, Sfermion, and Gold House Foundation; Kasagi’s platform aims to unite the entire anime content creation ecosystem, from IP owners to artists and voice actors.

Humble Sustainability raises funding to help organisations reduce e-waste
The investors include Gobi Partners, National Development Company, Double River Impact, and XA Network; Humble, which helps businesses sell their old IT equipment, claims to have diverted over 250k kilograms of e-waste from landfills so far.

BANIQL attracts US$1.6M for its innovative approach to nickel, cobalt extraction
The investors include BEENEXT, Seedstars, A2D Ventures, Sopoong Ventures, and XA Network; BANIQL can reduce water and energy consumption, minimise chemical usage, and decrease the ecological footprint associated with nickel and cobalt extraction.

Singapore VC Satori Giants enters Cambodia with investment in Jalat Logistics
X Venture Holdings is the other investor in the round; Jalat Logistics provides a management portal to streamline logistics operations and enhance service delivery.

Pine Labs gets Singapore court approval to shift base to India
Pine Labs offers a range of products and services to merchants such as cloud-connected point-of-sale machines and working capital; It is backed by Peak XV, Fidelity, Invesco, Temasek, PayPal and Alpha Wave and is valued at over US$5B.

Musk, Indonesian health minister, launch Starlink for health sector
Musk said the availability of the Starlink service in Indonesia would help millions in far-flung parts of the country to access the internet; The country is home to more than 270 million people and three different time zones.

Didi co-founder Liu steps down after decade at helm of Chinese ride-hailing firm
Liu, the daughter of Lenovo Group founder Liu Chuanzhi, was heavily involved in the company’s key financial decisions, including its merger with Alibaba-backed Kuaidi in 2015 and its takeover of Uber China business.

FEATURES

SEA startup surge: Major funding wins and strategic acquisitions across SEA
Explore the latest startup and investment news, featuring major fundings, M&As, and innovative ventures shaping the region’s tech landscape.

Collaboration and a sense of urgency: What it takes to support climate tech startups in Southeast Asia
How far can entrepreneurs and investors expect help from the government when it comes to supporting climate tech startups?

FROM OUR CONTRIBUTORS

Relationships and networks are the lifeblood of commerce in Asia
Developing professional relationships through network referrals is often the most effective way to expand opportunities and resources.

Human-AI collaboration: The key to unlocking Gen AI’s potential
The Gen AI era is here to stay and will evolve, requiring regular, institutionalised, and purposeful collaboration for a bright future.

Infographic: A visualisation of Indonesia’s electric vehicle transition
To fully bring the local EV industry into the mainstream, Indonesia must craft supportive policies and strengthen its commitment to local production.

FROM THE ARCHIVES

Report: BNPL remains popular amongst Indonesian fintech services users
The survey also revealed that in choosing a fintech platform to use, Indonesian users considered three key factors.

These startups focus on informal plastic waste workers in fight against climate crisis
In many parts of Asia, plastic waste is commonly processed by informal workers who are part of the marginalised society.

7 ways to optimise your product page to attract more sales
If the conversion rates from your product pages are low, it’s time to test their functionality and optimize them.

5 ways to monetise social media technology for startup success
Startups launching into the digital landscape need to use social media to promote and grow their businesses passionately.

Dream big, start small: Joel Neoh shares lessons from his years with Fave
In this interview, Joel Neoh reveals his more details of his plan to take a break after leaving Fave in March 2023.

To leverage Web3 technologies, Web2 companies may start by building the right culture
According to a panellist, Web3 is all about “a change in how we are looking at our community and our audiences”.

With US expansion on the horizon, Helport aims to help customer support teams cut down on error rate
This year, Helport has a major plan to expand in the US while maintaining its leading position in Southeast Asia.

Artem Ventures: Malaysia is a fantastic starter market, but startups need help to scale internationally
Artem Ventures is a VC fund management company currently managing a fund in partnership with insurance giant FWD Group.

500 Global: SEA’s agritech sector holds enormous potential as funding winter drives resilience
500 Global Partner Saemin Ahn highlights the rise of agritech in SEA. How can investors tap into this opportunity?

DANA Indonesia advocates fintech companies’ vital role in advancing financial inclusion
DANA Indonesia CEO Vince Iswara spoke about how fintech services introduced unbanked society to the ease and practicality of transacting and managing their finances.

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The post Ecosystem Roundup: Musk to consider offer to build EV battery plant in Indonesia | Alibaba injects US$230M into Lazada | Vertex Ventures launches US$64M Japan fund appeared first on e27.

A solid tech stack can take a startup from its earliest stages to the heights of success, so the choices you make when your planning is still more of a primordial soup than a fully evolved entity will determine whether this is a smooth ride or a path paved with potholes.

It takes a healthy dose of attention to detail to do this efficiently and with good end results, so before you go any further, read over the following factors in order to come to a satisfactory tech stack decision.

Combining compatibility and longevity

First and foremost, compatibility and future-readiness need to be at the top of the agenda as you lay the foundations of your tech stack. 

Here are pertinent points to consider:

System compatibility

Ensure that each component of your tech stack seamlessly integrates with others. For example, if you choose a front-end framework like React, ensure your back-end services like Node.js can easily communicate with it.

Scalability

As your business grows, so will your system needs. Choose technologies that can scale up efficiently without requiring a complete overhaul. A good example is using AWS or Google Cloud, which provides scalable cloud infrastructure as demand increases rather than being held back by an overreliance on in-house hardware.

Also Read: 6 SaaS startups to showcase cutting-edge solutions at Echelon X

Another example is selecting the right container orchestration platform — like Kubernetes, Docker Swarm, or Apache Mesos — which takes an in-depth investigation of the available options. These platforms enhance load-balancing capabilities and streamline integration with both cloud providers’ tools and open-source alternatives, making scaling smoother as demand increases.

Future-proofing

Opt for technologies that are regularly updated by their developers and have a strong community backing them. This ensures that you are not left behind as new advancements emerge. 

For instance, utilising Python for machine learning applications ensures you’re working with a language that’s continually updated and widely supported. A similar concept can be applied more broadly to capital allocation, so it’s a strategy that will stand you in good stead as a startup founder.

Maintenance and support

Consider the ease of maintenance and the availability of support channels. Being able to quickly address technical issues can drastically reduce downtime. 

So in the case of choosing a database, the likes of PostgreSQL not only offer comprehensive documentation but also provide widespread community support which can help in quickly addressing technical issues.

These considerations are sensible because they avert costs and complications in years to come — as evidenced in a recent Lenovo study, which found that 83 per cent of CIOs are concerned over a lack of resource availability in spite of facing obstacles to IT infrastructure innovations.

Prioritising performance and cost-effectiveness

Another lynchpin part of putting together your tech stack is knowing that performance and cost must strike a perfect balance to ensure your startup’s longevity and efficiency. Here’s how you can achieve this:

Resource efficiency

Select technologies known for low resource consumption, which can significantly reduce hosting costs. For instance, Go is renowned for its efficiency in CPU and memory usage compared to other back-end languages like Python or Java.

Also Read: Lack of pitching skills is a major problem Hong Kong-based startups face: HKSTP’s Derek Chim

Cost of implementation

Factors include not only the initial setup cost but also long-term financial implications. Using open-source software such as Apache Kafka for handling real-time data streams can be less costly than proprietary software due to no licensing fees.

Performance under load

Consider how well the technology performs under increased loads or high user traffic. MySQL, for example, handles read-heavy applications well but might struggle with write-heavy scenarios, where PostgreSQL could perform better.

Ensuring security and compliance

Security threats and regulatory requirements are significant when choosing your startup’s tech stack – particularly given that cybercrime costs are set to rise by US$5.7 trillion over the next five years. 

Here’s how to tackle these crucial aspects effectively:

Built-in security features

Opt for technologies that offer robust built-in security features. For example, Ruby on Rails has built-in protections against SQL injection and cross-site scripting, providing a safer development environment.

Compliance readiness

Choose technologies that simplify the compliance process with prevalent regulations like GDPR or HIPAA. AWS, for instance, offers configurations that are compliant with multiple regulatory standards out of the box, which can expedite deployment timelines.

Regular updates and patches

Incorporate tools known for regular updates to protect against vulnerabilities. Ubuntu Server is a good example; it offers frequent security patches and updates crucial for maintaining system integrity.

The bottom line

Be mindful that even with your tech stack on lock, your startup journey will require a lot of other pivotal decisions to be made — often at a point in time when you might not have the experience or adequate data to choose wisely. That’s why taking your time is necessary, even if you’re eager to forge ahead.

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At a recent May Day Rally, PM Lee Hsien Loong shared an inspiring story about community initiative and government support. He said: “We told her, if you take the lead, the Government will support you.” It sparked my imagination about what could be possible for startups.

He spoke of a scenario where government support helped turn a vision into a thriving reality for the community. What if this kind of support could be extended to the startup ecosystem? While his focus was on community development, it got me thinking about the potential for government collaboration with the private sector to turbocharge local startups.

I think the government could really benefit from closer collaboration with private companies to drive significant improvements. Both sectors aim to succeed and boost employment, but they need to coordinate better to maximize their efforts. While semi-government-linked companies exist for this purpose, they often struggle with public perception. It might be time to explore new approaches under fresh leadership.

Here’s an idea that might seem a bit ambitious since I’m not in public service, but imagine if NParks and the LTA worked together to create bike lanes and pathways connecting to MRT stations. This would not only make cycling safer but also reduce road traffic and daily commuting frustrations.

Another innovative concept could be for Singapore Post to experiment with drones for delivering small packages. Given Singapore’s compact size, we could start this on a small scale to test its viability. If successful, it could be a game-changer for local logistics, expanding to cover more areas.

Also Read: Singaporean VC firm Satori Giants enters Cambodia with investment in Jalat Logistics

We also need to enhance our recycling efforts. Countries like Sweden and Germany have set high standards in waste management, and we can learn from them. Starting a comprehensive campaign to educate the public on better recycling practices could help us avoid a future waste management crisis. 

In the vibrant city-state of Singapore, we have all the ingredients to become a leading startup hub: a strategic location, robust infrastructure, and a forward-thinking government. Entrepreneurs here are buzzing with ideas and ready to take on the world. However, despite these advantages, there are hurdles that can dampen the entrepreneurial spirit.

Businesses in Singapore, whether small enterprises or large multinationals face several significant challenges. High operational costs are a major hurdle, with steep rental fees and a high cost of living impacting the bottom line. Additionally, the tight labor market makes finding skilled talent difficult.. Furthermore, the complex regulatory environment poses a daunting challenge, especially for smaller companies that may lack extensive compliance resources. These factors combine to create a challenging landscape for business operations in Singapore.

Singapore’s government is not slouch for supporting innovation with initiatives like SkillsFuture and flexible work arrangements. However, the reality sometimes falls short of the needs. With a myriad of funds and resources available, the landscape can be confusing. Wouldn’t it be great if accessing support was as simple as ordering a kaya toast set? We need a streamlined, less overwhelming system that directly meets diverse sector-specific needs.

As we’ve welcomed many MNCs to our shores, it’s time to nurture our own companies to compete on the global stage. Singapore is ripe for innovation and growth, and with the right support and collaborations, local enterprises can evolve into the next big global players.

In moving from the ‘Little Red Dot’ to a global startup hotspot, Singapore must foster uncharted collaborations that redefine public-private partnerships. It’s time for all stakeholders to come together and turn these visions into reality, propelling Singapore to the forefront of global innovation and entrepreneurship.

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

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The US banking crisis is driving capital flows into Asian assets; analysts say investors are betting confidently on China and the region’s emerging economies. 

2023 is seen as the “winter” of capital raising for tech startups due to shifting preferences among international and Vietnamese venture capital funds (VC); however, the recent explosion in the popularity of artificial intelligence (AI) applications like Sora and Chat GPT has caused many experts and investors to reassess the technology’s development potential. 

Attractive Asia market

Furthermore, financial market indices throughout Asia, except Japan, continued to rise following Silicon Valley Bank’s (SVB) collapse on March 10. In the same time frame, this US bank index saw an almost 10 per cent decline.

Managing director and head of Citibank’s economic and market analysis for the Asia-Pacific region, Ms. Johanna Chua, stated: “We think Asia is still relatively well insulated from market shocks.” The USD will become less expensive as a result of the US fall, supporting capital flows in Asia more.”

The Asia-Pacific region also benefits from generally more flexible monetary policy, according to Bloomberg News. State banks in Australia, South Korea, Indonesia, and India have stopped the capital tightening cycle, in contrast to their counterparts in the West.

Investors take less risks

The general secretary of the Vietnam Bond Market Association, Mr. Do Ngoc Quynh, made it quite evident how the capital markets of established nations like the US and Canada as a whole differ from those of developing nations like Vietnam. 

Also Read: Crafting a winning healthtech pitch deck: The insider’s guide to attracting investors in 2024

Investors in sophisticated nations or countries are ready to invest heavily in research and development even when they have no idea how the final product will look. Funding research and development is a very costly and risky endeavour. It is not guaranteed that research products will be more optimised than existing ones, even with world-class experts.

On the contrary, one area where the Vietnamese financial sector is deficient is in venture capital funds and funding sources for early-stage companies. 

According to Mr. Quynh, the model is either seed (also known as a seed round) or pre-seed, which refers to early capital when the project has not yet been revealed and is used when investment funds are prepared to “put in” between thirty and fifty thousand USD. Few successful initiatives are all that are needed for hundreds of early startup ideas—which are deemed unprofitable—to break even or even turn a profit after a few years. Creating this kind of investor will be challenging in the current climate.

The trend of combining Blockchain and AI

The Decentralised Physical Infrastructure Network, or DePIN, is one area where blockchain and artificial intelligence interact. Big data (big data) is the source of knowledge that AI must acquire, yet this training is highly costly. 

Businesspeople will develop a market where people with unused video cards plug into the system for others who require that resource for training, even though industry giants like iCloud, Amazon, and others do not yet offer services. make AI. This is known as DePIN, and it’s going to catch on soon.

The combination of blockchain and AI will be very special. Some startups that combine blockchain and AI platforms have raised US$30 million, even $120 million, which is a very large sum at the moment, and there aren’t many funds that can disburse such a large amount of money.  

Also Read: Mastering the art of fundraising: Winning strategies to engage investors

Technology scientist Mr. Nguyen Trung Thanh, Chairman of the Web3 Committee, Vietnam Blockchain Association, discusses the initial investment of venture capital funds for projects on deep learning or neural networks, the early forerunners of artificial intelligence, in 2013.

At the time, these projects were not trending at all, and researchers were unable to respond to the trend. Similar to the questions that investment funds currently ask, what is the method of conducting business, or who are the clients? 

They continue to spend, though, and the outcome is the cutting-edge AI technology of today. As a result, there is always a high chance of new technology ventures succeeding and investors ready to contribute money.

It is crucial that the finished product genuinely adds long-term value to society; if we follow trends blindly, these projects will eventually fail financially. An example of this would be projects that exist and develop, such as AI technology, and ultimately fail.  

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Women have a knack for identifying the unaddressed aspects of the female experience that remain untouched by the patriarchal structures surrounding them—think of Grab, ShopBack, and Bumble, to name a few.

Meri Rosich, Board Committee member at SG Women In Tech, said:

“Women’s leadership in tech is crucial for driving innovation, fostering diverse perspectives, and creating products and services that cater to the needs of a broader audience. As technology continues to permeate every aspect of our lives, it is imperative that the individuals shaping these technologies reflect the diversity of the societies they serve.”

Yet, despite significant progress by women in technology and entrepreneurship, a concerning trend persists: a record number of talented women are leaving corporate leadership positions. In what can be termed a “Great Breakup,” where women leaders are demanding more from their work and are increasingly inclined to switch jobs to fulfil their needs, this exodus jeopardises diversity and innovation within organisations.

Identifying one of the most significant barriers to female leadership, Siew Ting Foo, who has been named one of Campaign Asia’s top 50 most influential marketers in Asia five times from 2018 to 2023, offers an insider perspective, stating,

“Often, females experience imposter syndrome, holding themselves back and engaging in self-doubt, believing ‘we are not good enough.’”

Building a sisterhood for success

Hosted by SmartOSC, in partnership with SG Women in Tech and Singapore Computer Society, the SheEO workshop addressed the specific challenges women face, including limited access to funding, underrepresentation in leadership roles, and myths that prevent women from thriving in the workplace.

Also Read: Invest in women, accelerate progress: Why gender equality matters now more than ever

When it comes to empowering women’s leadership, Mathilde Swierczynska, Co-Founder and Director at Inspiring Girls SG, in her talk at the SHEEO workshop, believes in promoting a sisterhood culture to uplift women in the workplace, often mentioning the famous quote:

“There’s a special place in hell for women who don’t help other women.”

Harvard Business Review research suggests that while successful men gain advantages from their connections to various influential individuals, women need more than just that to reach the highest echelons of executive positions. In addition to broad networks, women require a tight-knit inner circle of female contacts.

This is because women often encounter cultural and political barriers on their path to executive roles. Hence, they not only benefit from being central in the network but also from having a close circle of female contacts. These networks provide confidential insights into organisational attitudes toward female leaders, empowering women in their job searches, interviews, and negotiations.

Echoing this sentiment, Caitlin Nguyen, Head of Digital and Customer Engagement at Abbott, emphasises the importance of community and support networks in the She Empowers Others campaign at SmartOSC, asserting,

“The role of community and building support networks is not to be underestimated. Not only does it further empower women, but it also strengthens learning agility and fosters continuous improvement both professionally and personally.”

“We recognise access to networks as a significant barrier hindering women’s advancement,”

said Hanh Le, Deputy CEO of SmartOSC. “SheEO workshop aims to empower women to challenge stereotypes and pave the way for a more inclusive and equitable future.”

The SheEO workshop forms an integral part of SmartOSC’s Forward content ecosystem, comprising podcasts, events, and magazines, representing a crucial stride towards nurturing a more inclusive tech industry.

—

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

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Dear reader,

OpenAI chief Sam Altman-led Worldcoin cryptocurrency project has faced significant backlash in Hong Kong for violating privacy laws.

The city’s Privacy Commissioner for Personal Data (PCPD) criticised Worldcoin for its “unnecessary and excessive” collection of biometric data, including iris and face scans, labelling the practice as invasive and unjustified. This data collection aims to provide users with a unique digital identity, known as a “World ID,” but the approach has raised serious privacy concerns globally.

The PCPD’s investigation revealed that over 8,000 individuals in Hong Kong had their biometric data collected, a process lacking sufficient transparency and informed consent. The privacy watchdog’s enforcement notice demands an immediate halt to these activities, emphasising the severe potential consequences of data breaches.

Worldcoin’s operations in other countries, including Spain, Portugal, and Kenya, have similarly been suspended over privacy issues.

Despite Worldcoin’s claims of encrypted and secure data handling, the PCPD condemned the project’s prolonged data retention plans and highlighted the legal repercussions of non-compliance with their enforcement notice, which could include hefty fines and imprisonment.

This controversy underscores the critical importance of stringent data protection standards in the rapidly evolving digital landscape.

Sainul,
Editor.

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NEWS & ANALYSIS

Sam Altman’s crypto project halted in HK over privacy concerns
The Worldcoin cryptocurrency project, set up by the OpenAI chief, breached Hong Kong’s privacy laws by demanding “unnecessary and excessive” scans of users’ eyes and faces, the city’s privacy watchdog said Wednesday.

KKR, TPG said to weigh options for PropertyGuru including buyout
KKR and TPG own about 26.5% and 29.6% of PropertyGuru, respectively; Singapore-based PropertyGuru went public in New York in 2022 after a merger with the SPAC Bridgetown 2 Holdings Ltd.

Oyo, once valued at US$10B, shelves IPO plans for second time
Oyo had initially filed paperwork with SEBI in 2021 for a public listing but withdrew it and refiled it in 2023; India’s market regulator has yet to approve either of Oyo’s applications, which raises questions about its readiness to face public scrutiny.

Snowflake talks to acquire Reka AI fizzles with no deal
The details are not available; The deal would have helped boost Snowflake’s business, as it sees generative AI as a key growth driver for its cloud-based data analytics offerings.

Honest Bank extends Series B to US$21.5M with Rakuten, Jetha backing
In 2023, the financial services startup received ~US$19M from Japanese firm Orico in 2023 for the same round; Honest Bank’s core product is the Honest Card, a credit card available in both physical and digital form.

PropertyGuru Q1 loss narrows to US$4.6M
In comparison, the proptech firm recorded US$7.5M net loss in Q1 last year; Revenue for the quarter rose 11.9% to US$27M on the back of a strong growth in its Singapore marketplace segment.

Mighty Jaxx collects US$11M more in series A+ round to fuel US, Europe growth
Sunova Capital and East Ventures joined the new round; Mighty Jaxx creates limited-edition collectibles in partnership with well-known companies; It plans to scale up its business in the US and Europe this year.

Alibaba considers convertible bond sale, following JD.com
Alibaba aims to gain capital by buying back shares and boosting its growth strategies. However, the firm is hoping to get roughly US$5 billion – a lot more than the US$1.75 billion that rival JD.com recently announced.

Singapore-based ThinKuvate launches US$12M India-focused fund
ThinKuvate India Fund will look to invest in 12 to 15 startups annually with an initial amount of up to US$360K; ThinKuvate primarily invests in healthtech, fintech, IoT, AI-ML, consumer-tech, and martech.

Singapore’s warehousing automation firm XSQUARE lands US$7.8M in Series A financing
The investors are Wavemaker Partners, SEEDS Capital, and Goldbell; XSQUARE’s autonomous forklifts simplify warehouse operations without requiring extensive reconfiguration, thus saving time and costs.

Cocoon Capital invests in Bangladesh’s B2B job-tech platform Shomvob’s US$1M round
The startup also received a grant from the Bill & Melinda Gates Foundation; Since launch, Shomvob claims to have registered 600,000+ job seekers and 1,300+ companies, facilitating 12,000+ job placements.

Luxury resale marketplace PopChill bags US$3.1M for Singapore expansion
The investors include Top Taiwan Venture Capital, 500 Global, and Acorn Pacific; PopChill’s marketplace features over 100,000 items in partnership with three of the top ten luxury resellers in Japan and suppliers from Taiwan and Hong Kong.

Ray Dalio purchases two shophouses in Singapore for US$18.9M
This makes Dalio yet another billionaire to purchase shophouses in the city-state; Zhang Ying, spouse of Alibaba Group co-founder Jack Ma, spent US$33.3M for three connected shophouses on Duxton Road in February.

FEATURES & INTERVIEWS

HKSTP’s Derek Chim on the four skills required for startups to thrive in Hong Kong
Hong Kong has good researchers and scientists but in the innovation and tech sector, there is a particular need for skilled product managers, says the HKSTP’s Head of Incubation.

Right Choice Capital CEO on surpassing revenue milestones, future innovations
The fintech firm recently achieved 114% y-o-y revenue growth and crossed the US$7.4M revenue threshold while maintaining EBITDA; Since its inception eight years ago, the firm has raised over US$22M from private investors.

Nandina REM gives a second life to materials from retired aircrafts
The Singaporean firm builds an innovative approach to reclaiming precious materials from retired or end-of-life aircraft and reprocessing them to aviation specifications for use in new products, such as EV battery casings.

The Indonesian startup ecosystem is facing a Great Reset, but Nicko Widjaja remains a believer
As the market went halfway through 2024, BRI Ventures CEO Nicko Widjaja shared notable trends that he observed in Indonesia.

‘Deeptech startups require more support, but have sustained competitive advantages’
SDTA Founding Partner Luuk Eliens says the venture builder engages with corporates, investors, research institutions, and government agencies to pool resources and expertise for its ventures.

How Plixstar eases digital transformation for plastic manufacturers in Malaysia
Plixstar creates an online platform for plastic manufacturers, helping them undergo digital transformation and grow their business.

CONTRIBUTORY POSTS

From hustle to zen: Learning to pace myself in the startup world
Startup life burned me out, but breaks, box breathing, and writing became my reset button; LFG co-founder Darryl Han is sharing his story to help you avoid the same fate.

A new taste of capital investors for technology startups in Asia
The Asia-Pacific region benefits from generally more flexible monetary policy, according to Bloomberg News; State banks in South Korea, Indonesia, and India have stopped the capital tightening cycle, in contrast to their counterparts in the West.

AI infrastructure: The unsung hero of technological innovation
At a time when AI’s applications and ethical concerns are most discussed, it’s crucial to recognise that the underlying infra serves as a fundamental necessity and a strategic asset for technological advancements, presenting prime investment opportunities.

Uncharted collaborations: From little shiny red dot to startup hotspot
In moving from the ‘Little Red Dot’ to a global startup hotspot, Singapore must foster uncharted collaborations that redefine public-private partnerships.

ESG frameworks and standards: Cutting through the complexity for private markets
Having navigated ESG frameworks myself, I’ve created a concise guide with useful links to demystify these concepts for private markets.

10 decisive factors for choosing your startup’s tech stack in 2024
Crafting your startup’s tech stack requires careful planning to ensure success, considering factors like compatibility, scalability, future-proofing, maintenance, and support.

Building trust through partnership: How collaboration enhances reputation
Building your client base directly is one of the primary ways in which a strategic collaboration may help your company expand.

FROM THE ARCHIVES

Expert advice for crafting a winning deck, straight from the community
While there are many factors that contribute to the success of a fundraising process, you want to make sure that your pitch deck is spot on.

With STEPVR, making AI-generated videos is as easy as creating PowerPoint presentation
STEPVR was part of AI Trailblazers, Singapore’s first Generative AI Innovation Sandboxes established to accelerate AI solutions development.

How to build deep tech startups across borders
Deep tech entrepreneurial journey require both short-term, dynamic, and medium-term, trust-building types of interactions.

Hacking your way into angel impact investing with just US$10K
As the Head of Special Projects at Top Tier Impact, I will give you these much-needed tips on how to start angel impact investing.

Navigating global expansion: Essential tips for entrepreneurial success
For successful global expansion, entrepreneurs must consider these factors to navigate challenges and maximise benefits effectively.

Crowdfunding for startups: Where to begin and how to go about it
Crowdfunding changes the game by reducing dependence on conventional and sometimes exclusive means of financing.

Embracing AI’s promise: Navigating the future of marketing
In an era where AI is reshaping the marketing industry, we explore how marketers, particularly in Singapore, can unlock AI’s potential.

The climate change and gender equality connection: How to support underfunded women-owned business
While there is a distinct relationship between gender inequality and climate change, investment mandates rarely combine both of these lenses.

How is open-source collaboration empowering Asia’s fastest-growing markets?
From startups to multinational corporations, Asia’s businesses actively integrate open-source technologies into their operations.

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This week, Southeast Asian startups secured funding across various sectors including logistics, entertainment, sustainability and e-commerce.

Jalat Logistics, a Cambodian company, aims to revolutionise same-day delivery with its management portal, while Singapore-based Kasagi Labo focuses on bringing authentic Japanese anime content to a global audience.

In the sustainability sector, Humble Sustainability from the Philippines is promoting a circular economy by helping businesses sell used IT equipment. Investors also showed interest in BANIQL’s innovative technology for sustainable nickel and cobalt extraction in Indonesia.

This funding spree highlights the diverse and promising startup ecosystem in Southeast Asia.

Jalat Logistics (Cambodia)

Founded in 2021 by Sou Sethey, Sou Sreyphoung, and Ung Lylay, Jalat Logistics provides a management portal to streamline logistics operations and enhance service delivery. Phnom Penh-based startup ships inventory, optimises it intelligently across its networks, packs it according to brand identity, and delivers it to customers within four hours. According to Chairperson Sreyphoung, Jalat Logistics aims to introduce standard same-day delivery that is “reliable, convenient, and informative”.

Funding raised: Not disclosed
Round: Not specified
Investors: Satori Giants and X Venture Holdings

Kasagi Labo (Singapore)

Founded and helmed by anime enthusiast Kendrick Wong, Kasagi Labo delivers authentic Japanese anime content through a multifaceted approach encompassing IP licensing, distribution, and merchandising. The platform aims to unite the entire anime content creation ecosystem, from IP owners to artists and voice actors.

Singapore-based Kasagi Labo, a venture studio that brings authentic Japanese anime to a global audience, has secured US$12 million in a pre-Series A round of financing led by Burda Principal Investments, a division of Europe’s media and technology conglomerate Hubert Burda Media.

Funding raised: US$12 million
Round: pre-Series A
Investors: Burda Principal Investments, CMT Digital, SuperScrypt, Hashed, Sfermion, and Gold House Foundation.

BANIQL (Indonesia)

attracts US$1.6M for its innovative approach to nickel, cobalt extraction
Founded by Willy Halim (CEO), Eric Januar (COO), and Seung Wan, BANIQL has developed innovative technology to make the extraction of nickel and cobalt sustainable and environmentally friendly. Nickel and cobalt are essential components in electric vehicle (EV) batteries and renewable energy storage.

Funding raised: US$1.6 million
Round: Seed
Investors: BEENEXT, Seedstars International Ventures, A2D Ventures, Sopoong Ventures, and angels.

Humble Sustainability (Philippines)

Humble promotes a circular economy by helping businesses sell their old IT equipment instead of throwing it away, reducing electronic waste. It aids clients in reaching their Environment, Social and Governance (ESG) goals by reusing equipment. The company has an ambitious goal of making one billion items circular by 2030.

Funding raised: Undisclosed
Round: Not specified
Investors: Gobi-Core Philippine Fund, National Development Company, Double River Impact, Equitrust Holdings, and angels from XA Network.

PopChill (Hong Kong)

PopChill is a luxury resale marketplace for authentic second-hand fashion luxury items in Taiwan and Hong Kong. The marketplace features over 100,000 items in partnership with three of the top ten luxury resellers in Japan and suppliers from Taiwan and Hong Kong. Its most popular brands are Chanel, LV, and Hermes and they contribute to 60 per cent of the total revenues. Handbags constitute 80 per cent of sales, and PopChill plans to diversify into watches and jewellery in the next six to 12 months.

Funding raised: US$3.1 million
Round: Pre-Series A
Investors: Top Taiwan Venture Capital, 500 Global, Acorn Pacific, ITIC, AVA Angels Fund, Acorn Pacific Ventures, and Darwin Ventures.

XSQUARE (Singapore)

XSQUARE Technologies is an intelligent warehousing automation company. Started in 2019, XSQUARE provides intelligent warehouse solutions designed to address critical gaps arising from recurring labour shortages and the urgent need to automate and optimise operations in brownfield and greenfield environments. Its suite of autonomous forklifts and intelligent warehouse orchestrator software simplifies warehouse operations without requiring extensive reconfiguration, thus saving time and costs. It serves clients in a diverse range of industries, from pharmaceuticals to manufacturing.

Funding raised: US$7.8 million
Round: Series A
Investors: Wavemaker Partners, SEEDS Capital, and Goldbell Corporation.

Honest Bank (Singapore)

Founded in 2019, Honest Bank is a financial services startup focused on the Indonesian market. Its core product is the Honest Card, a credit card available in both physical and digital form. In Indonesia, the company is led by Dharu Estiningrum, who was previously an executive in the credit card division of state-owned Bank Mandiri.

Funding raised: US$2.5 million
Round: Series B
Investors: Rakuten Ventures and Jetha Global.

Mighty Jaxx (Singapore)

Founded in 2012 by Jackson Aw, Mighty Jaxx creates limited-edition collectibles in partnership with well-known companies such as Nickelodeon, Warner Brothers, and Netflix, among others. The design studio has customers in 90 countries.

Funding raised: US$11 million
Round: Series A+
Investors: Sunova Capital and East Ventures.

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The transformative impact of generative AI on company productivity has become clear over the past 12 months. According to Microsoft’s 2023 Work Trend Index, 70 per cent of people say they would delegate as much work as possible to AI to lessen their workloads. At the same time, however, 49 per cent of people worldwide fear that their jobs will soon be replaced by AI, with this percentage rising to 58 per cent in the APAC region.

The anxiety of job obsolescence remains palpable and ubiquitous, undercutting the excitement around the technology. Rather than view generative AI with fear and apprehension, however, I believe we should approach the issue with a more empowering mindset.

AI will replace tasks, not jobs

The first thing to remember is that a high level of fear-mongering that we will all soon lose our jobs to the AI revolution exists. The recent spree of highly publicised lay-offs in the tech industry has deepened the assumption that people are actively being replaced by their digital counterparts — a sentiment that started once the job market took a hit by COVID-19. In truth, many of these tech firms are attempting to right-size their headcount after over-hiring during the pandemic to meet the spike in digitalisation.

According to the 2023 Work Trend Index, most business leaders are looking to leverage AI to improve employee productivity, not reduce headcount. High on the list of priorities are automating repetitive yet necessary tasks, eliminating low-value activities, and augmenting the capabilities of existing talent to accelerate the pace and quality of their output. It is my firm belief that AI will be used to replace tasks and not jobs.

Upskilling up new generations

A study by Salesforce last year reported that while 65 per cent of generative AI users are Millennials or Gen Z, 68 per cent of non-users are Gen X or Baby Boomers. This reluctance to use AI can be attributed to unfamiliarity, perceived uselessness, and uncertainty about the benefits of its impact.

Also Read: A paradigm shift on the Z axis: How Gen Z is shaping the new work culture

However, with many generative AI integrations still requiring human involvement, the professional experience that Gen X and Baby Boomers have would give them an edge over Gen Zs as subject matter experts and enable them to exercise better judgment.

Singapore’s SkillsFuture (SSG) movement, a government initiative aimed at workforce upskilling, recently rolled out its LevelUp programme to encourage workers aged 40 and above to future-proof their careers by acquiring new skills. Upskilling in today’s competitive landscape, especially with the advent of new technologies, is no longer a luxury but an imperative to staying relevant in the workforce.

Orchestrating AI agents in an integrated workplace

Rather than having one job replaced entirely by one stream of AI, a person may have multiple AI agents performing specific tasks in different parts of their workflow. Where 2023 saw the introduction of AI apps to the public, enterprise applications have become a quickly developing area of demand that computing giants such as NVIDIA are keen to get ahead of. With the right training, I believe that workers who can codify their domain knowledge and processes into AI Agents for specific tasks will unlock tremendous productivity gains.

Upholding safety and security in the use of AI

As we integrate AI technology into businesses, there is growing attention to responsible practices and vigilant oversight so that sensitive and proprietary data are not compromised.

While regulators worldwide are drawing up guidelines on AI use, I think organisations should prepare by appointing a qualified Data and AI Governance officer, or team, to rollout AI in the organisation with robust frameworks to maintain staff compliance to evolving guidelines.

Also Read: 6 reasons why startups should invest in sustainability

Having an AI Usage Policy is a good starting point for governing how employees may utilise AI within ethical privacy guardrails, especially if general users in the company leverage public tools for specialised queries and document analysis or creation.

Adopt a co-intelligence mindset in using AI

Productivity and governance are two key themes in the era of enterprise generative AI adoption. While there is understandable apprehension surrounding job displacement, the reality remains that AI is more likely to replace tasks rather than entire roles.

Embracing this technology requires a shift in mindset towards continuous upskilling, ensuring that you have the relevant expertise and oversight to be the human-in-the-loop in an AI-enabled workforce.

As Ethan Mollick, Professor at the Wharton School and the author of Co-intelligence expressed, we should perceive AI as co-intelligence. It is my opinion that its benefits will allow workers to tap into heightened levels of productivity. I feel it would be a disservice to oneself to adopt a Luddite stance when the opportunities are here for the taking.

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The article was first published on April 30, 2024

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Shomvob, a B2B job-tech and HR-tech platform in Bangladesh, has raised US$1 million in a pre-seed financing round led by Singapore-based Cocoon Capital.

The Dhaka-headquartered startup also received a grant from the Bill & Melinda Gates Foundation.

The funds will support the development of a comprehensive Human Resources Information System (HRIS) that encompasses everything from recruitment to payroll management, streamlining HR processes and improving access to job opportunities, particularly for historically underserved groups.

Also Read: wagely raises US$23M in equity and debt to further expand in Indonesia, Bangladesh

Founded in May 2022 by Rifad Hossain, Naqib Muhammad Faiyaz, and Hasibur Rahman, Shomvob supports the blue and silver-collar workforce in the South Asian country.

Currently, more than 650,000 corporations and SMEs in Bangladesh face critical hiring issues for their frontline workforce due to an over-reliance on paper-based processes and information asymmetry. This often results in a talent mismatch, causing up to 30 per cent productivity loss.

On the other hand, around 70 million people in the country struggle to find jobs that meet their expectations, often falling prey to local brokers or middlemen known as ‘dalals’.

Shomvob addresses these issues by providing job seekers with a professional digital identity application process for relevant positions. Its algorithm matches candidates with suitable jobs, while its Application Tracking System (ATS) offers transparent, real-time updates on application progress. For companies, the platform simplifies their hiring processes, reducing time and costs while ensuring compliance.

Since launch, the startup claims to have registered over 600,000 job seekers and more than 1,300 companies, facilitating over 12,000 job placements. The jobs cover several key sectors, including logistics, retail, and healthcare, demonstrating the platform’s wide-reaching impact.

Also Read: How ShopUp helps Bangladesh SMEs to take on big players with its B2B e-commerce platform

Shomvob has also partnered with UNICEF’s Generation Unlimited P2E (Passport to Earning) to boost job seekers’ employability. This initiative provides youth access to quality education, skills training, and employment opportunities, particularly in underprivileged and marginalized communities.

The HR-tech venture’s long-term vision includes integrating embedded financial services for its clients and expanding into the global mobility market to facilitate the movement of human resources.

The recruitment and staffing market opportunity in Bangladesh is valued at US$17 billion with a broader Asian market size of US$250 billion growing 8 per cent annually.

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Singapore‐based intelligent warehousing automation company XSQUARE Technologies has bagged SGD10.5 million (US$7.8 million) in Series A funding.

Wavemaker Partners led the round, which also saw participation from SEEDS Capital and Goldbell Corporation.

The fresh funds will be used to accelerate the startup’s regional growth and product development efforts.

Also Read: Revolutionising warehousing: An in-depth conversation with XSQUARE Technologies

“Over the past five years, we have enabled companies to overcome automation fragmentation and achieve complete interoperability across a diverse range of warehouses, factories, and dynamic environments,” said CEO Jens Bohnwagner. “This funding serves as a catalyst for XSQUARE’s growth trajectory, empowering us to scale up our operations, further enhance our technological capabilities, and reinforce our position as a leader in intelligent warehouse solutions.”

Started in 2019, XSQUARE provides intelligent warehouse solutions designed to address critical gaps arising from recurring labour shortages and the urgent need to automate and optimise operations in brownfield and greenfield environments. Its suite of autonomous forklifts and intelligent warehouse orchestrator software simplifies warehouse operations without requiring extensive reconfiguration, thus saving time and costs. It serves clients in a diverse range of industries, from pharmaceuticals to manufacturing.

The firm recently partnered with Mitsubishi Logisnext (ML), one of the world’s largest material handling equipment companies, to collaborate on the development of a new line of Automated Guided Vehicles (AGVs) and the distribution of XSQUARE’s existing products through ML’s global distribution network.

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