Join the 2024 TOP100 program here!

The highly anticipated return of the TOP100 program in 2024 is poised to play a pivotal role in empowering some of the most innovative startups from across Southeast Asia. Beyond the allure of recognition and accolades, participants stand to benefit from mentorship opportunities, engagement in business matching, and the potential to secure crucial investments. Specifically tailored for startups in the growth stage, this program serves as a valuable catalyst for those aiming to expand their business horizons. The program’s impact is poised to resonate throughout the entrepreneurial landscape, contributing to the growth and dynamism of the Southeast Asian startup ecosystem.

The TOP100 program created more than a decade ago, has solidified its place as a cornerstone in the growth journeys of myriad startups in the Southeast Asian tech ecosystem. Originally designed to pinpoint promising startups and facilitate funding, TOP100 has undergone a transformative evolution. Graduating from its initial focus on investment, the program has matured into a comprehensive ecosystem catalyst, nurturing innovation, entrepreneurship, and collaboration among industry leaders, investors, and emerging startups. Adapting with agility to the dynamic entrepreneurial landscape, TOP100 has broadened its horizons, now encompassing various dimensions of startup development.

Moving beyond its core function of identifying and supporting promising startups, TOP100 now adopts a multifaceted approach to propel startup growth. This comprehensive strategy includes initiatives such as mentorship programs, educational endeavours, and networking events. Collectively, these diverse components contribute to the well-rounded development of startups, providing them not only with essential financial backing but also with crucial knowledge, guidance, and connections necessary for sustained growth.

What sets the 2024 TOP100 program apart

Throughout its history, the TOP100 program has served as a hotbed for startup success stories, featuring prominent unicorns and other thriving startups that found support with the help of the program. With the Southeast Asian ecosystem entering a new phase of maturity and welcoming a surge of fresh startups, the TOP100 program has adapted to address their evolving needs.

Also read: Taiwan tech companies eye regional expansion in Southeast Asia

The year 2024 marks the evolution of TOP100 into a growth-oriented program, specifically crafted to furnish startups with a vital platform for sustainable expansion across the region. Going beyond the facilitation of connections with investors in both online and onsite realms, e27’s dedication to supporting startups has significantly intensified. Acknowledging the diverse needs of emerging businesses, the project’s team has expanded the TOP100 program, introducing a comprehensive suite of services aimed at nurturing holistic growth. This encompassing approach includes mentorship through coaching, participation in exclusive events, and media training. Additionally, the program enhances business matching through various initiatives and partnerships, optimising visibility throughout the tech startup ecosystem.

Why startups need fundraising mechanisms more than ever

In the nascent stages, startups often grapple with limited resources, making external funding a vital catalyst for turning innovative ideas into viable businesses. Funds acquired through various channels, including venture capital, angel investors, or crowdfunding, provide startups with the necessary capital to develop and refine their products or services, hire skilled talent, and execute strategic marketing initiatives. This financial injection not only accelerates the pace of product development but also enables startups to scale their operations, gain a competitive edge, and navigate the challenges inherent in the early phases of business development.

Beyond immediate financial support, fundraising offers startups access to a network of experienced investors who bring more than just capital to the table. Seasoned investors often provide valuable mentorship, guidance, and industry connections, enhancing the startup’s chances of success. Moreover, fundraising can act as a validation of a startup’s potential, building credibility and trust among customers, partners, and stakeholders. In essence, effective fundraising is not merely a means of securing capital; it is a strategic cornerstone that propels startups toward sustainable growth and long-term success in the highly dynamic and competitive business landscape.

Also read: How the 2024 TOP100 program aims to spotlight startups

However, fundraising isn’t an easy task. Startups with limited access to exposure and networking opportunities grapple with challenges in fundraising especially because of their inability to connect with the right organisations. One of the major hurdles is the fierce competition for attention and resources within the startup ecosystem. With a multitude of startups vying for investment, it becomes challenging for emerging businesses to stand out and capture the interest of potential investors. The lack of exposure amplifies the difficulty in attracting funding, as investors may overlook promising startups due to the sheer volume of options available. This visibility gap is particularly pronounced for startups operating in niche or specialised industries, where mainstream attention may be harder to secure.

Networking challenges also compound the difficulties faced by startups in fundraising endeavours. Building meaningful connections with potential investors, industry leaders, and mentors is essential for gaining insights, mentorship, and ultimately securing financial support. However, startups, especially those in their early stages, often struggle with limited networks. The absence of established connections can hinder their ability to access valuable advice, introductions to investors, and partnerships that are instrumental in the fundraising process. Overcoming these challenges requires innovative approaches to marketing, strategic outreach, and participation in industry events to enhance visibility and broaden the network, thereby increasing the chances of attracting the necessary funding.

TOP100 as a game changer for startups seeking investment opportunities

Fundraising, an enduring challenge for startups, finds a strategic solution in the meticulously crafted approach of the TOP100 program. The program’s ability to help startups achieve their fundraising goals lies in the comprehensive network it offers to qualified participants. Startups selected for TOP100 gain access to a diverse and influential ecosystem, where potential investors, venture capitalists, and various funding opportunities converge. This network proves instrumental in bridging the gap between startups hungry for capital and investors seeking promising opportunities.

Also read: Set sail with intellectual property: Your business’s journey to success

Within the TOP100 program, the fundraising journey for startups is streamlined through strategic connections and targeted exposure. The program acts as a facilitator, providing a structured platform for startups to present their innovative ideas to a curated audience of potential investors. This exposure not only increases the visibility of startups but also positions them in the spotlight for funding opportunities. By offering a seamless matchmaking process, TOP100 serves as a catalyst for startups seeking the necessary capital to propel their growth and innovation initiatives. The program’s focus on creating an environment conducive to fundraising success sets it apart as a valuable resource for startups navigating the challenging landscape of securing financial support.

Moreover, TOP100 goes beyond mere introductions by fostering an environment of mentorship and guidance. The program recognizes that fundraising is not just about securing capital but also about building sustainable relationships. Through mentorship programs and networking events, startups gain not only financial support but also strategic insights and industry connections that are vital for long-term success. In this way, TOP100 provides a holistic approach to fundraising, equipping startups with the tools, resources, and connections needed to thrive in the competitive startup landscape.

Join the 2024 TOP100 program

Applications for the 2024 TOP100 program are ongoing from November 1st to December 1st, 2023. Do you think you have what it takes to be a part of history? Send in your applications today!

For more information on the 2024 TOP100 program, visit our official site today.

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Vietnam-based fashion supply chain platform Inflow has secured US$2 million in a seed funding round from AppWorks, 500 Global, January Capital, Spiral Ventures, and Saison Capital.

Inflow will invest the capital in designing R&D and developing new technologies for supply chain and manufacturing.

Headquartered in Ho Chi Minh City, Inflow is a tech-driven sourcing and manufacturing platform. It provides fashion brands of all sizes with tools and technologies to simplify the sourcing and manufacturing process and speed up time to market.

Also Read: How blockchain can enhance sustainability in fashion

Inflow taps into the garment production advantages of Vietnam and Southeast Asia while solving critical supply chain challenges in the fashion industry, such as opaque supplier networks and inefficient project management of the design-to-production cycle.

According to the company, the platform offers full visibility into the supply chain, from inventory forecasts to data-driven factory matching to merchandise management, all accessible through a user-friendly dashboard with real-time tracking. Its production network includes over 150 pre-vetted and ethical manufacturers and suppliers in Vietnam.  

Inflow’s platform and factory matching help reduce sample production to a rapid 7-day process with a 45-day turnaround for a wide range of fabrics and designs. The solution also supports flexible small-batch orders with low minimum order quantities (MOQs) starting from 50 units, allowing brands to scale production based on market response, reduce design-to-production cycles from months to weeks, and prevent wastage that comes with large MOQs. 

The company plans to use a portion of the capital raised to enhance its product offerings to help brands rapidly bring new designs to market within 30 days at minimum order quantities of 50 pieces.

Last year, Inflow claims to have grown its revenue over 15 times. Today, it has over 80 fashion brand partners across Southeast Asia.

Also Read: How Retykle is weaving sustainability into the fabric of children’s fashion

Khanh Le, Founder and CEO of Inflow, said: “Imagine a world where the runway’s latest trends can move to retail racks in a fraction of the time, where fashion brands can pivot as fast as the world changes. That’s the future Inflow is creating. Our platform is more than a supply chain solution; it’s a fashion revolution leveraging Vietnam’s central position in the global supply chain, democratizing access to quality manufacturing and ethical production.”

Vietnam’s garment exports year to date hit US$27.7 billion in 2023 with over 6,000 registered factories nationwide. As one of the world’s three biggest exporters of clothing and apparel, global brands are investing in the country’s booming manufacturing sector, which is supported by Vietnam’s free trade agreements with the US, the European Union, and Japan.

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Singapore-based VFlowTech recently announced that its vanadium flow battery, PowerCube 100-500, will be part of Pulau Ubin Island’s main sources of reliable and affordable energy. With the goal to help Singapore achieve a clean-energy future, these batteries are introduced with the goal to provide a “longer-lasting, 100 per cent recyclable, non-flammable” alternative with great versaitility.

“Our long-term vision for the Pulau Ubin project is to serve as a pioneering model for the effectiveness of long-duration energy storage systems, specifically highlighting the prowess of vanadium redox flow batteries in off-grid settings. The success of this project is intended to serve as proof of viability for similar deployment opportunities in Southeast Asia and Singapore, positioning us as a key enabler for the broader energy transition,” writes Dr Avishek Kumar, Co-founder and CEO of VFlowTech, in an email to e27.

“Looking ahead, our aspiration is to scale up this technology significantly, supporting Singapore’s energy import ambitions and emerging as a pivotal force driving the transition to cleaner energy sources. In the context of the planned 4GW energy import, we estimate the need for 60-70kW of energy storage, representing a scale-up of Pulau Ubin by an impressive 20,000 times.”

Through this project in Pulau Ubin, VFlowTech aims to encourage other regions and communities, including the mainland of Singapore, to consider these sustainable energy storage solutions and reduce the reliance on diesel generators.

“The widespread deployment of our batteries contributes to a substantial reduction in the cost of electricity and energy over time,” Dr Kumar explains.

Also Read: Amasia introduces impact assessment framework for climate tech companies

“As we scale our battery production, economies of scale come into play, leading to a significant decrease in the cost of energy storage. This cost reduction is a pivotal aspect of VFlowTech’s commitment to fostering energy equity and making clean energy affordable for all. Our goal is to bring down the cost of clean energy to less than US$0.09 per unit, ensuring that the benefits of energy transition are accessible and sustainable on a broader scale.”

The project began when EDP Renewables looked for an energy storage solution at Pulau Ubin. VFlowTech being the manufacturer of Vanadium Redox Flow Batteries (VRFBs) discussed the potential of its technology. Dr Kumar also says that the company was chosen due to its close proximity to Singapore and being the only company that manufactures vanadium redox flow batteries locally.

“Unlike our previous smaller-scale projects, this off-grid deployment presented complex challenges that compelled us to enhance our capabilities. We recognised the need to expand our team’s skill set, from hardware manufacturing to software-related management skills which are crucial for effective battery integration at the site,” Dr Kumar says.

Moving forward with renewable energy

Next year, VFlowTech want to focus on scaling its production and operations. It plans to scale its 100MWh manufacturing facility in India that will be operational by 2024 and be ready for GWh deployment by 2027. According to Dr Kumar, this facility will enhance operational efficiency, enabling increased production of PowerCubes 10-30 and PowerCubes 50-250 to meet a broad spectrum of energy storage needs.

“The introduction of our PowerCube 50-250 to the market addresses the increasing demand for modular, scalable, and efficient long-duration energy storage. Specifically designed to facilitate seamless deployment scaling, from MWh to GWh, it plays a pivotal role in powering diverse areas of Singapore as the nation embraces a cleaner energy landscape,” he said.

“Our ambitious goal is to deploy a total of 7MWh of energy storage solutions globally, with plans to install 120 units in various locations, including Singapore, India, Korea, Japan, and Australia. Furthermore, we aspire to contribute to the Green Corridor project, advancing the regional energy transition.”

Also Read: Unlocking green fintech prosperity in Asia: Navigating the top 4 challenges

In its effort to advance the adoption of clean energy, VFlowTech has a multifaceted approach.

Dr Kumar believes that the implementation of projects such as in Pulau Ubin will inspire next generation of talents in the climate tech sectors. This is why VFlowTech also provides on-the-job training, substantial investments in research and development, effective communication strategies, and fostering collaboration among all stakeholders.

“Moreover, we actively engage in various projects designed to showcase the efficacy of long-duration energy storage systems. These projects consider both the constraints, such as limited land space, and the opportunities to repurpose existing resources. By doing so, we strive to demonstrate the viability and versatility of our energy solutions and foster a transition to cleaner, more sustainable energy sources,” he explains.

“Furthermore, we aspire to be recognised as thought leaders, actively fostering discussions about the pivotal role of long-duration energy storage as the cornerstone of energy transitions. We aim to increase the awareness of this technology and educate the public on its significance in the context of sustainable energy. Through our participation and organisation of in industry forums and collaborative initiatives, we aim to lead conversations that drive home the importance of long-duration energy storage in achieving a greener, more sustainable future.”

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Image Credit: VFlowTech

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During the COVID-19 crisis, waste collection from Malaysian households was disrupted thanks to the Movement Control Order (MCO). Used face masks added to the problem.

Yusof Faizal Amin thought about creating a solution to turn waste into electricity and use it for domestic consumption. “A miniaturised waste-to-energy (WTE) system that combines the latest waste conversion technology and power generation systems will be useful during the pandemic. That was the vision behind the EcoSfera.”

EcoSfera is a containerised, on-site waste conversion system to produce on-demand energy and valuable byproducts. It can turn organic and inorganic waste into combustible synthesis gas (syngas) to generate electricity and bio-carbon for agriculture and power plants. The system employs cutting-edge gasification and pyrolysis technology, cleaner than conventional incinerators and diesel generators.

Also Read: How Gringgo leverages AI to help improve existing waste management system in Indonesia

EcoSfera was developed by Tigasfera, a company Faizal Amin founded in 2014. “Tigasfera means ‘three spheres’ in Bahasa, which we refer to as ‘waste management’, ‘renewable energy’ and ‘decarbonisation’. “EcoSfera is designed to address all these three challenges simultaneously,” he says.

The company’s WTE approach offers several benefits, claims Faizal Amin. “Customers can divert waste away from open dumps and landfills, helping reduce methane emissions from landfills, offsetting fossil fuel-based power generation and reducing emissions associated with waste transportation and disposal,” he shares. “In addition, converting waste at the source minimises transportation costs. It reduces the sorting issue because waste is less co-mingled at the source.”

Customers can also divert waste away from open dumps and landfills, helping reduce methane emissions from landfills, offsetting fossil fuel-based power generation and reducing emissions associated with waste transportation and disposal.

“By treating at source, we can reduce transportation costs and emissions by half and reduce the hassle of sorting as it’s less co-mingled at the source. Customers can also track where their waste goes and measure the impact for sustainability and compliance purposes. The EcoSfera modular design can scale according to customer demand and deploy the solution within six months,” he adds.

EcoSfera, available in 20ft or 40ft sizes, can be installed on the customers’ premises, process five to 50 tonnes of waste per day, and create up to 150kWh of power per container, claims Faizal Amin.

“Our on-site solution empowers businesses and organisations to track and monetise their waste, which can be used for ESG (Environmental, Social, and Governance) reporting and generate new value. Our system uses the latest pyrolysis and gasification technology, which is cleaner than incinerator or diesel genset alternatives and can generate valuable byproducts,” he says.

“Moreover, EcoSfera is designed to be modular and mobile; hence, it can meet the customer’s changing demand and be deployed within six months. Additionally, this approach provides a more localised and efficient energy generation method, addressing energy needs precisely where required, thereby reducing strain on centralised energy grids and reducing the costs of developing new grids at remote locations,” explains Faizal Amin.

He admits that one of the critical challenges in developing distributed energy systems for waste conversion is the variability of waste streams. Tigasfera has overcome this challenge by creating systems that handle various waste types and volumes.

Another challenge is the need to ensure that the systems are reliable and efficient. The company has addressed this by using cutting-edge technologies and working closely with its technical partners and early customers to optimise the system.

Also Read: One man’s trash is another’s gold: How Tridi Oasis plans to transform plastic waste management

“We invested in developing a local integrated prototype machine as part of localised research and strategic showcase, which is crucial in designing and deploying our containerised version. To date, the prototype has successfully processed three tonnes of mixed waste, generate revenue from biochar and run modified genset using the syngas. We have to manage regulatory hurdles, but the engagement with stakeholders, especially the authorities and government agencies, has provided us with good support thus far,” he reveals.

Tigasfera’s monetisation strategy involves offering on-site waste conversion services through various models, including a zero CAPEX subscription fee option. “Through this system, the firm can match customers’ current waste disposal costs, generating significant value from the byproducts and receiving upsides such as carbon credits, which could be shared with our customers.”

As of now, Tigasfera targets sectors dealing with substantial waste disposal costs and being environmentally conscious, particularly industries and commercial establishments, while looking at domestic and Southeast Asia regions. It has signed NDAs and MOUs with over two dozen public-listed companies, major players along the waste value chain, research institutions, technology partners, government agencies and even a carbon credit registry. They represent the feedstock providers, byproduct off-takers, and enablers that complete our value chain.

“Given that our solution is new and we’re creating a whole new value chain, collaboration with these parties is crucial, and we are happy to receive tremendous interest and support from them. These partnerships help refine the technology, access waste sources, ensure compliance, and expand the implementation of distributed energy systems,” Faizal Amin notes.

Tigasfera recently graduated from local energy giant PETRONAS’s technology accelerator programme, FutureTech 3.0. The firm is now seeking grants/seed funding as it moves from operating prototypes to delivering its first commercial containerised EcoSfera and building its manufacturing capacity.

He says the firm plans to gradually expand into various use cases, such as the bio-energy and decarbonisation industry, addressing the needs of diverse industries and municipalities. “We aim to expand our distributed energy systems in the Southeast Asia region and have received interest from the Middle East.”

By reducing greenhouse gas emissions, decreasing reliance on non-renewable energy sources, and promoting circular economic practices, EcoSfera aims to contribute significantly to the global goals of combating climate change and promoting responsible waste management.

“We are committed to helping to create a more sustainable future, and our technology is a key part of the solution,” he concludes.

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Image Credit: Tigasfera.

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In the fast-paced world of business, where every decision counts, investing in employee cybersecurity has become more than just a best practice – it’s a strategic move that can significantly impact a company’s bottom line.

In this article, we explore the compelling reasons why businesses should prioritise cybersecurity training for their employees, not only to bolster their digital defences but also to make sound financial sense.

Navigating the digital landscape

As businesses continue to digitise their operations, the risk of cyber threats looms large. Your employees are not just the end-users; they are the frontline defenders against potential attacks. By equipping them with the knowledge to navigate the digital landscape securely, businesses can build a robust defence against cyber threats.

The financial toll of cybersecurity breaches

The financial ramifications of a cybersecurity breach are not to be underestimated. Legal fees, regulatory fines, and the costs associated with mitigating the breach can take a toll on a company’s budget. Investing in employee cybersecurity is akin to purchasing insurance – a proactive measure that can save businesses from the financial fallout of a breach.

Human firewall

Employees are often the first point of contact with potential threats, and a well-trained workforce acts as a human firewall. Recognising phishing attempts, practising secure password management, and being vigilant against social engineering tactics are skills that can significantly reduce the risk of successful cyber attacks.

Also Read: Two decades of digital defence: Why cybersecurity must remain a top concern for everyone

Minimising human errors

A significant percentage of cybersecurity incidents are a result of human error. From clicking on malicious links to falling for scams, these errors can be costly. Through comprehensive cybersecurity training, businesses can minimise these mistakes, making their workforce a more reliable line of defence.

Productivity boost

Beyond security benefits, cybersecurity training contributes to increased productivity. When employees are well-versed in secure digital practices, they spend less time dealing with security-related issues and more time focusing on their core responsibilities.

Regulatory compliance

Various industries are subject to stringent cybersecurity regulations. Non-compliance not only poses a legal risk but also brings financial consequences. Ensuring that employees are educated on these regulations is a proactive step toward avoiding fines and legal complications.

Adapting to emerging threats

The landscape of cyber threats is ever-evolving. Ongoing cybersecurity education is an investment in the future, enabling employees to adapt to emerging threats and ensuring that your business remains resilient in the face of new challenges.

In conclusion

In conclusion, prioritising employee cybersecurity is not just about securing digital assets; it’s a strategic move that makes financial sense. The investment in training pays off in the form of a more secure business environment, reduced risk of breaches, and a workforce that is not only vigilant but also contributes to the company’s overall productivity and success in the dynamic digital landscape.

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Japan, one of the largest and most competitive economies in the world, is known for its advanced technology and diverse industrial sectors, including automotive, electronics, and robotics.

A huge contributor to its global reputation for innovation is the presence of its highly educated, industrious workforce. Similarly, there is a wealth of support from the country’s leaders and government institutions available for the public to leverage. This has led to the installation of conglomerates across different industries that sprouted over the last few decades and have expanded and secured their market globally.

However, in today’s evolving tech landscape, established enterprises no longer monopolise innovation and creativity. Young talent with entrepreneurial flair is easily found and honed through online and offline resources — particularly in the tech startup landscape. 

Southeast Asia has cemented itself as an active hotbed for investment and innovation

Over the years, Southeast Asia’s tech startup ecosystem thrived due to a young, tech-savvy population, increasing internet penetration, and a growing middle class. These factors create a fertile ground for innovation in sectors like deep tech, healthtech, fintech, e-commerce, and many others.

Also read: Expanding the possibilities of metaverse with RAPUTA

Regional governments have caught on to this trend, prioritising development and aiding startups with global resources for growth and expansion. According to an article published by Tatler, “The region’s growth potential is staggering, with a projected increase of $130 billion from 2022 to 2025 and an impressive CAGR of 20%. It is predicted that Southeast Asia’s technology startups could reach an astounding valuation of $1 trillion by 2025, up from $340 billion in 2020.” This attracts the attention of more developed countries looking to deploy capital.

This is why Mitsubishi Electric, one of the world’s biggest manufacturers, is pumping $35m into startups from Southeast Asia via the ME Innovation Fund (MEIF), serving as a bridge between the Mitsubishi Electric Group and startups. Since its founding in 2022, MEIF has taken “technology” as its keyword to discover innovative and novel ideas from startups and bring change to the world through co-creation.

Kenji Minefuji, Manager at Business Innovation Group at Mitsubishi Electric and Investment lead at ME Innovation Fund (MEIF), is in charge of the deal operation and project management after investment, providing hands-on support for startups. 

When asked about their interest in Southeast Asia, he underlines, “The potential market and the growth of the population is the highlight. [The] Southeast Asian startup landscape demonstrated an exceptional understanding of the social issues at hand. They not only offer technological innovation and high-quality products but also provide solutions directly as well as address the needs of the communities they serve.”

One notable startup in its portfolio is Kegmil, a Singapore-based tech startup specialising in developing AI-based software solutions aimed at revolutionising the future of field service management. Kegmil is on a mission to empower deskless field service professionals in Southeast Asia through their cloud-based, mobile-first software for maintenance heroes across industries.

According to Minefuji, “We are committed to nurturing and understanding alongside Kegmil and our other portfolio companies in this journey towards excellence. Our intent is clear. In the future, we intend to proceed with scale implementation.” This is the kind of synergy that is available for regional startups to capitalise on. 

Exciting synergy between Japan & Southeast Asia forging powerful future startups

Global Japanese firms have established multiple bases in Southeast Asia. Their presence provides a strong customer base for startups, aiding product launches and future expansion to the Japanese and global markets. Japanese companies offer manufacturing expertise and ecosystem access, allowing Southeast Asian startups to merge technology and market entry effectively.

Also read: Future-proofing omnichannel touchpoints for businesses via AI

A partnership between both regions is an effective way to inject fresh deal flow into the Japanese ecosystem. This also strengthens Southeast Asia’s global reputation for innovation, as corporate support fuels expansion and speedy growth. For example, Mitsubishi Electric can be a manufacturing partner for deep tech and industrial startups well into their Proof of Concept stage.

Deep tech startups gain global support through corporate collaboration programs

Corporate and startup enablers are joining forces to support startups, leading to programs that further strengthen and empower startups. Leave a Nest started the Tech Planter, one of the largest ecosystems connecting Southeast Asia to Japan back in 2014, with the intent to discover and sprout the seeds of innovation that are being developed by researchers and startups that aim to implement their science and technology into our society. Subsequently, in 2018, they established the Center of Garage, which is a unique incubation space specialised for deep-tech startups in Tokyo, Japan.

Recently, Leave a Nest is excited to announce the establishment of the newly formed Center of Garage Malaysia. The emergence of COVID established the necessity for the emergence of deep tech startups to solve pressing concerns. There is still a lot of support needed to claim the success of startups in deep tech and the Center of Garage Malaysia aims to fulfil that role.

Based on his leadership skills directing the Leave a Nest Group as Founder and Group CEO, Yukihiro Maru, PhD,  anticipates that “Deep tech startups would be a very important portion of Southeast Asia.” Dr Maru further clarifies that “The situation and current ecosystem is heavily supporting IT, but to ensure the success of deep tech startups, new measures to create a new ecosystem should be implemented. 

As part of their mutual mandate, Mitsubishi Electric and Leave a Nest have been partnering since before the establishment of MEIF. For instance, through Leave a Nest’s Tech Push Program, Mitsubishi Electric shared its patented technology and also participated in collaborative opportunities with students to generate new business ideas based on scientific and technological breakthroughs.

This has become a focus area being considered for deal flow, Minefuji anticipated. Dr Maru also emphasises Leave a Nest’s promise of support for student enterprises emerging from university spin-offs and technology transfers.  “My history and experience on the technical side stretch turning university technology to society adaption, and on the business side, how to IPO and collaborate with big corporates. This is the right timing for the Southeast Asian governments wanting to change the situation. Markets now rely not only on IT but also on deep tech to solve the deep issues,” he explained.

How startups can maximise the opportunities

Startups engaging with Mitsubishi Electric should know that their global presence spans beyond Japan and Southeast Asia, reaching North America and Europe. Minefuji advised that ME’s expertise holds significant market dominance in areas like factory automation and air conditioning. This extensive international network provides valuable resources for international expansion. Expanding from this, the ME Innovation Fund encourages startups to direct their energy toward tackling pressing social problems and driving transformation through innovative concepts and groundbreaking technology.

Minefuji added, “It’s vital to establish clear lines of communication regarding capabilities and limitations. The wealth of experience within our engineering community remains there as an immediate asset. This honest dialogue allows both parties to identify areas of mutual benefit.”

Also read: The Future of Capitalism: Get the chance to win $5 million worth of investments

Dr Maru clarifies that the verticals they are looking to support and get involved with are relevant to their existing expertise. Startups not only in industrial and logistics, AI, robotics, manufacturing, and energy, but also in biotech, biofuel, bio fertiliser, food security, agriculture and food systems, agricultural feeds, and sustainability are welcome to introduce themselves for investment and partnership opportunities. 

Dr Maru explains, “Our vision is Advancing Science and Technology for Global Happiness. That is the vision for us. Not only for revenue or profit but also, we want to solve deep issues and explore deep tech. We have to actively pair with local talents to identify opportunities and co-create new business together.”

The collaboration between established Japanese conglomerates and emerging startups from Southeast Asia not only signals global interest in the region but also demonstrates the transformative potential of transnational relationships. As Southeast Asia cements its position as a thriving hub for investment and innovation, the ME Innovation Fund’s commitment to this collective success reflects a strategic effort to capitalise on the region’s remarkable potential — with Japan ultimately serving as a catalyst to unlocking growth opportunities for the region and beyond.

For more information, visit https://www.mitsubishielectric.com/cvc/index.html

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This article is produced by the e27 team, sponsored by CPXI

We can share your story at e27, too. Engage the Southeast Asian tech ecosystem by bringing your story to the world. Visit us at e27.co/advertise to get started.

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JALA, an Indonesian digital enabler for the shrimp industry, has closed a US$13.1 million Series A round of financing led by Intudo Ventures.

Sinar Mas Digital Ventures (SMDV) and existing investors Mirova and Meloy Fund (Deliberate Capital) also joined.

With this round of financing, JALA plans to scale up its operations to Sumatera, Sulawesi, and Nusa Tenggara — three areas that have demonstrated unique potential for the growth of the shrimp farming industry.

Also Read: Jala Tech secures seed funding to empower shrimp farmers

“This funding will enable us to bring our end-to-end shrimp farming solution to remote areas in Indonesia and equip local farmers with the technological and financial support they need in advancing the country’s shrimp production,” said Liris Maduningtyas, Co-Founder and CEO of JALA.

Founded in 2017 by Aryo Wiryawan (Chairman) and Maduningtyas, JALA provides shrimp farmers with advanced technology services, including in-depth aquaculture analysis built on real-time data and connected equipment, farm assistance, farm financing, supplies and inputs and marketplace services to bring harvest to market.

Its mobile app enables effective monitoring of their shrimp farming processes. The app allows users to record, monitor, and analyse every aspect of their shrimp farming in real-time directly from their mobile devices. This functionality provides farmers with data and progress tracking, assisting them in making well-informed decisions promptly.

Through its farm credit scoring service, farmers can prove creditworthiness and gain access to affordable financing options. JALA offers harvest access services for farmers of all sizes to help them bring their products to market.

The agritech company also offers farm assistance, which gives farmers the direct guidance and support they need in tackling day-to-day challenges in their farms.

Also Read: Agritech startup Jala comes out as winner of Top100 Indonesia Qualifier Roadshow

The company claims it has won over 20,000 users, and its app has monitored shrimp across more than 35,300 ponds. In the future, it will feature more in-depth predictions for cultivation performance, water quality, shrimp disease prediction, and automation in data inputs.

JALA has also collaborated with Conservation International in building the first Climate Smart Shrimp, a combined intensification effort with mangrove restoration for traditional shrimp farms.

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Image Credit: JALA

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Aethir, a Singapore-based company founded in 2021, aims to address the scalability challenges faced by the gaming and AI industries.

Led by a team of cloud industry veterans, it has built a Scalable Decentralised Cloud Infrastructure (DCI) network that offers significant cost reductions, improved efficiency, and reduced latency. With a diverse user base consisting of infrastructure providers and end-users, Aethir aims to significantly impact the cloud computing space.

The company specifically targeted the scalability of GPU cloud infrastructure, which was plagued by high costs, limited resource availability, and latency. By leveraging advanced technologies and edge computing principles, Aethir has successfully reduced costs, enhanced scalability, and significantly reduced latency in its infrastructure.

“The cloud sector has traditionally been a challenging industry to scale, plagued by high costs, particularly for customers requiring complex real-time rendering or streaming infrastructure – and that’s not taking into account the additional stress on the ecosystem as a result of the AI boom,” explains Mark Rydon, CEO and Co-Founder, Aethir, in an email interview with e27.

“At Aethir, we’re laser-focused on solving the cloud scalability challenge. We’ve built a global Decentralized Cloud Infrastructure (DCI) network specifically to scale complex cloud infrastructure services globally; a significant milestone for the future of the gaming and AI industry. The cost and performance advantages of our DCI are significant, and when coupled with our ability to operate in developed and developing markets alike, we’re unlocking a huge amount of potential value for our customers.”

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Aethir’s user base can be categorised into two distinct categories. The first category comprises infrastructure providers with valuable computing resources, particularly GPUs. Aethir engages these providers through strategic partnerships and industry networks, allowing them to generate a return on underutilised equipment.

The second category comprises end-users, primarily gaming and AI companies, who require high-performance computing resources. Aethir caters to their needs through its GPU-as-a-service model, offering low-latency and cost-effective access to GPU resources.

Moving forward

Aethir’s revenue model combines traditional transaction fees with blockchain-based tokenisation. This approach ensures sustained revenue and creates an incentivized ecosystem benefiting both infrastructure providers and end-users.

In July, Aethir announced the completion of its Pre-Series A funding round, securing over US$9 million in investment. The round was led by renowned global investors, including Sanctor Capital, Hashkey, Merit Circle, and CitizenX.

“We have been proud supporters of Aethir since 2021 and are helping to expand the network by investing in the rendering nodes. The initial vision and the technology of the Aethir team convinced us to be part of the seed round. The execution of building the network and its fast adoption kept us as active members of the growing ecosystem,” said Chen Li, CEO and Co-Founder, Youbi Capital, who invested in the company.

“Unlike the low utilisation of nodes in other decentralised networks, the Aethir nodes are projected to be used 50 per cent of the time, generating significant revenue for the node operators in addition to the mining reward. It makes the early participation of mining on the Aethir network unique from all other DEPIN projects.”

Also Read: How to manage multi-cloud complexity: A strategic guide

With the funding, Aethir is poised to expedite its global expansion in key markets such as Southeast Asia, Latin America, and North America. The company aims to capitalise on the growing demand for its services and establish a strong presence in these regions. In addition to expanding its infrastructure, Aethir has forged strategic partnerships with major players in the Gaming and AI Infrastructure space. These partnerships will further enhance the company’s reputation and visibility in the market.

As 2024 approaches, Aethir is gearing up for significant milestones. The company plans to launch its token in the first half of the year, marking a deeper integration into blockchain technology and solidifying the scalability of its infrastructure model.

Furthermore, Aethir is on track to onboard its first million users, a testament to the trust and demand for its services. Looking ahead, Aethir is focused on expanding its product offerings as the AI marketplace continues to evolve, ensuring it stays at the forefront of innovation in cloud computing.

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Image Credit: Aethir

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There is no doubt that Taiwan’s tech and startup landscape is a dynamic, thriving, and rapidly growing ecosystem. According to the 2022 Taiwan Startup Ecosystem Survey published by PWC and the Taiwan Institute of Economic Research, Taiwan tech startups excel in R&D and commercialisation. When evaluating the local startup ecosystem and international competitiveness from an innovation standpoint, Taiwanese startups were observed to excel in “innovation and product technology R&D capabilities” and “commercial competence” compared to foreign startups.

The primary hurdles for domestic startups involve market expansion and revenue increase, with a notable focus on revenue growth (56.4%), broadening their customer base (47.4%), and enhancing profit margins (37.3%). Additionally, locating suitable strategic partners (32.1%), venturing into global markets (24.6%), and attracting talent pose challenges for Taiwanese startups. (Source: PWC)

Innovation therefore cannot be confined to local markets. Startups, to grow, need the mutual partnership of other exciting ecosystems to foster growth opportunities and pursue success. Cross-country collaborations bring a lot of benefits in accelerating digital transformation brought about by unlocking new market opportunities in previously unfamiliar terrain.

As such, startups pursuing growth trajectories are inclined to explore this path despite the challenges that may come with it.

Southeast Asia: An exciting market for Taiwan

With a history of fostering innovation, a robust and agile market, and a dynamic tech landscape, it comes as no surprise that Taiwan has set its eyes on Southeast Asian markets due to its advanced progress. As shown in the rise of unicorns in recent years, the region’s diverse market offers opportunities for unique solutions and cross-border collaborations, particularly in spaces where Taiwan thrives the most such as manufacturing.

Singapore alone is a playing field for public and private entities actively engaging with startups in the region, further validated by ranking #7 in the Global Innovation Index 2022. With the combined market access of other locally fostered economies, Forbes predicts that by 2025, Southeast Asia’s technology startups could reach an astounding valuation of US$1 trillion by 2025, trebling from US$340 billion in 2020.

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This predicted potential is easily accelerated through startup regional expansion and potential partnership opportunities. Mutual support between Taiwan and Southeast Asia can create startups that are ready to take on a global status. Southeast Asia can provide market opportunities and exposure, while Taiwan’s ecosystem aids through product development and ICT corporate cooperation.

Kao Shien-Quey, Deputy Minister of the National Development Council (NDC) – Taiwan, describes the market by expressing that, “a lot of capital and talent [are] flowing into the Southeast Asian countries. There are solutions utterly leveraging cutting edge technologies such as AI, blockchain, and 5G,” underscoring how the significant expansion of these sub-sectors are recognised on top of the success of existing digital economies such as fintech and e-commerce.

Taiwan’s unique advantage in advanced technologies and solid industrial foundation is further strengthened thanks to the support of a robustly supportive ecosystem, particularly through the help of Taiwan’s NDC. 

Connecting the dots for thriving ecosystems to foster global potential

NDC launched Startup Island TAIWAN in 2019 to attract investment and development of startup communities in Taiwan. The initiative has worked to lay out networks, promote exchanges, and enhance the visibility of Taiwan’s innovation in international society. Furthermore, NDC is collaborating with government departments such as the Ministry of Economic Affairs and the National Science and Technology Council to enhance their initiatives’ scope.

This year, the NDC selected 13 model companies from more than 200 nominated candidates to undergo Startup Island TAIWAN’s “NEXT BIG” program. This initiative aims to identify and promote benchmark startups recommended by the community and industry leaders. The awarded companies cover a wide range of fields from educational technology, health management, and AI, to cybersecurity.

Deputy Minister Kao emphasizes that “Variety is the need and main source for local startups if they want to pursue and accelerate the process of digital transformation. We provide support from funding (through the National Development Fund), mentorship, and talent recruitment.” Startups in the program are invited to take advantage of these resources in order to go global, attract international investors, and eventually exit with an IPO.

Also read: Expanding the possibilities of metaverse with RAPUTA

Supported by President Tsai Ing-wen, the Taiwanese government has continuously updated their strategies to create a better investment environment and support companies during her presidency. In this way, she believes that Taiwan is speeding up to become the rising star of startups in the near future, and hopes Taiwan can be a world leader in innovation. Their commitment extends a crucial signal for Southeast Asian startups to capitalize on present and future opportunities for international development.

This is exemplified in recent collaborative efforts wherein Southeast Asian startups are exposed to potential partnerships through the presence of the Taiwanese delegation in SWITCH Singapore. Southeast Asian startups, especially those in more traditional markets, can also benefit from overseas expansion by leveraging Taiwan’s increased R&D and market support in order to build resilience in early product penetration. These strong linkages can create more options for early-stage companies targeting B2B and B2C markets, and provide wider job opportunities in both technical and digital fields. This is the kind of collaboration Deputy Minister Kao is envisioning to bridge successfully in the long run.

Additionally, Taiwan’s long-standing deep business ties with both the US and Japanese markets can potentially be leveraged by Southeast Asian startups. This network is imperative in building the right infrastructure and foundations. Deputy Minister Kao iterates that collaboration can exist, “if not just in technology sharing, then also in financing and talent recruitment. This can form the triangle of resources that would benefit general contractors from different regions.”

Slow and steady growth for ecosystem players in Taiwan and Southeast Asia

Startups face a high risk of failure and challenges at the earlier stages of startup growth. This is where both local and international ecosystems can intervene the most. Taiwan’s government policies bring this to fruition through increased assistance and entrepreneurial resources, as shown by their recent establishment of international startup clusters, financial subsidies, and knowledge-sharing programs.

Also read: Set sail with intellectual property: Your business’s journey to success

Startup Island TAIWAN and by extension, NDC’s presence, signifies Taiwan’s commitment to elevating its global recognition from a ‘Startup Island’ to a prominent player. With a unified brand identity and public-private partnerships, the objective is to demonstrate Taiwan’s innovation potential on the global stage.

For further details, please visit the Startup Island TAIWAN website: https://startupislandtaiwan.info/

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This article is produced by the e27 team, sponsored by Startup Island TAIWAN

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