Dear reader,

An AIPRM study reveals Singapore’s AI investment outpacing the US by 16% per thousand $GDP, showcasing the nation’s strategic commitment to technological advancement.

Despite the US leading in AI investment with US$328,548 million spent over five years, Singapore’s investment, equivalent to 1.5% of its GDP in 2022, signals notable dedication. This positions Singapore as a significant player in the global AI landscape, with the Asia Pacific contributing substantially.

The data highlights the global economic impact of AI investments, projecting a market size exceeding US$2.5 trillion by 2032. Workplace applications, notably email spam filters and chatbots for customer service questions, underscore the integration of AI into business operations.

Singapore’s ascent in AI investment emphasises its strategic position in evolving technological innovation and economic growth.

Sainul,
Editor.

News

Singapore surpasses US in AI investment: Study
A new study has revealed that Singapore’s Artificial intelligence (AI) investment rate has outpaced the US by 16 per cent per thousand $GDP; This is despite the US being the largest investor in AI, with US$328,548 million spent in the last five years.

Xendit lays off hundreds of workers
The move is part of its efforts to streamline its business; This marks the second round of job cuts for the company, following a retrenchment in August 2023 that affected a “small number” of employees from its product team.

AC Ventures Fund V hits final close at US$210M
Key investors are IFC and prominent financial institutions from the US, the Middle East, and North Asia; AC Ventures has already started deploying the capital from this fund in Indonesian electric vehicle manufacturer MAKA Motors and sustainable farming startup Koltiva.

MAVCAP invests in Vynn Capital’s US$30M mobility fund
Malaysia’s Vynn Capital established a fund to tackle challenges and opportunities in Southeast Asia’s mobility and supply chain sectors; The fund is directed towards early-stage startups in the region raising Seed to Series A rounds.

SG agency launches US$22.4M initiative for green computing research
Under the Green Computing Funding Initiative (GCFI), researchers from institutes of higher learning can collaborate with industry players to maximize the energy efficiency of computing infrastructure and software.

GDMC nets US$21M Series A for its next-gen advanced genetic therapies
Investors include Celadon Partners, WI Harper Group, SEEDS Capital, and NSG Ventures; GDMC focuses on manufacturing advanced therapy modalities, including customised mRNA, plasmid DNA, AAV and Lentiviral Vectors.

SEAbridge execs launch new platform to bring M&As online
Match.asia is a marketplace aiming to tackle common challenges in traditional M&A processes – such as inefficiency, limited outreach, low success rates, and high costs – through a data-driven matching system.

Despite slowdown, SEA sees potential in Vietnam, Philippines in H1 2023
A Cento Ventures report revealed that in 2023, SEA startups received “tepid response” from investors, logging a 54% y-o-y drop in volume; However, the decline is likely ending as the appetite for fresh investments slowly picks up.

Khazanah Nasional eyes leading Oyo’s US$400M round
Amid its delayed IPO, the Indian hospitality and travel company is looking to raise funds to reduce its debt and support expansion plans; In FY2023, Oyo’s revenue grew 14.3%, while losses were down 34%.

SGTech launches jobs and skills guide as part of National AI Strategy
This resource aims to provide business owners and employees with an overview of GenAI and its expected impact on businesses, particularly on jobs and skills; It is designed as a practical guide for business leaders who are looking to prepare their companies and employees for the GenAI world.

AI automation software firm Bluesheets raises US$6.5M Series A
The investors include Illuminate Financial, JP Morgan, Citi, SGX, and Barclays; Singapore-based Bluesheets leverages financial data points to train AI models for process automation across various industries.

On-chain financial platform VETA Finance secures US$2.85M
VETA Finance allows investors to buy structured products by pledging assets like BTC and ETH and earn from both the collateral and the structured products while holding onto their assets.

MoneyHero’s revenue jumps 50% in Q4 2023
The fintech firm posted revenue of around US$35M for Q4 2023; MoneyHero provides a personal finance aggregation and comparison platform; It rebranded from Hyphen Group and merged with Bridgetown Holdings in May 2023.

Tokopedia, NCS among companies in pilot run of AI language model for SEA
Dubbed Sea-Lion – short for Southeast Asian Languages in One Network – it will be trained to understand and generate output that incorporates the region’s diverse languages and cultures.

Digital banking meets hard realities in SEA’s emerging markets
Digital banks hoping to thrive in emerging markets will have to partner with ecosystems to bring customer acquisition costs down and to get access to data for credit scoring.

Arkadiah secures seed funding for AI-driven nature restoration solution
The investors are Golden Gate Ventures, The Radical Fund and HIRAC FUND; Arkadiah’s proprietary platform leverages AI, LiDAR, and satellite imagery to offer transparent and verifiable data.

From our contributors

Fighting the chaos of growth: 5 practices to improve corporate governance beyond the board
In this article are five key learnings on how to build a company’s corporate governance muscle and reduce “governance debt” early on.

Mastering FinOps: Focus on application modernisation and automation
mastering FinOps isn’t a destination, it’s a transformation journey powered by modernised applications and automated processes.

Tether under scrutiny: A deep dive into cryptocurrency crime allegations
Despite its success, Tether faces controversies due to transparency issues, alleged market manipulation, fraud involvement, and susceptibility to hacking.

Conversational AI in governance: Redefining citizen experiences
Conversational AI is providing an unprecedented opportunity to scale operations and automate tasks by bringing human-in-the-loop.

How to launch collaborations that grow communities: A guide for Web3 founders
To build a successful Web3 business, founders must not only create products that meet the needs of their customers but also foster a sense of community and engagement.

Why brands ditch influencers for high-production livestreams
Finding the sweet spot between polished production and genuine connection will be the key to ruling the future of online sales.

Not if but what and how: Navigating the complexities and ethical use of AI in PR
A hybrid human/AI approach can bring about substantial time-saving solutions for creatives in the public relations industry.

What businesses should take note of before taking the M&A leap
Prior to entering into M&A negotiations, it is critical that you are clear on your objectives and the key terms of the deal.

Achieving product-market fit: The ultimate guide to growth, strategy and positioning
Without product-market fit, your growth will be limited, no matter how effective your marketing and sales efforts are.

Our voyage of innovation: Reshaping global maritime logistics
AELER’s approach to maritime logistics responds to the evolving needs and challenges of the global trade and transportation sector.

Safeguarding Indonesia’s democracy in the 2024 elections
In the delicate dance between democracy and technology, comprehending the spectrum of cyber threats is imperative.

Empowering businesses: Lalamove’s impact on local enterprises
How Lalamove’s customised services help empower local businesses as the global market experiences increasing demands in the logistics space.

Contributor spotlight

Geraldine Pang: Mastering digital success through expert marketing and AI insights
Explore Pang’s insights into leveraging AI tools, achieving digital success, and balancing work-life integration.

From the archives

How to fundraise for Series A from a position of strength
Yuen says the secret to Series A fundraising is the right timing, positioning, capacity-building plans and market expansion.

Collaboration with startups begins with speaking their language: Amanda Murphy of HSBC
According to the Head of Commercial Banking, South and Southeast Asia at HSBC, there is no one-size-fits-all solutions to supporting startups.

Bitcoin and Ethereum simplified for a five-year-old
This and the following few essays are my attempt to simplify what I have learned about Web3 so far, starting with Bitcoin and Ethereum.

You’re not really diversifying your investments by buying altcoins
As altcoins owners, what can we do to better cushion ourselves from violent swings in cryptocurrencies in future?

Features

‘Impact capital can help address bottlenecks in agri productivity, bioenergy, healthcare in SEA’
China and India continue to hold massive potential for impact outcomes in healthcare and education, says Tan Shao Ming of Chief ABC Impact.

Shedding light on Singapore’s software development landscape: How collaboration drives innovation
Another detail that the report revealed is the programming language dominates Singapore’s software development community.

After 17 years, DOKU aims to maintain relevance in the Indonesian fintech landscape
DOKU provides a complete suite of online and offline payment solutions, serving over 150,000 merchants across many industries.

—

X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.

Want more from your Echelon experience? Be an Echelon X sponsor or exhibitor. Send enquiry here.

The post Ecosystem Roundup: Singapore surpasses US in AI investments | New round of layoffs at Xendit| appeared first on e27.

This week has been eventful from a Southeast Asian startup standpoint.

Indonesian VC firm AC Ventures secured a substantial US$210M for its fifth fund, while MAVCAP invested in Vynn Capital’s Mobility and Supply Chain Fund.

Singapore surpassed the US in AI investments, showcasing its strategic commitment. GDMC raised US$21M for advanced genetic therapies, and Bluesheets secured US$6.5M Series A to expand its AI automation solutions.

Vizzio saw leadership change as CEO Jon Lee stepped down amid controversy. Vietnam’s VNG withdrew its US IPO application, hinting at a potential future filing.

In a cost-cutting move, Xendit laid off hundreds of employees, emphasising the importance of aligning resources with business strategy.

Here is a snapshot of all the major developments from across the region:

AC Ventures closes US$210M Fund V

Indonesian VC firm AC Ventures announced the final close of its fifth fund, totalling US$210 million.

ACV Capital V LP is backed by global LPs, of which 90 per cent are institutions, with returning investors making up over 50 per cent of the capital.

Key investors backing the fund include the IFC and prominent financial institutions from the US, the Middle East, and North Asia.

AC Ventures has already started deploying the fund in companies, including MAKA Motors and Koltiva.

MAVCAP invests in Vynn Capital fund

Venture capital firm Malaysia Venture Capital Management Berhad (MAVCAP), with a portfolio nearing MYR5 (US$1.25) billion, has invested in Vynn Capital’s latest Mobility and Supply Chain Fund.

The fund, targeted at US$30 million, aims to innovate Southeast Asia’s technology landscape in the mobility and supply chain sector.

Vynn Capital established a fund to tackle challenges and opportunities in Southeast Asia’s mobility and supply chain sectors. The fund is directed towards early-stage startups in the region raising Seed to Series A rounds.

Singapore pips out US in AI investments

Singapore’s Artificial intelligence (AI) investment rate has outpaced the US by 16 per cent per thousand $GDP, as per a new study.

This is despite the US being the largest investor in AI, with US$328,548 million spent in the last five years.

Although being placed tenth in the amount of money spent, Singapore invested an amount equivalent to 1.5 per cent of its GDP in 2022, according to the AI statistics report curated by AIPRM.

As of 2023, the AI market size was valued between US$136.55 billion and US$454.12 billion. The largest share is in North America, with an estimated value ranging from US$87.18 billion to US$167.3 billion, accounting for more than a third (36.84 per cent) of the global AI market share.

GDMC raises US$21M in Series A

Genetic Design and Manufacturing Corporation (GDMC), a design and manufacturing organisation focusing on next-generation advanced genetic therapies, has secured US$21 million in Series A funding.

Asian private equity firm Celadon Partners led the round, which also saw participation from WI Harper Group, SEEDS Capital, and NSG Ventures.

The funds will be used to accelerate novel technology and process efficiency improvements to drive greater manufacturing cost reductions for partners who aim to advance medicines through clinical trials and towards commercialisation.

Bluesheets secures US$6.5M Series A

Singapore-based AI automation software company Bluesheets announced securing US$6.5 million in a Series A funding round led by Illuminate Financial.

The company’s early investors, such as 1982 Ventures and Insignia Ventures Partners, and new investor Antler Elevate Fund participated.

Thge funding will play a crucial role in advancing Blusheets’s exclusive AI capabilities, enabling them to assist a broader range of clients in digitalising and automating their processes, ensuring competitiveness in the AI-driven era.

The Series A funding will be utilised to deepen existing coverage in their core client segments of banking, insurance, supply chain, procurement, and finance and accounting services.

Vizzio CEO Jon Lee steps down

Vizzio Technologies announced the appointment of CMO David Lee as its interim CEO after incumbent Jon Lee stepped down. Jon’s current role in the startup is unclear.

“We will do better and are confident that this leadership enhancement, along with our commitment to robust governance, positions Vizzio for a strong future,” the company said.

The development comes after an exposé on Jon, who admitted to lying about his PhD in computer science from the University of Cambridge.

VNG drops US listing plan

Vietnam-based tech giant VNG has withdrawn its application for an IPO in the US, ending speculations around its highly anticipated stock market debut.

However, in a filing with the US Securities and Exchange Commission, VNG said it “intends to file a new registration statement in the future.”

The company filed for an IPO on the Nasdaq Global Select market in August 2023, aiming to raise US$150 million.

Xendit lays offs hundreds of staffers

Indonesia-based Xendit has laid off hundreds of employees as part of its efforts to streamline its business.

“This exercise was difficult, but we found it necessary to align resources with business strategy, optimize the efficiency of our team, and ensure that we are best positioned to pursue new growth opportunities,” Mikiko Steven, the fintech firm’s managing director, said in an official statement.

This marks the second round of job cuts for the company, following a retrenchment in August 2023 that affected a “small number” of employees from its product team.

=

X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.

Want more from your Echelon experience? Be an Echelon X sponsor or exhibitor. Send enquiry here.

The post Startup snapshot: Key developments in Southeast Asia this week appeared first on e27.

The year 2023 was significant for Tyme Group, according to Co-Founder & Executive Chairman Coenraad Jonker in an email interview with e27.

The Singapore-based digital banking group announces that its flagship operation in South Africa, TymeBank, has joined the five per cent of neobanks globally to be profitable—which it managed to achieve in just four years.

“Yet our Philippines operation, GoTyme Bank, is currently onboarding over eight times more customers daily and almost four times more cumulative customers than TymeBank, further demonstrating the model and the huge potential for its application in Asia,” says Jonker.

“This has helped us to achieve US$162 million in annualised run-rate and amass 10.8 million customers across the Group, with 2.2 million of those new customers located in the Philippines.”

Jonker says that the digital bank is currently onboarding over 250,000 customers in the Philippines every month, where we also achieved 1,400 cash-in/cash-out points, installed 400 new kiosks, and launched an SME merchant cash advance with PayMongo in November.

Also Read: Ecosystem Roundup: Grab invests US$109M into digital banking unit; VinFast to expand into Indonesia

How does the company plan to further expand in Southeast Asia, particularly the Philippines? What insights can they share with us about the future of digital banking in the region? Find out the answers in this interview.

The following is the edited excerpt of the interview.

What lessons do you learn from the milestones you made in 2023? How do you plan to implement it in your strategy this year?

Based on our learnings, Tyme has committed to current and future customers, investors, partners, and regulators. These include partnering with openness and humility with best-in-class technology solutions and third-party financial solutions; designing products and services to make banking simple, efficient, responsible and affordable; bridging the gap with customers through digitally enabled distribution in retail ecosystems; and working with ecosystem stakeholders to collaboratively support progressive regulations and strong financial infrastructure.

We also understand the importance of the basics in business. Human relationships and good old customer service still remain as important as ever and universal across geographies and cultures. In this regard, there are more similarities between markets than dissimilarities.

Finally, our mantras have remained constant since day one, allowing us to gain customer trust through consistency.

Also Read: BRI Agro CEO Kaspar Situmorang: Why tapping into the ecosystem is key to a digital bank’s success

The first of these mantras is ‘You can only walk from where you stand’ because we walk the digital journey with our customers to help them achieve digital financial literacy.

The second is ‘No one gets up in the morning and says I want to get a bank account’ because it reminds us that you must manufacture the interaction with the customer.

Can you explain the significance of the Southeast Asian market for your business? What strategy do you use to win this market?

After successfully launching in South Africa, we looked for structurally similar markets with a larger addressable market and lower cost efficiency, which were ripe for disruption.

A recent report from Bain and Company estimated that around 70 per cent of the adult population of Southeast Asia is either unbanked or underbanked. That is 70 per cent of 400 to 500 million adults.

The Philippines has a sizable underbanked population with lower account penetration than regional peers, providing a strong runway for primary bank acquisition and a large addressable market for lending growth, particularly for underbanked SMEs.

It also has huge growth potential for fee income due to high GDP growth, high levels of interchange fees, high industry cost-to-income ratios, and no low industry profitability. This would provide structural cost advantages to digital banks. And it is governed by a progressive regulator.

Also Read: Digital bank licences: Why does everyone want a slice of the unbanked?

Our strategy for winning in markets like the Philippines is to take a high-tech/high-touch “phygital” approach that combines digital banking channels with the human touch of kiosks and bank ambassadors in partnership with nationwide retailers.

In the Philippines, we partnered with the Gokongwei Group and its 4,300 retail stores and eight million-strong loyalty programme to quickly scale our customer base, offering 1,400 kiosks and ambassadors in Gokongwei stores nationwide in the Philippines. These physical locations have also allowed a unique market-disrupting “bank where you shop” approach, where cash deposits and withdrawals are available to the physical store cashiers.

We have also deployed a globally-recognised, award-winning app and user experience focused on the human-led approach of the customer. By investing heavily in the user experience in both the physical and digital channels–with a focus on intuitive experiences, customer education on each touch point, and self-service customer resolution–GoTyme Bank has achieved a much lower cost-to-serve for its banking operations and customer service, even at scale.

We also enter with the goal of creating the most affordable banking offering in their market, with a cost structure of ~10 per cent of the incumbents. This enables us to provide financial access to the underbanked and still be on the path to profitability.

We set ourselves apart through consistent innovation in tech, product and customer experience, as well as the launch of regular “firsts”. These have included opening a full bank account, securing a personalised debit card in under five minutes and offering the first merchant cash advance product in the Philippines.

What is your strategy to compete with existing local players in the Philippines?

GoTyme Bank is on track to revolutionising banking in the Philippines and competing with existing local players by leveraging and applying Tyme Group’s track record of ‘firsts’, industry-leading offerings, and ability to solve industry-wide problems.

Also Read: Will the new digital banks sound the death knell for traditional banks?

For instance, digital-only banks often struggle with the high cost of customer acquisition and the high cost of offering a nationwide physical cash-in/cash-out network.

Tyme solves this through our high-tech/high-touch approach. We create ease and simplicity through immediate account opening via a personalised debit card released through kiosks in shopping malls throughout the Philippines. We build trust through our physical presence in retail ecosystems with kiosks and Ambassadors, but we also offer the power of self-serve financial solutions accessible through an intuitive ‘all in one’ banking app. This hybrid approach enables Tyme to serve both traditional and digital native-customers.

Digital banks also often struggle to build consumer trust and credibility to develop primary banking relationships. Tyme’s partnership model provides physical distribution channels and access to proprietary data for lending while leveraging on the existing brand equity of local partners.

Lack of quality data and infrastructure gaps, such as a national ID in the Philippines, can lead to high loss rates and poor unit economics. Tyme has created lending models that are tailored for problems like these in emerging markets specifically, such as our unsecured cash flow lending product, the merchant cash advance. These products offer customer-focused solutions that are high-frequency in nature and lend themselves to the types of smaller SMEs regularly found in emerging markets. All of this localisation is also significantly amplified by our global capabilities.

Having a common banking platform for multiple countries allows our multiple Tyme banks to be scalable, easy to build, and able to deploy products and learn lessons quickly and rapidly. Deep in-house product knowledge drives innovation and lowers unit costs through high release frequencies, allowing the cost-to-operate to continue to drop and enabling bulk discounts in best-in-class technology.

Global data analytics capabilities drive optimization through constant feedback loops and product iterations across the markets.

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

What other major plans can you share with us for 2024?

In 2024, we plan to enter the Vietnamese market with our SME cash advance product and double our retail customer base in the Philippines. Our successful track record to date indicates we are likely to succeed in both pursuits.

—

Image Credit: Tyme Group

The post How Tyme Group plans to further strengthen its position in the Philippines—and Southeast Asia appeared first on e27.

Singapore’s leading tech trade association, SGTech, in collaboration with SkillsFuture Singapore (SSG) and AI Singapore (AISG), has launched ‘Generative AI for the Tech Workforce‘ jobs and skills guideline to drive digital transformation for businesses as a response to the government’s National AI Strategy 2.0, as announced by Deputy Prime Minister Lawrence Wong in December 2023.

This resource aims to provide business owners and employees with an overview of GenAI and its expected impact on businesses, particularly on jobs and skills. More importantly, it is designed as a practical guide for business leaders who are looking to prepare their companies and employees for the GenAI world.

Also Read: Global data reveals Singapore surpasses US in AI investment

With GenAI, companies are able to streamline talent acquisition by customising tests and conducting lifelike interviews. Automated tasks free up time for engagement, strategy enhancement, and employer branding. GenAI efficiently analyses data for advisory chatbots, allowing more time for valuable activities. It also supports coaching and training for AI developers through a Socratic methodology, assessing scripts, identifying improvements, and providing customised advice.

“The future of work relies on the flexibility of individuals and organisations to adopt technological advancements. Teaming up with AI Singapore (AISG), we leverage GenAI to align skills needs with technological progress. This publication serves as a guide, directing professionals and enterprises toward a future where skills development seamlessly aligns with technological innovation,” said Benjamin Mah, SGTech’s Co-Chair of the Talent Steering Committee.

The impact of GenAI is significant and lasting, foreseeing a projected increase of US$7 trillion in global GDP over the next decade. Between 2020 and 2025, the AI revolution is expected to result in the creation of 12 million more jobs than those lost.

In an October 2023 poll among its members, SGTech conducted business capabilities and hiring sentiments survey, revealing that 76 per cent of respondents in the tech sector expressed intentions to develop GenAI capabilities in the coming year.

Access the complete guidelines here.

—

Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.

Image credit: Canva

The post SGTech launches GenAI jobs and skills guide in response to Singapore’s National AI Strategy 2.0 appeared first on e27.

In the dynamic world of global trade and transportation, a silent yet significant player often goes unnoticed: the humble shipping container. It’s the cornerstone of international logistics, a quiet workhorse that has remained unchanged for decades. That is until I embarked on a journey to transform this overlooked aspect of global trade with my AELER Co-Founder and Co-CEO, David Bauer. It’s a tale of innovation, resilience, and a vision to redefine an industry.

The inception: Igniting a revolutionary idea

Our story began at the picturesque École Polytechnique Fédérale de Lausanne (EPFL) University on the banks of Lake Geneva — a setting far removed from the world of shipping and logistics. A chance conversation sparked a friendship and sowed the seeds for an innovative idea. We realised that the shipping container, a pivotal element in global logistics, hadn’t seen any significant innovation since the 1970s. This was our “Eureka!” moment, a realisation that set us on a path to where we are today.

Understanding industry needs

After fleshing out our initial idea, we contacted cargo owners for their insights. Their experiences were eye-opening. The conventional containers, while foundational for modern trade, needed to catch up to the needs of contemporary logistics. They were often inefficient in terms of space utilisation, lacked advanced tracking capabilities, and weren’t designed with the latest sustainability standards in mind.

Moreover, cargo owners had to adapt them to their goods — for example, by adding extra insulation. This feedback was a clarion call for change — the industry desperately needed a new approach where the container adapted to cargo owners, not the other way around. 

Also Read: Hacking customer engagement in Indonesia’s agri supply chain

During these interactions, we recognised a fundamental disconnect in the industry’s perception of the shipping container. Bauer expressed it aptly, “As outliers, we perceived the problem differently. While most industry stakeholders viewed the shipping container as a commodity, we envisioned it actively enhancing transport efficiency. This change in perspective is what is shaking the status quo.”

The first milestone: Our prototype

The unveiling of our prototype in November 2018 marked a significant milestone in our journey. The response was overwhelming. Industry professionals were intrigued and excited by what we had created, taking selfies and photos with a container that looked like no other on the market. This moment validated our belief that the shipping industry was ready for change, even if it didn’t know it yet. 

Unit One: More Than Just a Container 

The Unit One container — our latest model — represents not just a new product, but a paradigm shift in shipping technology. Constructed with advanced composite materials, it offers unprecedented strength and superior insulation, surpassing the capabilities of traditional reefer containers.

This innovation is pivotal, allowing for an 11 per cent increase in cargo capacity compared to a standard reefer container. In addition, Unit One is a stride towards sustainability, cutting CO2 emissions by up to 20 per cent. 

Also Read: Enhancing cyber supply chain resilience: A vision for Singapore

Our Control Tower platform is another leap forward. It provides real-time insights into the container’s status using sensors and the Internet of Things (IoT), transforming logistics operations. This technology isn’t just innovative; it’s revolutionary, offering transparency and efficiency previously unheard of in maritime logistics.

Overcoming obstacles: The path to innovation

Our journey wasn’t smooth sailing. Introducing a disruptive product into a traditionally conservative market was challenging. We had to navigate through scepticism, logistical hurdles, and the daunting task of establishing a global infrastructure for our containers. But these challenges only served to fortify our resolve and commitment to our vision. 

Broadening horizons: The strategic expansion into APAC 

Our expansion into the Asia-Pacific region marked a new chapter in our story. Last year, we formed strategic partnerships with local agencies in Singapore, Malaysia, Thailand and Taiwan, among others, who shared our vision for innovation and sustainable logistics. These partnerships aren’t just about expanding our reach; they’re about embedding our philosophy of smarter, more efficient logistics into new markets with stakeholders with the same mindset. 

In Taiwan, our collaboration with Kaichem is redefining how freight forwarding services are managed, tailoring solutions to specific logistical needs. Similarly, in Singapore and Thailand, our partnership with JNC is setting new standards in freight services, leveraging their extensive network to bring our innovative solutions to a broader audience. 

Looking ahead: The future of AELER 

As I reflect on our journey, I realise that it’s not just about transforming a product; it’s about transforming an industry. Our mission at AELER goes beyond reinventing the shipping container. It’s about creating a more efficient, sustainable, and transparent global logistics network. 

Our journey has taught us valuable lessons about innovation, resilience, and the power of a visionary idea. As we continue to expand and evolve, we remain committed to our core values of sustainability and efficiency. The future of maritime logistics is exciting, and AELER is at the forefront, charting a new course in this ever-evolving 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

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

Image credit: AELER

The post Our voyage of innovation: Reshaping global maritime logistics appeared first on e27.

Singapore-based AI automation software company Bluesheets today announced that it has secured US$6.5 million in a Series A funding round led by Illuminate Financial, a UK-based financial-services-focused VC fund that is backed by BNY Mellon, J.P Morgan, Citi, SGX, Barclays, Euroclear, S&P Global, Jefferies and Deutsche Börse Group.

The company’s early investors, such as 1982 Ventures and Insignia Ventures Partners, and new investor Antler Elevate Fund also participated in the round.

In a press statement, Bluesheets said that the funding will play a crucial role in advancing its exclusive AI capabilities, enabling them to assist a broader range of clients in digitalising and automating their processes, ensuring competitiveness in the AI-driven era.

The Series A funding will be utilised to deepen existing coverage in their core client segments of banking, insurance, supply chain, procurement, and finance and accounting services.

Also Read: These Artificial Intelligence startups are proving to be industry game-changers

“Bluesheets is on a mission to redefine the landscape of data processing and process automation. Our Series A funding, led by Illuminate Financial, marks a pivotal moment for us as we accelerate the development of our AI product range,” said Christian Schneider, CEO and Co-founder of Bluesheets.

“This investment not only strengthens our position as a leader in the AI automation space but also underscores our commitment to providing innovative solutions that empower businesses across different sectors and geographies.”

Bluesheets leverages financial data points to train AI models for process automation across various industries. It aims to help businesses process unstructured data in multiple formats, languages, currencies, and from both digital and physical sources.

The company has a client base across Asia Pacific, the US, and Europe, which includes Mitsui Sumitomo Insurance Group (MSIG), SCG, Teckwah, Gamuda Berhad, Leong Hup International and Commonwealth Capital.

—

Image Credit: Bluesheets

The post Bluesheets raises US$6.5M in Series A led by Illuminate Financial appeared first on e27.

Today, Singapore-based climate tech company Arkadiah announced the closure of an undisclosed seed funding round led by Golden Gate Ventures, with the participation of  The Radical Fund and Money Forward Venture Partners (HIRAC FUND).

With the new funding, Arkadiah plans to enhance its AI models, expand its product offerings and be in a “strong position to scale” with project developers, natural climate investors, land owners and corporations.

The company was founded in 2023 based on the idea that nature-based solutions, such as reforestation and agroforestry, could contribute 30 per cent of the needed mitigation by 2050 for the Paris Agreement’s 1.5℃ target. However, current restoration projects face delays due to manual processes, hindering funding, scaling, and speed.

Also Read: Singapore surpasses US in AI investment: Study

Arkadiah aims to contribute to the solution by reviving degraded land through AI-enabled nature restoration.

Arkadiah’s proprietary platform leverages AI, LiDAR, and satellite imagery to offer transparent and verifiable data. The platform simplifies the implementation of nature-based climate solutions by digitising the entire process for project developers, landowners, and corporations. This facilitates high-quality carbon removal and the advancement of biodiversity-rich ecosystems.

With 15 per cent of the world’s tropical forests, significant biodiversity hotspots, and economies reliant on agriculture, Southeast Asia is strategically positioned for nature-based climate solutions to play a substantial role in achieving the region’s climate goals.

“We’re thrilled to have the support of our investors who share our vision to build a nature-positive future. Through transformative AI and digital monitoring technology, we are eager to accelerate project funding opportunities and scale needed land restoration to bring the highest quality carbon removal and biodiversity credits in Asia,” said Reuben Lai, CEO and Co-Founder of Arkadiah, who previously led Grab Financial Group.

Arkadiah has implemented and is currently supporting pilots with more than 15 projects in Southeast Asia and Australia, focusing on pre-feasibility, feasibility studies, and digital carbon stock measurements.

—

Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.

Image credit: Arkadiah

The post Arkadiah secures seed funding for AI-driven nature restoration solution appeared first on e27.

In a new report on the state of tech startup investment in the first half of 2023, Cento Ventures revealed that in that period, Southeast Asian (SEA) startups received “tepid response” from investors, logging a 54 per cent year-on-year drop in investment volume. According to the report, this level has not been seen in five years.

However, the report also stated that the decline in regional investment volume is likely ending as the appetite for fresh investments slowly picks up.

“The deal landscape appears to be reversing to levels seen before COVID-19 – and quite possibly to pre-unicorn era standards. The return to predual-bubble valuations and deal sizes follows the decrease in investment volumes but with a significant lag. Interestingly, this market correction only took place a full year after the first chills of the market downturn were felt in the US — the region did not see a sharp decline in capital intake until the end of 2022,” Cento Ventures said.

“With half of the capital gone, Southeast Asia remains firmly below its 2017-2020 capital intake baseline — the only global market other than China to have adjusted so quickly, as 2021-2022 exuberance hasn’t lifted investment levels in SEA nearly as much as in India or in Latin America. This, along with the mega-deal volume at a historical minimum, leads us to believe SEA might be looking at a slightly softer year-on-year drop in investment activity going forward compared to its peer regions.”

Also Read: Collaboration with startups begins with speaking their language: Amanda Murphy of HSBC

Cento Ventures highlighted that though investment flow has slowed, SEA saw multiple launches of early-stage investment funds in Vietnam. It also saw increased activity from local conglomerates and multiple capital-intensive business models in the Philippines. In Malaysia, government agencies are supercharging investment activity.

“As the region entered an era of correction, investors continued to shift their attention towards earlier stages. Despite the growing negative mood towards the second half of 2023, SEA’s core venture stack held up surprisingly well. We saw capital across Pre-A to Series C (all $0.5-50 million per deal ranges) was still being deployed at about the same pace as in the preceding three years. The mega-deals category (more than US$100 million), however, is nearly at a historic minimum, with only a few companies in the region (eFishery, bolttech, Kredivo and Moladin) raising or announcing US$100 million plus rounds in H1 2023.”

In search for the next Indonesia

The report also puts the spotlight on the next country in SEA that has great potential for global investors–or, as we may call it, “the next Indonesia.”

“Since early 2022, as valuations in Indonesia peaked and the search for the next regional growth story unfolded, narratives of Vietnam’s ‘Next China’ and the Philippines’ ‘Next Indonesia’ have been tested against each other. Nearly two years on, neither market is a clear break-out story. Vietnam has seen multiple launches of early-stage investment funds and held on to a respectable portion of regional investment flow, despite investment activity having been subdued on account of the economic malaise,” the report said.

It further elaborated the potential of these countries.

Also Read: The best new year resolutions for startup founders: Offering ESOPs that actually work

“The Philippines market has seen a surge of activity from multiple local conglomerates and the emergence of multiple capital-intensive business models, mirroring Indonesia’s trajectory in 2017-2019. These developments, however, are meeting with the near absence of later-stage capital to power them further,” the report explained.

“Elsewhere, the Malaysian government’s attempt to super-charge investment activity in the country through multiple government agency-led programs may have worked, giving the country a share of regional investment equal to Vietnam and a significant uplift in Series A and B valuations.”

—

Image Credit: Microsoft Edge on Unsplash

The post Cento Ventures: Despite slowdown, SEA sees potentials in Vietnam, the Philippines in H1 2023 appeared first on e27.

Asia, home to more than half of the global population, offers vast potential for impact investments, according to Tan Shao Ming, Chief Investment Officer at ABC Impact, a Singaore-based private equity firm investing in companies creating positive change in Asia.

“Since we began our work, the Asia impact investing space has grown rapidly in awareness, volume, diversity, and standards,” Ming said in an interview with e27. “More investors and companies now recognise the relevance and importance of positively impacting our society and the environment. The deal flow in Asia has also increased in both value and segments.”

Also Read: How climate tech companies in Asia measure the impact of their work

While the region is diverse in its impact needs and challenges, we have observed that impact capital can help address bottlenecks in crucial areas such as agricultural productivity, bioenergy, and healthcare, particularly in Southeast Asia. “China and India continue to hold massive potential for such outcomes in healthcare, education, and financial inclusion. Positive transformation in these segments can help uplift entire generations and communities,” he added.

Founded in 2019, ABC Impact invests in companies driving positive change by addressing the world’s most pressing challenges, such as climate change, resource scarcity, and deepening inequality. Its investment themes include financial and digital inclusion, better health and education, climate and water solutions, and sustainable food and agriculture.

Its founding investors are Temasek Trust, Temasek, Pavilion Capital, Mapletree Investments, Seatown Holdings, SP Group, and Sembcorp Industries.

Recently, the PE firm announced the first close of its second impact fund. Launched in August 2023, ABC Impact Fund II now has over US$550 million in assets under management (AUM). The final close is expected later this year.

Fund II will continue to focus on the climate & water, sustainable food & agriculture, better healthcare & education, and financial & digital inclusion themes.

“Since our inception, more sovereign investors and family offices have become increasingly interested in impact investing in Asia. With the new investors that have joined us in Fund II, we can now extend our collective influence to further the impact agenda,” Ming shared.

Also Read: Temasek, SeaTown invest in ABC Impact’s Fund II

The investment firm is also focused on catalysing climate technology for the Asia region. Last May, the firm and sustainable chemical company Indorama Ventures led a £20 (US$25) million Series B funding round in Polymateria Limited, a biotransformation technology company combating plastic pollution.

“Since our investment, we have introduced our portfolio companies to potential Asian customers. Given our access to Asia and to the impact ecosystem, we are well placed in helping innovators from around the world deploy and deliver their solutions in Asia to address the region’s pressing environmental challenges,” Ming concluded.

In 2022, the fund exited Singapore-based solar company Sunseap.

As per a study, impact investing is expected to see faster growth compared to other ESG investing approaches, with the main drivers being institutional adoption, next-generation wealth, and Asia transition progress.

—

X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.

Want more from your Echelon experience? Be an Echelon X sponsor or exhibitor. Send enquiry here.

The post ‘Impact capital can help address bottlenecks in agri productivity, bioenergy, healthcare in SEA’ appeared first on e27.

A new study has revealed that Singapore’s Artificial intelligence (AI) investment rate has outpaced the US by 16 per cent per thousand $GDP.

This is despite the US being the largest investor in AI, with US$328,548 million spent in the last five years.

Although being placed tenth in the amount of money spent, Singapore invested an amount equivalent to 1.5 per cent of its GDP in 2022, according to the AI statistics report curated by AIPRM.

As of 2023, the AI market size was valued between US$136.55 billion and US$454.12 billion. The largest share is in North America, with an estimated value ranging from US$87.18 billion to US$167.3 billion, accounting for more than a third (36.84 per cent) of the global AI market share.

Also Read: DANA Indonesia advocates fintech companies’ vital role in advancing financial inclusion

Asia Pacific contributes significantly (23.93 per cent) to the total AI market size. Japan and South Korea, in particular, are key players in AI, valued at US$20.2 billion and US$16.3 billion, respectively, as of 2022.

The survey was conducted in December 2023 and engaged 6,000 US adults.

The global AI market is an economic powerhouse worth almost US$455 billion. The market size could exceed US$2.5 trillion by 2032 at a compound annual growth rate of +19 per cent.

According to the report, the predominant workplace use of AI is email spam filters, utilised by 78.5 per cent of respondents. Around three in five (62.2 per cent) workers employ chatbots for customer service questions.

For the complete study on AI statistics, please find the link here. 

—

Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.

Image credit: Canva

The post Singapore surpasses US in AI investment: Study appeared first on e27.