This week’s Southeast Asia startup news showcases a mix of legal challenges and financial triumphs.

Nasdaq-listed Society Pass Inc. faces a US$750K payout to its ex-CTO, while Evo Commerce secures US$2.8M for expansion. Sustainable farming startup Koltiva bags a “seven-figure” Series A funding round, and RegenX gains US$500K for regenerative agriculture tech.

Gene Solutions receives US$21M in Series B funding, and INSEACT gets acquired by Karang Foodie. Insurtech bolttech raises US$50M, and Grab introduces a Web3 wallet for its Singaporean user base.

Plus, a call for more female investors in Indonesia and CrossFund’s US$1.5M fresh funding for expansion.

Society Pass ordered to pay US$750K to ex-CTO

In a significant blow to Nasdaq-listed Society Pass Inc., a US court ordered the data-driven loyalty company to pay approximately US$750,000 to its former CTO, Rahul Narain, for breaching his employment contract.

The judgement was delivered on September 13 by the Supreme Court of the State of New York (the US) on a lawsuit filed by Narain four years ago.

The court will likely add a 9 per cent interest rate, adding another US$270,000 to the total amount.

“…Dennis Nguyen’s email sent in connection with the Warrant is prima facie evidence that the Plaintiff is entitled to 130 shares at a valuation of $749,190 as of September 4, 2019, and the Defendant fails submit any evidence to rebut his prima facie showing,” the judgement (a copy is in e27‘s possession) reads.

Evo Commerce banks US$2.8M

Evo Commerce, a direct-to-consumer health & beauty startup based in Singapore, secured US$2.8 million in equity and debt financing.

Shanghai-based firm IJK Capital led the round, with participation from Carousell Co-Founder and CEO Quek Siu Rui, Fave Co-Founder Joel Neoh, and Tipsy Collective.

This comes about eight months after the D2C startup announced the completion of its pre-series A funding round of US$2 million from GSR Ventures, 33 Capital, Rainforest CEO and Co-Founder JJ Chai, Wallex Co-Founder Hiro Kiga, and BrideStory Co-Founder Emile Etienne.

The company will use the money for product development and market growth. The debt financing will be used for expanding its retail presence across Asia, including renowned retailers such as 7Eleven, Guardian, and Watsons.

Koltiva bags Series A funding

Indonesia-based sustainable farming and supply chain traceability startup Koltiva raised an undisclosed “seven-figure” USD in a Series A financing round led by AC Ventures.

Silverstrand Capital, Planet Rise, Development Finance Asia, Blue 7, The Meloy Fund, and an unnamed impact investor in Southeast Asia also joined.

Koltiva will use the fresh capital to expand its SaaS product for multinational corporations.

Koltiva digitises agribusinesses and helps smallholder producers transition to sustainable practices and traceable sourcing.

Wavemaker Impact backs RegenX

Singapore-based regenerative agriculture-focused climate tech firm RegenX secured US$500,000 in pre-seed funding from Wavemaker Impact.

RegenX, already onboarding farmers and buyers on its platform, will use the fresh round of funding to accelerate its growth in the coffee space in Vietnam.

Founded by serial entrepreneur Bao Nguyen, RegenX enables food buyers to source regenerative agri ingredients directly from Regen Ag farmers.

Conventional agriculture diminishes soil health due to the intensive use of chemical fertilisers and monocultures. This leads to a continuous decrease in yield and threatens food security and farmers’ livelihoods. Regenerative farming, on the other hand, solves climate adaptation and mitigation. Transitioning to regenerative farming, however, remains a daunting challenge for most smallholder farmers.

Mekong Capital invests US$21M in Gene Solutions

Vietnamese genetic testing company Gene Solutions received US$21 million in a Series B financing round from Fund IV of local PE firm Mekong Capital, according to a TechInAsia report.

This comes two years after the firm secured US$15 million from Mekong in 2021.

Established in 2017 by Vietnamese scientists, Gene Solutions has developed triSureFirst, a noninvasive prenatal test (NIPT) for detecting abnormalities of chromosome numbers in the fetus, such as Down Syndrome, Edwards, and Patau.

The test, based on detecting cell-free DNA of the placenta, is released into the mother’s blood to assess the risk of the fetus suffering from birth defects due to chromosomal number abnormalities.

INSEACT acquired by Karang Foodie

Singapore-based alternative protein company INSEACT was acquired by local company Karang Foodie in an all-cash deal.

Other details of the deal remain undisclosed.

INSEACT specialises in producing sustainable insect protein for aquaculture, starting with shrimp feed. It uses waste from palm oil operations as a raw material to feed the insects. It enables a fully circular economy by redirecting waste streams from palm oil production away from carbon-emitting landfills to be bioconverted by BSF.

The process generates three products: protein, oil, and organic fertiliser. The protein products are XFprotein (a nutrient-rich animal feed ingredient obtained from dried and ground black soldier fly larvae), XFoil (a clarified insect oil extracted from its farmed black soldier fly larvae), and XFfrass (a by-product of black soldier fly larvae composting).

LeapFrog joins bolttech’s US$50M round

Singapore-based insurtech company bolttech raised US$50 million from impact investor LeapFrog Investments, bringing its total Series B round to US$246 million.

bolttech will use the new capital to grow in emerging markets and expand its technology-enabled ecosystem for protection and insurance for emerging consumers.

LeapFrog’s track record with tech-enabled insurance businesses in Africa and Asia will help bolttech to target its products to these growing markets.

In May this year, bolttech closed its Series B round at US$196 million, led by Japanese insurance holding company Tokio Marine.

Launched in 2020, bolttech aims to make connections between insurers, distributors and customers easier and more efficient to buy and sell insurance and protection products. It partners with insurers, telcos, retailers, banks, e-commerce and digital destinations to embed insurance into their customer journeys at the point of need.

‘Indonesia needs more female investors’

Helen Wong, Managing Partner at early-stage VC firm AC Ventures, said Indonesia needs more female investors willing to back female founders.

Addressing regional policymakers and prominent business leaders at the Women’s CEO Forum at the ASEAN Business & Investment Summit (ABIS) 2023 in Jakarta, she said women entrepreneurs are key economic drivers.

“In a market as vibrant as Indonesia, women entrepreneurs are not just fulfilling a social role; they are key economic drivers. Our research indicates that investing in women-led businesses is not just the right thing to do, it’s the smart thing to do,” said Wong.

Grab rolls out Web3 wallet for Singapore userbase

In a significant move, Southeast Asia’s super-app giant Grab, launched a web3 wallet designed specifically for its Singaporean user base.

The technology behind the new feature is provided by Polygon, a platform striving to establish a multi-chain blockchain system compatible with Ethereum.

According to reports initially covered by The Defiant, Grab’s web3 wallet is gaining attention among users in Singapore. The wallet facilitates payments using XSGD, a stablecoin backed by the Singaporean dollar and issued by StraitsX.

CrossFund secures US$1.5M

Singapore- and Vietnam-based early-stage investment platform CrossFund raised US$1.5 million in fresh funding from undisclosed investors at a US$47 million valuation.

The fintech startup will use the funds to expand its presence in EMEA (Europe, the Middle East, and Africa), where 40 per cent of its 15,000 accredited investors are based.

Founded in 2021 by Ben Cardarelli and Davide Cali, CrossFund is an equity financing tool for early-stage startups in Southeast Asia and Africa. Investors can own equity in international startups with as little as US$5,000.

CrossFund leverages data to match its investors with startups based on sector, stage, geography, areas of expertise, and other more granular factors. The platform also accepts investments in crypto, leveraging third-party providers. It is soon launching a secondary market to foster liquidity for investors and founders.

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The image used in this article is AI-generated.

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Regardless of your level of experience with product development, it is always exciting to learn from other entrepreneurs–especially if they are working in different verticals.

In this article, e27 features professionals from three different startups in Southeast Asia to explain how they are doing product development in their respective companies. These companies are working in different verticals, from fintech to insurtech to logistics, and they reveal everything from the process to their aspirations for the future.

These professionals are:
– Dr Ramesh Rajentheran, CEO and Co-Founder of MiyaHealth
– Howard Law, Director, Product, Lalamove
– Jaya Kapur, VP, Head of Product at Instarem

They have shared their insights with e27 through email interviews, and the following is an edited excerpt of our interview with them:

Can you tell us about the teams that are involved in the product development process in your company?

Dr Rajentheran: We take on a cohesive approach when it comes to building and deploying our products, as our team is made up of software developers, data scientists, and doctors who work closely together to ensure that every product created optimises the patient experience – even though our partners are insurers, governments, and hospitals.

Our strategy of building a foundational technology first allows us to go from ideation to launch very quickly in a new market and in a matter of weeks.

Also Read: Evo Commerce banks US$2.8M more for product development, Asia expansion

Law: The product, UI/UX, and tech teams make up a larger team that comes together to solve the bigger customer problems. The Product team acts as a bridge between the Product and markets, helping to convey the needs of the business. The Product team will also collaborate with individual cities directly to understand local problems as well as solve problems specific to a city. The timeline from idea to product launch is tentative depending on the problem and solutions, but we have backend releases every week and new versions for our mobile apps every two weeks.

Kapur: The composition of teams involved in our product development process varies depending on the specific demands of each project. The usual suspects in our development process include Product Managers, developers, QA, Risk & Compliance, Legal, Design, Marketing, and Analytics … to name a few! Likewise, the timeline from idea inception to product launch can range from a few weeks to multi-year, depending on the level of complexity and priority.

While our dedication to speed remains constant, the actual duration can vary significantly based on the complexity and scale of the product in question.

Can you tell us about the product development process in your company?

Dr Rajentheran: Healthcare remains highly fragmented both within countries and across borders … With this in mind, we wanted to build a global company that would make healthcare more efficient for everyone, everywhere. Hence, we started by building a methodology of classifying and harmonising healthcare data into a common language, or what we like to call a data dictionary. For example, our machine would be able to recognise what the drug is, even if it has twenty different brand names. We then added rule engines and analytics to it. This is the technology that forms the foundation of all our products.

One example would be MiyaPayor – a platform that automates processes for health insurers, effectively eliminating inefficiencies and waste costs. It is a combination of the data dictionary, rules engine and analytics. Through this approach of classifying and harmonising healthcare data, we are able to speed up product development and deploy them internationally relatively quickly.

We also believe that the key to making healthcare more efficient and accessible is to have products that are able to benefit all stakeholders, including payors (i.e. insurers), patients, and healthcare providers, and ensure that these products are interoperable with each other based on one common language. Hence the rationale behind our broad product focus.

Also Read: Evo Commerce banks US$2.8M more for product development, Asia expansion

Law: Product development at Lalamove follows a structured four-step process of problem definition, solution crafting, development, and finally, rollout and review. Iteration is a constant theme throughout, allowing us to refine and enhance our products continuously.

Kapur: At Instarem, we pride ourselves on our streamlined and cross-functional product development lifecycle, an iterative process aimed at placing our users at the forefront of our product launches. This approach enables us to move quickly, taking into account user and stakeholder feedback along the way so that we can deliver cutting-edge solutions with rapid speed and efficiency. We believe bringing together feedback from multiple teams through the process–from user feedback and discovery to go-to-market–helps us think end-to-end and reduce churn.

As a result of this process, we’ve significantly improved our product velocity, despite increasing the amount of investment we are making in user research. The process was set up based on prior learnings from large technology companies, tailored to the needs of a fast-moving, iterative start-up environment. This synergy of strong product execution and cross-functional collaboration is the driving force behind our commitment to delivering exceptional value to our users.

How about the testing process?

Dr Rajentheran: Our MiyaPayor platform is customisable, as we understand that each insurer’s needs are different. We also provide support through re-engineering some of our insurer partners’ workflows based on our operational expertise. Testing for that product is iterative and happens continuously as features are rolled out.

The approach we take for MiyaPatient, our chronic disease management platform, is slightly different. Before a full-scale rollout, we often run pilot testing phases with healthcare institutions and patient groups. This is what we did in Europe, where we partnered with an innovation-first biotech company to launch a pilot initiative for a diabetes management platform that is adapted and customised from MiyaPatient.

It is through these pilot tests that we can validate the effectiveness and real-world impact of the technology and solutions that we offer, paving the way for an anticipated full-scale roll-out of the application later this year.

At MiyaHealth, we are committed to meeting the healthcare industry’s standards for quality and safety. If our products fall short of meeting these standards, we will go back to the drawing board to make the necessary improvements to meet the needs of patients.

Also Read: How Moom taps into the power of community in product development, user acquisition

Law: Product testing occurs extensively during solution development. There are multiple steps, such as designing the user interface, establishing seamless system interactions, implementing data tracking mechanisms, configuration settings, wireframing, and prototyping. User testing and the creation of Product Requirement Documents also occur to ensure that the solution aligns with user needs and business objectives. Alignment sessions are conducted to ensure everyone is on the same page.

During the development stage, there is technical refinement, sprint planning, progress monitoring, and rigorous testing (Quality Assurance). Each step is carefully put into place to bring the solution to life while maintaining the highest standards of quality and efficiency, and if a product fails to meet standards, we will immediately identify where it went wrong and refine it from there.

Kapur: Our products are all about managing our customers’ money, so we don’t take testing lightly. We will release products only if they go through rounds of testing, employee betas and, where relevant, limited public releases.

We have teams on standby to monitor and, in rare instances, roll back changes as needed. Our impressive, hyper-responsive Tech Support team operates 24/7 to ensure any technical issues are addressed as we learn of them. Our biggest priority is keeping our customers’ finances safe and making sure they’re happy with our services.

How do you measure the success of a product?

Dr Rajentheran: There are multiple ways to measure the success of a product. For us, a few indicators include the impact it has generated for our partners in terms of driving efficiency and, ultimately, the impact it has on patients in terms of creating improved health outcomes and patient journeys.

Also Read: How efficient communication drives positive relationships in product development

Law: We look at quantifiable metrics, where Product Managers will estimate the business impact of each feature on the business, after which they set quantifiable goals (e.g. higher usage rate, shorter time of completing a flow, lower dropout rate, higher transaction value, etc.) throughout the design process. They then validate the results with trackers embedded in the apps and websites to see if the expectations are met.

Qualitative feedback is also important. The Product research team and product team will monitor app store reviews, app store ratings and in-app feedback. We do ride-along with our driver partners and shadow our frontline staff and users. This is now mandatory for all product team members. We also have a budget to use the service ourselves.

When it comes to a good design, it will create a smooth offline and online delivery and transaction experience, and a good indicator of this means that users can usually complete a task (e.g. placing an order) on the app or website successfully without training. A poor design, on the other hand, can result in confusion, disputes, complaints, dropouts, etc.

Kapur: We use data to measure how well our product is doing. We have clear definitions of what success would look like at the start of the product launch process. User behaviour can sometimes be unpredictable, so things don’t always go to plan, but it helps to have clear objectives to measure against.

We pay close attention to what our users are saying. We listen to their feedback through customer support, app store ratings, social media, and more. We even have teams dedicated to this. Our main goal is to make sure our customers are happy, and we use their input to shape our product and iterate further.

We talk to our users at different times during the product launch process. Post-launch, we get user feedback and iterate our product based on this feedback.

Also Read: Partipost raises US$7M to accelerate product development, regional expansion

Is there anything that you would like to improve from this process?

Dr Rajentheran: In the initial stages, developing that foundational technology was a challenge for us. It meant that we were building on a global scale but that we could only sell products later. We are now reaping the rewards of that approach as we have signed long-term contracts in multiple geographies over the last year, so we have that commercial acceleration.

For us, the process of development and utilising our foundational technology will not change. We are, however, continuously improving the deployment process to ensure it is optimal.

Law: The reality is that we can never 100 per cent accurately foresee the exact outcome until the feature is deployed, so we see an advantage in getting the product out as quickly as possible and rolling it out to the market as long as there is no huge risk involved.

For relatively complicated features, we are looking to break them into small phases for faster execution. It is not uncommon that companies pass their opportunities to their competitors because they want year-long research to reassure them of the decision to proceed with the development.

Kapur: We get together for review sessions every few months to talk about how things are going and get input on what we’re doing. Our process is always changing and improving. As our business gets bigger, the challenges we face change too, so it’s something we’re always working on.

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Image Credit: RunwayML

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In this episode of We Live To Build with Sean Weisbrot, we speak to Jeff Mains, the Founder and CEO of Champion Leadership Group, a growth accelerator which helps entrepreneurs scale their business from US$1 to US$10 million.

Mains is also the Founder and CEO of Intelligent Contacts, a SaaS platform that helps hospitals make their billing as great as their bedside manner. Before these two businesses, he previously started and sold four additional businesses that were each grossing over US$10 million annually.

Apart from that, Mains is also the Host of SaaS Fuel, a podcast started almost a year ago that seeks to help founders spark creative thinking on their wild journey of entrepreneurship.

Also Read: AI’s distinction lies in its vast scale and accessibility: Raunak Mehta of Igloo

Some of the points that we will cover include the importance of processes, problem-solving, and delegation, highlighting the power of assembling a complementary team. Furthermore, the discussion touches on understanding one’s strengths and weaknesses as a CEO, building relationships, and effective leadership in team management. The need to validate ideas with revenue and the transition from US$1 million to US$2 million in revenue is discussed, emphasising sustainable business models.

Additionally, the conversation delves into potential pitfalls, such as hiring the wrong individuals and the significance of structured processes for company growth. Cultural fit in hiring processes and leadership growth are explored, underlining the importance of finding the right fit for an organisation. The session concludes by likening entrepreneurship to a marathon rather than a sprint, highlighting the long-term commitment required for business success.

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Listen to the podcast on YouTube, iTunes, and Spotify.

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This article was first published on June 12, 2023. 

AI tools can help boost your productivity at work. But do they also make life easier for cyber attackers? A Salesforce survey of senior IT leaders showed that while two-thirds (67 per cent) are prioritising generative AI for their business in the near future, a similar majority (71 per cent) also believe it will introduce new security risks to data.

Attackers are already using ChatGPT and generative AI to write malicious code (and are boasting about it on developer forums). While ChatGPT advocates may downplay the risk, researchers have found that ChatGPT can be tricked into producing viruses and spyware.

Don’t slam the panic button just yet. These latest “advancements” are not entirely new developments – they are simply accelerating traditional hacker tactics. Likewise, AI tools are agnostic, which can also be leveraged by security teams for defensive tasks – from identifying cybersecurity anomalies to creating evasion codes.

Where to start?

As with any new threat, organisations should be evaluating what potential risks ChatGPT poses to their specific attack surface. That isn’t a call to completely rethink cybersecurity. But companies need to double down on their cyber hygiene to ensure a robust defence.

Also Read: How to unlock new horizons with generative AI

Most organisations are still struggling to identify, prioritise, and remediate the most basic threats. Only 15 per cent are cyber “mature,” according to a recent Cisco study, and more than half are still in the “beginner” or “formative” stages. There are plenty of fundamental security gaps that need to be addressed first before diverting resources to the latest AI threats. Or to put it another way, don’t rush to bake a cake when you’ve been missing the recipe for years.

Headlines would have you believe that generative AI and ChatGPT are radically new forms of cyber threats when, in reality, they’re just magnifying the age-old attack classics. Where AI changes the game is enabling these same attacks at an unprecedented scale. Still, none of that matters if you don’t have the right fundamentals in place.

How can I protect myself?

Zero Trust, which authenticates users in a modern security architecture, is a framework that addresses many of the modern challenges of today’s businesses. It helps secure remote workers, protects hybrid cloud environments, and shields the company from ransomware threats.

Many organisations have adopted some form of Attack Surface Management (ASM) to discover and analyse vulnerabilities and potential attack vectors. Zero Trust likewise looks beyond traditional security perimeters. It’s not sufficient on its own, but it is necessary.

The principle is simple: never assume identity, and implement least privilege access to reduce the attack surface. This applies equally when confronting generative AI.

What’s the right process?

Effective vulnerability management begins with knowing which vulnerabilities you need to prioritise and then automating your team’s remediation workflow to tackle them systematically. Eliminate any blind spots in the cybersecurity perimeters and focus on what matters to your organisation.

To achieve cyber hygiene, intelligent solutions are capable of aggregating data from dozens of siloed security tools that most firms already have in place and analysing more than 200,000 common vulnerabilities and exposures. AI can help with that.

Start with the basics. Conduct analysis to know the critical risks specific to your business and how they translate in terms of your technical assets. You cannot protect what you do not know. Have clear accountability, identify the stakeholders in charge of cybersecurity: from top to bottom and, yes, including the board. Employees can be your first line of defence or your attacker’s point of entry based on your investments.

Also Read: How to stay creative in the age of Generative AI and Web3

Implement a step-by-step approach. Cybersecurity is a journey of continuous improvement. Adopt the 80:20 rule: Start with the 20 per cent of actions that cover 80 per cent of your risks. Secure your quick wins and basic protections, then take your Vulnerability Management program to the next level.

Should we invest more in technology?

Start by adopting detection tools and practices to protect your network and endpoints. For smaller enterprises that don’t have the bandwidth and funds to invest in technology, consider managed service providers that can cover an extensive range of security services. From there, ensure those data flows are contributing to the same bigger picture for your security teams.

What we observe is that 80 per cent of breaches still come from a lack of basic cybersecurity hygiene that could have been prevented with steady investments, top-down willingness, and awareness of the risks. Investing in not only people and processes but also the right technologies can make the difference. AI can be a great ally, but only if you get the cyber defence fundamentals right first: gain visibility, secure and protect, monitor, respond, and evaluate.

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The post Stop the doomsday talk: How dangerous is AI for your organisation? appeared first on e27.

In a significant move, Southeast Asia’s super-app giant Grab, has launched a web3 wallet designed specifically for its Singaporean user base.

The technology behind the new feature is provided by Polygon, a platform striving to establish a multi-chain blockchain system compatible with Ethereum.

According to reports initially covered by The Defiant, Grab’s web3 wallet is gaining attention among users in Singapore. The wallet facilitates payments using XSGD, a stablecoin backed by the Singaporean dollar and issued by StraitsX.

Also Read: Driving performance: How Grab develops products that support driver-partners’ productivity

Polygon has described this new offering as a “Polygon-based Web3 Wallet for digital payment vouchers and collectibles.” It aims to showcase the practical application of dedicated funds for commercial payments using StraitsX’s XSGD.

The emergence of Grab’s web3 wallet has garnered additional attention since Circle, the company responsible for the USDC stablecoin, revealed its involvement in providing technology for Grab’s web3 wallet pilot in Singapore on September 14th.

With a substantial user base of 180 million individuals, Grab offers a wide array of services, including banking, food delivery, car rentals, and insurance.

Last week, Circle Internet Financial announced a partnership with Grab to pilot Web3 customer experiences in Singapore by integrating the former’s new Web3 Services platform into the latter’s app.

Grab Web3 Wallet allows them to create a blockchain-powered wallet, accumulate rewards and collectibles, and utilise NFT vouchers. In its initial phase, the wallet enables users to employ SG Pitstop Pack NFT vouchers at well-known establishments and attractions across Singapore, coinciding with the upcoming F1 Singapore Grand Prix.

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GGV Capital to separate China business amid geopolitical tension
GGV Capital was one of the companies under review by a US congressional committee in July that aimed to investigate American firms over their funding of Chinese technology companies, the Wall Street Journal had reported.

Malaysian pension fund KWAP launches US$107M vehicle to invest in startups, VCs
Dana Perintis will allocate 50% of the corpus for direct investments into startups and the other half to invest in funds-of-funds; KWAP seeks to select 10 VCs in total from 38 proposals received earlier this year.

Singapore, India among top countries by number of ‘scaleups’: report
Five Asian countries – China, India, Israel, Singapore, and South Korea – make up half of the top 10 countries with the most scaleups’, a Startup Genome report found; The report defined scaleups as startups valued at or above US$50M.

LeapFrog Investments joins bolttech captable with a US$50M investment
This brings the insurtech company’s Series B round to US$246M; bolttech will use the new capital to grow in emerging markets and expand its technology-enabled ecosystem for protection and insurance for emerging consumers.

Japan’s Terra Drone acquires Indonesian drone services firm Avirtech
Avirtech – which also has offices in Singapore, Malaysia, and Thailand – uses AI to optimise pesticide spraying and map out farms for better crop management; Terra Drone is a Japan-headquartered drone and urban air mobility tech provider.

‘Indonesia needs more female investors willing to back female founders’
Helen Wong of AC Ventures says in Indonesia, women entrepreneurs are not just fulfilling a social role but are driving economic growth; Investing in women-led businesses is not just the right thing to do, it’s the smart thing to do.

Mekong Capital invests US$21M in Vietnamese genetic testing firm
Gene Solutions has developed triSureFirst, a noninvasive prenatal test for detecting abnormalities of chromosome numbers in the fetus.

2C2P records US$15M loss in 2022 as it invests in employees
The reversal came despite a 10.3% year-on-year increase in revenue to US$124.5M; The payments firm’s majority backer is Chinese fintech giant Ant Group.

Peak XV leads US$12M round in startup that simplifies visa applications
Atlys allows users to apply for visas from anywhere in the world through its platform; Aside from unifying the process in one place, the platform helps predict visa processing time while reducing rejection rates.

VinFast delivers 11,315 units in H1 2023
For Q2, the Vietnamese EV maker said 9,535 electric vehicles were delivered, representing an over 5x growth compared to Q1 2023; However, the number appears to be far below its chair Pham Nhat Vuong’s expectation of selling 50K cars this year.

The copyright issues around generative AI aren’t going away anytime soon
Over the past year or so, artists have filed suit against Stability AI, Midjourney and DeviantArt, arguing that models released by the companies infringe on their copyrights by training on the artists’ works and generating outputs in their styles.

Alternative protein startup INSEACT acquired by Karang Foodie
INSEACT specialises in producing sustainable insect protein for aquaculture, starting with shrimp feed; It uses waste from palm oil operations as a raw material to feed the insects.

Startup Genome reveals how local and global connections drive startup scalability
Despite the importance of connectedness on a global level, this did not mean that local connectedness did not play a role.

Chinese video games generate US$17B revenue in overseas markets in 2022
In 2022, the US, Japan, South Korea, and Germany were key destinations for China’s mobile game exports, with the US, Japan and South Korea collectively accounting for over 56% of the total revenue, a report says.

Recharge Capital implements thematic-first strategy to empower women’s health industry
It has appointed Margaret Wang to spearhead operations in the APAC region; In June, Recharge Capital launched a US$200M women’s health fund backed by the likes of Peter Thiel, The Disney Family, The Olayan Family, and Ian Osbourne.

SC Ventures launches fintech platform addax.
It is designed to empower banks and financial institutions to accelerate their digital transformation, deliver new business models, serve new customer segments and derive new revenue streams.

We see prevalence of robotics, IoT solutions across the globe: SIMPPLE CEO
SIMPPLE, which recently listed on the Nasdaq, IoT devices and robotics to empower facility owners to streamline their operations.

Is it possible to regulate artificial intelligence?
The issue of whether AI should be regulated, and to what extent, heated up this summer when UN Secretary General António Guterres convened the first ever UN Security Council meeting to discuss its potential dangers specifically.

‘Semiconductor making nations set for growth as AI takes center stage’
In this interview, Alpha Intelligence Capital CEO Antoine Blondeau also discusses the hurdles that large enterprises may face in adopting AI successfully.

20 global investors fuelling Southeast Asia fintech boom in 2023
International investment powerhouses drive Southeast Asia’s fintech revolution, backing innovative startups in 2023’s dynamic market expansion.

How Grab develops products that support driver-partners’ productivity
Once the first version of the solutions is built, Grab will invite driver- and delivery partners to test it in real-life situations.

BasisAI co-founder steps down from Aicadium
Liu Feng Yuan’s BasisAI was acquired by Temasek subsidiary Aicadium in 2021; This news comes months after Aicadium investigated Liu because of a whistleblower complaint involving staff departures at BasisAI.

TikTok vs Shopee EC war in SEA: How can startups leverage the competition?
In this piece, we spotlight startups capitalising on the TikTok vs. Shopee battle in Southeast Asia’s social and live commerce scene.

The future of Indonesia’s payment services: 3 predictions for the advancement of direct debit
The accessibility and adoption of diverse digital payment methods have experienced a significant surge throughout Indonesia.

Why inclusive hiring matters for a startup ecosystem
A truly inclusive workplace is one where Persons with Intellectual Disabilities (PWIDs) are able to learn, thrive and be respected.

Post-pandemic education: Why edutech remains a game-changer
It is an exciting time for the world of edutech as we are now presented with the unique opportunity to push boundaries and reinvent ourselves.

Striking the balance: AI, leadership, and the modern workplace
Leaders should embrace transparency, include staff in AI-related decisions, and offer thorough training to overcome reluctance.

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The image used in this article is AI-generated.

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Singapore- and Vietnam-based early-stage investment platform CrossFund has raised US$1.5 million in fresh funding from undisclosed investors at a US$47 million valuation.

The fintech startup will use the funds to expand its presence in EMEA (Europe, the Middle East, and Africa), where 40 per cent of its 15,000 accredited investors are based.

Founded in 2021 by Ben Cardarelli and Davide Cali, CrossFund is an equity financing tool for early-stage startups in Southeast Asia and Africa. Investors can own equity in international startups with as little as US$5,000.

CrossFund leverages data to match its investors with startups based on sector, stage, geography, areas of expertise, and other more granular factors. The platform also accepts investments in crypto, leveraging third-party providers. It is soon launching a secondary market to foster liquidity for investors and founders.

Also Read: 26 fintech startups that raised funding in 2023 so far

The firm claims over US$40 million was raised across 80 investments. Its portfolio also includes Clever (APAC), Vulcan (Vietnam), Lipa Later (Kenya), Styched (India), beU (Ethiopia), and Swag Kicks (Pakistan).

CrossFund also has an exit to its credit (Hong Kong-based Edugo, which raised a funding round led by CrossFund, was acquired in June by Nasdaq-listed Docebo).

“Having spent the past ten years in Asia, SEA was our natural birthplace and we quickly built a strong base of investors and startups here,” said Cardarelli.

“Demographically, these markets we are in – like Indonesia, India, Vietnam, and Philippines – have extremely large populations, a young, tech-savvy workforce, low labor costs, and an emerging middle class. Entrepreneurship and angel investing is still at its nascent stage in many of these markets, but on the rise. Our vision has always been to invest early in local founders and give people access to valuable startup equity in the economies of the future,” he added.

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The image used in this article is AI-generated.

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Modern marketing has transformed into a dynamic interplay of consumer insights, data analytics, and disruptive technologies. At the forefront of this revolution lies Artificial Intelligence (AI), a game-changer that has redefined how businesses engage with their audience.

However, despite such innovations, the biggest challenge among marketing professionals is the knowledge gap. While the potential of AI is being explored across different industries, many businesses find themselves grappling with its practical implementation. This creates a substantial hurdle, as companies may not fully leverage AI’s transformative capabilities, such as real-time data processing and precise consumer insights. Furthermore, adapting to the ever-changing market dynamics, creating personalised experiences, and nurturing talent proficient in emerging technologies are pressing concerns.

Also read: EQT Impact Challenge offers platform for impact entrepreneurs to attain ‘patient capital’

The fast-evolving digital landscape demands agility, strategic foresight, and a deep understanding of evolving consumer behaviours. Failing to bridge these knowledge gaps can lead to missed opportunities and a loss of competitive edge in today’s fiercely competitive market.

This is where Flux Series: Marketing Leaders steps in, offering a tailored program designed to equip marketing professionals with the essential skills and knowledge to thrive in this rapidly evolving environment. With that, here are some of the key knowledge gaps that today’s marketing professionals need to address.

Challenges faced by marketing professionals today

1. Adapting to the ever-changing market:

Consumer preferences, technology trends, and competitive landscapes are in constant flux. Many businesses find it challenging to stay nimble and responsive to these changes, leading to missed opportunities and diminished competitiveness. This can result in missed opportunities and a decrease in competitiveness. Bridging this knowledge gap is crucial for businesses seeking sustained success in today’s dynamic market. A platform for industry leaders to share experiences and strategies can provide valuable insights on how to anticipate and adapt to market shifts effectively, ensuring that marketing strategies remain both relevant and impactful.

2. Creating a personalised experience in engaging customers:

Personalisation has become a cornerstone of effective marketing. Today’s consumers expect tailored experiences that resonate with their individual needs and preferences. However, achieving this level of personalisation can be a daunting task for many businesses. They may struggle with gathering and interpreting customer data, or implementing the necessary technologies to deliver customised content and interactions. Marketing professionals need to seek practical guidance on how to harness data-driven insights and leverage AI-powered tools to create highly personalised customer experiences, ultimately elevating their customer engagement strategies.

3. Nurturing and retaining customers through the use of new technologies:

As businesses increasingly adopt advanced tools like Artificial Intelligence and data analytics, the expectations of consumers for personalised, seamless experiences have risen dramatically. Failing to meet these demands can lead to customer attrition, a costly outcome in a competitive market. Moreover, retaining existing customers is not only more cost-effective but also cultivates brand advocates who can drive organic growth. Embracing new technologies offers the potential to revolutionise customer relationship management, enabling businesses to deliver tailored interactions and ultimately foster stronger brand loyalty and increased customer lifetime value. Bridging this knowledge gap is imperative for marketing professionals seeking sustained success in the modern digital age.

4. Harnessing the power of data in understanding consumer insights:

In the era of information abundance, businesses often grapple with the challenge of effectively harnessing and interpreting data to extract actionable insights. Without the appropriate tools and strategies, they risk missing out on valuable opportunities to optimise their marketing efforts. The absence of a structured approach to data analysis may result in less effective and targeted campaigns. This highlights a critical hurdle that businesses face in leveraging consumer behaviour insights for strategic decision-making.

5. Automating end-to-end processes:

Achieving end-to-end automation in marketing operations is a complex endeavour, presenting businesses with several challenges. Identifying the right tools and technologies to streamline processes can be a daunting task. Additionally, integrating different systems to create a seamless workflow poses a significant hurdle to one’s workforce such as the inability to adapt to more innovative infrastructures. The absence of a structured approach to automation may lead to inefficiencies and hinder scalability. This highlights a critical challenge in optimising marketing operations for maximum efficiency and impact.

Flux Series: Marketing Leaders

To bridge the knowledge gaps in this transformative era, e27 is launching Flux Series: Marketing Leaders. This focused, intimate, and curated program, set against the backdrop of industry leaders and insiders, promises to unlock critical insights into marketing and AI. Not only is it important to identify these knowledge gaps, but we must also answer questions on why they need to be addressed, how companies can empower themselves with the right tools, and how Flux Series offers an unparalleled platform to bridge these gaps.

Also read: Promoting disaster tech innovations with the help of e27

For marketing leaders aiming to elevate their company’s marketing goals, Flux Series: Marketing Leaders is a must-attend event. Join us in Jakarta on November 15, 2023, for a day of insightful discussions, interactive workshops, and unparalleled networking opportunities that will reshape the way you approach marketing in the digital age.

Join the Flux Series or become our partner and be a driving force in the AI-powered marketing revolution. To learn more about the event, you may visit the official Flux Series: Marketing Leaders page.

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Photo by Kindel Media via Pexels

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Singapore-based insurtech company bolttech has raised US$50 million from impact investor LeapFrog Investments, bringing its total Series B round to US$246 million.

bolttech will use the new capital to grow in emerging markets and expand its technology-enabled ecosystem for protection and insurance for emerging consumers.

LeapFrog’s track record with tech-enabled insurance businesses in Africa and Asia will help bolttech to target its products to these growing markets.

In May this year, bolttech closed its Series B round at US$196 million, led by Japanese insurance holding company Tokio Marine.

Launched in 2020, bolttech aims to make connections between insurers, distributors and customers easier and more efficient to buy and sell insurance and protection products. It partners with insurers, telcos, retailers, banks, e-commerce and digital destinations to embed insurance into their customer journeys at the point of need.

Also Read: The future of insurance isn’t just digital — it’s efficiently digital

bolttech’s customers include more than two million emerging consumers, especially with its device protection offerings. In markets such as the Philippines, Vietnam, and Indonesia, devices are an important insurable asset that can help unbanked and underbanked consumers to access financial services at a lower cost, enable telemedicine services and increase employment opportunities.

It has licenses to operate throughout Asia, Europe and all 50 US states.

Currently, the firm works in more than 30 markets across three continents.

bolttech claims it now quotes approximately US$55 billion worth of annualised premiums. Globally, its ecosystem connects 700 distribution partners with more than 230 insurance providers and offers over 6,000 product variations.

In October last year, the startup announced the completion of its acquisition of a majority shareholding in Indonesian insurance broker Axle Asia. This followed bolltech’s strategic investment in UK-based digital insurance advisory Sherpa.

In 2021, bolttech secured US$247 million in its Series A round via multiple rounds.

The company’s other backers are BRV Capital Management, EDBI, Spanish firm Alma Mundi, Tony Fadell (Principal at Future Shape, inventor of iPod, and co-inventor of iPhone), Alpha Leonis Partners, Dowling Capital Partners, B. Riley Venture Capital, and Tarsadia Investments.

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Image Credit: bolttech.

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Helen Wong, Managing Partner at early-stage VC firm AC Ventures, said Indonesia needs more female investors willing to back female founders.

Addressing regional policymakers and prominent business leaders at the Women’s CEO Forum at the ASEAN Business & Investment Summit (ABIS) 2023 in Jakarta, she said women entrepreneurs are key economic drivers.

“In a market as vibrant as Indonesia, women entrepreneurs are not just fulfilling a social role; they are key economic drivers. Our research indicates that investing in women-led businesses is not just the right thing to do, it’s the smart thing to do,” said Wong.

Also Read: Wealthtech, insurtech, SaaS fintech are the new hot verticals in Indonesia: AC Ventures report

“Given that these businesses contribute significantly to the local economy – and keep it resilient during times of crisis such as the pandemic – we’re looking at an untapped yearly opportunity worth hundreds of billions of dollars. As such, we need more female investors who understand this and are willing to take concerted action to back more female founders,” she added.

During her speech, Wong called upon fellow investors and policymakers to take actionable steps to support female investors. She emphasised the compelling economic rationale behind backing women entrepreneurs in Indonesia and local female venture capitalists.

The archipelago is home to more than 64 million MSMEs, accounting for 98 per cent of all businesses in the nation. These MSMEs significantly contribute over 61 per cent to the local economy. Over half of these enterprises are women-owned, which AC Ventures identifies as an annual investment opportunity worth over US$421 billion.

Also Read: ‘Indonesia will soon see a proper credit boom for businesses, consumers’: AC Ventures

Wong also noted that AC Ventures has a good track record supporting female tech founders and women-owned MSMEs in ASEAN. The VC firm has a 50:50 gender-balanced team and 41 per cent female leadership across its investment portfolio.

“In our journey at AC Ventures, we’ve learned that diversity isn’t a buzzword; it’s a business imperative. A balanced team brings diverse perspectives, leading to smarter investment decisions and more robust portfolio performance,” she stated.

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Image Credit: AC Ventures

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