Indonesia-based virtual influencer and meta-human company Genexyz has secured US$1 million in seed funding led by East Ventures.

Emtek, MDI Ventures, Trinity Optima, and Massive Music also joined.

The company will use the funds to expand into Southeast Asia and develop more interactive technology to connect with relevant communities.

Also Read: Influencer marketing strategies: Driving engagement and reach in Indonesia

Established in 2022 by Belinda Luis (CEO) and Christian Melvin (CPO), Genexyz aims to overcome the scalability and unpredictability of the physical limitations of influencers by creating meta-human IPs. These virtual influencers are the new celebrities, market makers and shakers, and content creators leading the way from Web2 towards the Web3 world. They are scalable for companies and brands and can work 24×7, much like robots.

The startup utilises data-driven systems to create custom DNA IPs, control the narratives, and quickly pivot when it comes to community engagement and strategic evolution of IPs based on the voice of the market.

Genexyz currently works in the B2B and B2C sectors. It has also ventured into the D2C segment through a collaboration with Lavcaca and Eatlah, offering a special menu called Sego Iwak Pitik Endog Asin, catering to fast food enthusiasts with a unique local flavour.

The firm has partnered with several renowned brands, including Bango, Tokopedia, Tiket.com, Ismaya Group, Nivea, Pepsodent, and Ujung Ujungnya Dangdut (UUD).

Also Read: How can influencer marketing help the travel industry in a post pandemic world

Genexyz recently launched a male character with unique and intelligent traits reflecting his everyday life. This character will be reliable for various branding and educational purposes, supported by advanced and hyper-realistic technology.

It also plans to launch several new IPs.

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The image used in this picture is AI-generated.

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Digital Entertainment Asset (DEA), a Singapore-based Web3 entertainment company, today announced that it has secured undisclosed funding from Global Brain Corporation’s KDDI Open Innovation Fund III.

In a press statement, DEA co-founder and co-CEO Naohito Yoshida said that the company is “very proud” to announce its new investment and collaboration with Global Brain.

“We look forward to working together with KDDI to offer various Web3 incentives to a wider audience, including the use of PlayMining assets in the αU metaverse and joint efforts to promote DEA’s ‘GameFi-for-Good’ social impact initiatives,” he said.

Their first collaboration will be to link KDDI’s new “αU” metaverse project with the Play-and-Earn (P&E) games on DEA’s PlayMining GameFi platform.

Pronounced “Alpha U”, KDDI’s αU metaverse Web3 service launched in March with the aim of providing advanced immersive experiences that merge the real and virtual worlds.

Also Read: Achieving a communal goal: How digital tools are changing the game for the Malaysian sporting experience

Founded in 2018, DEA is the company behind the PlayMining GameFi platform. As a developer of play-and-earn (P&E) games, DEA also operates the PlayMining gaming platform, the PlayMining NFT marketplace, the PlayMining Verse metaverse project and DEAPcoin ($DEP), the first P&E token approved by the Financial Service Agency of Japan.

The team is headed by two co-CEOs, Naohito Yoshida and Kozo Yamada. Together they bring decades of experience in the tech industry, with three publicly listed companies and a number of video games and Web TV programmes.

LDA Capital, Rakuten Capital and JAFCO Asia previously funded DEA.

KDDI Open Innovation Fund is a corporate venture fund that supports a wide range of venture companies.

The currently active KDDI Open Innovation Fund III has a total investment size of approximately JPY20 billion (US$187 million) and focuses on fields such as AI, IoT, data marketing, fintech, B2B SaaS, and entertainment.

“DEA’s achievements in the rapidly growing Web3 field are a solid testament to its trustworthiness. The company has steadily produced results and achieved global expansion,” said KDDI Head of Web3 Promotions Shunpei Tatebayashi. “We also deeply empathise with their vision of promoting both entertainment and sustainable social contribution.”

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Image Credit: Digital Entertainment Asset

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Vietnam’s pharmaceutical industry is fragmented and disorganised, with numerous manufacturers, distributors, and retailers. There are noncompliance issues, inefficiencies, and a lack of knowledge sharing, which have led to higher costs, lower quality, and a general lack of development.

Peter Nguyen, Vu Vuong, and Hoang Nguyen — who came from varied backgrounds — sensed an opportunity there and embarked on a journey to solve this problem using technology.

Also Read: Revolutionising healthcare in Vietnam: The reality of healthtech unveiled

“Hoang and I were strategy and operations consultants for a boutique strategy consulting firm in Southeast Asia. During our time as consultants, we encountered a fragmented and inefficient healthcare system in Southeast Asia,” says Peter. “However, there were many specific problems to solve in the healthcare domain. We couldn’t narrow down the problem we wanted to focus on initially. We discussed various hurdles faced by the industry in the country and came up with the idea of BuyMed (Thuocsi.vn).”

Connecting different stakeholders

Established in 2018, BuyMed is an e-commerce platform to connect pharmaceutical manufacturers, distributors, and clinics. It aims to simplify the procurement process to guarantee quality products and competitive prices. The firm claims it is servicing over 30,000 unique pharmacies, clinics, and hospitals across Vietnam.

In the initial months, the founders faced the challenges of educating different stakeholders of the pharmaceutical industry about the benefits of BuyMed. Thankfully, the COVID-19 breakout ‘came to its rescue’. “During the lockdown-induced lockdowns, we delivered medicine to pharmacies, clinics, and hospitals. This allowed us to demonstrate our values to the community of practitioners that it is deeply ingrained in serving practitioners, patients, and all the stakeholders in the healthcare value chain,” Peter explains.

“We had a very strong and passionate team which understood the criticality of the services we provided to the country and the community. The team made a lot of incredible personal sacrifices so that our platform could continue delivering critical medicines to the entire country. Through sheer brute-force hard work and support from key stakeholders, we could continue providing medicine to the whole country during lockdowns,” he shares.

The healthtech firm follows a collaboration model for practices that supply and consigns the practitioners’ entire inventory. This way, practitioners can increase their inventory by over 50 per cent and lower their costs of goods sold by 20 per cent, which leads to improved access to medicine in urban and rural areas.

For suppliers, the startup offers a range of partnerships, from buy-and-resell models to strategic alliances, managing their entire sales, fulfilment, logistics, and payment. According to Peter, this enables better competitiveness for domestic pharmaceutical manufacturers.

The firm claims it currently processes over 5,000 orders daily, has over 30,000 unique practices using its platform, over 10,000 unique SKUs sold, and reaches over 12,000 townships across Vietnam.

BuyMed recently announced its foray into Thailand and Cambodia, where it sees immense opportunities. “Healthcare is an infinite industry where customers can never have too much. You can always live longer and live healthier. And healthcare systems are always chasing more and better coverage for cheaper costs,” he adds. “Our team will continue expanding the number of communities we serve regardless of borders and politics, which will take us to more countries across the Asia Pacific.”

The company has fulfilment and logistics hubs in every province across Vietnam. It will invest in its logistics capabilities, such as cold chain, to become a leading logistics solutions provider for pharmaceutical and personal care products.

Also Read: BuyMed nets US$8.8M to develop a healthtech e-commerce platform, expand beyond Vietnam

BuyMed also has plans to expand to other ancillary categories. According to the company, it has seen an increasing demand for more sophisticated pharmaceutical products, previously unaccessible to its practitioners because they are either in rural areas or do not have the working capital, such as increasing demand for innovator pharmaceuticals.

The startup will continue developing urban and rural healthcare, primarily focusing on developing primary care pharmacy and clinic networks across Vietnam.

“Leveraging our existing practitioner network, which now spans every township and village in Vietnam, our next area of focus is improving the amount and quality of healthcare services provided by our practitioner network beyond just basic pharmaceuticals to providing a wide range of community-improving products and services which can improve individual and societal health,” Peter says.

Leveraging AI

BuyMed recently closed a US$51.5 million Series B round led by UOB with participation from DFC, Smilegate, and Cocoon Capital. Besides expanding its services, the company will utilise the capital to enhance its platforms and infrastructure.

“We plan to integrate AI and are working with experts in AI to develop an engine to forecast demand for medicine throughout the country using a variety of data points. This would allow us to predict spikes in demand for certain medicines and work with suppliers to ensure availability. Such data can be shared with governments for their public health policies also,” he shares.

“By leveraging cutting-edge technology and strategic investments, we aspire to boost productivity, streamline processes, and play a pivotal role in fostering the expansion of the healthcare supply industry,” Nguyen wraps up.

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Image Credit: BuyMed.

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Amidst the AI revolution, e27 presents a new article series showcasing how organisations embrace AI in their operations.

Amir Movafaghi is CEO at Mixpanel. Prior to Mixpanel, he served as CFO at Spiceworks Inc., an IT network and marketplace connecting companies to technology solutions across industries.

Previously, he held various leadership roles at Twitter, where he helped it scale from 150 to 4,000+ employees and led it through its IPO.

In this edition, Movafaghi shares how his company has embraced AI.

Edited excerpts:

How do you perceive the AI revolution and its potential impact on your industry and workforce?

The potential of AI has been spoken about for some time, but it’s only since generative AI models became available to the masses that people and businesses have started to notice. That’s because generative AI is just the next interface of computing, unlocking huge productivity gains across various sectors and industries.

In the world of SaaS, the rules are changing. It has long been the case that productivity has required technical formulae or exhausting interfaces. Generative AI is unframing all of that. Have some code that you need to generate, translate, or verify? You can now click a button to get AI to write and organise it for you. New efficiencies like these, and the wow factor they bring, are things we’ve never seen before in software.

In our world of analytics, it means making everything more accessible. If anyone can now query data in plain English by asking the AI a question, it means everyone in an organisation can participate, not just a select few more technical-minded colleagues. Making it easier for anyone to gain insights from data will increase collaboration at companies, helping teams to have higher-quality conversations to solve problems more quickly and with better outcomes.

In what ways has your company embraced AI technologies to improve operational efficiency or enhance business processes?

Earlier this month, we introduced our first step into generative AI. It’s called Spark, and our focus has been to help speed up workflows and simplify how people ask questions about their data.

It works quite simply: if you have a question about your data in Mixpanel, you can just ask it in plain English. You might want to know, “Which market was responsible for website traffic yesterday?” or “How did a particular cohort of users respond to a message or push notification?” Spark will build the right report to get you the right answer, complete with the corresponding chart.

This works for any user of any type across an organisation. For example, a financial services app that has just launched a new ‘tap to pay’ feature and a nontechnical user wants to find out the performance of the feature amongst different user cohorts. With Spark, you can now get a quick answer by asking, “Which group of users have used ‘tap to pay’ the most in the last week?” And the AI would understand the question and build the query in the platform to generate a report.

Similarly, a marketer could ask a question regarding trends related to advertising periods and compare it with money spent on advertisements to understand if a campaign had been driving users to a website or had affected the use of an app. A salesperson could use AI to see revenue changes over time or understand if users were making it through the cart or abandoning it early.

Also Read: Saison Capital, Mixpanel team up to launch a product manager peer-support community

This is all very important for us at Mixpanel because we’re working hard to allow companies to understand the impact of their actions on the user experience throughout that user’s entire journey with the company. It’s becoming possible to use Mixpanel to measure how users engage with ads quickly, the actions they take in the product, and how they respond to messages.

Making this linkage for the complete understanding of the full user journey means companies can understand how their actions, like building a new feature, impact bottom-line revenues. Our vision sees every function in a company having this same view so teams can easily understand and focus on what’s working — generative AI accelerates this transition.

But this is just the start of the journey. Large Language Models (LLMs) will continue to evolve and impact analytics for years to come, and we’re excited about the potential of the technology for our users and how anyone can build better products.

Can you share specific examples of how AI has been integrated into your workforce to streamline operations or drive innovation?

At Mixpanel, we initially focused on integrating OpenAI’s enterprise model into the Mixpanel analytics tool. It helps users ask questions about their data more easily and quickly by asking the AI to build a query in Mixpanel. Mixpanel has always been easy to use and has never required complex coding, but AI takes this UI and ease of use to the next level.

What challenges or concerns did you encounter when implementing AI technologies within your organisation, and how did you address them?

Mixpanel is trusted by many of the world’s most exciting companies to look after their data. We take this responsibility extremely seriously, so we knew we needed an enterprise LLM and an initial use case for AI where we didn’t need to expose any customer data.

That’s why we’ve focused on natural language chat for analytics query building. It pushes our vision of ‘analytics for everyone’ forward by making Mixpanel even easier to use, but we don’t share any customer data.

We also needed to ensure the AI’s work could be easily verified. To achieve this, we allow users to review the query the AI has built, so they can be sure the chart it generated answers the right question. Generative AI is still developing, and it is crucial to ensure humans can review its work.

How do you ensure transparency and uphold ethical considerations in using AI technologies within your organisation to mitigate privacy concerns?

After testing a variety of LLMs, we opted to integrate OpenAI LP’s GPT-3.5 Turbo Large Language Model, a technology similar to ChatGPT, which is capable of humanlike speech and understanding, to allow its users to “chat” by simply asking a question and the AI does the work for them.

A lot has been said about the risks associated with the technology, which was an integral consideration in our decision. OpenAI LP’s GPT-3.5 Turbo is an enterprise model, so our users will not need to contribute their data to the LLM, and it will only be used to increase the speed and reduce the effort of building queries. In essence, Mixpanel analyses the underlying data, not the LLM. The LLM makes it easier to ask questions with Mixpanel.

We’ve also made transparency central to Spark. As a guiding principle, any generative AI feature we deploy in Mixpanel will be able to “show its work,” which means you’ll always be able to check for yourself exactly how analysis or other content is being generated. For example, when Spark builds a report, it’ll be viewable and editable like any other report, meaning you can go into its query builder view and see details like what events are being used.

Also Read: AI tools enhance efficiency but can never replace human creativity: Gia Ngo of Give.Asia

How do you ensure that AI technologies complement your workforce’s existing skills and expertise rather than replacing or displacing human workers?

While there are reasonable fears that technology will ultimately replace humans, I think it is often overstated and misplaced. Yes, some organisations have focused on automating specific roles once occupied by a human, but I think many of these decisions will only lead to short-term productivity gains. Those who just deploy the technology to displace or replace workers will neglect the real value and transformation that this technology can bring.

For me, the real value for businesses lies in how humans and AI will enhance each other’s strengths — the speed and scalability that AI brings, coupled with the communication, teamwork, creativity, and social skills of humans. The value is in how we as humans can collaborate with technology – how we can enhance what these machines are capable of and how those machines can augment what we do best.

Our use case is a good example. The AI does the manual element of query building, but the creative quality of the human knows the right question to ask of the company’s data.

How do you envision the future collaboration between humans and AI? What role do you see AI playing in augmenting human capabilities?

We’re going through a time when most people and organisations are consuming ‘off-the-shelf’ models and getting to grips with what these models are capable of. However, the biggest value will come when businesses and users begin customising and fine-tuning these models to address unique and specific needs.

While we’ve focused mostly on helping speed up existing workflows, the possibilities for what more customised use cases of AI can bring for human capabilities are endless, from scalability to improving decision-making to personalisation. This is already beginning to take shape, but we have a long way to go.

For example, in the future, companies might be able to use data insights from Mixpanel about different cohorts of customers to personalise the messages, images or content they display to users. Mixpanel can provide user insight, and generative AI could work with that to curate the right experience for that user. It’s an exciting future.

What advice would you give to other company founders looking to leverage AI in their workforce?

Exploring AI is not just a nice-to-have — it’s a must. Generative AI, in particular, opens up a new world of possibilities, and the technical and economic requirements are not prohibitive. The downside of not doing anything is quickly becoming that you will just fall behind competitors. However, it is important to balance this need with assessing requirements around data privacy, IP protection, security, and governance to ensure risk is well managed.

The other thing I would say is that generative AI is almost purpose-built for this community, particularly for new founders and entrepreneurs. Not just because of the limited barrier to adoption but more so about how it allows you to rapidly build, test new prototypes, test new concepts, and continually iterate at speed, which is something, particularly in software, that we’ve never had. Teams really need to be considering how generative AI can augment their own capabilities.

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Staying competitive in an ever-evolving business and economic environment is no easy feat. As businesses rapidly digitalise to ensure their strategies remain up to date, the growth of the digital economy will only continue to accelerate.

While advanced technologies such as generative Artificial Intelligence (AI) are creating limitless opportunities for brands to either excite or disappoint their customers, trust continues to be a critical factor that brands must navigate in the digital economy.

To better understand the current and future impacts of the digital economy on consumers and businesses, Adobe surveyed 13,000 consumers and 4,250 customer experience and marketing professionals globally, including respondents from Southeast Asia (SEA) across Singapore, Malaysia, and Thailand.

Unsurprisingly, Adobe’s latest Future of Digital Experiences (DX) report found the digital economy playing an increasingly prevalent and empowering role in most consumers’ lives. 60 per cent of SEA consumers say the digital economy plays a role in their lives, with 37 per cent saying it plays a significant role. Additionally, 27 per cent of SEA consumers, compared to 18 per cent globally, say that “the digital economy IS the economy.”

The sea of data and technology companies in the market today also resulted in over half of SEA consumers (58 per cent) expecting more personalised experiences that are tailored to their unique likes and needs. Against this backdrop, what are the opportunities present in the digital economy today, and how can brands lead the next wave of new and innovative digital experiences?

Fuelling possibilities with generative AI

The economic potential of generative AI serves as a hotbed of opportunities for businesses and consumers alike. In the new era of AI, generative AI is poised to be an important accelerant of the digital economy and serve as an enabler for increased productivity—unlocking immense value across roles and industries.

Also Read: Adobe Firefly aims to unlock AI’s potential for effortless design

And while consumers become increasingly aware of new technologies and expect far more from their interactions with brands, the good news is that SEA brands are already turning to generative AI for assistance with workload, creativity, and customer reach.

About nine in 10 SEA marketing and customer experience professionals believe generative AI will help increase their work volume (93 per cent) and create better content (89 per cent), enhance their creativity (92 per cent), and help reach more of the right customers (88 per cent).

The recent launch of Singapore’s AI Verify Foundation promises sustainable advancement in generative AI technologies. Alongside continued innovation among private and public entities, generative AI is poised to reshape the digital economy and push the boundaries of innovation.

With nine in 10 SEA consumers expecting to view products through virtual or augmented reality and 86 per cent wanting brands to provide new ways to engage in immersive and virtual worlds, SEA brands are ramping up to bring more innovative digital experiences to customers. This includes the ability to build virtual products and convert them into physical items (84 per cent), VIP access to virtual influencers and celebrities (84 per cent), and more.

The future of shopping is digital

Where many consumers consider digital experiences as the future, it is also telling that 73 per cent of SEA consumers indicate their preference for online shopping in the next two years—signalling a clear need for brands to ensure their omnichannel shopping experiences stack up.

As brands increasingly look to generative AI and immersive experiences as differentiating factors, the right customer journey maps and supporting tools must be in place. More than just leveraging the latest technology and trends, delivering an immersive customer experience requires a holistic approach across every step of the customer journey.

Also Read: Why the future of work at Adobe is hybrid and how we are building it

More than ever before, cross-channel customer analytics solutions are crucial in providing brands with insights to create incredible real-time experiences at scale. With an effective content supply chain that is backed by the right technological tools, businesses can more effectively deliver on their immersion initiatives.

Trust is the cornerstone of a digital-first economy

Trust is paramount in the digital economy, especially when customer expectations are heightened during uncertainty. Adobe’s report finds that SEA consumers place an outsized premium on trust in a challenging economy, where 36 per cent rank trust as the most important factor impacting their buying decisions, ahead of price and relevance.

In pushing the envelope of their digital-first strategy, brands must also strive to scale up trust in the digital economy. While harnessing the power of generative AI and data analytics solutions provides the foundation for unlocking exceptional customer experiences, delivering relevant content at the ‘right time’ is crucial for trust.

Nearly every customer experience is now touched by digital in some way. Embracing digital technologies—whether customer-facing or behind the scenes—will enable brands to meet customers where they are with memorable experiences today and be prepared to offer even more immersive experiences in the future.

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

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Image credit: Adobe Firefly

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Digital asset company Fasset has announced the launch of its ‘super app’ that aims to enable users in emerging markets to invest in digital assets with real-world value. In a press statement, the company said that it has secured one million sign-ups in the first week, with Indonesia, Pakistan, and Turkey being the top three markets.

For its launch in Indonesia, Fasset is working with Mastercard Indonesia to bring crypto-backed spending cards to the market.

It has also secured an agreement with telco giant Indosat Ooredoo Hutchison to allow users to access Fasset via Indosat’s im3 and bina+ mobile apps. This feature allows customers to convert the Indonesian Rupiah into digital assets with a future plan to enable them to earn mobile and data credits leveraging their digital assets.

In an email interview with e27, Fasset Co-Founder and CEO Mohammad Raafi Hossain gave examples of the localisation strategy that the company is implementing to win the Indonesian market.

“Our platform is in the local language and focused on the segment of the Indonesian market that is keen on investing in a manner that is aligned with Islamic principles. In response to the clear demand for our services in Indonesia, we have established a dual HQ in Jakarta, where we have over 20 dedicated team members collaborating closely with our original HQ in Dubai to understand the local user base better,” he elaborates.

“We are also partnering with local organisations and thought leaders to increase brand awareness and credibility now that the super-app is officially live and fully compliant with Indonesia’s regulations.”

Also Read: Digital assets launchpad 2MR Labs secures funding, announces strategic partnerships

The CEO also gives more details about the audience profile that the company is targeting in Indonesia.

“In Indonesia, our target audience primarily consists of individuals who want to learn about investing in digital assets that have real-world value and that fall in line with principles of Islamic Finance. Indonesia also has one of the top migrant and expat worker populations in the UAE and GCC, where we are based. We enable a smooth pathway for digital asset-based remittance for family members on both sides of this remittance corridor,” Hossain says.

“We are focused on increasing the market size of digital assets in Indonesia and intend to bring in customers who may be interested in digital assets but remain on the sidelines due to faith, distrust, or a lack of education.”

Fasset aims to onboard at least a million official customers within Indonesia in its first year.

“Our aforementioned partnerships with Mastercard Indonesia and Indosat Ooredoo Hutchison are expected to help us connect with over 100 million people across the country, so we’re confident we’ll be able to bring on considerably more,” Hossain says.

Fasset secured the crypto asset trading license from the regulator in Indonesia in May.

Its platform was designed specifically for users in emerging markets, providing analysis and asset shortlists based on user needs, with the goal of making it easier to invest in assets that have the potential to build real long-term wealth.

Also Read: Safeguarding digital assets through cybersecurity innovations

It allows users to buy, sell, swap, and earn across digital assets, including Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), USD Tether (USDT), PAX Gold (PAXG) and Tether Gold (XAUT), and will soon offer other novel asset classes such as tokenized real estate, sukuk and global stocks.

Fasset’s super app also gives customers access to thematic bundles consisting of a variety of digital assets to further make it easier to invest and build long-term wealth. Aside from assets, it will soon enable services such as remittance, lending and borrowing.

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Image Credit: Fasset

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In 2022, the metaverse was all the tech world could talk about. While it has seemingly taken a backseat this year to Artificial Intelligence (AI) applications, it is important to recognise that the coming of the metaverse is still as imminent as before.

Though Mark Zuckerberg has shifted his focus away from his metaverse ambitions, companies like Roblox and Sandbox are still vying for the leading position as the preferred portal, and Web3 studios such as TerraZero have not taken their foot off the gas.

Thus, cybersecurity and data privacy concerns remain highly relevant.

Before life in the metaverse becomes an integral part of our digital lives, taking pre-emptive steps to heighten security is paramount. Cybercriminals are studying their opportunities and lying in wait too – and we must be ready to enter this new realm having taken pre-emptive action to fend off their attacks.

The new digital frontier holds exciting opportunities – for good and bad

Cyber defence in the metaverse will be a far greater challenge than protecting today’s networks and devices. This is because the attack surface represents a convergence of different connected physical and digital systems.

In addition to known risks of phishing, ransomware and data theft, hackers could, for example, modify data, imitate avatars, feed fake information and severely compromise data servers that are essential to the workings of the metaverse.

Because the metaverse provides interfaces between the real and virtual worlds, the risks range from bitcoin theft and virtual vandalism to crimes that cross into ‘reality’, such as espionage and even assault. If data centres are targeted and compromised, countless stored information and access points will then be handed over to cyber criminals for abuse. The possibilities are frightening.

Also Read: Defence is the best offence: Why startups should prioritise cybersecurity even when scaling their business

Robust cybersecurity must therefore be built into data centre infrastructure from the start to protect its inhabitants. Otherwise, the metaverse is doomed to fail. Providing only another playground for cybercriminals to prey on users attempting to explore new and exciting digital experiences.

Exponentially larger attack surfaces, greater unknowns, one big target

The metaverse will be accessible to billions of users via any web browser, mobile device or AR/VR system, with user data ultimately stored on servers in data centres used by platform and equipment providers.

The attack surface expands from these data centres to all other potential interaction points between the attacker and the target, including hardware, software and interconnected communication channels.

Endpoint vulnerabilities include all physical devices that provide access to the metaverse, such as AR/VR headsets, controllers and sensors, but also IoT devices. The software attack surface includes programs and applications running on AR/VR hardware or other parts of the infrastructure that allow users to interact in the metaverse.

Finally, communication channels can be the target of attacks: countless connections between users, virtual objects, and physical devices using computer code, text, voice, video, and touch are conceivable.

The post Securing tomorrow’s metaverse today: Why safety in the new frontier must leverage on hardware appeared first on e27.

Non-fungible tokens sprang out of nowhere in 2021 and quickly amassed about us$41 billion in sales. It’s understandable that NFT leaders would ask if the NFT is a good development opportunity for a young business, given its quick growth and buzzy reputation.

Following the first flurry of interest in NFTs, the market saw a decline in sales volume as the value of Ethereum, the cryptocurrency upon which many NFTs are based, fell. Now that the NFT market is stabilising and there is hope that Ethereum will become cheaper to mine, it is simpler to answer the question of whether or not to invest in NFTs.

Moreover, the market’s severe energy inefficiency is about to be addressed, so removing a potential restraint on development. Thus, it appears that NFTs will remain successful for the foreseeable future. Do they, however, make sense for your young company’s brand?

The potential for success in the NFT sector continues to grow

The development of NFTs is, in many respects, just beginning. As more and more exchanges appear, purchasing NFTs with fiat cash will become standard practice. Players in virtual worlds and video games will soon be able to buy and sell their own unique avatars and virtual goods using NFTs.

Also Read: Sony & UMG join forces with Snowcrash to revive NFTs: Here’s why the digital trend is far from dead

With the correct strategy, you can sell digital products with residual royalties embedded into the blockchain contract to a rising, tech-savvy global audience. But that doesn’t mean every company should rush into the NFT sector.

Contrary to popular belief, NFTs do not generate income at will. It needs marketing just like any other product, a comprehensive business strategy that accounts for all the costs and risks, and a solid team to back it up. It is also important to know how your NFT fits into the bigger picture of your firm before launching it.

As you deliberate, keep the following in mind with regard to NFTs:

Understanding the process: An essential first step

A thorough familiarity with blockchain technology and NFTs is necessary before diving into this field. There is plenty of material to help you master the technique. NFTNow is a great starting point.

You should educate yourself practically after you have learned the theory behind an NFT. Make a token you can “test NFT” on a friend or coworker and sell it to them for a dollar. Test out the full procedure to see if it’s something you and your potential consumers would be interested in doing again.

Whether or not you should get engaged in the NFT area depends on whether or not you have a firm grasp of the process and an understanding of why and how they increase and fall in value.

Evaluating NFT’s potential benefit for your business

The NFT’s meteoric rise in popularity is reminiscent of the smartphone app phenomenon of the past decade in more ways than one. Many people believed to have approached me as a software developer with the idea that they could become the next Mark Zuckerberg with the help of a mobile app.

Most of the time, a mobile browser might serve the same purpose as the intended app, if not better. For many business owners, investing in the development of an app would be a waste of time and resources that would not be appreciated by their target audience. Plenty of today’s business owners are still making this same error.

Also Read: To leverage Web3 technologies, Web2 companies may start by building the right culture

Launch an NFT collection only if you intend to remain in the market for the long haul and if you believe your collection has a unique value that NFT purchasers will emotionally resonate with rather than just to build publicity for your brand. Consider whether you can imagine a third party wishing to resell your NFT to the buyer. If the answer is no, then it shouldn’t be available to the public.

Calculating the initial costs

While it’s possible to mint and advertise an NFT for as little as US$100-US$500, that price may not reflect the full cost of starting a successful NFT.

To appeal to a new, younger audience of NFT aficionados, for example, you may need the assistance of professionals if your current customer base comprises people who adore antique art and collectibles. Just to get started with good brand design, storytelling, and creative direction, this may easily balloon into a marketing spend of up to US$50,000. Make sure you’ve considered all of these expenses before choosing if a launch is worthwhile.

Building an audience before launch

NFTs are not an “if you build it, they will come” kind of technology. It’s crucial that you have a sizable customer base that is interested in purchasing your wares. Since it is still developing, venturing into this new industry is fraught with uncertainty. The good news is that this indicates enormous untapped potential.

While the market for NFTs has largely been focused on art, many other potential uses are just beginning to be investigated. Decentraland is one such platform that is leveraging blockchain technology and NFTs to create a user-owned virtual environment.

The potential of NFTs is enormous, and it will be innovative businesspeople who will help bring that potential to fulfilment. Becoming an entrepreneur, though, requires more than just ambition. A market-reasonable strategy and end goal are essential. Otherwise, you’ll feel the heat in the end.

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The post How can your business benefit from the NFT phenomenon appeared first on e27.

This article was first published on June 9, 2023.

Amidst the challenges of a tough funding climate, e27 is launching an exciting new article series called Angel’s Advocate to provide fresh perspectives on angel funding. In this exclusive series, we sit down with prominent angels to hear their stories and strategies and gain unique insights about the early-stage financing space.

Jeremy Au invests in fellow founders who will transform millions of lives. He also spearheads Monk’s Hill Ventures’s key initiatives, from venture scouts to thought leadership.

Au hosts BRAVE Southeast Asia Tech, a global top 10 per cent podcast interviewing trailblazing founders, investors and rising stars. His mission is to inspire thousands to build the future, learn from our past and stay human.

He is an angel investor in over twenty startups across the USA and Southeast Asia.

Au co-founded CozyKin, an early education marketplace and Conjunct Consulting, an impact consulting platform. He is a public speaker and panellist on entrepreneurship, leadership and community
engagement.

In this edition, Au shares his take on angel funding.

Edited excerpts:

How do you typically approach investing during a funding winter?

Founder leadership takes centre stage during this time. It’s crucial to assess the resilience, adaptability, and strategic vision of founders in navigating these turbulent times.

This shows up as a decision to double down on the fundamentals and focus on unit economics that demonstrates product-market fit. Prioritising efficient resource allocation and sustainable growth helps founders weather the storm and build a strong foundation for long-term success.

What are your typical investment criteria, such as industry, stage, and geographic location?

I focus primarily on Southeast Asia because there are so many exciting opportunities in the region. Staying focused and aligning with my expertise enables me to make informed investment decisions and be helpful to founders after the investment.

Can you describe your investment process from initial contact to closing a deal?

After the initial contact, we will first do a video call to establish the connection and gauge mutual interest. If there is potential alignment, we proceed to follow up with deep dive meetings, explore the data room and answer questions for a thorough understanding of the opportunity. If all goes well, we proceed with closing the deal!

Also Read: Founders should act as custodians of investors’ capital: Jed Ng of Angel School

How do you evaluate a startup’s potential for growth and success?

I look at two key factors when evaluating a startup’s potential for growth and success.

First, I examine the startup’s prior growth trajectory and milestones achieved, as it serves as a strong indicator of its ability to scale. Second, I make it a point to engage in customer and industry calls to gain firsthand insights into the startup’s value proposition and market fit.

How important is the founder’s experience and background when making investment decisions?

The founder’s experience and expertise in the industry they operate in are crucial for demonstrating a strong founder-market fit. The speed at which they acquire knowledge and adapt to the space provides valuable insights into their potential for success. Careful consideration of the founder’s experience and ability to navigate the market help me decide if the investment has a higher likelihood of positive outcomes.

Can you share your successful investment and what made that investment successful?

One of my successful investments was Iterative Scopes, a pioneer in the application of AI-based precision medicine to gastroenterology.

Their success can be attributed to Jonathan Ng, the founder, and his exceptional entrepreneurial spirit combined with his domain expertise and doctor. Secondly, he started building the company years before the timely tailwind of increased market interest by both customers and investors for AI solutions in healthcare.

Jonathan and I discuss his experience on the BRAVE Southeast Asia Tech podcast.

What are some common mistakes that startups make when pitching to angel investors? What are some myths about angel investment?

One common mistake startup founders make is not clearly articulating the problem they are solving. It’s crucial to quantify the pain point being addressed and specify the scale of the problem, whether it’s a US$10 per month issue, US$100, US$1,000, US$10,000, or even US$100,000. This helps investors assess the market potential and the urgency of the problem.

One myth about angel investing is the belief that picking winners is easy. Underestimating the complexity of this task can eventually lead to a humbling experience. Some investors may feel it’s effortless, get overly excited, and invest quickly.

Also Read: Your investors are your number one fan: Tina Di Cicco of Manila Angel Investors Network

It’s important to strike a balance and allocate capital wisely throughout the investing journey. We discuss angel investing best practices over a podcast.

How important is the alignment of values between the investor and the startup founder?

The alignment of values between the investor and the startup founder is paramount. In one out of 40 scenarios of eventual success, we will be working together for 10 years through both ups and downs.

In the other scenarios, we will have to go through some of the toughest times together as we figure out how to land the plane. Shared values become the strong founder of a strong working partnership.

How do you manage risk when investing in startups? Are there any specific metrics or indicators you look for?

I pay close attention to two key areas, especially in the early stages. The first is the high likelihood of cofounder conflict in the early stages, which can significantly impact the success of a venture. The second area is product-market fit, which is crucial for revenue growth.

Addressing these risks head-on and ensuring cofounder alignment and PMF helps the startup team increase their likelihood of eventual success.

Can you share any advice for startups looking to raise funds from angel investors?

My advice is to approach it as a learning process for both parties involved. You have to treat each interaction as an opportunity to showcase your ability to learn and iterate based on feedback. Demonstrating a growth mindset and a willingness to adapt can greatly enhance your chances of securing investment.

Shiyan Koh, managing partner of Hustle Fund, and I discuss how fundraising is not just about the funds, but also about building long-term trust for a serious working partnership in the face of tough odds.

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Echelon Asia Summit 2023 brings together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups can pitch to 5000+ delegates, among other benefits like connecting with investors, visibility through the platform, and other prizes. Join TOP100 here.

The post (Updated) My advice is to approach raising funds as a learning process: Jeremy Au of Monk’s Hill Ventures appeared first on e27.

The article was first published on September 7, 2022. To read about the latest update on the rising popularity of QRIS and e-payment in Indonesia, please refer to this opinion piece. 

Earlier this month, after years of isolation in Singapore due to the pandemic, I finally returned to my home country Indonesia for some work-related matters. My first visit was to Denpasar and Jakarta in June, followed by another one in late August to attend the NXC International Summit.

There are many things about the trips that shook me to the core. But the biggest shock was how much things have changed since I left.

When I started working at e27 as a junior writer in 2015, one of the most popular topics was the country’s dependency on cash and hesitation to embrace digital payments. But everyone I know seems to have a Jenius or Bank Jago app installed on their smartphone; you would also struggle to find an Indonesian who had never used GoPay to pay for anything in their life. The use of QR code for payments have also become familiarised through initiatives such as the QR Code Indonesian Standard (QRIS).

Indonesia also has more unicorns than ever, and these second-generation unicorns are unlike their predecessors. In addition to working in different verticals, these companies are also more open to the idea of international expansion. As if this is not shocking enough, most of them were also born at the height of the COVID-19 pandemic.

These changes alone were enough to convince me that the Indonesian startup ecosystem has changed. But apparently, the transformation runs deeper than that.

So, what is new in Indonesia?

Plenty of things, really. One of the most noticeable is that the Indonesian government seems to be more startup-friendly than before –at the very least, they are showing a supportive gesture towards the community.

Also Read: Accelerating Indonesia’s rural economy through social commerce

We saw this a few years ago when leading startup founders entered public service by becoming executives at state-owned enterprises, presidential special staff, and even a minister. Not all of these stories have a happy ending, as you may have guessed. Some founders ended up being involved in scandals and becoming public enemies on social media.

But from the government side, there seems to be an acknowledgement of the important role that the local startup ecosystem can play in building the economy, which is in line with changes in the direction that Indonesia is taking in general.

In his presentation on the last day of the NXC International Summit, Coordinating Minister of Maritime and Investment Affairs Luhut Binsar Pandjaitan explained how Indonesia intended to transform its economy to be more efficient, resilient, industrialised, and less dependent on commodities. There are several steps that the government is taking to achieve this, but downstreaming industries and digital transformation are some of the relevant ones to our topic today.

Beyond the government and their policies, I also noticed a wider variety of investors coming into the market. Back in 2017, investors from China were all the rage –I remembered attending media luncheons hosted by some of them, announcing their plans to invest in the market. This year, at NXC International Summit, the Kingdom of Saudi Arabia and Indonesia announced a joint fund to further support the startup ecosystem in the growth journey. For Indonesian startups looking to fundraise (and perhaps enter new, promising market) there are more options available than before.

Another change that I witness is the shift of tech hubs in Indonesia. Back then, the game was all about Jakarta and Jogjakarta –many leading tech companies seem to have at least an office in this city, thanks to its affordable cost and availability of young talents. But today, Bali seems to appear with a fresh face as an upcoming tech hub in Indonesia.

While the province was home to pioneering tech companies such as Tokobagus, lately, we have begun to see it cementing its position as a mecca for crypto enthusiasts.

I asked a Bali-based friend if the use and knowledge of crypto is widespread outside of the ex-pat and tech community in Bali, and her answer was yes. “These people are introducing crypto to their drivers, and so on,” my friend said. “So, at the very least, the locals are aware of it. It is not limited to just one community.”

Also Read: How SWAP Energy aims to promote EV use in Indonesia through the advantages of battery-swapping

How will this affect the future?

Before we can answer that question, the first thing we need to acknowledge is that the Indonesian startup ecosystem has reached a level of maturity. It is becoming a market where startups and the tech solutions that they provide are welcomed; they are even able to start making money from it. Indonesian customers are becoming even more tech-savvy and are finally ready to welcome the next forms of innovation in the market.

This means there are even more opportunities in the market for both startups and investors.

For startups originating from Indonesia, the influx of foreign investors, especially from countries that may have never paid attention to Indonesian startups before, provides new avenues to fundraise and expand into new markets. This is also good news for startups in neighbouring countries; while expanding into a new market will always be challenging, rest assured the Indonesian market today is more receptive to innovation than before.

For investors, this means a whole different array of opportunities. In the current climate, early-stage startup investments might be The Thing, but the rise of soonicorns and unicorns in the market also provides its own unique avenue for later-stage investors.

In the end, back in 2016, I wrote about how my ancestors would roll in their graves every time a startup nonchalantly said they are going to expand to Indonesia. This time, I am confident they can finally rest in peace.

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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.

The post The Indonesian startup ecosystem today is no longer recognisable –and that is a great thing appeared first on e27.