The Hanoi-based has built an AI-powered logistics optimisation platform that helps companies save on logistics costs, automate process, and enable supply chain visibility

Abivin, a Vietnamese startup that has built an AI-powered logistics optimisation platform to help companies save on logistics costs, automate process, and enable supply chain visibility, has emerged the winner of the Startup World Cup 2019, which held at the San Francisco Masonic Center on Friday.

The startup has also won US$1 million in investment prize.

“We congratulate the team behind Abivin for their tremendous success at the Startup World Cup 2019 event. The results this year proved one more time that innovation has no boundary. A successful startup can come from anywhere in the world and still compete in the world level. This sets the right example for all startups from every corner of the world and encourages them to take the highest challenges,” said Anis Uzzaman, Founder and Chairman of Startup World Cup.

Canada-based Klue, a platform that aggregates competitive intelligence info from disparate sources and consolidates it into an easy to use dashboard, won the second prize.

Sonavi Labs, which develops digital stethoscopes that incorporate their patented core AI technology, came third.

Other finalists of the World Cup are Tag Sensors (Norway), Aeracess (Mauritius), Jeplan (Japan), Startsat60 (Australia), Finnos (Finland), Noul (South Korea), Mira (Silicon Valley), Biosolvit (Brazil), and Mimbly (Sweden).

“We are very happy that we could welcome top global startup teams from 35 countries and regions to compete at the Startup World Cup event this year. At the Grand Finale competition, we could see startup representations from all 6 continents. It was also a privilege to see so many female founders to compete at the Grand Finale event. It is great that Startup World Cup is able to play a major role in bringing the global startups all together under the same platform and be able to help them spread their wings globally,” Uzzaman added.

Organised by Pegasus Tech Ventures, the Startup World Cup is a world-wide competition with 35 global regional pitch events. The competition draws thousands of startups all around the world and runs regional competitions on six continents. The regional events are held in places like Nigeria and Vietnam, as well as Silicon Valley and Boston.

In 2018, Startup World Cup launched a US$50 million fund to invest in the most promising winners of the regional and global competition. The fund, managed by Fenox Venture Capital, invests at least US$1 million in the Grand Finale winner and makes additional investments in the best companies of the competition.

The post Vietnam’s Abivin lifts Startup World Cup 2019, takes home US$1M prize money appeared first on e27.

By May 2019, East Ventures have already announced 12 funding rounds in companies across Southeast Asia

In 2018, venture capital firm East Ventures was awarded the most active seed investor in the world by Crunchbase, and it is easy to believe that the firm might just repeat the achievement again this year.

By May, e27 noted that there are already 12 funding rounds involving the firm. In the month alone, it announced an investment into O2O analytics startup Advotics, Chinese language media startup 7.5 Degree, stock investing app Stockbit, and robo trading platform Lubna.id.

In a press briefing in Jakarta on Thursday, East Ventures Partner Melisa Irene stated that the firm is aiming to make a total of 24 deals by Q3 2019.

“We are in the process of closing another six deals,” she said.

In the past years, the firm had also made headlines through its notable exits such as the acquisition of Disdus by Groupon, Kudo by Grab, and Loket by Go-Jek.

But for this year, Irene said that there is no plan for another exit in the near future.

Also Read: Indonesian AI platform for natural language processing Bahasa.ai gets seed funding from East Ventures

In addition to investing in early stage tech startups, East Ventures have also been know to have launched several of its internal projects into a business of its own. These businesses are coworking space chain CoHive (formerly known as EV Hive), New Retail platform Warung Pintar, and digital coffee chain Fore Coffee.

These companies are being led by former East Ventures team members and have raised significant funding of their own.

In most cases, these companies are being founded “accidentally” within the firm.

“[Our priority] will continue to be in investing in an existing company, but there are some opportunities that we feel strongly about doing it ourselves,” Irene said.

She gave an example of CoHive, which was founded initially the fulfill the firm’s own needs for an office space. Another example is Warung Pintar, which started out when East Ventures helped renovate a stall that happened to be located in the same premise as their coworking space. The team then decided to develop it into its very own company.

In a previous interview with e27, Irene had explained about the firm’s vision of building Indonesia’s –as its biggest target market– tech industry by building an ecosystem of supporting infrastructure.

Also Read: Indonesian on-demand car repair platform Montir raises Series A funding from East Ventures

Once the infrastructure has been successfully built, it is going to enable other businesses to be built upon it. An example of such implementation is Warung Pintar, which utilises services from the firm’s other portfolio companies to support its business.

As with many venture capital recently, East Ventures has also begun investing in offline businesses that are attempting to add digital elements in their business.

One of such companies is The FIT Company, which is building an ecosystem of wellness products ranging from restaurants to gyms.

East Ventures was founded by Managing Partners Willson Cuaca, Batara Eto, and Taiga Matsuyama.

A sector agnostic investor, the firm puts emphasis in people and potential market when scouting for potential investment.

“There are companies that, since they have not been around for a long time, are impossible to be assessed through the results that their products have made,” Irene explained.

“We are very confident in our style of finding product-market fit … A phase where there is a proof of identified customers who are willing to use and pay for the products,” she added.

Though the firm focusses on early stage investment, it has also partnered with Yahoo! Japan and SMDV to launch EV Growth, which focusses on Series B investments.

The post A look into one of the most active early stage VC firms this year appeared first on e27.

When it comes to the use of data, Crystal Widjaja, Go-Jek SVP of Business Intelligence, says that the opportunities to grow are abundant

Do you know that, on average, Go-Jek drivers have travelled more than 4,500 km delivering orders during their lifetime? For context, that is a distance about twice the size of the Java island perimeter.

The ride-hailing unicorn’s food delivery service Go-Food has also delivered more than 3 million martabaks (stuffed pancake) in the past year in its home market of Indonesia.

During the month of Ramadan, the company can even tell you the most popular mosques in Jakarta that customers have visited.

Looking at the wealth of data that the services produce each day, it is natural to be curious about how the company is utilising this resource.

e27 spoke with Go-Jek SVP of Business Intelligence, Crystal Widjaja, to get an idea of how they do it.

“The business intelligence (BI) team is not only for developers and BI analysts, but also for the entire company. We utilise BI for every product, corporate finance, accounting, legal, and customer care,” she explains.

The team takes data from the back-end of every service that Go-Jek offers, from ride-hailing service Go-Ride to the ticket booking platform Go-Tix. They clean and humanise the data from the back-end, and turn it into information such as ‘booking conversion rate’.

The priority is to make the data as understandable as possible, which the BI team used to build a self-service platform that the management team can use to access data easily for making decisions.

Also Read: Go-Jek acquires Loket to further dominate event management and ticketing space in Indonesia

“A lot of what we do is really on the optimisation and prioritisation of features within a product, areas that require more developments, or pain points … So a lot of data that we will use is geo-locational data. Every area in the city, we can see how it is performing,” Widjaja says.

“We determine different matrixes like how many drivers pass through this area, how many customers book in this area, what is the conversion rate look like, is the demand being met with good supply? So by looking at it we can identify key areas that are constantly under-performing, or things like areas where there is a lot of Go-Food demand but not enough merchants to fulfil the type of food that they are looking for,” she continues.

The company has even opened an office in Singapore that is focussed on data science.

Widjaja also revealed that Go-Jek has also been providing a digital dashboard for Indonesia’s ministry of transportation.

“To be heavily involved in how they government is able to improve the life of the Indonesian citizens is something that we are very interested in, and we are open to future projects like that,” she says.

Challenges and opportunities

Go-Jek has been collecting data for about two years. Even then Widjaja saw that the opportunities to grow was abundant.

“In the grand scheme of things, we actually don’t have that much data from a timeline perspective. But the growth that we are seeing is like 30 per cent in just the data points that we are collecting on a monthly basis,” she says.

“That kind of shows that we are going to have a lot more opportunities to look at these big data and find hidden opportunities that maybe most people wouldn’t be able to see, like on a weekly or daily basis,” she continues.

Also Read: Go-Jek to enable Go-Pay transaction with merchants partners outside of its ecosystem

Widjaja gave an example of how the company was able to determine the most difficult areas in the city to travel through, based on the trend of common routes over the past two years. Using that knowledge, Go-Jek was able to push for marketing for Go-Ride service in that particular area.

“The opportunity here for big data for most companies would be to think more of the long term; What would be the problems that we can solve one day if we just collect all those different data points and storing it at one place?” she says.

The lesson

So what are the key lessons that Widjaja has learned in the two years implementing data for Go-Jek?

“Don’t be so overly focussed to track and analyse every single data point. There are some obvious key input matrices that have been a real game-changer for us in terms of our output matrices, which is booking conversion rates, and for us to be very focussed on input matrices,” she explains.

Widjaja then gives an example of when the team wants to find out about whether the loading time of the web page will affect customers’ booking completion rate.

“That input matrix becomes, ‘What is the loading time of our web page?’ For us, we’re very focussed on understanding whether or not the input matrix that we hypothesised are directly correlated with those output matrix to figure out what really matters. But we do it one at a time in an experimental form, so we always do A/B tests,” she says.

“We always have to start with that hypothesis. What is the matrix that I am going to focus on?” she adds.

For those who are new in this field of work, her advice would be to focus on the hypothesis and the goal itself.

“Every piece is analysis shouldn’t be done for fun, although analysis is super fun,” she closes.

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The post Delivering 3M martabaks in a year: How Go-Jek uses big data to run business better appeared first on e27.

16 more exhibitors to showcase their groundbreaking ideas and exciting new products at Echelon Asia Summit 2019!

There are lots of great reasons for you to come to Echelon Asia Summit 2019! With more than 12,000 people attending from over 30 countries, the Echelon Asia Summit brings together a full-range of personalities across the field of tech: from tech enthusiasts, to up-and-coming startup founders, and even to leaders and experts! This makes Echelon Asia Summit 2019 the perfect opportunity for you to brush elbows with potential future partners, investors, colleagues, or other like-minded people who might appreciate your ideas!

More than 120 speakers will also be sharing key insights on emerging trends and disruptive technologies across four key stages, namely: Founder stage, Future stage, Capital stage, and the top 100 stage—where 100 of the most promising startups will be pitching live!



Also read: 6th set of exhibitors to feature 15 companies who will take Echelon by storm

And finally, one of the key features of Echelon Asia Summit 2019 is how it will showcase some of the most brilliant startup products in the region. With 300 exhibitors that will sprawl all over Singapore Expo, participants can witness firsthand how these companies are changing the world.

So without further ado, here is the seventh set of Echelon Asia Summit 2019 exhibitors!

Ecomobi

Ecomobi aims at lead performance marketing and buyer data service platform in South East Asia.

JupViec

JupViec.vn is a leading home services platform in Vietnam, services provided including: house cleaning, sofa cleaning and house keeping.

Mussy

Mussy is the easiest & fastest way to get great affordable musicians.

Yuna & Co.

Yuna & Co. is a fashion matchmaking platform, committed in providing spot-on styling as a service for customers.

EduCredit

EduCredit is an education Financing in the Philippines with focus on IT-professionals (software engineers, data scientists, etc.).

Crewdible

Crewdible turns houses, offices, & empty spaces into warehouses to help eCommerce Sellers manage inventory, packaging, and delivery

Nexus Mediaworks

NexODN by Nexus Mediaworks is a platform that provides SEO Split Testing & Conversion Rate Optimisation (CRO) services worldwide to drive conversion.

Konbini

Konbini Vending Automation builds hardware and software for enterprises to automate their business operations and develop new sales channels.

Cerdas Digital Nusantara (Cakap)

Cerdas Digital Nusantara is the Indonesian-based online language learning platform that enables 2-way interaction in improving language proficiency regardless of time and place.

MagLoft Pte Ltd

MagLoft is a mobile App Builder for Publishers. They help publishers create fully branded mobile apps that get published in major App Stores. Everything is managed from a web portal and we take care of all the tech involved with app development, design and submission to App Stores.

Wantedly Singapore

Wantedly is a social recruiting platform that allows users to find interesting jobs based on their social graphs.

Cloud Ace

Cloud Ace helps companies use and take advantage of Google Cloud Platform & G Suite.

SylLab Systems

SylLab Systems focuses on securing Digital Assets and Internet of Things.

11Fleet

With 11Fleet, you can satisfy all your soft-landing needs.

GOTIFO / More Grounds Than Reason Pte. Ltd.

MGTR is a digital media production company that offers innovative media and marketing solutions for footballing Asia.

Clean On Demand

At Clean On Demand, they connect you with a variety of services that simplify your everyday living.

Where to get tickets for Echelon Asia Summit 2019?

Catch this stunning set of companies showcase their brilliant work and more at the Echelon Asia Summit 2019! The event is happening from 23 – 24 May, at Hall 3A, Singapore Expo, 1 Expo Drive, Singapore. We don’t want you and your team to miss out on the important insights that will be shared by our speakers there, so get your Echelon Tickets today!

The post For our 7th batch of exhibitors, 16 companies will feature their exciting new products appeared first on e27.

The new business spin-out is called Brinc Accelerator of Accelerators (Brinc AOA)

Brinc, venture accelerator with programs in IoT & Connected Hardware, Drones & Robotics, and Food Technology, announced that it has raised US$1.5 million pre-seed round to focus on developing and operating training programs around China for existing and new incubator, accelerator, and investment companies. The spinout is called Brinc Accelerator of Accelerators (Brinc AOA), and it has been piloting a project for the last 18 months.

The company noted that the goal in 2019 is to run four training programs educating over 100 accelerator programs. So far, the program has already run three training programs in combination with various China government entities with The Brinc team training over 75 incubator and accelerator programs.

Brinc’s AOA seeks to provide fee-based training to incubators, accelerators, and investment companies then moving on to tie up longer-term relationships through accelerator associations and obtain equity alignment with their startups and programs.

The company stated that: “Ultimately, the goal is to help improve the quality of startups in China and to generate more opportunities for follow-on investment through future funds brought online and through syndication through China’s venture capital ecosystem, which is one of the fastest growing and largest in the world.”

Recorded statistics show that China’s market is ripe for disruption with a unicorn born every 3.8 days with last year saw China produced 97 unicorns.

Also Read: Ola vs. Uber 2019: Which is the Cheaper Ride Hailing Service in India?

In 2018, China’s unicorns came from Transportation & Space (12 unicorns on average) and AI & Robotics (7 unicorns on average) sector. There was also a rise in Retail & Consumer, Fintech, Education, Logistics, and Tourism sectors.

Beijing had contributed 13 new unicorns with a total valuation of US$37.16 billion, followed by Shanghai and Hangzhou which produced four unicorns and three
unicorns respectively. Guangzhou has only two unicorns but the total valuation of the two companies was US$5.7B, which is higher than the total valuation of the three unicorns in Hangzhou.

Brinc AOA’s pre-seed round is being led by Artesian & Animoca Brands: Artesian Venture Partners (AVP), which is Australia’s early stage venture capital firm with over US$250M FUM.

Artesian targets both financial and strategic returns and invests in startups at seed, angel, and growth stages in Australia, China, and Southeast Asia.

Based in Hong Kong, Canada, Finland, and Argentina, Animoca Brands (ASX: AB1) leverages gamification, blockchain, and artificial intelligence technologies to develop and publish a portfolio of mobile products including games such as The Sandbox, Crazy Kings, and Crazy Defense Heroes as well as products based on popular intellectual properties such as Garfield, Snoopy, Thomas & Friends, and Doraemon. Animoca’s strategic backers include Intel Capital, IDG Accel, and Sun Hung Kai.

Also Read: Delivering 3M martabaks in a year: How Go-Jek uses big data to run business better

The partnership between Animoca and Brinc will also see the development of gaming & e-sports vertical with the support & training of Brinc AOA. Startups will receive an equity investment, intensive mentoring, and connections to the top sports and e-sports business executives, sponsors, game developers, publishers, marketers, and investors that are already within the network of Animoca Brands.

China has had over 4,500 incubators and accelerators and over 5,000 co-working spaces, which makes this one of the fastest growing startup ecosystems in the world.

Brinc AOA said it will start from the Greater Bay Area cities then eventually expand to other cities including Beijing, Shanghai, Hangzhou, and more.
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The post Brinc raises US$1.5M pre-seed round for China-focussed accelerator appeared first on e27.

#Echelon2019 Premier ticket holders get access to these workshops!

 

Enjoy 30 per cent off Premier tickets this weekend! The promotion ends at 11:59PM on Sunday, May 19th. Get your ticket now.

 

Five days to go until Echelon Asia Summit 2019!

We have previously given you a by-the-numbers update, a list of activities investors can look forward to, as well as a quick rundown of the benefits of going to Echelon on a Premier ticket.

Speaking of Premier ticket holders, one of the things you get access to are different workshops and exclusive content. Here’s a quick rundown:

 

WeWork Spotlight Series

The WeWork Spotlight Series will be held at the R&R Zone and organised by our friends from WeWork. These sessions include:

• [Fireside Chat] Lessons for scaling your startup in Southeast Asia
• Wellness session with the posture lab Singapore
• [Fireside Chat] Startup stories; Frank conversations about leaving the corporate job for a startup
• Expanding Your Business in Southeast Asia? Meet the WeWork team and see how they can help.
• [Fireside Chat] Challenges and opportunities growing your startup in SEA

Tern Lite by WiT

Term Lite is a two-hour workshop aimed at encouraging students and graduates to build meaningful careers in travel, sharing ideas, advice, and tips on how to get started – whether in a startup or working for a major travel brand. It will also help point people to the correct skills needed to remain relevant in the region’s travel tech space.

Speakers include Isabella Crocker of Expedia Group, Luke Clark of Michael Page Group, Dylan Tan of Split, Charles Tee of T3E Global, and Blanca Menchaca of BeMyGuest.

 

The essentials of becoming a successful CVC by Expara

Our friends from Expara will conduct a workshop on the basics of being a successful Corporate Venture Capital, happening on May 23rd.

 

These sessions are available exclusively for Premier ticket holders, so get yours today at 30 per cent off.

Got your ticket already? Be sure to download the Echelon app and add these sessions to your schedule so you don’t miss them.

The post Building your company? These workshops at #Echelon2019 are designed to help appeared first on e27.

e27 spoke to Agung Nugroho, fintech Kudo’s CEO, who’s going to be on stage at Echelon Asia Summit 2019 talking about Grab’s acquisition

Kudo was among the first ones to introduce to the Indonesian public about financial inclusion, and doing so with its technology caught Grab’s attention.

Kudo was founded in July 2014 with the mission to have a practical solution for the marketplace and payment ecosystem in Indonesia. E-commerce used to be a limited thing for areas where people do not have adequate internet access, and when Kudo was established, it tried to change that.

Not only for those with no internet access, but Kudo also targeted those who chose not to use online transaction by making the online transaction a cash transaction.

“The idea is to have the people who are of middle income get access to products and services that they can sell without having to have an inventory, which is something that costs them a lot when it comes to starting a business,” said Agung Nugroho, Kudo’s CEO. With its application, users are facilitated to become agents and start their own business.

Agent network is something that has been an explorable solution to Indonesia’s scattered large population. Kudo allows the unbanked population in Indonesia to shop online via agents who facilitate the transaction and become reseller through available agents.

Also Read: Is investing in founders before ideation a crazy idea? These speakers will discuss this topic at Echelon

Kudo caught ride-hailing giant Grab’s attention right when the company started to push into Indonesia with its “Grab 4 Indonesia 2020 master plan”. What Kudo offered at that time was deemed fitting for Grab’s payment infrastructure, since its financial services product is on its top priority for improvement, and so, Grab acquired Kudo.

From having a successful startup that touched base on financial inclusion into migrating to be under Grab’s wings, Nugroho will cover all bases in its upcoming Echelon panel. Titled “From startup to acquisition: How one company endeared itself to Grab”, Nugroho said he will share the story about how he co-founded Kudo and how the company empowers mass market segments and helps to enable the small retailers through and within tech ecosystem.

Kudo is a short for a small shop to sell online in the Indonesian language, a self-explanatory name that helps people understand it better.

Nugroho shared with e27 the updates on Kudo, just in time to pump up the session he’s about to have.

“In terms of achievements, I’m really proud of how our Kudo agent network has evolved. Under Grab, our agent network helped to create and to recruit more than 700,000 new Grab drivers last year alone, which means 700,000 new jobs were created,” said Nugroho.

Also Read: A little bit of fun to help you attend #EchelonAsia2019

As for innovation, Nugroho said that the company is gearing up on creating technology that would enable traditional retailers to be more productive. “The innovation will be always around that part,” he emphasised.

In the coming months, Nugroho confirmed that there will be at least two new financial service products to be a part of agent network products.

“This year, we will go bolder and bigger, enlarging our agent network, partnering with OVO, and Grab, to ensure the impact is bigger, working as one ecosystem in which all three serve Indonesian population and boost financial inclusion for middle to the low economy,” Nugroho added.

For Kudo, the constant question is how can it enable middle to low income through traditional retailers, or warung in Indonesian. The company’s homework is still financial inclusion.

Since its first market penetration, there were lots of similar fintechs trying with the same financial inclusion mission. Kudo stays ahead by focussing on the people that it serves.

“We strive to remain authentic. We provide our agents with a commercial transaction, digital payment, and working capital so that traditional warung can be as competitive. This way, our service will differentiate us from competitors,” said Nugroho.

Already excited for Echelon? Buy your tickets here! Enter promo code ECHELONFUTURE for free tickets!

The post Agung Nugroho on Kudo’s latest innovation, and keeping tabs on financial inclusion for all appeared first on e27.

As Echelon Asia Summit inches closer, our 8th set of exhibitors features 20 companies out to win you over

There are lots of great reasons for you to come to Echelon Asia Summit 2019! With more than 12,000 people attending from over 30 countries, the Echelon Asia Summit brings together a full-range of personalities across the field of tech: from tech enthusiasts, to up-and-coming startup founders, and even to leaders and experts! This makes Echelon Asia Summit 2019 the perfect opportunity for you to brush elbows with potential future partners, investors, colleagues, or other like-minded people who might appreciate your ideas!

More than 120 speakers will also be sharing key insights on emerging trends and disruptive technologies across four key stages, namely: Founder stage, Future stage, Capital stage, and the top 100 stage—where 100 of the most promising startups will be pitching live!

Also read: For our 7th batch of exhibitors, 16 companies will feature their exciting new products

And finally, one of the key features of Echelon Asia Summit 2019 is how it will showcase some of the most brilliant startup products in the region. With 300 exhibitors that will sprawl all over Singapore Expo, participants can witness firsthand how these companies are changing the world.

So without further ado, here is the eight set of Echelon Asia Summit 2019 exhibitors!

Untangle


Untangle AI is a company focused on Explainable AI and its applications in the real world.

Halaltrip

HalalTrip makes place discovery & trip planning easier, fun and more intuitive for Muslim Travelers. Our vision is to become the trusted trip advisor for Muslims around the globe.


HK DECOMAN TECHNOLOGY LIMITED

HKDecoman.com is a HK based startup focused on transforming the traditional home renovation industry by offering homeowners engineer-matching and consultancy services through its website.

The Penbrothers International

Penbrothers help international startups and SMEs build their team in the Philippines through providing staff augmentation and office space solutions. We provide human resource, payroll, and recruitment services, so that you can focus on growing your business.

Apigate Sdn Bhd

Apigate is a new-breed Application Programming Interface (API) platform that connects a world class ecosystem to enable businesses to transform digitally.

Chatesat

ChateSat is the freelance marketplace engaging businesses to connect with talents while designing a collaborative marketplace beyond limits.

Real Estate Doc

Real Estate Doc transforms Commercial and Retail Real Estate Leasing Businesses.

SurveySensum powered by Neurosensum

Neurosensum is a Neuroscience and AI based consumer research company with a key focus in understanding consumer’s subconscious response using cutting edge tools.

NUS Enterprise

NUS Enterprise, the entrepreneurial arm of NUS, plays a pivotal role in advancing innovation and entrepreneurship at NUS and beyond.

Singapore Polytechnic

A vital resource to the students and alumni of Singapore Polytechnic and its partners around the Asia region, SPINOFF champions the spirit of entrepreneurship and innovation.

AsiaIOA

The “AsiaIOA“, link with Singapore and the Southeast Asian market for mutual investment and development opportunities.

i Task Pte Ltd

i Task Pte Ltd connects businesses and people to millions of other people who are ready to help complete tasks, jobs and errands.

Safe Space

High Vibe is a Singapore-based tech social enterprise and our first product is the Safe Space app.

GLife Tech

Glife connects farmers with restaurants, ensuring that their produces moves through the supply chain as efficiently as possible. In turn ensuring quality, supply reliability & cost reduction to f&b businesses.

Ready Travel by Pecutus

ReadyTravel.io empowers adventurers to explore the world with our peer-to-peer FX swapping mobile application and kiosk network.

3drens

3drens is a B2B & IoT solution provider, focusing on the Internet of Vehicles.

SNEAK

SNEAK is a visual-based trip planner application.

Xypher Pte Ltd (DATAVLT)

DataVLT is an affordable, on-demand analytics platform secured by blockchain technology. It is designed to simplify the complexity of data science.


Astana Hub

Astana Hub is an international technopark of IT startups.


NextID Pte Ltd

NextID offers a certificate issuance service that helps you produce next-generation academic & professional certificates, that are cryptographically secure and verifiable.

Where to get tickets for Echelon Asia Summit 2019?

Catch this stunning set of companies showcase their brilliant work and more at the Echelon Asia Summit 2019! The event is happening from 23 – 24 May, at Hall 3A, Singapore Expo, 1 Expo Drive, Singapore. We don’t want you and your team to miss out on the important insights that will be shared by our speakers there, so get your Echelon Tickets today!

The post Ready to be won over by the right ideas? 20 more exhibitors will showcase at Echelon appeared first on e27.

The project aims to develop a system to make clearing and settlement in financial markets more efficient

Banks to invest around US$50M in digital cash settlement project – Reuters

A Reuters report revealed that “several of the world’s largest banks” are in the process of investing around US$50 million to create a digital cash system using blockchain to settle financial transactions.

Citing people familiar with the plans, the project was known as “utility settlement coin” and was first proposed by Swiss bank UBS Group AG and London-based tech startup Clearmatics in 2015.

It aims to develop a system to make clearing and settlement in financial markets more efficient.

The source also stated that around a dozen banks are investing in a new entity called Fnality which would run the project.

The new system could launch in 2020. The deal has not been finalised so there is a possibility that details may change.

Alibaba invests US$633M in Chinese furniture major Red Star Macalline – Deal Street Asia

Alibaba Group Holding has invested about RMB4.36 billion (US$633 million) in Chinese furniture and home improvement giant Red Star Macalline through a five-year convertible bonds acquisition, according to a filing with the Shanghai Stock Exchange.

According to a report by Deal Street Asia, the convertible bonds would give Alibaba about 10 per cent stake in Red Star Macalline. Alibaba also acquired a 3.7 per cent stake in the company through the its publicly traded shares on the Hong Kong stock exchange.

The investment calls for Alibaba and Red Star to partner in home improvement, home furnishings, shopping malls, and other businesses.

Alibaba will provide tech support aligned with its new retail vision that integrates digital and physical channels, according to the agreement signed by the two companies.

Also Read: Payworld turns retail shops into “banks” for low-income people to remit and withdraw cash, get micro-loans

Brinc raises US$1.5M pre-seed round for China-focussed accelerator – e27

Brinc, a venture accelerator with programmes in IoT & connected hardware, drones, and robotics as well as food technology, announced that it has raised US$1.5 million pre-seed round to focus on developing and operating training programmes around China for existing and new incubator, accelerator, and investment companies.

The spinout is called Brinc Accelerator of Accelerators (Brinc AOA), and it has been piloting a project for the last 18 months.

The company noted that the goal in 2019 is to run four training programmes educating over 100 accelerator programmes.

It has already run three training programmes in combination with various Chinese government entities with The Brinc team training over 75 incubator and accelerator programmes.

Amazon leads US$575M Series G funding round for Deliveroo – Press Release

London-based delivery service Deliveroo today announced a US$575M Series G preferred shared funding round led by Amazon.

Existing investors T. Rowe Price, Fidelity Management and Research Company, and Greenoaks also participated in the funding round.

This takes the total funding Deliveroo has raised to date to US$1.53 billion.

The company plans to use the new funding to grow its engineering team in London, expand delivery reach, create new innovations in the food sector, develop new “personalised” products for customers, as well as increase support for partners and riders.

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Image Credit: Kelly Sikkema on Unsplash

The post Today’s top tech news, May 17: Banks to invest US$50M in digital cash settlement project appeared first on e27.

University of Indonesia and Grab have joined forces to support the university’s development program for startups

Top Indonesian public university the University of Indonesia (UI) has signed a Memorandum of Understanding (MoU) through its Business Unit Management and Development Directorate for the University of Indonesia (DPPU UI) with Grab. Through its Grab Ventures Velocity (GVV) program, Grab will be a strategic partner to the university’s development programme that seeks to nurture startups focussed in the technology, medical, and social fields.

The MoU was signed by UI Rector Prof. Dr. Ir. Muhammad Anis, M.Met and President of Grab Indonesia Ridzki Kramadibrata, on Thursday, May 15, at the Ruang Apung UI Kampus Depok. The signing was witnessed by the Deputy Rector of UI for HR and Cooperation Prof. Dr. Ir. Dedi Priadi, DEA; Executive Director of Grab Indonesia Ongki Kurniawan; and PPU UI Director Dr. drg. Nia Ayu Ismaniati Noerhadi, MDSc., Sp.Ort(K).

UI will proceed to provide mentorship for startups that were born from UI’s academic community incubation in UI Works Accelerator Program, partnering with Code Margonda as the organizer. The program will assist all UI’s academic community as well as the young generation outside of the UI campus who have startups that already have a prototype or a beta version of its product.

There will be three phases in the program, starting with Pre-Accelerator, continued with Accelerator, and closed with Demo Day.

In the Pre-Accelerator phase, candidates will join a selection process to find the ideal startups for the program followed by Accelerator phase, where the selected startups will join an intensive program for around four months to develop their business at a commercial level. The final phase will be the Demo Day, where the selected startups will meet with investors who are ready to mentor and grow their business.

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Grab Ventures Velocity (GVV) will participate in the Second Phase as a mentor or guest speaker and will conduct an evaluation for selected startups who will then pass to the final phase and get the chance to be mentored further in the GVV program.

Grab and UI’s partnership will also include Engineering Talent Future Leader program, in which last year’s UI students from technical majors can join the selection program for an internship opportunity at Grab’s Indonesia or Singapore office. The registration starts from May 16, 2019.

“This partnership with Universitas Indonesia is in line with Grab’s commitment to Indonesia that is summarised in the ‘Grab 4 Indonesia’ Masterplan 2020 in which we fully support job creation as well as increase the capacity of local talents in information technology, technopreneurship, and technology innovation. Our Grab Ventures program is in line with the mission of the Ministry of Communications and Information as well as the Creative Economy Agency (BEKRAF) at finding and developing next-generation technology leaders in Southeast Asia, while also encouraging innovation and digitalisation,” said President of Grab Indonesia, Ridzki Kramadibrata.

Launched in July 2018, Grab Ventures is Grab’s venture building and venture investments arm. Through GVV, Grab Ventures offers access to its customer base, mentorship, and access to Grab’s technology assets for startups to test their services via Grab’s ecosystem.

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Grab said it will invest an additional IDR3 trillion (US$250 million) into Indonesia in the next three years through Grab Ventures’ Velocity scale-up programme.
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