Ecosystem Roundup: SEA’s VC fundraising topped pre-COVID levels in 2022; Zilingo’s net liabilities exceed US$328M; More layoffs at Zenius

Dear Pro member,

AI is the most widely discussed topic in the tech world today. It has “invaded” our lives, and tools like ChatGPT and Dall-E-2 are used by many of us to automate time-consuming and repetitive tasks. We — the e27 newsroom — are also experimenting with various AI tools to produce articles and features.

While they are undoubtedly useful, AI tools are far from perfect. There are many ethical concerns about AI; gender bias is one. (UNESCO has listed a few examples of such ethical biases in this paper).

So how can we address these concerns? The first thing is: regularly review your AI algorithms to ensure they are aligned with society’s ethical standards and continuously monitor your AI systems to identify and address potential biases. There is no other go, at least for now.

Have you integrated AI tools into your workflow? How do you find them? Have you ever faced any ethical issues while using AI tools? Please email us your experiences.

In today’s ER edition, we have included an interview with Warren Leow, Group CEO of Inmagine, who talks about various aspects of AI in the creative world. Plus, there are news stories about Zenius, Zilingo, and many other startups.

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VC fundraising in SEA topped pre-pandemic levels in 2022
VC firms in the region closed 31 funds and raised US$4.14B in total proceeds in 2022; Most funds were closed in H1 2022, benefitting from carry-over deals and lingering effects from 2021’s liquidity glut.

Indonesian firm Zenius to lay off 30 more employees
This is part of the edutech company’s efforts to become cash-flow positive amid an adverse economic climate; The new wave of layoff comes after the firm let go of 800+ employees over several months in 2022.

Zilingo’s net liabilities exceed US$328M, show regulatory filings
Its total current assets – these include cash and cash equivalents, and trade and other receivables – had an estimated value of US$1.13M as of Oct 31, 2022, vs a book value of US$210.27M.

Grayscale Ventures makes Ist close of its DevInfra-focused micro-fund
Grayscale writes a cheque of US$200K to US$1M per startup; The VC firm was started by Nikhil Kapur and Siddharth Verma, who were previously part of Japanese early-stage VC STRIVE.

DEG makes US$18M commitment to latest Vertex SEA and India Fund
The proposed equity investment is for Vertex SEA and India Fund V, which has a target of US$500M, higher than its previously reported target of US$400M.

Malaysia’s Involve Asia raises over US$10M for SEA expansion
The investors include Bintang Capital, 500 Global, and Orbit Capital Malaysia; Involve provides a platform for advertisers to measure, manage and scale their marketing partnerships by automating workflows.

Genesia Ventures joins Japanese NFT platform’s US$1.5M round
Japan-based Microverse provides NFT-related services such as content production, distribution, and sales support; Other backers are B Dash Ventures, Cygames Capital, giftee, and F Ventures.

Indonesian agritech startup Semaai nets bridge funding
The investors are Accion Venture Lab, XA Network, Surge, and Beenext; Semaai provides customised consultancy, productivity tools, farming inputs such as seed and fertiliser products and access to better markets.

Malaysian drone company Aerodyne invests in Italy’s Aiviewgroup
This marks Aerodyne’s 21st global M&A transaction; Prior to this, the company has invested in Australia’s Sensorem, Middle Eastern drone player FEDS Group, and two local Kazakh companies.

Netflix competitor Viu taps Southeast Asia for growth
The HK-based company is one of the top three video streaming platforms in Indonesia, Singapore, Thailand, Malaysia, and the Philippines.

Go big or go home: Why young startups need to exhibit on a global platform like 2023 TOP100 APAC
You will never know where opportunity lies. This is why it is extremely crucial to widen your reach from Day 1.

AI has the potential to perpetuate harmful biases, says Inmagine CEO
Warren Leow also says AI technology can enhance the creative process but is not a replacement for human intuition and creativity.

How Ampotech helps energy managers improve the performance of buildings
Ampotech’s proprietary device AmpoHub becomes the brain of an electrical panel, logging usage data and detecting anomalies for specific equipment like air conditioners and motors.

How to launch collaborations that grow communities: A guide for Web3 founders
To build a successful Web3 business, founders must create products that meet the needs of their customers’ needs and foster a sense of community and engagement.

Finding your groove: Balancing the hustle and emotional health as a startup founder
Building a startup can be an intense and unpredictable journey, and it’s crucial to prioritise your well-being to maintain your mental and physical health.

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