Finance
Malaysian food delivery startup Dahmakan raises US$18 million series B funding round
Dahmakan, Malaysia-based direct-to-consumer delivery-only food startup, just closed a US$18 million Series B funding round from new investors Rakuten Capital, White Star Capital, JAFCO Asia, and the GEC-KIP Fund. Other investors include Korean food delivery unicorn Woowa Brothers, the former CEO of Nestlé Germany, and follow-on by existing investors, Partech Partners and Y Combinator.
Dahmakan said that the proceeds will be used to continue building their end-to-end operating system which powers the entire value chain from product development to last-mile delivery from a network of “satellite” distribution kitchens.
The company claims to be the first Malaysian startup funded by Y Combinator.
Dahmakan soft-launched more than 40 new dishes monthly from a growing database of more than 2,000 tested dishes. It relies on customer feedback, market insights, and other data to fuel Dahmakan’s product development approach to create a weekly changing menu of customer favourites, best-sellers, and Dahmakan-exclusive creations.
Business
EY poll: Lack of transparency, uncertainty contribute to AI trust crisis, needing risk-optimisation approach
Artificial intelligence (AI) has dominated disruptive tech and will continue to transform lives and businesses despite uncertainty of the process, according to a poll conducted by EY during a webinar. This uncertainty plays a role in many Asia Pacific (APAC) organisations holding back their adoption of AI, followed by mistrust, potential bias, and a lack of transparency and explainability.
Also Read: YC-backed dahmakan raises US$5M to roll out its chef-cooked food delivery in Thailand, Malaysia
These key factors were identified by over 70 per cent of participants in a said poll, particularly in Australia.
Estimates indicate US$2.9 trillion of business value will be created through AI globally in 2021, and APAC countries stand out in AI patent filing, with China holding 46.4 per cent, Japan holding 9.5 per cent, and the Republic of Korea holding 6.3 per cent of patents filed worldwide in 2018.
Despite the clear trend and gradually increased usage, the EY poll also shows that almost half of the polling participants (41 per cent) are interested in exploring AI, but not sure where to start.
The poll results also show that many believe process automation (52.3 per cent) and generating new revenue potential through new products and processes (18.8 per cent), will be the two main benefits of AI. With the correct context, AI can be used to not only add value to businesses, but also solve many issues in multiple sectors.
“APAC organisations need to view an AI implementation through a human lens rather than treat it as a strictly technological effort. To do this, leaders have to embed risk management into enablers and monitoring mechanisms for AI by demonstrating their commitment to being accountable for AI systems predictions, decisions, and behaviours,” suggested Gavin Seewooruttun, EY Asia-Pacific Advisory Leader for Artificial Intelligence (AI) and Analytics.
Filipino motorcycle-hailing service JoyRide to commence food delivery service
JoyRide, the newest addition to the Philippines’s ride-hailing sector focussing on motorcycle ride, announced its plans to foray into the food delivery space. Currently, according to an article by DealStreetAsia, the market is dominated by foreign players such as GrabFood, Honestbee, and Foodpanda.
The motorcycle-taxi startup just held its pilot testing in December last year.
“Food delivery is a natural extension of our transport offerings. Since we have an overwhelming pool of bikers, it is really inevitable to venture into this business, especially with the possibility of motorcycle taxis service not being legalised,” said JoyRide Vice President for Corporate Affairs Noli Eala, talking about the motorcycle ride-hailing service pilot study lapses in March.
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Image Credit: Dahmakan
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