Neurowyzr raises US$2.1M
Neurowyzr, a healthtech company in India specialising in brain health, raised US$2.1 million in an “oversubscribed” seed financing round.
Jungle Ventures and Peak XV’s (formerly Sequoia India and Southeast Asia) Surge led the round. Angels, such as Khoo Boon Hui, Chairman of SDAX; Ab Gaur, Founder and CEO of Verticurl; and Rob F Jablonski, Commercial Investment Director of Aquivia; also joined.
Founded in 2019 by Nav Vij and Pang Sze Yunn, Neurowyzr develops solutions to address existing gaps in neurology and brain health. Its first product is an online gamified digital neuroscience assessment called the Digital Brain Function Screen (DBFS), which it claims significantly reduces the time and dollar burden of traditional cognitive testing.
Indonesian Muslims confident about using AI for travel
Millennials Muslims in Indonesia are more confident about using AI tools for travel recommendations than their counterparts in Singapore and Malaysia, according to a new survey by Muslim-focused travel platform Have Halal Will Travel (HHWT).
While 78 per cent of respondents in Indonesia show confidence in AI tools for Muslim-specific travel recommendations, the figures are 36 per cent in Malaysia and 31 per cent in Singapore.
Indonesian Muslims (54.5 per cent) are also ahead of their Singapore (31.8 per cent) and Malaysian (21.4 per cent) counterparts when it comes to using generative AI for travel.
Since the launch of OpenAIʼs ChatGPT service last December, Millenial Muslims have started using Generative AI in their daily lives.
Antler backs Mole
Malaysia-based all-in-one professional networking platform Mole secured US$110,000 in pre-seed funding from Antler.
With the new funding, Mole plans to venture into the US$1 billion traditional business card market with its digital offering. A portion of the capital will also be used to develop a networking app and a sustainable digital business card platform tailored for SMEs.
“Mole’s vision is to create a world where professionals network for real connections that go beyond business transactions,” said Ling.
Founded in June 2022 by Au Soung Rong and Melly Ling, Mole seeks to transform professional networking by merging distinct event formats, technology, and community-driven efforts to streamline practices. It has devised NFC and QR code solutions for effortless information sharing to address challenges such as lost cards and mismatched goals.
PrimaKu secures funding
PrimaKu, a pediatric health platform in Indonesia, announced the completion of its pre-Series A round of funding led by Northstar Group and AppWorks.
BRI Ventures and BIG Ventures also participated.
The size of the deal remains undisclosed.
PrimaKu intends to use the capital to enhance its digital ecosystem to assist parents, paediatricians, and healthcare facilities effectively. It will also broaden its product and service offerings for parenting while improving vaccination coverage across Indonesian clinics and hospitals.
Founded in July 2017, PrimaKu is a community-centric platform that addresses parenting challenges in Indonesia. The firm offers parents three key services to combat growth stunting:
- Child growth monitoring
- Nutrition guidance
- Vaccination and immunisation offerings
Pi-xcels raises US$1.7M
Pi-xcels, a Singapore-based startup specialising in digital receipt issuance, secured US$1.7 million in a seed funding round led by Wavemaker Partners.
Hustle Fund, Amand Ventures, and Black Kite Capital, other strategic angel investors also participated.
The startup will use the fresh funds to fuel its global business development efforts, with a specific focus on strengthening its presence in Europe and advancing projects in Japan and Southeast Asia.
Additionally, Pi-xcels has received the Tokyo Metropolitan Government Green Finance Subsidy Grant and has been accepted into the Visa Accelerator program.
Founded in 2019, Pi-xcels offers digital receipts as an eco-friendly alternative for various establishments using Near Field Communication (NFC) technology. This system allows offline retailers to issue interactive e-receipts with a single tap of a shopper’s smartphone.
Fintech funding in ID down 38% in H1 2023
The Indonesian fintech space saw a 46 per cent decline in the number of funding secured in the first half of 2023, according to a report by global SaaS-based market intelligence platform Tracxn.
“While 2021 marked the peak of fintech funding, subsequent years have witnessed a decline. Funding in the fintech sector fell by 46 per cent in 2022 compared to the previous year, with the first half of 2023 experiencing a 38 per cent drop in funding compared to the second half of 2022. This decline has led to the least funded half-year period (H1 2023) since 2020,” the report elaborates.
Fintech startups in Indonesia raised a total of US$322 million in H1 2023, marking a sharp decline of 71 per cent and 38 per cent when compared with US$1.1 billion in H1 2022 and US$517 million in H2 2022, respectively.
The number of funding rounds also saw significant reductions, with a 26 per cent and 58 per cent decline compared with H2 2022 and H1 2022, respectively.
Hypefast lays off staff
Indonesian brand-aggregator Hypefast laid off 30 per cent of its workforce in a bid to maintain profitability, according to a report by Tech In Asia.
The total number of affected employees is undisclosed.
The company said that it will continue to provide affected employees with health insurance until the end of 2023, outplacement support, and more flexible timing for employee stock ownership plan (ESOP) tax payments.
Established in January 2020, Hypefast helps local brands with revenues exceeding IDR500 million (US$32,627) develop their businesses, particularly through online sales channels.
It also offers debt capital to those brands.
CompAsia rakes in Series A
Malaysia’s integrated re-commerce startup CompAsia secured an undisclosed sum in a Series A investment round led by Gobi Partners.
This capital will help the startup expand across various touchpoints, bolstering human resources, training, and operational capabilities.
Additionally, the funds will be instrumental in optimising the firm’s digital assets and marketing strategies, specifically focusing on penetrating new markets like the Philippines, Thailand, and Indonesia.
Founded in 2016, CompAsia is a one-stop platform for customers to trade in or purchase pre-owned electronic devices. It also offers financing plans and other options to address customer concerns about transparency when buying such goods.
Solar AI bags US$1.5M
Singapore-based solar-as-a-service startup Solar AI Technologies raised US$1.5 million in a seed funding round led by Earth Venture Capital with participation from Undivided Ventures, Investible, and climate-tech angel investor David Pardo.
The funds will primarily be used to upscale its rent-to-own (RTO) solar programme in the island nation before embarking on regional expansion in the next 12 months.
Started in 2020 by Chew (CEO), Gérald Chablowski (CTO), and Luke Ong, Solar AI seeks to make rooftop solar accessible and hassle-free for smaller, underserved property owners by providing them with zero upfront cost.
Its primary product is its RTO solar programme, which enables customers to own a solar panel system with zero upfront cost, paying a flat monthly fee for installation, maintenance, servicing, and energy generation guarantee.
Compared to the traditional solar offer that demands an upfront cost of US$15,000 to US$50,000, the startup’s RTO model helps de-risk solar as a renewable energy solution, particularly in Southeast Asia, with a penetration rate of less than 1 per cent.
VC funding in Indonesia consistent in H1 2023
The Association of Indonesian Venture Capital and Startups (AMVESINDO) released a report that revealed the performance of venture capital (VC) investments in the country in the first half of 2023. According to the report, the Indonesian VC industry saw consistent growth, with investments reaching IDR27.35 trillion (US$1.7 billion) in June 2023.
A combination of conventional and Sharia-based VC investments, the number was an increase from December 2022’s position of IDR25.94 trillion.
As seen in the following graphic (in IDR trillion), with the blue graphic representing conventional VC and the red graphic representing Sharia-based VC, the steady increase signifies investors’ trust in the potential of the Indonesian tech startup ecosystem despite back-to-back global crises.
AntsBees sets aside US$860K for startups
AntsBees, an artificial intelligence (AI) and robotics automation solutions provider in Malaysia earmarked up to RM4 million (US$860,000) to invest in tech startups wanting operational growth.
The firm tends to favour startups that are focused on the industries of education, healthtech or any field that could contribute to the AI technology ecosystem.
“We are keen to extend our expertise and platforms to startup companies and extend financial aid to grow together. Having been in the market and enabling digital transformation for organisations, we would like to invest in or acquire new businesses related to Industry 4.0 and doing so, further strengthen our position towards becoming a stronger tech-conglomerate,” said Dr Priscilla Prasena, Group CEO of AntsBees.
PropertyGuru shutters Rumah.com
Property tech company PropertyGuru announced that it is ceasing the operations of Rumah.com, its property marketplaces business in Indonesia, and FastKey, its SaaS product, in an internal note by PropertyGuru Group CEO and Managing Director Hari V. Krishnan.
The statement further detailed that Rumah.com will cease to operate on November 30.
“Our aim is to minimise this impact and provide support to the 61 Gurus from our Indonesia Marketplace business, offering them enhanced packages, healthcare support and assisting them in their transition to new opportunities,” Krishnan said in the statement.
“Until November 30, we will continue to serve our Rumah.com agent and developer partners to ensure minimal disruption to their business operations. Thereafter, we will refund the fees paid by them as per the respective contracts. For our vendor partners, we will pay the dues as per the individual contractual commitments.”
—
The pic in this article is AI-generated.
The post News roundup: Tech funding surge, AI confidence in travel, and industry disruptions appeared first on e27.