How do you convince lawyers to embrace digital transformation by using AI in their practices? Lawdify may have the answer.

The company offers AI-driven SaaS solutions tailored specifically for legal professionals. It creates AI agents designed to manage specialised, labour-intensive, and high-stakes tasks in the legal field.

These AI tools intend to significantly reduce the manual effort required for tasks such as document tracking, review, and analysis, thereby addressing a critical pain point that has long plagued the legal profession.

Lawdify CEO and Founder Eliza Jiang, who has over a decade of experience in private legal practice, identifies the inefficiencies in traditional legal workflows. Before entering law, she worked in accounting, where tools like spreadsheets were essential for distilling large volumes of data into actionable insights. However, upon transitioning to law, she found no comparable tools to assist in analysing and synthesising textual data.

This realisation drove her to create a solution that could automate the tedious and time-consuming process of organising case documents into actionable summaries.

Also Read: 7 common legal pitfalls startup founders should avoid

“When we started designing, I knew I wanted the tool to be one I wished I had throughout my 10 years of practice. We are confident that the tool will become indispensable to lawyers worldwide,” she explains.

“With this in mind, I leveraged my expertise in legal workflows (i.e. the way lawyers review documents, summarise data, put together their legal claims, and draft their pleadings) to create a product that can be easily entrenched in these workflows. We then outlined the user journey to distil, analyse, and summarise data from documents in various tables. Involving the engineering team at every step of the process, we wireframed the different front-end and back-end requirements to align with this user journey to deliver the results the users need.”

Lawdify is making significant strides in the legal tech industry, focusing on high-profile and reputable dispute teams across major legal hubs such as Singapore, Hong Kong, London, and Toronto.

The company’s AI-driven tool is jurisdiction-agnostic, making it versatile and applicable across legal systems.

Initially targeting boutique law firms with a dispute practice, Lawdify plans to expand its reach to corporate practice groups in Q4 2024 following the commercial launch of its product.

Tackling barriers to entry

During a panel session at the UNCITRAL Academy Conference 2024, Jiang addresses the concerns surrounding the integration of AI in the legal industry.

Also Read: Why offshoring your data parsing processes could be your legal tech startup’s secret weapon

Built on enterprise-grade versions of large language models, Lawdify’s applications prioritise data security by storing information in isolated instances on major enterprise cloud services such as Google Cloud Platform, Microsoft Azure, and Amazon Cloud Services. This approach guarantees that client data remains secure while providing powerful AI tools tailored for legal professionals.

When asked about the possible barriers of entry for lawyers to use its product, Jiang reveals that apart from trust and data privacy, there are other issues, such as tech products not considering lawyers’ input in their development process and lawyers’ hesitancy to adopt new technology that is deemed too complex.

“That is why when we design our platform, we ensure that Lawdify is built with an intuitive user interface to easily set up summary tables in which content can be generated in seconds. This function is not entirely new, as summarising data in tables is something that lawyers already do with Word and Excel. Lawdify simplifies this process,” Jiang says.

Lawdify operates on a SaaS subscription model, offering its AI-powered tools with a generation limit tailored to the needs of legal professionals.

The company has successfully raised external funding to support its growth and development.

In 2024, its primary focus is on the commercial launch of its product worldwide, scheduled for Q4, marking a significant milestone in its expansion strategy.

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Image Credit: Lawdify

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Not too long ago, chatbots were like overenthusiastic customer service agents with a one-track mind: they followed a fixed set of rules and didn’t handle small talk very well. Ask them anything outside their rigid script, and you’d be met with confusion — or worse, repeated display of the menu options. Fast forward to today, and chatbots have gone through a renaissance, evolving into highly sophisticated AI agents powered by large language models (LLMs).

These chatbots are no longer just answering questions; they’re holding conversations, understanding context, and delivering responses that feel more human than machine. It’s not just about resolving customer queries anymore — it’s about shaping the future of customer experience, one intelligent conversation at a time.

From rule-followers to game-changers

Remember when chatbots would only respond based on a predefined script? These rule-based bots were the pioneers of automated customer service, helping businesses answer basic inquiries at scale. While they were a significant step forward, they had one major flaw — they were only as smart as their programming. Step out of line with your questions, and you’ll be quickly reminded that you are talking to a robot.

But now, chatbots have had their “glow-up.” Thanks to advancements in AI, particularly in large language models like GPT-4, chatbots are moving beyond simple “if this, then that” frameworks. Today’s AI agents are conversational dynamos, learning and adapting as they go. They understand context, emotion, and even intent. It’s as if chatbots have been to charm school — except their training comes from massive datasets and cutting-edge algorithms.

For example, consider LLM-powered models like ChatGPT or Google’s Bard. These models can handle anything from running research to provide complex technical support, all while maintaining a conversational tone that feels natural. The shift from rule-based systems to AI-powered agents has enabled businesses to provide a level of personalisation that was once thought impossible. It’s a whole new chapter in customer engagement, where chatbots can empathise, problem-solve, and even crack a joke or two.

Also Read: The art of AI integration: Growing your business with chatbots and human expertise

Let’s talk numbers

The rise of AI chatbots isn’t just a passing trend; it’s revolutionising industries across the board. According to a report by Juniper Research, the global operational cost savings from using chatbots has reached $11 billion in 2023. That’s not just a drop in the bucket — that’s a tidal wave of savings, driven by these sophisticated AI models.

But the impact of AI chatbots goes far beyond the bottom line. Studies show that companies using chatbots see a 30 per cent increase in customer satisfaction rates. With their ability to provide quick, personalised responses, chatbots keep customers engaged and happy, improving retention rates significantly. After all, a customer who feels heard is a customer who comes back.

Real conversations, real impact

What’s behind this evolution? Large language models like GPT-4 and its counterparts have fundamentally changed the chatbot game. These models are trained on vast amounts of text, and data, enabling them to predict and generate human-like responses. This predictive ability allows chatbots to understand not just what a user is asking but why they’re asking it. Suddenly, conversations that felt stilted and robotic now flow naturally, like chatting with a knowledgeable and friendly agent.

Take, for instance, a chatbot for an online clothing retailer. A rule-based bot might only be able to answer whether an item is in stock. An LLM-powered AI agent, on the other hand, can engage in a more complex conversation: suggesting outfit pairings, taking note of personal preferences, and even offering advice based past shopping data. It’s like having a personal shopper in your pocket — and it’s all powered by AI.

These intelligent agents are also transforming customer service in industries like banking, healthcare, and travel. Instead of waiting on hold for hours, customers can interact with AI agents that provide real-time assistance, personalised advice, and fast resolutions. Imagine resolving a flight delay, asking for a refund, and even rebooking — all without ever speaking to a human agent. The AI takes care of it, efficiently and without the wait times that have long plagued customer service lines.

The future of conversational AI

If the past few years have shown us anything, it’s that AI chatbots are no longer just tools — they’re partners in customer engagement. But what’s next?

Also Read: Navigating the AI landscape in 2024: Why there is an urgency for enhanced governance

We’re moving toward a world where AI agents won’t just respond to queries but anticipate them. Imagine a chatbot that knows your preferences before you even ask, offering suggestions that feel like they were pulled from your own thoughts. With advancements in machine learning, AI agents will soon be able to predict customer needs with astonishing accuracy. In fact, Gartner predicts that by 2025, 80 per cent of customer interactions will be handled by AI.

As businesses continue to adopt AI, the chatbots of tomorrow will be indistinguishable from human agents in terms of their conversational ability. But don’t worry — AI agents won’t be replacing humans entirely. Instead, they’ll work alongside them, handling routine tasks while freeing up human agents to tackle more complex issues. It’s the ultimate tag team: AI and humans working together to deliver the best possible customer experience.

Wrapping it all up

AI-powered chatbots have come a long way from their rule-based ancestors. They’ve evolved from robotic responders into conversational partners, revolutionising customer engagement across industries. The power of LLMs has made these bots smarter, more human-like, and capable of driving real business impact. So, whether you’re looking to boost customer satisfaction, save costs, or stay ahead of the competition, investing in AI chatbots is no longer a question of “if,” but “when.”

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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: Canva Pro

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Dear reader,

Flash Coffee, a tech-enabled coffee chain, has appointed former Foodpanda CEO Jakob Angele as its executive chairman to steer the company towards profitability.

After a period of rapid expansion across Asia Pacific, the company has scaled back significantly, liquidating its operations in Singapore, Thailand, Hong Kong, Taiwan, and South Korea, leaving it with just 67 stores in Indonesia.

Despite this contraction, Angele is optimistic, noting that most of the remaining outlets are EBITDA-positive. The company has focused on fine-tuning its cost structure and revamping its menu, with 63% of drinks being new offerings tailored to Indonesian tastes.

This strategic shift, coupled with enhanced seating options, has improved offline business performance. Angele, who shares a professional history with Flash Coffee’s founder, believes the brand is well-positioned in Indonesia’s competitive market, offering quality at a medium to high price point.

The company plans to open five to ten new stores in Indonesia this year, with no immediate plans for international expansion. Confident in the potential of the Indonesian market, Angele envisions Flash Coffee expanding to 300-400 outlets domestically while maintaining profitability.

Sainul,
Editor.

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NEWS & VIEWS

Flash Coffee taps ex-Foodpanda CEO in turnaround bid
The tech-enabled coffee chain has hired Jakob Angele as its executive chairman in a bid to hit profitability; Flash Coffee liquidated its operations in Singapore last October, while it sold its Thai business the following month.

Google is working on AI that can hear signs of sickness
According to Bloomberg, Google has trained one of its foundation AI models with 300 million pieces of audio that included coughs, sniffles and laboured breathing to identify, for example, someone battling tuberculosis.

Validus secures up to US$50M from HSBC to support Indonesian MSMEs
The capital will be deployed through Validus’s Indonesian subsidiary, Batumbu, to support local MSMEs and address the country’s financing gap; There’re currently 64.2M MSMEs that contribute 61 per cent of the country’s GDP.

Malaysia’s Kenanga Group acquires 8% stake in Singaporean fintech firm Helicap
The partnership aims to further advance the group’s digitalisation initiatives;
Helicap is a platform that specialises in the alternative lending space in Southeast Asia.

Customers of WazirX unlikely to recover full funds
The Indian cryptocurrency exchange WazirX suffered a US$234M hack in July; George Gwee, a director at restructuring firm Kroll working with WazirX, said that at least 43% of the money any customer had in WazirX is unlikely to be recovered.

OKX Singapore gets payment nod from MAS, taps ex-Grab exec as CEO
The license allows OKX Singapore to offer digital payment token services and cross-border money transfers, including spot trading of cryptocurrencies for customers in Singapore.

Uber drives deeper into South Korea to take on Kakao Mobility
Currently, Korea’s ride-hailing industry is dominated by Kakao Taxi, Kakao Mobility’s consumer service, with more than 23 million registered users and a 98% market share.

Singapore’s GIC acquires logistics facility in Yokohama, Japan
The asset is well-located within the Kanagawa Prefecture and enjoys convenient access to the entire Greater Tokyo region; The facility was developed by Daiwa House Industry, a Japanese real estate developer.

Protégé Ventures invests in rocket propulsion, space launch startup ESS
ESS’s HRF-1 technology can eliminate up to 90% of costs and 69% of GHG emissions compared to traditional liquid propulsion systems.

FEATURES & INTERVIEWS

Empowering change: Singapore’s female-led startup success stories
These Singaporean startups, led by visionary women, are proving that female founders are making waves in the tech industry.

Echelon X: Exploring the realities of market access in the Middle East
The Echelon X fireside chat clarified the realities and offered practical insights for companies eyeing the Middle Eastern market.

Echelon X: Pinhome’s strategies for sustainable growth and financial stability
The Echelon X fireside chat showcased how Pinhome navigated Indonesia’s property tech market to achieve sustainable growth and positive unit economics.

Mastering the funding maze: Unlocking financing pathways for founders in the Philippines
Investing in startups in the Philippines has become increasingly attractive due to its rapidly growing economy and youthful population.

THOUGHT LEADERSHIP

Thailand’s tech renaissance: Building bridges to global success
The numbers are in—emerging markets like Thailand need a new strategy for their struggling tech ecosystems to foster global innovation and growth.

Understanding priced and unpriced funding rounds: A startup lawyer’s guide for startups
Learn the key differences between priced and unpriced funding rounds and how they impact your startup’s valuation, equity dilution, and fundraising.

Revolutionising sourcing and procurement with AI: Sourcefy’s vision
Transforming B2B sourcing with AI-driven precision: Sourcefy redefines the supplier discovery and management process.

Why Australia is the hidden gem for global investors
Australia, traditionally known for its strengths in finance, mining, energy, and agriculture, also excels in the technology sector.

FROM THE ARCHIVES

Want to build a sustainable startup? Solve a problem for your customers
Resourceful startups have demonstrably proved that there are few problems that can withstand human motivation to overcome pain.

Globalise strategy, localise conversations: The key to nailing native advertising in new markets
By knowing what can make an impact now and what to prepare for moving forward, a balance can be made in native advertising.

4 perks of continuous data protection for businesses
When investing in consumer data protection, keep in mind that there is no unique strategy that works for any business.

How to fight a costly turnover in an effective way
Posting jobs, interviewing, preparing offers, and onboarding new job candidates are all very costly procedures. Replacing an employee costs an average of ⅙ of their yearly pay, which adds up quickly the higher up the food chain you go.

Is voice the next revolution in fintech?
Owing to the current state of mobile penetration, voice will increasingly be shifting towards higher-value work, including in fintech.

10 unarguable things that great leaders do
Articles have been written by others naming the traits they would like to see in leaders, but you may notice something in common here.

How to keep your remote employees’ networks more secure
As remote working becomes more commonplace, here are some steps you can take to ensure your IT security is not compromised.

5 early lessons I learned building my startup
To grow, do not surround yourself with yes men. Always be ready to have your startup ideas challenged to grow them.

A better way to work: independent doers lead the way
No matter how you’re employed, embracing change is the best way to stay relevant; and independent doers are leading the way, let’s keep up.

5 analytical tools that entrepreneurs can use to scale
A handy list of five analytical tools that can be used to obtain a holistic view of your business, compiled for your convenience.

Why you should start a business in your 40s
In your many years of work experience, you will have figured out your strengths, and be able to use it to your advantage.

Things to consider during the startup fundraising process
By looking at financial projections, the company would have an idea if it can fund plans via cash or should opt for fundraising.

Why fasting is the ultimate productivity hack for entrepreneurs
Who would have thought the secret to working more efficiently lies in a thousand-year-old practice?

These 5 toxic factors cause employees to quit even before they have another job
Founders and managers must know how to retain employees and maintain a good work culture in their businesses.

Here are 8 ways you can utilise expressive blogging for your startup
Blogging is the most effective way of promoting your business without being too up-front about your product or service.

The post Ecosystem Roundup: Flash Coffee looking for a turnaround | Google working on AI that can hear signs of sickness appeared first on e27.

Lokatani, an agritech startup focused on developing hydroponic vegetables, has announced a pre-seed funding round with AsiaPay Capital and Jakarta Ventura (Jakvent).

“This funding will be used for various aspects, from increasing production capacity, developing internet-based agricultural technology, expanding distribution networks, marketing and promotion, to human resource development. This support also allows Lokatani to continue aligning plant production in real-time with customer demand using IoT through an integrated application,” said CEO Abdul Choliq.

Also Read: The age of the super farmer: How technology is enabling the average farmer

Founded in 2019, Lokatani utilises IoT technology, an inventory management system, and hydroponic methods to produce premium vegetables.

Through its on-demand order approach, Lokatani adjusts the production process to customer demand, thus increasing farmers’ production efficiency. The “scheduled planting” system implemented by Lokatani is the key to maintaining supply stability in terms of quality and quantity, supported by IoT technology for automated vegetable maintenance.

The startup’s offerings are:

• Loka Fresh specialises in selling high-quality hydroponic vegetables under the “Sayuran Pagi” brand, making fresh vegetables available on demand.
• Loka Grow emphasises research and development to empower farming communities through a co-farming scheme.
• Loka Tech is an integrated application with IoT that facilitates automated monitoring and agricultural processes, as well as more efficient and effective inventory management.
• Hydro Estate offers services for constructing and maintaining hydroponic farms, including greenhouse operations.

“The value chain built by Lokatani is an ecosystem that greatly helps address the fragmented value chain in agriculture systems, particularly in hydroponics. As a strategic investor, we hope to leverage our expertise in payment infrastructure to drive financial inclusion and positively impact hydroponic farmers,” said Rizki Maarif, Venture Investor Team & Research Lead at AsiaPay Capital.

“Lokatani not only serves as an aggregator in this ecosystem but also plays a crucial role in guiding and supporting the farming community. We hope that the farming community, especially hydroponic vegetable farmers, will continue to grow and progress alongside Lokatani,” stated Jakvent CEO Chrisantina Lunaryati.

Also Read: How AI and automation can shape the future of farms

Asiapay Capital is an investment arm of Asiapay Group, a Hong Kong-based digital payment services company.

Jakarta Ventura is a regional VC company under the auspices of Bahana Artha Ventura (BAV), a subsidiary of the state-owned enterprise of investment and insurance holding company PT Bahana Pembinaan Usaha Indonesia (Persero), also known as IFG.

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Image Credit: Lokatani.

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BillEase, a digital consumer finance platform in the Philippines, has secured an undisclosed strategic investment in a Series C round led by TPG’s The Rise Fund.

Existing investor Burda Principal Investment also participated.

This investment will help BillEase support its growth.

“The Rise Fund has built a global track record of helping socially impactful companies scale, and their investment will empower us to not only sustain our strong growth but also expand our product offerings to serve the underserved and underbanked better, enabling more Filipinos to improve their living standards,” Georg Steiger, CEO of BillEase, said.

Also Read: BillEase nets US$5M more to grow loan portfolio, launch credit products

BillEase leverages machine learning and AI to build financial products while mixing traditional global credit underwriting best practices to meet customers’ needs. It offers personal loans, e-wallet top-ups, prepaid load, gaming credits, bill payment, a buy-now-pay-later (BNPL) service and deals from over 10,000 merchants and over 600,000 QRPh-accepting merchants.

“In the Philippines, there remains a need among businesses and individuals for greater access to affordable financial products. Only 18.8 per cent of people in the Philippines can reportedly borrow money from a formal financial institution or money provider,” said Lito Camacho, Senior Advisor for TPG. “BillEase is offering a solution that solves that pain point for many, giving access to flexible payment options in a safe and sustainable way.”

In April, BillEase received US$5 million in credit facility from Saison Investment Management, the offshore lending arm of Japan’s Saison International.

In 2022, BillEase completed an up to US$20 million debt facility from Singapore-based fintech firm Helicap Securities.

The post TPG’s unit leads Series C round of Filipino consumer finance app BillEase appeared first on e27.

TailorTech, a Malaysian startup focused on transforming power management for off-grid locations, has raised US$110,000 from Antler.

Founded by brothers Ts. Dr. Indera Shaiful and Ts. Indera Shafiq, TailorTech aims to tackle problems faced by industries that are reliant on generator sets in remote and off-grid locations, including inefficiencies, high costs, frequent maintenance, and the environmental impact associated with conventional generator sets.

Also Read: Antler’s Southeast Asia focus: Nurturing the next wave of AI, fintech startups

TailorTech has developed the Power Enhancer System (PES), an integrated smart power management solution designed to optimise the use of generator sets. Engineered to reduce operational costs and carbon footprints, it provides a solution for industries where reliable, efficient, and sustainable power is critical and costly.

The PES shows potential for a wide range of off-grid generator-set users, including telecom tower operators, plantation estates, mining, construction sites, and rural villages and clinics. In regions such as Malaysia and Indonesia, these sectors frequently need suboptimal power solutions that lead to increased costs and environmental concerns.

While renewable energy sources are often considered viable alternatives, their economic feasibility in diverse and challenging locations remains limited. TailorTech’s PES addresses this gap by enhancing existing generator infrastructure with smart, efficient technology that reduces both costs and emissions.

TailorTech plans to deploy its first on-site installation as a proof of concept for a targeted client. This deployment will be a critical demonstration of the PES’s effectiveness and scalability, potentially paving the way for further investment opportunities and market expansion.

Also Read: ByteGami gets Antler’s backing for its plug-and-play gamification platform

The introduction of TailorTech’s PES is timely, aligning with global efforts toward net-zero carbon emissions and sustainable energy solutions. Although the PES does not entirely eliminate carbon emissions, it offers a substantial reduction, making it a practical and immediate solution in the shift towards greener energy practices.

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Image Credit: TailorTech.

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It’s been a few months since the Berkshire Hathaway Annual General Meeting (AGM) drew to a close, but even today, I find myself reflecting on the invaluable lessons shared by some of the world’s most brilliant investors.

It was an honour to learn from these individuals whose wisdom and generosity continue to shape my journey as an investor. Among the many insights I gathered, one conversation stood out: my chat with Mohnish Pabrai.

Pabrai, an esteemed investor in his own right, offered a simple yet profound piece of advice that encapsulates the essence of Warren Buffett and Charlie Munger’s success —

“Circle of competence grows very slowly. Be patient about it.”

This statement might seem obvious, but its implications are vast and far-reaching, especially in today’s fast-paced investment environment.

The circle of competence: A deliberate and gradual expansion

Pabrai’s emphasis on the circle of competence is a reminder that mastery in investing doesn’t happen overnight. He pointed out that Buffett and Munger didn’t rush into investing in Coca-Cola. In fact, it wasn’t until after 16 years of experience with See’s Candies—a company they bought in 1972—that they truly understood the power of a brand and a consumer monopoly. This understanding didn’t come from a quick study or a sudden insight; it was the result of years of observation, learning, and deep immersion in their circle of competence.

The idea of a circle of competence is not new. Buffett himself has spoken about it extensively, urging investors to stick to what they know and to be cautious about venturing into unfamiliar territories. However, what Pabrai highlighted was the patience required to expand this circle. It doesn’t grow rapidly; rather, it expands slowly, as one accumulates knowledge and experience over time.

Also Read: Mastering the funding maze: Unlocking financing pathways for founders in the Philippines

The power of patience in a fast-paced world

In an era where speed is often equated with success, the idea of being patient can feel counterintuitive. We live in a world that celebrates quick wins and instant gratification, where the pressure to make fast investment decisions can be overwhelming. The temptation to chase after the latest trends, to dive into industries we barely understand, and to expect immediate returns is ever-present.

Yet, as Pabrai reminded me, true understanding cannot be rushed. Buffett and Munger’s decision to invest heavily in Coca-Cola, a position that eventually occupied a quarter of Berkshire Hathaway’s entire book value, was not made in haste. It was the result of years of patient observation, during which they built a deep conviction in the company’s long-term potential.

The same principle applied when Buffett invested in Apple—a move that came after 44 years of careful study and reflection. Despite the time it took, these investments became cornerstones of Berkshire Hathaway’s success, proving that patience is not just a virtue in investing; it is a critical component of long-term success.

Connecting the dots over time

Pabrai’s insights serve as a powerful reminder that investing is a journey, not a race. The desire to move quickly is understandable; we all want to see our investments grow and succeed. But rushing the process often leads to mistakes, misunderstandings, and missed opportunities. Building a strong foundation of knowledge, on the other hand, takes time and effort. It requires a commitment to learning, a willingness to go deep, and the patience to wait for the right opportunities.

Also Read: Fostering inclusion: AI’s role in SEA’s education sector

Buffett’s famous analogy — “You can’t produce a baby in one month by getting nine women pregnant” — is a humorous yet poignant illustration of this principle. Some things simply cannot be hurried. The dots that make up the picture of a successful investment strategy will connect eventually, but only if we take the time to understand them fully.

Embracing the slow and steady approach

Reflecting on Pabrai’s advice, I find myself more committed than ever to the idea of slow and steady progress. As investors, we must resist the urge to rush into decisions. Instead, we should focus on gradually expanding our circle of competence, learning from our experiences, and patiently waiting for the right moments to act.

The rewards for this approach are clear. Buffett and Munger’s success is not just a result of their intelligence or insight, but of their patience and persistence. They understood that great investments are built on a foundation of deep knowledge and strong conviction—both of which take time to develop.

As I continue on my own investment journey, I carry with me the lessons from this year’s Berkshire Hathaway AGM, particularly the wisdom shared by Pabrai. His reminder to be patient, to go slow, and to trust in the process of building a circle of competence has reinforced my belief that true success in investing is not about speed, but about depth and endurance.

So, the next time I find myself tempted to rush into a decision, I’ll remember Pabrai’s words and the example set by Buffett and Munger. After all, in the world of investing, it’s not about how fast you get there, but how well-prepared you are when you do.

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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.

Join us on Instagram, Facebook, X, and LinkedIn to stay connected.

Image courtesy of the author.

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It is not a controversial opinion that increasing technological intensity in an economy increases prosperity. Certainly, the benefits of a tractor over a farm animal or automated mass production over handicraft production make this apparent.

Thailand, like many countries, has been attempting to build a local tech innovation ecosystem where local startups grow to be tech unicorns.

In the period after the global financial crisis with zero per cent interest rates, it seemed plausible that every country could build its own version of a mini-silicon Valley as global venture capital investment exploded from US$43 billion in 2007 to over US$300 billion a year from 2018 on.

Unfortunately, despite huge efforts by many fantastic people in the private sector and the government, the level of start-up activity has stubbornly refused to grow and is about the same level now as 5 years ago.

And the output of the ecosystem reflects this. The UK, which has a similar population size to Thailand, has about 3–4000 funded deals a year. Of which about 2000 are seed or early stage. Thailand is having a great year if it gets over 30.

Also Read: The upside of conglomerate influence in Thailand’s tech industry

The cumulative result of this over time is that Thailand has 658 funded tech startups in its ecosystem and the UK has over 43 thousand.

Source: StartupBlink

So now that we have the evidence that the current strategy is not achieving the desired output, what should a country like Thailand do?

The Silicon Valley/Cambridge Cluster model of tech startup and scale up requires a number of factors to all be in place simultaneously to work:

• It takes a lot, a lot, of patient yet high risk capital
• It requires large numbers of highly educated young people willing to take risks
• It requires a lot of experienced service providers to support startups (70 per cent of the employment in tech clusters is in support companies such as marketing agencies, lawyers, etc)
• It requires world class universities that have the right policies on IP for spin outs
• It requires a legal and tax system that is conducive to the risk and reward nature of tech investing
• It requires a culture that views failure as something that develops skills so everyone in the system is more willing to take risk

If any of these factors are missing, the ecosystem fails to thrive. And out of these six factors Thailand has, it could be argued, none.

And as shown above, the outputs reflect this with a small number of funded startups each year that is barely growing.

Which of these factors can Thailand realistically change in the short to medium term? Again, probably none.

This is not because Thailand is worse than any other country. Despite a tsunami of money over the last decade and more, 75 per cent of all unicorns still come from just three ecosystems. Its just not a model that works in many places.

So what should a country like Thailand do? Just give up and accept it will just be a customer buying new technology from overseas forever?

An alternative strategy is that Thailand (and other countries in a similar position) should do in technology entrepreneurship what it does in every other business, understand that it cant do everything itself, that its part of global supply chains and find its place in those chains where it can create prosperity for itself.

An example for Thailand that worked before was its focus on being part of global automotive component supply chains rather than building a national car company like Malaysia tried.

Also Read: Thailand’s startup ecosystem in 2024: Fewer funding announcements, but promising opportunities ahead

Once the component production was in place and the workforce developed skills, experience and international relationships, and the government and local partners understood what investors needed, more of the supply chain began to be deployed in Thailand until, eventually, Thailand not only became a global assembly hub for cars, “The Detroit of Asia”, but now is a leading destination for global investment in EV production based on this foundation of acquired expertise and infrastructure.

However, now is not then. And the companies producing the technologies that create enormous value today have different requirements than in the past when Thailand was first industrialising.

Cheap labor, cheap land for factories, easy environmental regulations, good physical infrastructure in the industrial zones, policies based on large investments paying off over several years and a government capable of working with large foreign companies aren’t what are needed anymore.

The new industrial strategy needs to work with the smaller and midsized growth tech companies rather than the mature tech companies where its just a customer or competes with low cost countries to be a supplier.

So it needs to be focused around highly skilled local staff, flexibility in location, ease of foreign workers working in the country in flexible time periods, high environmental standards, excellent digital infrastructure and a government that knows how to work with foreign startups and SMEs.

And similarly, government goals based on investment amounts, employment generated and exports aren’t appropriate in an age when 55 employees can generate in four years US$19 billion of value as those at WhatsApp did.

The great thing about the leading tech clusters is that they are already highly internationalised and are very open to working with all comers. Its well known the majority of US unicorns are created by immigrants as just one example, showing the willingness of the VC industry to invest in newcomers and development of the global internet in the last 25 years means physical proximity becomes optional.

Thailand’s tech ecosystem should become something that extends beyond it’s borders and overlaps the existing global tech ecosystems. And vice versa, it should be easier for the world to work with and in Thailand.

And most importantly, there needs to be real deployment projects that both sides get to work alongside each other and build the mutual understanding, trust and ability to achieve goals together and solve problems that can’t be developed theoretically or through discussion at conferences.

And, paradoxically, the interactions with the earlier stage of the global tech ecosystems must be led by the larger Thai companies. As I’ve discussed before the presence of “Institutional Gaps” means that the deployment of new technologies is easier for companies that have the highly skilled staff on hand and the resources to bridge those gaps.

It looks initially as if its cementing large corporate dominance, but it will help create an ecosystem that is intertwined and connected to the leading tech clusters of the world, prosperous and growing, with exposure to the new technologies and trends earlier that will fuel the next generation of Thai entrepreneurs that will have benefited from working on successful tech deployment projects with young international tech companies and built up the skills, experience and international networks to give them the confidence and access to resources to leave the corporates and make their own entrepreneurial activities a success.

So anyone looking to have an impact on an emerging market tech ecosystem I would suggest not becoming the 47th investment fund or the 23rd accelerator, but to help build bridges, working relationships and extended networks between locals and the global clusters that will make the country an extended part of a larger ecosystem that supplies from its entirety, not just locally, all the factors necessary for tech innovation success.

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The Echelon X fireside chat titled ‘Market Access in the Middle East: Myth or Truth in This Opportunity?’ explored the often-overlooked potential of the Middle East as a lucrative market for businesses seeking global expansion. The session aimed to separate fact from fiction and provide practical insights for enterprises interested in entering and succeeding in the Middle Eastern market.

Moderated by Fatima Almubbad, Director of Singapore and Southeast Asia at the Bahrain Economic Development Board (EDB), the fireside chat featured Hian Goh, Partner at Openspace Ventures.

In this discussion, participants delved into the opportunities and challenges associated with accessing the Middle Eastern market. The conversation highlighted that while the Middle East presents significant potential for growth, it is also a region filled with complexities that require a nuanced understanding. The panellists examined key factors such as market readiness, cultural considerations, regulatory environments, and the unique economic landscape of the region.

The discussion underscored the need for businesses to be adaptable and informed when considering expansion into the Middle East. The fireside chat concluded by reaffirming that the Middle Eastern market, though often misunderstood, holds considerable potential for businesses willing to navigate its complexities.

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In the vibrant and competitive startup ecosystem of Singapore, a new wave of female entrepreneurs is making its mark.

These dynamic women are not only co-founding innovative ventures but are also redefining what it means to be a leader in the tech-driven world of business.

From groundbreaking tech platforms to disruptive services, their startups are pushing boundaries and setting new standards for success.

This feature highlights the inspiring stories of Singapore-based startups co-founded by women, showcasing the diversity, creativity, and resilience that these entrepreneurs bring to the table.

Grab

A super-app platform to book various services, including transportation, deliveries, mobility, and financial services.

Founding year: 2012
Female co-founder: Tan Hooi Ling
Total investment raised: US$10.38 billion
Investors: Emtek, Signite Partners, Hana Financial Group, GGV Capital, K3 Ventures, Flourish, Arbor Ventures, STIC Investments, Krungsri, MUFG Innovation Partners, TIS, Kymco Capital, Experian, Invesco, others.

Advance Intelligence Group

A startup providing big data- and AI-based digital transformation, fraud prevention, and process automation solutions for enterprise clients in banking, fintech, retail, and e-commerce. It is the parent company of Atome.

Also Read: Advance Intelligence Group raises US$80M to further develop AI innovations

Founding year: 2016
Female co-founder: Tongtong Li
Total investment raised: US$700 million
Investors: Warburg Pincus, Northstar Group, EDBI, Vision Plus Capital, Gaorong Capital, Northstar Group Services, SoftBank Vision Fund, K3 Ventures.

PatSnap

A startup offering patent analytics and management software. It provides users with patent search and analysis to manage and advance IP positions. The platform monitors the patent risk and thereby protects the IP assets in real-time. Its product offerings include market and competitor data discovery solutions, data visualisation, reports, and managing datasets that enable users to add patent and legal data.

Founding year: 2007
Female co-founder: Guan Dian
Total investment raised: US$352 million
Investors: Tencent, SoftBank Vision Fund, CITIC, Shunwei Capital, Vertex Ventures, HongShan, Qualgro, Summit Partners, Vertex Growth, Global Brain, NUS Enterprise, JIC Investment.

Zilingo

An online B2B marketplace platform offering multi-category fashion products. The product catalogue includes loungewear, kidswear, shirts, winter wear, and sleepwear bed linen.

Founding year: 2015
Female co-founder: Ankiti Bose
Total investment raised: US$304 million
Investors: Sequoia Capital, Temasek, Burda Principal Investments, Sofina, EDBI, Beenext, Venturra Capital,  SIG, Wavemaker Partners, Beenos, Amadeus Capital, Draper Associates,
Draper Venture Network, Koru Partners, DG Ventures, Beeble Brox, Angel Capital Management, Dahlia Investments & Consulting.

YouTrip

An NFC-enabled travel card and wallet provider for travellers. The wallet can be recharged via credit/debit cards and used for online/offline purchases, bill payments, and cash withdrawals. The wallet can be used for managing transactions of the card, in-store payments, and online payments.

Also Read: The 4 steps that YouTrip has taken to ensure financial resilience in a time of crisis

Founding year: 2018
Female co-founder: Caecilia Chu
Total investment raised: US$105.5 million
Investors: Lightspeed Venture Partners and Insignia Ventures Partners.

Silent Eight

An AI-based fraud management startups. The platform offers a platform that enables users to scan data sources in variable formats, including local and remote online news articles. It also provides solutions for automated alert adjudication, name screening, transaction screening, and transaction monitoring.

Founding year: 2013
Female co-founder: Julia Markiewicz
Total investment raised: US$61 million
Investors: TYH Ventures, HSBC, OTB  Wavemaker Partners, SC Ventures, Aglaia, Crystal Horse Investments, Joyful Frog Digital Innovation, Singapore Angel Network, Fanjul Capital, Riverwalk Holdings, Fintonia Group, SpinUp Partners.

cxagroup

Connexions Asia (CXA) provides an AI-based benefits marketplace for employer insurance. It offers a platform for health insurance, HR management, employee benefits, and health & wellness plans. CXA also provides an AI-based app for people to connect them with health & wellness products and services.

Founding year: 2013
Female co-founder: Rosaline Chow Koo
Total investment raised: US$580 million
Investors: Humanica, HSBC, Heritas Capital Management, MDI Ventures, Sumitomo, Openspace Ventures, Singtel Innov8, Singapore Economic Development Board, HSBC, B Capital, EDBI, BioVeda Capital, RGAX, FengHe Asia, Philips, FengHe Group, Bansea, Propell Group, WoodOwl, Redmoon Advisors, Insurtech Hub.

Wiz.AI

The startup provides AI-powered voice and speech recognition solutions for multiple industries. Its talkbot platform allows users to record voice conversations with text translations and interact with real humans. It uses a neural network technology that allows customer classification, identification of customers, and segments to prioritise follow-ups.

Founding year: 2019
Female co-founder: Jennifer Zhang
Total investment raised: US$58 million
Investors: Tiger Global Management, Yunqi Partners, Gaorong Capital, GL Ventures, K3 Ventures, Singtel Innov8, GGV Capital, Wavemaker Partners, Insignia Ventures Partners,
Hillhouse, Singtel, Graphene Ventures, Gaorong Partners Fund, K3 Aquarius Fund, ZWC,
Weiguang Ventures, Em monster, ZWC Ventures, GLOBAL ACCELERATION ACADEMY,
Plug and Play APAC.

Paktor

Paktor is a provider of a dating platform based on mutual likes. The platform enables users to register and swipe left/right to like/pass registered members’ profiles. It matches profiles based on mutual likes. Users can chat and connect with the profiles via the app.

Founding year: 2013
Female co-founder: Charlene Koh
Total investment raised: US$575 million
Investors: K2 Global, Media Nusantara Citra, Vertex Ventures, YJ Capital, Golden Equator Capital, Sebrina, Majuven, Convergence Ventures, Turn Capital, K2 Global

TurtleTree

A producer of cell-based sustainable food and dairy product alternatives. The company uses cell-based technology to extract cell samples from cattle that are further grown in a proliferate growth medium into muscle fibre and dairy ingredients and are used for the production of cultivated meat and dairy products.

Founding year: 2019
Female co-founder: Fengru L
Total investment raised: US$42.3 million
Investors: Verso Capital, Artesian, SHOSHIN8, Green Monday, KBW Ventures, Verso Holdings,
Eat & Beyond, EWC, CPT Capital, New Luna Ventures, Lever VC, K2 Global, Unreasonable, Good Startup, Smile, Chaos Ventures, XA Network, Siddhi Capital, Plug and Play APAC, Wavemaker Impact, Highfield Capital.

Browzwear

A startups working in interactive 3D product design and customisation software solutions for the fashion industry. The company provides 3D software for apparel design and development through size ranges, graphics, fabrics, trims, colourways, styling, & photorealistic 3D rendering, visualises fabric folds in real-time and enables product creation and design through digital samples.

Founding year: 2012
Female co-founder: Lena Lim
Total investment raised: US$35 million
Investor: Radian Capital.

Shiok Meats

A manufacturer and supplier of lab-cultured meat products. It offers lab-cultured and cell-based meat and seafood. The company claims that its meats are animal-friendly, health-friendly, and environment-friendly.

Also Read: Shiok Meats CEO Sandhya Sriram to step down after merger with Umami Bioworks

Founding year: 2018
Female co-founder: Sandhya Sriram
Total investment raised: US$30.7 million
Investors: Woowa Bros, CJ CheilJedang, Vinh Hoan, Toyo Seikan Kaisha, Twynam, Monde Nissin, Big Idea Ventures, Boom Capital Ventures, Beyond Impact Advisors, Aqua Spark, METI,
Realtech Fund, VegInvest, Makana Ventures, AiiM Partners, Irongrey, Ilshin, Yellowdog, SEEDS Capital, Agronomics, Impact Venture Capital, Mindshift Capital, Y Combinator, BOOM CAPITAL GROUP, Aera VC, Entrepreneur First, Future Food Asia, CPT Capital, Success Accelerator, Innovate 360.

DocDoc

DocDoc is an online platform that uses AI to connect users to doctors. The platform uses HOPE, an AI-powered doctor discovery engine, to find doctors based on users’ medical needs. The platform lists information about clinics and doctors, along with their locations, clinical interests, subspecialties, procedures available, and so on, to enable users to compare and book appointments.

Founding year: 2012
Female co-founder: Grace Park
Total investment raised: US$29.6 million
Investors:  Sumitomo Corporation, Adamas Finance Asia, Cyberport, SparkLabs Global Ventures, Vectr Ventures, Hong Leong Financial Group, KCP Capital,
Jungle Ventures, 500 Global, Hong Leong, Apis Partners, RVP Group, Gaingels, Bells Ventures,
Plug and Play APAC.

Parcel Perform

A cloud-based software startup for e-commerce store operators to compare and book carriers for sending packages. Businesses can compare prices from multiple carriers and view KPIs such as geography coverage, transit times, etc. It also provides a solution for the courier service provider to manage their deliveries, track customer queries, and creating own dashboards to track performance.

Founding year: 2016
Female co-founder: Dana von der Heide
Total investment raised: US$21 million
Investors: Cambridge Capital, Wavemaker Partners, Investible, SBVA, Investigate, 500 Global, Bansea, Silicon Straits Saigon, Acequia Capital, RTL Group Investments, MobilityFund,
Endeavour Ventures, Investigate, ReadyVentures, True Growth Capital, Artiel Ventures

Raena

An app-based reselling and dropshipping marketplace for beauty businesses, it allows users to discover and buy products to sell multi-category beauty products across various brands and earn profits.

Founding year: 2019
Female co-founder: Sreejita Deb
Total investment raised: US$20.8 million
Investors: AC Ventures, Alpha Wave Global, Alfamart, Alto Partners, Alpha JWC Ventures,
Beenext, Beenos, STRIVE, Orient Growth Ventures

Tookitaki

A startup providing of anti-money laundering solutions. The platform features include AML transaction monitoring, customer risk scoring, customer screening, regulatory compliance, case management, and customer due diligence. It also offers financial crime detection and prevention solutions for banks and fintech companies.

Founding year: 2012
Female co-founder: Jeeta Bandopadhyay
Total investment raised: US$20.4 million
Investors: Illuminate Financial, Nomura, Viola Group, Jungle Ventures, SIG Venture Capital, SEEDS Capital, Enterprise Singapore, Supply Chain Angels, T-Hub, RevTech Labs, The FinLab,
Rebright Partners, Blume Ventures, India Internet Fund, IIMA Ventures, Srijan Capital, Tempus Capital, Microsoft Accelerator, Queen City FinTech, Innoven Capital, Aditya Birla Bizlabs, Faktory Ventures, Nomura Capital Partners, CFV Ventures, voyager.nomura.co.in, Somdutta Singh, peercheque

Morph

A consumer-centric blockchain platform. It offers developers solutions for blockchain explorer, bridge, node management, faucets, and more. It also offers blockchain sequence, rollups, and blockchain layer-2 solutions.

Founding year: 2023
Female co-founder: Cecilia Hsueh
Total investment raised: U$20.3 million
Investors: DRAGONFLY, Pantera Capital, Foresight Ventures, Spartan Group, Symbolic Capital, Publicworks, MH Ventures, Every Realm, Bitget.

Klub

An online marketplace for revenue-based financing, Klub offers business financing options based on data-driven analytics, financial innovation, and community engagement. It also provides financing in return for a fixed percentage of revenue generated. It also offers private market investors to invest in consumer-focused industries including cafes, bars, lifestyle, and more.

Founding year: 2019
Female co-founder: Harshita Sanganeria
Total investment raised: US$12 million
Investors: Northern Arc Capital, Trifecta Capital, Surge, Alter, GMO Venture Partners, 100Unicorns, EMVC, Tracxn Labs, Venture Catalysts, Better Capital, Earlsfield Capital, Astir Ventures, Techmind, Gurukul Venture Partners, Groundupp Ventures, FairAngels, Aperio Partners, FBC, CapFort Ventures.

Nalagenetics

The startup develops genetic test kits for precision medicine and offers a range of genetic tests and assays. The genetic tests are used to analyse drug reactions along with information from information management systems. Nalagenetics has also developed a clinical decision support system that uses the data and provides clinical recommendations. The information enables doctors to provide prescriptions or treatments. The company also offers patients an app for information on medication side effects.

Founding year: 2016
Female co-founder: Levana Sani
Total investment raised: US$13.6 million
Investors:  Intudo Ventures, Vulcan, dxdhub.sg, A*STAR, Integra Partners, Diagnos Laboratorium Utama, East Ventures, Founders Fund, Vulcan Capital, Brama One Ventures, Plug and Play APAC.

NSG BioLabs

A provider of level-2 biosafety co-working laboratory and office space. It offers various services and facilities, including a laboratory facility for molecular, cellular, and microbiological research, HEPA-filtered HVAC systems, and room for tissue culture and microbial work.

Also Read: How NSG BioLabs aims to nurture biotech innovation in Singapore and beyond

Founding year: 2019
Female co-founder: Daphne Teo
Total investment raised: US$14.5 million
Investors: Clavystbio, Celadon Partners, NSG Ventures.

Zimplistic

A manufacturer of automatic roti makers. It uses patented AI technology to measure and mix the correct ratio of flour and water in real-time. Its product can also be used for making paranthas, pooris, wraps, quesadillas, and other food items.

Founding year: 2008
Female co-founder: Pranoti Nagarkar
Total investment raised: US$16 million
Investors: Openspace Ventures, Robert Bosch Venture Capital.

Vaniday

An online platform offering salon booking services. It provides beauty, wellness, and fitness services and products. The platform allows users to browse salons and spas in the local area and book appointments for various services such as hair removal, massage, spa, and makeup. It also provides beauty products such as cosmetics, eye care, hair care, nail care products, and more.

Founding year: 2015
Female co-founder: Ruth Teo
Total investment raised: US$16.6 million
Investors: Rocket Internet, The Asia Pacific Internet Group, Vorwerk Ventures, HV Capital.

LionsBot International

The startup develops cleaning robots for commercial applications. Its characteristics include the ability to convey its emotions through its eyes and voice. Some of the other features include obstacle avoidance, auto-docking capabilities, AI-enabled batteries, and multiple cleaning modes. It comes with soft bumpers, an emergency stop button, and clear lights and sounds to avoid collisions with people.

Founding year: 2018
Female co-founder: Michelle Seow
Total investment raised: US$17 million
Investors: TransLink Capital, Supersteam.

Miya Health

A digital medical cost management solution for payors and employers. It offers a navigation service for patients that helps manage chronic illness and a platform that assists payers and corporates in reducing medical and administrative costs.

Founding year: 2018
Female co-founder: Shirley Ah-Hee
Total investment raised: US$17 million
Investors: Fondation Botnar, ST Engineering, Elev8, HealthXCapital, Central Capital Ventura,
SEEDS Capital.

Geniebook

An AI and app-based platform offering adaptive learning solutions for students. The platform can identify a child’s weaknesses and generate targeted questions. It enables users to improve their learning speed by practising questions at their own pace. Additionally, it provides worksheets, live and recorded classes, and more. Its app is available for Android and iOS devices.

Also Read: From brick-and-mortar to AI-powered learning: The journey of Geniebook

Founding year: 2015
Female co-founder: Alicia Cheong
Total investment raised: US$18 million
Investors: Titan Capital, East Ventures, Lightspeed Venture Partners, Apricot Capital

Us2.ai

An AI-powered tool for the detection of heart risk. The company’s flagship product, Echo Copilot, provides fully automated, real-time echo reports and disease detection, supporting healthcare professionals in interpreting echocardiograms.

Founding year: 2017
Female co-founder: Dr Carolyn Lam
Total investment raised: US$19 million
Investors: IHH Healthcare Berhad, HEAL Partners, Peak XV Partners, Pappas Capital, EDBI,
Partech Partners, Sequoia Capital, SGInnovate, StartUp Health, Startup SG, A*STAR, Fabrice Grinda, EPRV, Startup Creasphere, XNode.

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Data credit: Tracxn
Image Credit: 123RF

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