eFishery, the Indonesian aquatech startup that became a unicorn following a US$200 million Series D funding round early last month, will look to expand into other parts of Asia as well as the Middle East, said Co-Founder and CEO Gibran Huzaifah.

He, however, didn’t share specific details of the plans.

“We aim to expand our presence in several countries across Asia and the Middle East. We recognise the potential and value of tapping into these markets, and our expansion efforts will be geared toward capturing these opportunities,” Huzaifah said in an interview with e27. The company expects its lead investor of the latest round, UAE-based 42XFund, to help with the Middle East expansion.

In addition, eFishery has set an ambitious goal of exporting shrimp products overseas, starting with the US. According to data released by the Ministry of Marine and Fisheries in 2022, the US is the largest export destination for shrimp, accounting for 71.6 per cent of Indonesia’s total national shrimp exports. This indicates a significant market opportunity.

The aquaculture company was established in 2013 to provide an integrated aquaculture ecosystem. Its solutions include feeder technology, access to financial institutions, and a platform to sell fish and shrimp crops. It also provides disease prevention and productivity recommendations, tailored feed prescriptions, credit scoring and financing options.

eFishery also runs several initiatives to empower local farmers, including KASEF (Kampung Super Ekosistem eFishery – Village of eFishery’s Super Ecosystem) and eFishery Point.

KASEF, launched in 2022 in collaboration with various strategic partners, including the local administration, focuses on equipping farmers with the knowledge and skills to become our valued produce partners. As part of this, they can also participate in our programme KABAYAN, which provides access to financial support.

Also Read: eFishery banks US$200M, targets to engage 1M+ aquaculture ponds by 2025

eFishery Point, on the other hand, serves as a collaborative space where farmers can interact with eFishery innovations and learn about the latest technologies. Additionally, the company organises financial literacy workshops to enhance their knowledge and understanding.

The firm currently works with over 70,000 fish and shrimp farmers in 280 cities in the archipelago. In addition to exploring overseas expansion, eFishery will deepen its presence in Indonesia. According to Huzaifah, the Indonesian fisheries sector has experienced remarkable growth over the past year. As per the latest data, the industry now contributes nearly US$30 billion to its GDP (approximately 3 per cent of the total GDP).

“Indonesia is the world’s largest archipelago, consisting of 17,500 islands. Therefore, we approach our expansion one step at a time, ensuring effective implementation and support across different regions,” he noted.

He also revealed that eFishery achieved positive EBITDA for two consecutive years. It distributed a substantial amount of its farmers’ harvest, totalling 13,000 tons, across various regions of Indonesia in 2021. Additionally, the company’s domestic transactions reached 420 billion Indonesian rupiahs (US$27.6 million), which includes shrimp exports within the same year.

“We consistently try to sustain a healthy business cycle in our existing super-ecosystem for fish and shrimp farming nationwide through various initiatives. Our goal is to grow together with farmers within our super-ecosystem by providing support on what they need the most, such as digital fish and shrimp farming management, access to micro-financing, and assurance in the distribution flow of their harvest.

When launched in 2013, eFishery was the only aquaculture startup in Indonesia. However, the landscape has since evolved, and there are now over 50 startups operating within the aquaculture and fishery industries, each with its unique focus.

“The emergence of numerous startups signifies a growing concern and interest in the industry, further motivating us to make a positive impact,” he said. “Our missions and core purpose remain steadfast: to meet global food demands through aquaculture, offer affordable technological solutions to fundamental problems, and foster an inclusive digital economy that reduces inequality,” he explained.

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From January to May 2023, WasteX, a climate-tech company operating in the Philippines and Indonesia, implemented the biochar solution that it has produced in a poultry farm in West Java. Collaborating with agritech startup Pitik Digital Indonesia, the project aims to examine how biochar–a charcoal-like and carbon-rich substance derived from biomass–can boost the performance of the poultry industry and help achieve sustainable farming techniques.

The same solution has been implemented by WasteX in a Cavite poultry farm in the Philippines and resulted in positive reception from various government institutions.

What is the biochar, and why does it sound so promising? Biochar is produced from rice husk and poultry litter using WasteX’s proprietary equipment at one of Pitik’s farms. It is then incorporated into the farm’s operations in two ways: as a bedding additive of up to 10 per cent of the total bedding and as a feed supplement of up to two per cent of the feed.

In a press statement, WasteX says that the supplementation of bedding with up to 10 per cent biochar led to substantial improvements in the farm’s broiler chicken production with a 25 per cent reduction in chicken mortality rate and a 30 per cent decrease in overall bedding use.

It also helps the farm achieve the highest-ever recorded value in its Performance Index with a slight decrease in the feed conversion ratio or FCR. Apart from that, the use of biochar also helps with a “near-complete” eradication of E. coli and guarantees carbon credits to its clients for the entire biochar production and application.

Also Read: TRIREC Partner Mike Lim: Interest in climate tech investments remains buoyant despite challenges

Why biochar is the way to go

WasteX is the result of the Wavemaker Impact venture-building process. In an email interview with e27, Founder and CEO Pawel Kuznicki explains how the project came to be.

“We were looking for untapped opportunities where we could have the biggest financial and carbon impact. We realised that biochar is the way to go – that it is proven technology but requires commercialisation. Then we realised that potential agricultural stakeholders require a complete solution so that they would adopt it,” he explains.

“That’s how we decided to develop our end-to-end solution inclusive of our own proprietary equipment, full implementation with agronomy expertise, and carbon credits facilitation. We embarked on initial partners in pilot projects (farms and agricultural producers from the Philippines, Indonesia and Thailand) while we were perfecting our solution. With these successful initial projects, we recently started commercial implementations with a much-improved product, processes and proven benefits.”

Biochar itself has plenty of potential applications, ranging from agriculture to cement manufacturing to water filtration. But WasteX focuses on its implementation in crop farming, including cassava, cacao and vegetables.

“We offer an end-an-end that is inclusive of our proprietary equipment, full implementation on the farm, support with biochar application in farming, a digital app to monitor to progress and optimise the application, and carbon credits facilitation where we guarantee US$50 per ton biochar to farms. It is already a fairly holistic solution where we try to maximise benefits for our clients,” Kuznicki says.

Also Read: Demystifying the financial impacts of climate change with Intensel

As a company, WasteX has three sources of revenue: Equipment sales, implementation fees, and revenue sharing on carbon credits.

“We have a multi-channel acquisition strategy that includes outbound sales, digital and offline marketing, working with independent agents and partnerships. The benefits to farms are quite clear and convincing, so the major challenge is the investment required on the farm’s side. We address it by offering flexible payment plans,” Kuznicki says.

Having raised a total of US$775,000 from Wavemaker Impact and Norinchukin Innovation Fund, WasteX is run by a team of 12 splits between the Philippines and Indonesia.

“Currently, we focus on growing these two markets, but we have got client inquiries from Thailand, Australia or Vietnam, among others,” Kuznicki says.

“But we believe that Indonesia and the Philippines are huge big opportunities for our business that we want to grow the expertise and presence there so that we can provide to our clients top-notch on-the-ground service.”

In the near future, the company wants to focus on product development and customer acquisition.

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Image Credit: WasteX

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Indonesia-based remittance startup Transfez introduced a new product called Jack, a service that focuses on providing a comprehensive financial management platform for finance teams in corporations.

Jack and Transfez Co-Founder & CEO Edo Windratno told DailySocial that the idea started off just as Transfez began operating. The company learned that many of its users came from the MSME segment, using its solutions to pay invoices from overseas vendors.

“Those days, legacy players in the market required customers to visit branch offices to do remittance. That was how we learned that there is a demand to launch Transfez for Business to help corporates with the remittance, says Windratno.

As time went by, the startup also learned that remittance was only a small chunk of the financial management problems that corporations faced. Apart from that, when it comes to the remittance business, Indonesia is still considered a “recipient country” instead of a “sender country”. This is related to the high number of Indonesian migrant workers living abroad and sending money to their families at home.

This was why, in order for remittance businesses to grow, they needed to expand into the B2B segment–an issue that Transfez also dealt with.

The company then validated the question in the field until it had enough conviction to set up a separate brand entity. It ended with the launch of Transfez for Business nine months ago.

Also Read: Co-founders inject US$48M into Lightnet to grow its blockchain-powered global remittance solutions

“There is already a significant difference between Jack and Transfez for Business in terms of the features they offer. Apart from that, Transfez is also known as a remittance brand. This is why we used Jack for a fresh start.”

Windratno stresses that as a brand, Jack and Transfez are two separate entities under one corporate entity. These two brands have different focuses. Transfez focuses on overseas remittance for retailers, while Jack focuses on registered corporations with a more complex solution.

In terms of milestones, Transfez claimed to have achieved profitability due to its health unit economics and ability to acquire users organically. Its users consist mostly of expatriate, students and their parents, and import companies.

Let’s talk about Jack

Windratno further explains that Jack was developed as a response to the various challenges faced by corporations in Indonesia, including limited access to corporate credit cards and inefficient finance procedures. By using AI technology, Jack aims to revolute the financial process and increase productivity by 10 times, without neglecting the privacy and data security aspects.

Jack provides comprehensive financial solutions that include Corporate Cards, Reimbursement, Bill Payment, Local Transfer, and International Transfers. The platform helps businesses solve the problem of decentralisation as a result of using services from different platforms and vendors by offering a holistic solution to improve quality control based on real-time data and a decentralised system.

With Jack, business owners and finance teams have full control of company expenses, increasing accountability through a real-time tracking system, automated payments, cutting down transaction fees, and freeing the workload of the finance team. This is completed with a workflow that is accessible through a mobile app, helping users to manage their finance in a flexible manner.

“What sets us apart is the integration between submission, approval, and payment process. We are tackling the existing problem of financial software disintegration … the flow is more manageable, and the platform will disburse the fund as soon as there is approval.”

Windratno explains that to reimburse bills, the finance team only needs to ask employees to take pictures of the invoices and submit to the platform for approval. The Jack system is also customisable, allowing approval for every submission.

“When the last person that has been appointed has been approved to reimburse, our engine can start the transfer process. There are also other features that we are developing to help cut down the finance team’s workload.”

Since the launch of its beta platform through the Transfez for Business, Jack has received positive responses from various clients, from Visinema, Adhimix Precast Indonesia, Impactto, to Love, Bonito.

It has helped clients to cut work time down to 7,800 hours and cut down transaction fees by 60 per cent at around IDR30 billion annually.

The Jack solution is also sector-agnostic, meaning that it is suitable for companies in every business vertical with 10-250 employees. The company expects to onboard more clients in the future.

A similar solution is offered by Singapore-based startup Aspire.

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This article was written in Bahasa Indonesia by Marsya Nabila for DailySocial. English translation by e27.

Image Credit: Jack

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Startups don’t need the services of public relations agencies – at least, that’s what most startup Founders or business leaders would like to believe. But let’s review that theory, shall we?

Imagine if an employee or an executive representing your company committed a blunder. Picture this: a mishap equivalent to a botched spell or a misplaced Portkey causing havoc. Now, what if a customer complaint, fueled by a touch of dark magic, went a bit too far and quickly became a viral sensation online, casting a dark cloud of negativity on your brand?

Imagine the repercussions of such a situation, as if there is a secret dark wizard employed in your company. And what if, despite investing significant time and resources in marketing your products and services, the public remains oblivious to your brand, almost as if they were all under the influence of the memory charm, Obliviate? Clearly, in that situation, all you need is a simple Beautification Charm.

But, since we don’t have that in the real world, how about trying the next best thing and getting yourself a reliable PR agency to act as your Patronus and keep all those Dementors, aka negative public perception, at bay?

The importance of public relations in crisis management

Ok – maybe that was too Harry Potter. Let’s study a real-life example. Startup Y is a Malaysian tech company that recently launched a groundbreaking e-commerce platform, aiming to revolutionise online shopping in the country.

The platform has gained popularity among users, receiving positive reviews and attracting significant media attention. However, as the user base expands rapidly, Startup Y encounters a PR crisis when a major data breach occurs, compromising the personal information of thousands of users.

Also Read: Barbie-fy your business with the power of PR

News of the data breach quickly spreads across social media platforms, causing panic and eroding trust among users. Negative comments, online articles, and viral videos criticising the startup’s security measures start circulating, damaging Startup Y’s reputation and impeding further user acquisition. The internal team at Startup Y, overwhelmed by the crisis, struggles to respond effectively, exacerbating the situation.

Recognising the urgency and severity of the issue, Startup Y realises the need for professional assistance and decides to engage a reliable PR agency with expertise in crisis management and come with amazing media relations, specifically in the Malaysian market. Fortunately, the PR agency quickly takes charge and develops a tailored communication plan to address the issue and rebuild trust with the affected users.

You see, being a Founder of my own company, I know for a fact that sometimes leaders tend to think that they know everything that is best for their business. Sometimes they feel like they can do everything themselves, so why would they need to involve outsiders in their operations? Why try to fix something that is not yet broken, right?

Why startups need to invest in PR agencies

Sirius-ly, you may need to think of it this way – you’re just preparing the umbrella before it rains, and this umbrella of yours is not a normal umbrella that just protects you from getting wet. It also actively does its best to make sure that you have sunscreen on and always look your best whenever you step outside. You may not think you need that umbrella because it’s not raining yet, but believe me, you’re going to wish you had that umbrella ready at arm’s reach.

Hiring a PR agency to take care of the image aspect of your business is especially crucial for startup companies.

While the founder Focuses on the business aspect of it, the little elves of the PR agency can work simultaneously to increase the visibility of your company, manage any crises that may arise, increase the rate of positive perception towards your brand and handle the creative aspects that will aid in maintaining a good reputation among the public, which to be honest, are your potential customers.

Also Read: The growth of business messaging: How it’s improving business performance in Southeast Asia

Proactive PR consultants will make sure that you are seen by the right people (like VCs) at the right time.

Needless to say, having a PR agency to handle the image and publicity side of your business is a convenience that not many leaders leverage. Everyone knows that the company’s image can make or break a business – so what’s the harm in ensuring that you’ve got yourself covered if anything goes wrong?

For companies that have been around for quite some time, having a PR agency to back them up can also mean increased credibility of the brand. The PR consultants will be able to advise you on certain aspects of the business that you should emphasise based on their knowledge within the media industry. This also applies to startup companies too. It can show potential investors that your company truly is worth the money.

Aside from that, the people at the PR agency can even help you get in touch with the right people at the right time. Looking for an award? Let the PR people know what kind so they can put out their feelers out there. Need help to get people to come to your company’s event? Let the PR people know so they can get in touch with their vast network of media contacts to make that happen!

Ultimately, a PR agency can help you with your business in so many ways that you may not even realise, especially for startup companies. It’s hard to list down all the benefits of hiring a PR agency as most of them have their own specialities and areas that they tend to focus on. But I have managed to pique your interest, pick up the phone and try giving a few PR agencies a call to discover which one is right for you.

“The wand chooses the wizard, Harry,” said Garrick Ollivander from the wizarding world. But in this case, you choose your wand and just watch the magic happen.

And to answer the earlier question, yes, startups do need a reliable PR team to back them up!

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Image credit: 123rf-gesrey

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The digital landscape is abuzz with a debate on the disruptive potentials and the pros and cons of generative Artificial Intelligence (AI). Numerous AI tools have already made their mark in the market, including Adobe Firefly.

Firefly, launched early this year, is a generative AI tool focusing on the creation of images and text effects. The platform eliminates the need for deep coding knowledge or complex prompt engineering. Firefly, as Sinnathamby explains, plans to introduce an array of utilities that it expects to revolutionise the design and editing process.

Also Read: Is generative AI the game-changer for productivity?

Firefly allows anyone to produce images, videos and documents and is available in 20 languages, including French, German, Japanese, Spanish, and Brazilian Portuguese. Companies can integrate Firefly with their creative collateral to generate content featuring images, vectors, and brand language. The platform also offers a mechanism for businesses to secure IP indemnity for content generated through certain workflows.

Upon its commercial launch, Firefly is slated for integration into a range of Adobe’s product lines, including Adobe Experience Manager, Express, Photoshop, and Illustrator, eventually extending to all Adobe products.

Firefly’s reach, at present,  is confined to desktop environments, with accessibility on tablets or mobile devices yet to be introduced.

Moving forward, Firefly aims to add new utilities to allow users to declutter photographs, alter a video’s ambience, introduce new elements into illustrations, experiment with various design options, enhance 3D objects with texture, and architect unique digital experiences.

Breaking language barriers

Sinnathamby claimed that nearly a billion assets have already been generated on Firefly via the Adobe website and Photoshop.

The company is keen on expanding its capabilities by collaborating with the video and audio community to add video editing features in the near future. They include:

• Text-to-colour enhancements: to enable users to instantaneously modify the mood and setting of their works through simple prompts.
• Advanced audio generation capabilities: to seamlessly produce royalty-free custom sounds and music, enabling users to tailor auditory experiences that complement a specific scene or emotion.
• Quick generation of eye-catching fonts, text effects, graphics, and logos: to enable users to create subtitles, logos, and more within minutes, using just a few keywords.
• Powerful script and B-roll capabilities, where AI analysis of script to text will dramatically accelerate pre-production, production, and post-production workflows.
• AI-driven creative assistants and co-pilots that provide personalised, generative tutorials. These features are designed to help users master new skills quickly and streamline the process from initial vision to creation and editing.

“The vision for Adobe Firefly is to help people expand upon their natural creativity, regardless of their experience levels with design and technology. Generative AI will drive significant gains in productivity,” said Sinnathamby. 

Also Read: Why the future of work at Adobe is hybrid and how we are building it

Adobe, which is part of Singapore’s AI Verify Foundation to promote the responsible use of AI, wants to develop creator-centric generative AI tools responsibly. For instance, Content Credentials are automatically attached to content created with Firefly to indicate that generative AI was used. 

As Firefly transitions from its beta phase, Adobe is developing a compensation model for its Stock contributors. This is aimed at catering to a diverse community of creators, including professionals and hobbyists. 

As the AI landscape evolves with impending announcements and updates, the market response to Adobe’s adaptations will only enhance this dynamic ecosystem.

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Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.

Image credit: Adobe

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Less than eight months after securing US$6 million in funding from some of the top VCs in Southeast Asia, Bangkok-headquartered HD attracted a new round of “significant investment” from Vietnamese VC firm FEBE Ventures.

HD, which runs HDmall (a healthcare and surgery marketplace) and HDcare (an elective surgery product) in Thailand and Indonesia, is looking to deepen its presence in the region and expand into new markets.

Also Read: ‘Airbnb for surgeries’ HDmall gets FEBE Ventures backing to deepen market presence in SEA

e27 caught up with HD Co-Founder and CEO Sheji Ho to discuss the company’s plans.

Below are the edited excerpts from the interview:

Can you disclose the deal size and other details?

We’re not in a position to disclose the funding amount, but it’s a considerable sum on top of our last US$6 million which will enable us to achieve our goals.

HD plans to deepen your market presence in Southeast Asia. Does this mean you plan to expand into new markets or expand further in your existing markets?

As a marketplace business, our lifeline is liquidity. Therefore, our main priority is to continue to add more healthcare providers to our platform, whether it’s hospitals, clinics, operating rooms, or surgeons.

We entered into our recent strategic partnership with Johnson & Johnson MedTech to do this. Our collaboration with them has been pivotal in accelerating our supply-side acquisition efforts.

Regarding geographical expansion, we plan to cement our leadership position in Thailand, accelerate our Indonesia marketplace liquidity, and enter Vietnam next year.

What synergy does HD see with FEBE Ventures? Do you want to open an office in Vietnam as well?

We consider FEBE as a strategic partner for our Vietnam market entry. It understands what it takes to build and operate a business. With its experience and network, we’ll be able to work closely with the firm to launch our healthcare and surgery marketplace in Vietnam.

FEBE also sees a blue ocean opportunity for our business model, which currently does not exist in Vietnam; most startups there are telehealth, online pharmacy, or insurance-focused.

How has HDcare grown since its launch in January? Do you foresee a strong demand for elective surgery in SEA?

Our HDcare elective surgery business has grown 30x since its launch. This is driven by a rapid supply-side expansion in terms of the number of hospitals offering us operating rooms and the amounts of surgeons on our platform.

In addition, our strategic partnership with Johnson & Johnson Medtech only recently kicked in, and overall we’re already seeing patient inquiries up 50 per cent from July going into August.

And we’re only scratching the surface; the private healthcare opportunity in emerging SEA markets is massive. Thailand alone is estimated to have a US$7 billion private healthcare market size (self-pay and private insurance).

With healthcare spending in emerging SEA expected to outpace GDP growth by 3x, we’re looking at a combined US$100 billion+ private healthcare opportunity by 2033 for Thailand, Indonesia, Vietnam, and Myanmar.

Elective surgeries outside social security coverage alone take up half this opportunity at over US$50 billion.

Do you plan to add new products and venture into new verticals?

We’re currently 100 per cent focused on our ‘dual engine’ strategy of running HDmall (mostly outpatient) and HDcare (inpatient, elective surgeries).

Also Read: These former aCommerce execs are building an ‘Amazon’ for healthcare in Southeast Asia

That said, there’s been interest from insurers to work with us more closely. They see our elective surgery network as a lower-cost option to reduce their claim costs.

Also, there’s a huge opportunity to use our healthcare data set to train Large Medical Models (LMMs) in the future to automate and optimise different parts of the insurance value chain, for example, prior authorisations and utility management.

Can you share your m-o-m revenue growth over the past three months?

Fueled by our HDcare expansion, we’ve been able to continue to grow consistently at double-digit month-on-month percentages.

You plan to achieve profitability by the end of the year. Do you have any concrete plans to achieve this goal? Does it also mean you will go frugal by cutting costs, reducing staff, etc.?

Our profitability milestone will be mainly achieved by scaling our current business, particularly HDcare elective surgeries. We’ve been running our business quite efficiently, especially compared to other startups that previously raised large sums of money during the bull market.

What are HD’s short-term and long-term plans?

Our immediate goals are to accelerate marketplace liquidity for both HDmall and HDcare so we can offer more accessible and affordable healthcare and surgeries to patients in our markets.

Over the long term, we see an opportunity to work closely with insurers and employers to reach even more patients with affordable, high-quality care and surgeries.

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(The second picture used in this article is AI-generated)

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In an email interview, e27 asked TRIREC Partner Mike Lim about the state of climate tech investment in Southeast Asia (SEA) today. According to him, the diversity of the region presents “both challenges and opportunities”.

Because of that, he stresses that understanding the specific contexts and challenges of each country is crucial for successful climate tech investments.

“Many governments in SEA have recognised the importance of addressing climate change and are committed to sustainable development goals. There are policies and regulations put in place to encourage the adoption of climate technologies and incentivise climate-friendly efforts. This presents an opportunity for climate tech startups to align with government priorities and access support and funding,” Lim says.

“Moreover, as SEA is exposed to a wide range of climate-related challenges, including rising sea levels, extreme weather events, deforestation, air pollution, and water scarcity, climate tech startups are well poised to address these specific challenges and create impactful solutions that resonate with local communities,” he continues.

“Lastly, SEA’s startup ecosystem has been flourishing in recent years, with a growing number of entrepreneurs and investors focusing on technology-driven solutions. This ecosystem provides a good grounding for climate tech startups to thrive, collaborate, and attract funding.”

Also Read: What is left behind in our conversation on climate change

In terms of challenges, like many other verticals, Lim points out that climate tech investment has also been affected the ongoing funding winter with its market fluctuations and changing economic conditions.

“However, we have also observed that interest in climate tech investments remains buoyant, with investment continuing in the space, albeit at more reasonable valuations compared to about two years ago,” Lim says.

This is why Singapore-based TRIREC remains optimistic about the prospect of climate tech investments in SEA.

“The urgency and importance of addressing climate issues have not diminished, and there is a persistent global commitment to decarbonisation and sustainability. As such, we believe that the enduring interest in climate tech and the growing awareness of environmental issues will continue to provide a strong foundation for continued investment in this sector,” Lim stresses.

How TRIREC supports climate tech startups

When it comes to supporting startups as an investor, Lim explains that TRIREC recognises the barriers faced by climate tech startups and are actively working to support them in overcoming these challenges.

“Drawing from our own entrepreneurial experiences and diverse backgrounds, we also provide valuable insights and strategic direction to help these startups navigate the complexities of the market,” says Lim.

Also Read: Demystifying the financial impacts of climate change with Intensel

“Moreover, we have an extensive network and connections within the climate tech ecosystem that we can tap into to facilitate collaboration between startups and industry partners. Our strategic partnership with Pacific Channel is one example. We believe that such collaborations can lead to greater market access for startups aiming to make a broader impact.”

As a venture capital (VC) firm, TRIREC focuses on decarbonisation investments with a focus on five verticals: Food and agriculture, mobility, buildings, industries and energy.

According to the firm in a statement, through its expertise in analysing decarbonisation technologies, TRIREC maximises climate impact and business gains by focusing on investing in exceptional entrepreneurs whose innovations accelerate the reduction, prevention or sequestration of greenhouse gas emissions.

It has 20 portfolio companies from two funds, with three of them becoming unicorns.

“This year marks an exciting and transformative period for us as we embark on two significant fundraising initiatives. The first is TRIREC Venture II, a continuation of our early-stage decarbonisation strategy with a global mandate. We hope to raise between US$150 million to US$200 million to build on our previous successes,” Lim explains the firm’s upcoming plans.

“The second will be Energy Ignition Venture, which is a groundbreaking collaboration with INNOPOWER, a Thai-based energy innovations company which is formed through a joint venture between three of Thailand’s leading energy companies. This is a US$100-million growth stage fund that will invest in startups with existing revenue traction and help them accelerate their growth trajectory,” he closes.

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Image Credit: TRIREC

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Terminal 3, a Hong Kong-based Web3 startup, has raised undisclosed pre-seed funding. 

The investors include 500 Global, CMCC Global, Consensys Mesh, Bixin Ventures, BlackPine, DWeb3, Hard Yaka, Bored Room Ventures, and Mozaik Capital.

Terminal 3 was founded by Gary Liu alongside his partners Malcolm Ong (CPO) and Joey Liu (COO).

Terminal 3 aims to replace centralised data storage that deprives users of privacy and saddles enterprises with compliance and security issues and associated costs. It leverages decentralised storage and zero-knowledge proofs to empower an equitable Web3, where user data is freely composable while remaining fully private and secure.

Also Read: Don’t just build a Web3 community, start a movement

“The continued growth in blockchain allows us to reimagine digital data ownership and security,” said Gary Liu, CEO of Terminal 3. “We believe that data should flow freely between applications to drive innovation and improve user experience, but not at the expense of personal privacy and control.”

The three co-founders previously worked together at the South China Morning Post, where they led the newspaper’s digital transformation. Gary was the Post’s CEO, while Malcolm and Joey were SVP of Product and Head of Strategy, respectively.

Ong was also the co-founder and CTO of Skillshare, an online learning community for creativity, while Gary and Joey co-founded Artifact Labs, a Web3 startup backed by Blue Pool Capital and Animoca Brands. Gary is also the Founding Chair of Web3 Harbour, an association in Hong Kong serving Web3 builders, investors, users, and leaders.

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Dear Pro member,

Halodoc has raised US$100 million in a Series D funding round led by existing backer Astra Digital. With this, the total capital raised by the Indonesian healthtech company so far has touched US$258 million, bringing it closer to achieving unicorn status.

The company’s success can be attributed to its extensive network of more than 20,000 medical practitioners, 3,300 hospitals, and 4,900 pharmacies, providing comprehensive healthcare services to the Indonesian population.

As of 2022, Halodoc boasts an impressive user base of over 20 million monthly active users, demonstrating its widespread popularity and effectiveness. This substantial investment will undoubtedly bolster Halodoc’s growth, allowing it to expand its services further and solidify its position in the competitive healthtech market.

This is the top story of today’s Ecosystem Roundup.

Scroll down to read the other major headlines.

Sainul,
Editor.

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Indonesia-based healthtech firm Halodoc raises US$100M Series D
The lead investor is Astra Digital; Halodoc’s platform offers its users a network of over 20,000 medical practitioners, 3,300 hospitals, and 4,900 pharmacies.

VinFast to close SPAC deal in August at US$23B valuation
The merger with Black Spade Capital brings VinFast to a US$27B enterprise value and US$23 billion equity value, making it one of the most highly valued EV firms globally.

Bukalapak posts US$40.7M net profit in Q2 as revenue increases 30%
A major driver for this growth is its marketplace unit, which recorded a 74% growth in revenue to US$45.3M; The segment encompasses its general Bukalapak platform as well as Itemku, which it acquired in 2021.

Blibli’s revenue up 16% in H1 2023, loss narrows by 29%
The company generates its revenue from first-party retail, third-party retail, corporate customers, and physical stores. Only first-party retail experienced a decline in net revenue for H1 2023, dropping 6% year on year to US$260M.

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One of our greatest global health challenges is mental health.  As this challenge increasingly becomes more dire in recent years accelerated by COVID, many digital solutions have arisen.  Many of these have put data science and AI at the core, and more recently, capabilities in generative AI and Large Language Models.

I presented three ‘calls’ that are thematics of what will drive real-world application in mental health and some examples of global innovators that showcase these themes.  These were presented alongside speakers from MOHT and SAS Institute at a recent IDEAS event, hosted by Temus and organised by the Singapore Computer Society (SCS).

Real-world applications of AI in mental health can

• Enable precision in mental health. ML and AI can help more accurately diagnose and provide personalised treatment plans by collecting and analysing a wide range of data points (e.g., medical history, symptoms, and behavioural patterns) instead of relying on traditional inputs such as self-reporting.
• Combine physical and mental wellbeing together. Mental health has physical indicators that offer a far more powerful, objective basis, especially when we combine AI with other technologies such as IOT.
• Build solutions that can provide immediate cost savings now, not only focusing on solutions that provide potential savings in the future over very large population cohorts.

Bright spots in the industry

 One example AI being employed in digital health that I spoke about was Spring Health from the US. Their precision mental healthcare approach involved clinical assessment, personalised care plan, real-time provider feedback & recommendation and digital content.

Their mobile and web platforms use machine-learning models leveraging millions of data points to tailor interventions and treatment plans. Users reported an improvement in mental health (~70% of participants in a study improved their mental health), with fewer missed workdays, increase in productivity, and up to an average of US$7k in cost savings per participant.

Also read: How conversational AI is reshaping data insights and adolescent mental well-being

In the UK, BioBeats demonstrates how users can combine physical and mental wellbeing. It is a mental health app leveraging AI to interpret sensor data such as heart rate variability and activity, as well as psychometric data from a wearable.

A wellbeing score offers employees an overall measure of mental wellbeing based on personal health data e.g., sleep, activity, heart rate, mood and cognitive function; and delivers digital therapeutics. Companies saw a 31 per cent cut in employee absence and 54 per cent decrease in cost from reduction in length and number of sick leave when their staff used the app.

Big Health’s flagship product is Sleepio, a cognitive behavioral therapy app that aims to help users’ poor-quality sleep and insomnia. They use an artificial intelligence (AI) algorithm to provide people with tailored digital cognitive behavioural therapy for insomnia (CBT-I).

Evidence is everything in digital transformation: Big Health designed an interrupted time series analysis, comparing primary care use before and after the rollout of Sleepio, and focused on how many times people saw their GP and the relevant prescriptions they received. Sleepio became the first digital therapeutic to receive NICE (National Institute for Health and Care Excellence) guidance for NHS use last year to treat insomnia.

Why are we not already using technology widely to enhance healthcare?

Technologists must collaborate with both medical practitioners and financiers to ensure the implementation and effectiveness of the solution. Because medical treatments will inevitably involve insurance and/or public subsidies, there is also the question of whether digital care or prevention can pass the traditional lens and evaluation criterion to enable coverage. Lastly, verdict is still out on what is the ‘right’ balance between safety and innovation.

We are pioneering some of these technologies and the infrastructure and processes of industrialising technology hasn’t caught up yet.  This includes the necessary medical and legal frameworks for endorsing & measuring efficacy. Current medical and legal frameworks do not account for measuring the efficacy of AI-enabled healthcare, so tests need to be designed to ensure accuracy and robustness.

Also read: Moving mental health out of Freud’s era and beyond the couch with big data

In conclusion, AI is an amazing tool when added to the healthcare toolbox, but not a silver bullet at its current stage of development. It is most powerful when combined with other technologies for a more comprehensive and practical solution. We also must recognise the barriers to adoption and scale within the sector if we hope to continue to push the boundaries of health.

AI is here to stay, and here to help. The brightest brains around the world are and continue to pour capabilities and resources into this field —  we are only just starting to see the potential of these technologies in health and healthcare.

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