Aerodyne Group, a drone-based enterprise solutions provider headquartered in Malaysia, has signed an agreement with Singapore-based air mobility company DroneDash Technologies to introduce cross-border drone delivery services between the two countries.

This aims to boost logistics efficiency between the two countries and advance the region’s delivery and supply chain capabilities.

The two firms will work to obtain all necessary permits to commence shore-to-shore drone operations along the Malaysia-Singapore corridor.

Also Read: AI can bring more intelligence and automation into drone industry: Aerodyne CEO

Central to the operation is a cutting-edge navigation system crafted from satellite communications with expansive dual-city 5G roaming to ensure drones safely navigate through congested maritime and aerial paths.

The service is designed for critical deliveries such as urgent documents, high-value electronics, medical supplies, and perishable foods. The features include real-time tracking, advanced security protocols, and blockchain technology for logistical oversight.

The drones can carry up to 30 kilograms and achieve 150 km/h speeds within a four-hour flight.

The initiative will initially focus on establishing delivery routes to Johor Bahru and Iskandar Malaysia, which were strategically chosen for their proximity to Singapore. This phase sets the foundation for future expansion throughout Malaysia, with commercial operations anticipated to start in Q3 2024.

“Organisations in the logistics, cargo delivery and freight services sector stand to gain a double-digit percentage improvement in overall productivity and cost. Drone deliveries are also beneficial
for the environment with emissions and carbon footprint being reduced by up to 100 per cent and 80 per cent, respectively,” said Paul Yam, CEO of DroneDash.

Also Read: Petronas leads US$30M financing round of Malaysian industrial drone firm Aerodyne

Aerodyne specialises in managing critical assets like power lines, solar facilities, telecom infrastructure, agriculture, and oil and gas operations.

DroneDash is an air mobility infrastructure company that has a presence in five Asian countries. It harnesses the integration of advanced innovations with drones and robotics to provide environmentally friendly and sustainable delivery solutions for customers and stakeholders across the public and private sectors.

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X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.

Want more from your Echelon experience? Be an Echelon X sponsor or exhibitor. Send enquiry here.

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The consumer packaged goods (CPG) industry has a problem with short product life cycles. CPG companies often face restricted timelines and high costs associated with identifying, validating research for, and creating hyperlocalised product concepts. This is a problem that AI Palette wants to solve with its AI solutions.

CPG has been lagging in AI adoption compared to other industries, such as healthcare or fintech, according to Kasun Perera, Head of Data Science, AI Palette, in a conversation with e27. Meanwhile, the use of AI can be helpful in areas such as product innovation.

“The CPG sector, when they want to introduce or even renovate new products to the market … there is a 90 per cent failure rate,” Perera says.

The reason behind this high failure rate is the research process itself. Companies will perform a go-to-market survey of 1,000-2,000 customers about what they want in a product, then perform data crunching to develop product ideas. Even if the process results were accurate, a product innovation likely takes at least 12 months to complete. By the time the product is out, there is a possibility that the trend has already changed.

This is why AI Palette developed a Gen AI-powered platform to reduce research and marketing costs for CPG brands by providing them with the ability to identify consumer trends as they emerge, facilitating the rapid development of new food product concepts that resonate with market preferences.

Its Creative Suite offers FoodGPT, an F&B domain-specific conversational agent that enables users to quickly discover insights on trending ingredients and consumption themes across countries and categories, complete with references and source citations. It can even go as far as envisioning how the product can be launched in the market by generating image collateral for product packaging and even suitable marketing campaigns.

Also Read: Transforming customer service: AI’s “artificial empathy” holds the key

AI Palette works with 61 billion F&B domain-based data points accumulated from over 150 data sources. It helps companies such as Monde Nissin, Kellogg’s, Olam Food Ingredients, Symrise, and Nestlé accelerate their new product development cycles.

“AI Palette collects the data from consumer footprint from multiple different sources. When you go in and have something from a fancy restaurant, you may actually post that on social media. You may order something from FoodPanda, buy groceries from e-commerce platforms, or share recipes … These are not asked from the customers. These are genuine feelings that they are putting up there,” Perera explains. “If we can tap into that, it is going to [lead into] an organic conversation.”

In the last five years, AI Palette has been collecting data from 24 different countries in 18 different languages.

“Navigating through this massive amount of data was quite hard for our users; they were also always looking for an easy experience. Then Generative AI comes in to help us,” he says. “You simply ask the question, what are the top trending ingredients in a beverage category in Australia? If you want to develop a new product, then this is a question you can ask instead of having five different clicks. The system can easily answer because we already have that crunch data in our database.”

“It’s just like asking insights from your colleague in the same office.”

AI Palette mostly works with sales, marketing, and brand managers for CPG companies.

Most of their existing users are already users of the company’s other solutions. The Gen AI tools are being sold on top of these tools as a value-added service.

Also Read: How Transparently.AI uses Artificial Intelligence to detect accounting manipulation, fraud

Building an AI company in Singapore

AI Palette’s Creative Suite, including FoodGPT, was crafted using Google Cloud’s Vertex AI platform and foundational models as part of the AI Trailblazers initiative.

For AI Palette, the choice of Singapore as a development hub stems from the supportive government initiatives, industry readiness, and robust infrastructure, with cloud providers such as Google Cloud facilitating advancements in generative AI. The strategic location enables swift prototyping and validation crucial for Generative AI, given its inherent costliness, according to Perera.

Furthermore, Singapore serves as an ideal base for AI Palette due to its diverse talent pool. The company’s tech team comprises individuals from Bangladesh, India, China, and local Singaporeans, creating a dynamic mix of skills and perspectives. Additionally, Singapore’s status as the Asian headquarters for many of AI Palette’s customers facilitates streamlined communication and collaboration, contributing to the overall success of its AI initiatives in the region.

AI Palette is run by a total of 80 people in three different locations: Singapore, India, and the US.

The company has operated for about five years; it started as an incubatee at Entrepreneur First. Its latest funding round was a Series A in 2021.

“The big plan is to push more and more on the Generative AI side … building these conversational AI capabilities into the CPG sector,” Perera closes.

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Image Credit: AI Palette

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Global climate change presents one of the most pressing challenges of our time, impacting ecosystems, economies, and communities worldwide. The rise in greenhouse gas emissions, primarily from human activities such as burning fossil fuels and deforestation, has led to unprecedented changes in Earth’s climate system.

The world over, many tech entrepreneurs are working to mitigate the impact of climate change, and they need support and capital to achieve their mission.

The Radical Fund is an investor helping climate-tech companies with capital and guidance in Southeast Asia (SEA). The fund invests in early-stage disrupters.

In an interview with e27, The Radical Fund Managing Partner and CEO Alina Truhina delves into the fund’s unique approach to identifying and nurturing ventures aligned with the climate resilience needs of SEA. With a focus on scaling businesses for impactful climate solutions, Truhina outlines the rigorous criteria used to select founders and ventures, emphasising a tailored, hands-on approach post-investment.

Edited excerpts:

What specific criteria do you use to identify founders and ventures that are aligned with the climate resilience needs of Southeast Asia?

The Radical Fund invests in entrepreneurs and business models that can scale. A scaling business is the best engine for impact; it delivers a self-financing economic model with capacity and inclination towards innovation and adaptation.

To achieve this, we seek and identify local entrepreneurs with a personal connection to the opportunity and the drive and ambition to conquer a scaled addressable market.

Also Read: New year, new funding strategies: Powering up sustainability tech startups

Every business in our portfolio is evaluated for its potential to drive climate resilience in Southeast Asia. We measure this in three ways:

• The entrepreneur’s prior experience in and openness and commitment to the issue,
• The setting of clear and defensible metrics that estimate and validate the venture’s potential to drive climate mitigation/adaptation,
• The designing of tactical solutions to reach those metrics by aligning the business model and value chain to the climate goals.

Specifically, we focus on/ look for:

1. Founders/founding team: Early-stage investing requires a heavy reliance on identifying founders as there is often a lack of historical performance data:

• Personal motivation and connection to the solution are critical. Being a founder is hard, and personal motivation is key in providing drive in the hardest moments.
• Domain and sector expertise: we seek deep experts, not all-rounders, who can deliver unique solutions to exceptional problems.
• Empathic strong leaders: we believe in entrepreneurs who can understand the needs of all their stakeholders (customers, employees, investors, etc.) and chart a direct and efficient path to success. We seek founding teams who approach building a business with a user-centric, not technology-first, approach (iteration, agility, customer centricity, etc.)
• Coachability: we seek entrepreneurs who are lifetime learners and open to radically transparent feedback.

2. Scaled commercial opportunity: In evaluating a business’s potential, we look at the total addressable market (TAM), unit economics and margins, MOAT, and cap table for incentivisation. We also seek and validate user demand and product-to-market fit.

3. Climate potential: We unpack whether the venture already has — or has the potential to have – climate impact in SEA. We look at the specific applicability of opportunities to SEA through 3 main lenses:

• Is SEA the primary or significant strategic geography where the venture’s climate impact occurs or could occur in the future?
• How important is it to SEA based on the sectors with the most emissions and/or adaptation potential?
• Is the solution contributing to an inclusive climate transition (affordability, accessibility)?

How do you ensure that the ventures you invest in address the unique challenges communities face in Vietnam, Thailand, Indonesia, the Philippines, Singapore, and Malaysia?

The Radical Fund starts with selecting the founders and ventures that can show their understanding of the unique challenges faced by communities across SEA:

• SEA investment focus: we are uniquely focused on founders building and scaling ventures in Southeast Asia. This means that, unlike other funds, we do not invest in US or European companies and expect them to expand to SEA.
• Evaluation of the problem-solution fit: in our due diligence, we evaluate the extent to which the founding team understands the specific challenges of their market and customer. This is critical to us, and one of the most important aspects that we review is whether the founding team has done enough validation and can prove that the problem they are trying to solve is real (this is called “problem-solution fit”).
• Local founders: We also have a significant bias toward local founders – this means that the entrepreneur was either born and raised in the SEA market or has spent a significant amount of time here and understands the specific geographic, social and sector nuances.

Post-investment, we ensure we support our companies in a very tailored and hands-on manner:

Our hyper-localised approach is strategic: our team is embedded into the local ecosystems of each market to source and originate deals, as well as to support then the ventures post-investment across all aspects of the ventures’ needs:

• Climate management; product, growth, and talent; commercial and business model design; commercial partnerships; investment; governance and financials; operations.

For example, our Chief Product Officer works closely with our ventures to support them with getting to product-to-market-fit faster, which means understanding the users of the communities and their specific needs;

Another example is that our Head of Climate works closely with our founders to ensure we capture and design the relevant climate management frameworks and KPIs that help the founding team address the country’s most appropriate climate needs.

Can you provide examples of successful ventures in your portfolio that have demonstrated a strong understanding of their target market’s needs and behaviours?

One of The Radical Fund’s recent investments is Arkadiah Technology:

A seed-stage nature technology company that uses AI to fuse lidar and remote sensing to bring transparency and traceability to unlock nature as an investment asset in Asia, delivering high-quality carbon/nature credits, community impact and investment returns.

Also Read: Arkadiah secures seed funding for AI-driven nature restoration solution

Arkadiah operates across Singapore and Indonesia and will soon be in the Philippines and Malaysia.

Arkadiah’s platform was purpose-built to cover Southeast Asia’s rich biodiversity and landscape. Its founding team is local and consists of practitioners and experts in reforestation and landscape restoration, ecology, geospatial technology and software development.

How do you evaluate the scalability potential of the solutions proposed by the ventures you invest in?

We analyse the following elements:

• Differentiation of the product/service – the moat of the business
• Unit economics/commercial model
• Business model (e.g. B2B/asset light/capex heavy, etc.)
• Current and prospective primary and secondary customers/users
• Current and future market expansion opportunities (market size)
• Regulatory tailwinds (in SEA).

Could you elaborate on the types of new business models that your ventures are exploring to address climate resilience in Southeast Asia?

• Deeptech/IP-led businesses
• Business model innovation
• Examples of business models:
• Marketplaces
• Software and data
• Manufacturing
• Retailing
• SaaS
• Distribution-based business model
• Project management
• Resource Management

What strategies do you employ to support ventures in achieving mass adoption of their solutions within the region?

The Radical Fund helps our entrepreneurs understand their market in direct ways that deliver unexpected insights and stimuli that create unique solutions and strategies. Through a combination of human-centred research, on-the-ground technical expertise, and creativity, we enable our portfolio to grow beyond just our capital investment.

Specifically, we push our founders to think narrowly about achieving product-to-market fit while maintaining an eye on the scale (TAM, unit economics, distribution partnerships, etc.). We work in sprints, aligning outcomes with cash flow and funding, and only pivot when the data supports the need.

We also work hard to help the entrepreneur see their pathways to scale. In general, after reaching product-to-market fit, we believe that businesses scale in one of two ways: product/service extension and new markets. This choice is often overlooked and mishandled.

Perhaps the most important support The Radical Fund provides is in being the entrepreneur’s partner. Being a leader is a lonely role, and we work hard to remove that pressure. Beyond a sense of community, we try to give the entrepreneur the sense of controlling time rather than time controlling them. We do this through careful planning, prioritising outcomes to deliver sustained capital investment, and identifying and engaging unexpected risks.

Can you explain how you facilitate the entry of ventures into new markets within Southeast Asia?

Our model rests on the principle that our team is local, which means we have an on-the-ground presence in several of SEA’s markets (and will soon be in the majority). We facilitate expansion and entry into new markets through:

• Business growth strategy: we define their expansion strategy with the founders. See above Q on strategies for scale.
• Product & growth: we support testing and validating with customers in the new market. This is critical, as it would define the venture’s market entry strategy and positioning.
• Operations & talent: we support defining the right talent and hiring plant (including which roles to hire when), and also help with actual recruitment of the team in new markets.
• Network: our LPs and partners are in each market.

How do we work with ventures on their climate strategies?

The Radical Fund diagnoses their needs and level of “climate maturity” pre-investment so that post-IC, we can develop tailored approaches and plans for each company. This could be developing clear KPIs and climate metrics (GHG emissions reduced or dollars saved due to avoiding losses, for example) and/or developing a clear climate strategy for avoiding unintended negative impacts throughout the business’s value chain.

Also Read: The key to tackling climate change: Electrify shipping

This is part of our value creation and portfolio management and is closely aligned with and embedded with the commercial growth of the business – we believe that the companies that can scale significantly are commercially viable and will have the greatest chance of delivering scaled climate outcomes in the region.

How do you determine the appropriate ticket size and investment instruments (SAFE notes, direct equity, grants) for each venture in your portfolio?

Each venture and founder is different, so we take an individualised approach to every company. This means that some pre-seed ventures may need a SAFE note based on their maturity and stage of venture development, while those that raised previous rounds may be ready for a priced equity round. We also work closely with all of our co-investors, which means we consider their requirements. We lead, as well as follow, depending on the deal.

Overall, the main principles behind our decisions are:

i) Does this make sense for the founders, and does this set them up for success, based on what we have learned about them in due diligence?

ii) Does this make sense for us as investors in our conviction of the venture’s growth and, therefore, future exits and returns from the company as it scales?

We usually invest on average US$250,000 at pre-seed, US$500,000 at seed, and up to US$850,000 at pre-Series A, but there are always exceptions.

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X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.

Want more from your Echelon experience? Be an Echelon X sponsor or exhibitor. Send enquiry here.

The post How The Radical Fund discovers, backs, spearheads climate-resilient ventures in SEA appeared first on e27.

David Chen, who previously headed Singapore-based buy-now-pay-later (BNPL) platform Atome, has shifted gears to join GoTo Financial as Head of Consumer Lending.

This news follows another high-profile departure from Atome last year, with former regional General Manager Trasy Lou Walsh leaving to build the B2B payments company Fluid.

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

Known for his extensive experience in both technology and finance, Chen spearheaded Atome’s growth into a regional powerhouse with over a decade of industry expertise. He also founded Nestia, a popular Singaporean consumer lifestyle app.

While transitioning to GoTo, Chen will retain his co-founder role at Atome’s parent company, Advance Intelligence Group, and remain Chairman of Atome Financial.

Chen has a PhD and Master’s degree in Computer Science and has professorial experience at both Shanghai Jiaotong University and Nanyang Technological University.

Also Read: Advance Intelligence Group acquires Jewel Paymentech to expand Web3, fraud and risk management capabilities

Founded in 2016, Advance Intelligence Group is headquartered in Singapore, with operations across Asia. It provides an ecosystem of AI-powered, credit-enabled financial products and services that include BNPL platform Atome; lending platform Kredit Pintar; SaaS solution for enterprise digital identity, compliance and risk management ADVANCE.AI; and omnichannel e-commerce merchant services platform Ginee.

As of May 2023, the company served over 500 enterprise clients, 235,000 merchants and 40 million individual consumers. Since its inception, it has disbursed over US$4 billion in loans.

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X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.

Want more from your Echelon experience? Be an Echelon X sponsor or exhibitor. Send enquiry here.

The post Atome CEO David Chen makes move to join GoTo Financial as consumer lending head appeared first on e27.

Growing affluent and mass-affluent segments herald new demand for financial advisory services across the Asia-Pacific region. Worldwide, McKinsey anticipates a substantial increase in households with investable assets between US$100,000 and US$1 million, reaching a total of US$4.7 trillion by 2026.

This presents a unique opportunity for financial advisory firms (including banks and insurance companies) to expand offerings to new segments but also challenges in how to deliver the expected bespoke relationship-based services at scale. 

At the heart of the challenge is how the industry can serve the increasing demand for personalised services across the wider demographic at scale without being hindered by legacy systems and manual processes.

Generative AI is a new enabler for this — it will reduce the time and effort to generate engaging, personalised recommendations, insights and content for clients.  

Increasing demands on financial advisors 

Today, financial advisors find themselves spending three-quarters of their time navigating between increasingly complex systems, leaving only a quarter to build meaningful customer relationships. They also see gaps in accessing training material and product information to be familiar with the latest policies, products, and trends. Clients also demand increased access to relevant data and analytics to make their own decisions.  

Generative AI is already creating value for the financial advisory sector 

At SoftServe, we see how Generative AI is increasingly used for customer engagement and can offer solutions to the unique challenges facing financial advisors and the broader industry. Generative AI-powered virtual assistants like SoftServe’s Meeter-Greeter are starting to streamline customer onboarding, facilitate advisor matching, and enhance the overall client experience. 

Also Read: How Southeast Asian businesses can overcome employee training challenges

Virtual assistants also aid advisors with responses to client questions and can create customised marketing and financial literacy content. In organisations with higher maturity, these virtual assistants can also assist in fundamental analysis, data gathering, and risk identification for decision-making. Leading banks like J.P. Morgan, Morgan Stanley, and Citigroup are already doing this. 

Banks in Southeast Asia are similarly starting to roll out Generative AI tools, starting with internal ‘co-pilots’ like virtual assistants to improve productivity by searching across multiple knowledge bases and generating engaging content for marketing and client outreach.

Over the course of 2024, we expect many of these internal pilots to mature — they will be connected to more data and introduced to more employees. This will gradually be followed by a shift towards client-facing virtual assistants as familiarity with and confidence in Generative AI solutions increases. 

Embracing and increasing trust in Generative AI 

Leveraging Generative AI should not just be the responsibility of AI or innovation teams. Organisations need cross-functional teams with adept change management skills, senior leadership alignment, and sponsorship. Leaders must understand that Generative AI cannot fully be introduced within a short timeframe but rather requires a long-term commitment involving multiple shifts. 

In practice, this involves coordinating Generative AI adoption with overarching goals, gaining stakeholder buy-in, setting up appropriate governance structures to manage risks, involving legal and compliance teams, setting priorities, allocating resources wisely, and determining measurable outcomes.

It also requires a willingness to experiment and fail in the process of getting Large Language Models (LLMs) to meet the high bar of excellence expected of client advisory. Perhaps 20-30 per cent of projects will make it all the way from proof-of-concept, minimum viable product to gather customer feedback, and into production. 

Also Read: SEA’s startups shine in Jan funding boom: Chiplets, AI, rural banking lead the charge

One helpful framework that guides thinking on increasing trust in Generative AI is the proposed model AI governance framework for Generative AI published by the AI Verify Foundation and the Infocomm Media Development Authority (IMDA) of Singapore recently.

The nine-point framework contains key ideas on accountability, model visibility, testing & assurance that teams should consider early in the development process and use as guidance for adding guardrails or other risk-mitigating mechanisms into Generative AI solutions.  

Riding the Generative AI wave 

While there are still many perceived limitations — reliability, trustworthiness, and privacy, amongst others — of today’s Generative AI solutions, organisations wanting to harness the multiple benefits of Generative AI solutions should not ‘wait-and-see’ but instead be proactive in starting their journeys.

This will allow them to adapt to shifting market dynamics and innovate more effectively from a position of strength as the technology and available tooling mature rapidly. 

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Having worked with small businesses for seven years, it’s clear something is different this year. AI is transforming how founders go digital. 91 per cent of those who integrated AI report experiencing growth. Founders are streamlining operations (82 per cent) and effectively controlling costs (69 per cent). 

While leaders in large corporations may emphasise similar AI advantages, what sets SMBs apart is their distinct approach to incorporating AI into their business journey.

Personal touch, powered by algorithms

Remember the friendly barista who knew your name and coffee order? AI is reviving that personal touch. Today’s AI is not just helpful but also warm and personable — by analysing the sentiment of a customer’s text, capturing customers’ preferences, and dynamically generating real-time responses, making each interaction special and boosting sales along the way.

Building their online store for free

One in three small business owners do not have a website. Founders just don’t have the time, marketing dollars, and know-how to get started. Now, AI is transforming this struggle by enabling the creation of online stores within minutes, at no cost. HitPay’s online store builder is a great example — free, user-friendly, and AI-powered. It addresses a core challenge for most SMBs, allowing them to kickstart their online presence without the burden of a US$50 monthly fee.

Also Read: New year, new funding strategies: Powering up sustainability tech startups

Making it easy and free to create a website also allows for more traditional businesses or institutions to offer incremental value. For example, the North Jakarta Intercultural School in Indonesia uses their website not just for regular educational services but also lets parents book school field trips directly, making it more convenient for busy parents to access new services.

Designers 2.0

Canva has always been popular among SMBs because of how easy it is to pick up and the abundance of free assets to use. Now, with AI integrated into design software like Figma and Canva, small business owners are not just picking existing designs; they’re creating new, unique ones. Using prompts, AI helps their design truly reflect their brand ideas. In fact, 80 per cent of founders state they have integrated AI into their creative process. 

This mix of AI and design tools is bringing in a new creative era. It means small businesses can stand out visually without big investments.

Social media management

Running a small business means promising customers that we’re always around and ready to do more. However, managing content, comments, and messages on social media can pose challenges, especially while busy running a full-time business.

AI tools, like scheduling posts and automated responses, assist small businesses in creating delightful digital experiences. Take Leon’s story, for instance. While overseeing his family’s goat dairy business, he nurtured a close-knit online community by consistently sharing engaging daily content about the farm.

Go global like a local

With AI, small businesses are now going toe-to-toe with the big players. As they grow across borders, local businesses can translate their website, videos, and ads while maintaining great translation quality and a voice that sounds like their brand. This is something they would have had to pay a translation agency for previously.

As we look at the road ahead, one word stands out: Self-reliance. With no-code tools, payment technology, and export-ready solutions, it’s never been easier to get started. This might just be what the internet promised — giving everyone the power to do more than we ever imagined.

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Launched in 2012, TOP100 began as an initiative aimed at identifying the most promising startups in the region, solely focused on securing funding and investment opportunities. Over the years, we witnessed remarkable growth stories like Gojek, Carousell, Carro, 99.co, and numerous others, nurtured through our program. Now, as the Southeast Asian ecosystem matures and welcomes a new generation of startups, the TOP100 program has adapted to address their evolving needs.

TOP100 is a curated startup growth program that gives Southeast Asia startups regional visibility, funding opportunities, mentorship, and access to business matching programs. Selected from a pool of impressive applicants, the first 25 startups highlighted in this listicle are poised to reshape industries and leave a lasting mark on the Southeast Asian startup landscape.

Also read: Evolving startup growth: TOP100 in 2024 is tailored to your growth journey 

Get ready for a glimpse into the future of innovation in the region. Meet the first 26 startups participating in the TOP100 Growth Program (in no particular order).

1. Careera (Singapore)

Careera is reshaping job search and recruitment. Their innovative approach eliminates traditional job applications, offering a cutting-edge assessment tool for job seekers to authentically showcase skills. For hiring companies, Careera goes beyond a job board, providing an end-to-end solution to streamline recruitment. With a mission to enhance the hiring experience, Careera pioneers a future where job matching is efficient and tailored for everyone.

2. TalentHero (Singapore)

TalentHero is Asia’s fastest growing Employer of Record (EOR) platform that builds global teams with 840 contractors in the Philippines, expanding to Vietnam, Thailand, Cambodia. Their all-encompassing Tech Ecosystem streamlines offshore experience for business worldwide by taking care of  hiring, payroll, workspace, advertising and more.

3. ArmourZero (Singapore)

ArmourZero simplifies cybersecurity, integrating services for seamless risk management and enhanced productivity. Through SECaaS, ArmourZero offers certified professionals, cutting-edge tech, and streamlined processes on a subscription model. Committed to hassle-free automation, they empower businesses to navigate the evolving cybersecurity landscape.

4. Pawnec (Philippines)

Pawnec is a pet tech innovator that empowers the pet lovers’ community with smart ID collars and a rescue platform. Born from a pet accessories company, Pawnec blends fur-focussed care with cutting-edge tech. As pet parents first, technologists second, Pawnec’s inclusive technology creates safe havens for pets worldwide, fostering a global community of pet lovers.

5. Max (heymax.ai) (Singapore)

Max is a dynamic financial technology company that offers a cutting-edge solution to managing credit card rewards. Their mission is to simplify and optimize credit card usage, ensuring users gain maximum benefits from their transactions. With products like the Max Card that seamlessly integrates all your cards and automatically routes all your transactions to the best card to use for any transactions, Mex ensures a hassle-free approach to managing credit card rewards.

6. The Mango Jelly (India)

The Mango Jelly simplifies Marketing Analytics and Automation with Generative AI. Addressing data challenges, it is a collaborative workspace empowering marketing teams to converse with data effortlessly. Incubated at Berkeley SkyDeck, The Mango Jelly is your copilot for actionable insights, eliminating the need for technical expertise.

7. PriyoShop (Bangladesh)

PriyoShop is a B2B e-commerce marketplace that digitally transforms unorganised retail in Bangladesh. Connecting small-scale retailers directly with manufacturers, its app empowers them to source inventory at competitive rates. Focussed on 5 million retail shops, PriyoShop dominates 97% of the country’s retail sector, with 54K micro-merchants on its platform.

8. Mascon Technologies (Singapore)

Mascon Technologies drives swift digital adoption at sea, fostering a smart maritime industry. Their platform allows seamless onboard collaboration, enabling third-party app deployment without managerial hassle. With default features to digitise daily workflows, Mascon aims to pioneer digitalisation, transparency, and management in merchant ships.

9. Rewardly (Singapore)

Rewardly turns first-time shoppers into lifelong customers. With LoyaltyOS, CommerceOS, and PaymentOS, it’s your all-in-one solution for building a thriving brand. From solo entrepreneurs to bustling cafes, Rewardly empowers businesses to thrive in an increasingly competitive world with personalised loyalty programs and seamless shopping experience.

10. Match.Asia (Singapore)

Match.asia is a M&A marketplace that connects sellers and buyers, with thousands of successfully closed deals on th their platform. Positioned as the region’s top company matching platform, Match.asia simplifies M&A for businesses of all sizes, leveraging 30 years of expertise and technology.

11. StoreWise (Singapore)

StoreWise is an AI-powered collaboration platform that elevates in-store customer experiences. The AI Retail CoPilot, akin to a virtual assistant, streamlines operations, provides real-time insights, and facilitates paperless workflows. StoreWise aims to help businesses enhance productivity, maintain data privacy, and deliver exceptional customer experience.

12. Klink.cloud (Singapore)

Klink.cloud is a B2B SaaS for contact center teams streamlining customer service with an omnichannel cloud platform. It simplifies operations, enabling global brands to launch call centers seamlessly. Serving Southeast Asian markets, it’s cost-effective, efficient, and hassle-free.

Also read: TOP100: Empowering startups through ideas and insights

13. EDGE Tutor (Philippines)

EDGE Tutor disrupts global education, providing high-dosage tutoring at 30-60% less cost. Empowering licensed teachers in emerging markets, their hybrid system boosts income and quality of life. With a technology-integrated approach, they collaborate globally, prioritizing established solutions for joyful learning experiences.

14. Smilie (Singapore)

Smilie fosters authentic connections through meaningful corporate gifts. Founded to simplify the gifting process, they blend technology with human thoughtfulness, revolutionizing how businesses connect. Smilie aims to make creating lasting impressions effortless and authentic, one considerate gift at a time.

15. NirogStreet (Singapore)

NirogStreet is a B2B trust-based platform for streamlining the supply chain for Ayurvedic medicine, transforming it into a proper healthcare system by engaging, empowering and aggregating fragmented Ayurveda doctors and clinics. Offering certifications, inventory tools, and quality medicines, NirogStreet builds patient trust in Ayurveda.

16. Enjinstarter (Singapore)

Enjinstarter is a Web 3 launchpad specialising in gaming, entertainment, AI, and metaverse ventures. With a track record of 80+ investments in 2 years, they fund projects and facilitate capital raising through Tokens and NFTs.

17. Carching (Malaysia)

Carching is a tech-driven solution company targeting car inefficiencies. Addressing financial, productivity, and environmental challenges, they innovate to maximise value from each drop of petrol. Primarily focusing on M40s and upper B40s, Carching aims to empower these segments with tailored technology and services, starting in Malaysia.

18. Friz (Singapore)

Friz serves as an AI Social Media Manager for direct-to-consumer brands. It streamlines social media tasks, saving users half their management time and leading to a 20% reduction in advertising costs without compromising performance. Friz employs intelligent targeting strategies, organically growing the audience by 15%, contributing to business growth.

19. FINA (Laos)

FINA is Laos’s pioneering digital bank that targets the 70% unbanked population. Focussed on digital service adoption, it aims to broaden access via strategic partnerships and digital infrastructure development. Prioritizing SMEs, youth, women-led businesses, and ethnic minorities, FINA aspires to impact millions of Laotians.

20. MakeTimePay (Malaysia)

MakeTimePay aims to play a crucial role in empowering individuals across Malaysia and the region to secure employment, increase earnings, and contribute to national economic recovery. By embedding sustainability measures, it assists businesses in mitigating financial losses caused by the pandemic. The vision is to create an ideal online platform fostering a shift in talent and employer mindset towards on-demand, fractionalised tasks.

21. Dentall (Taiwan)

Dentall is a Taiwan-based dental platform that is reshaping the local dental landscape. Offering material purchasing, courses, clinic management consulting, and dentallHiS cloud system, it aims to meet dentists’ specific needs. As of 2022, Dentall has amassed almost 100 million in yearly revenue, with 8,000 dentists and 1,300 clinics joining as platform members and customers.

Also read: Longan Group named as winner of 2023 TOP100

22. AIPath (Singapore)

AIPath is an AI-CoPilot SaaS for small teams that offers a reliable process for refining startups against market response, automating marketing assets, and achieving product-market fit. AIPath.one, the first SaaS tool for founders, develops fundraising assets and deepens product strategy, ensuring a top-tier accelerator graduation or successful independent fundraising with enterprise-grade venture building.

23. Kucing (Singapore)

Kucing is Singapore’s groundbreaking no-agent platform, revolutionising property transactions. With advanced digital tools, Kucing makes real estate transactions fast, secure, and commission-free, redefining how homeowners and seekers connect, converse, and conclude deals for the future of property dealing.

24. Finiac (Singapore)

Finiac introduces a portable life-saving head scanner for early diagnosis, ushering in a new era of brain imaging with accurate and prompt insights that pave the way for timely medical interventions.. Tailored for ambulances, family clinics, nursing homes, and home care, this non-invasive, non-ionizing device ensures safety for pregnant women, kids, and infants.

25. Shoppable business (Philippines)

Shoppable business is the pioneering SaaS-enabled B2B marketplace in the Philippines, digitising procurement and building Southeast Asia’s largest supply of branded products. Committed to innovating eCommerce, they prioritise accessibility, convenience, and customer satisfaction, empowering sellers and buyers through their cutting-edge platform and logistics infrastructure.

26. HeyRoomie (Philippines)

Hey Roomie is the mobile app for vibrant communities that consolidates all activities in one accessible space. Ideal for fan clubs, hobbyists, school orgs, and online groups, it simplifies official announcements, event planning, lifestyle sharing, and secure communication. Launched in July 2022, Hey Roomie already hosts top Philippine fan clubs like Popsters, DonBelle Official, BTS Noona, SwiftiesPH, and FanbAces in their own passcode-protected virtual HQ for a secure and thriving community.

 

These startups will take part in the TOP100 Growth Program beginning March 2024, where they get access to various mini events, mentorship, workshops, and the 800+ investors on e27 PRO Connect platform. 

You will also get the chance to meet and connect with these startups at Echelon X, where they will have their own exhibition booth, as well as have the chance to be selected to showcase their startup on the Pitch Stage. 

Echelon X will be held at Singapore EXPO on May 15-16. Get your tickets here.

The post The first 26 trailblazing startups of the TOP100 Growth Program 2024 appeared first on e27.

In a revolutionary move, Singapore said it would invest over US$743 million into the artificial intelligence industry over the next five years to boost the country’s AI capabilities further. In his Budget speech last week, Deputy Prime Minister Lawrence Wong also said the island nation would work with leading companies to set up AI centres of excellence to spur innovation.

With this tech taking centre stage and changing the digital landscape, many Southeast Asian countries are closely monitoring the developments in the industry and considering policies to regulate its use.

Against this backdrop, e27 spoke to Fred Wang, General Manager (Southeast Asia) at iFLYTEK, an open AI platform for mobile internet and intelligent hardware developers.

Below are the edited excerpts:

How has AI adoption evolved in Southeast Asia over the past decade, and what factors have contributed to the region’s increasing prominence in the global AI landscape?

The year 2023 was a transformational period for AI technology, altering how we live. The adoption in the region has grown significantly over the past decade.

The factors that contributed to the region’s increasing prominence in the global AI landscape are:

Digital transformation: We have seen a significant increase in using digital technology in areas like finance, e-commerce, and healthcare. This change has made a lot of data available, giving AI more chances to grow and do well.

Also Read: Small business, big impact: How AI is democratising entrepreneurship

Cost-effectiveness and error reductions: AI-driven robotics and automation systems have streamlined production processes, increasing throughput and reducing operational costs for manufacturing companies.

Support from governments: Governments throughout Southeast Asia acknowledge the pivotal role of AI in stimulating economic growth and fostering innovation. As such, numerous countries in the region have enacted AI-centric policies, initiatives, and investment strategies to propel the advancement and integration of AI technologies.

Growth of tech hubs: Cities like Singapore, Jakarta, Bangkok, and Ho Chi Minh City have become tech hubs, leading to the attraction of talent and investment and showing a keen interest in advancing AI development. These hubs provide funding opportunities and push the ecosystem for AI startups and enterprises.

Could you provide insights into the key industries within the region that are driving the growth of AI applications and how these advancements are reshaping traditional business models and strategies?

As the world strides ahead, Southeast Asia keeps pace close behind. Several key industries, including finance, healthcare, and e-commerce, are driving the growth of AI applications and reshaping traditional business models and strategies in significant ways.

In finance, many fintech companies use it to support customer services, including chatbots and voice recognition. An example would be OCBC Bank, which has introduced a chatbot called Emma to provide customers with personalised financial advice, recommendations, and assistance on various banking products and services.

In the healthcare sector, AI is driving innovation in medical diagnostics. For example, Thai startup Perceptra is leading the change with its artificial intelligence-powered diagnostic medical imaging service.

MiyaHealth, a Singapore-based company, offers AI-driven health tech solutions to enhance patient engagement and optimise healthcare outcomes.

Also Read: How should non-tech companies approach AI?

In e-commerce, many companies, for example, Lazada, use artificial intelligence to power recommendation engines or personalised marketing campaigns.

What are some notable success stories or case studies showcasing the transformative impact of AI in Southeast Asian countries, both in terms of economic growth and societal development?

There are a couple of notable success stories and case studies that highlight the transformative impact of artificial intelligence in Southeast Asian countries, contributing to both economic growth and societal development. They’re not just important for economic growth but also for making people’s lives better.

For example, there’s a startup called Ricult in Vietnam. It uses artificial intelligence and IoT to help farmers grow crops better, deal with pests, manage crops, and get bigger yields. Then there’s DoctorOnCall, a Malaysian startup offering online doctor consultations using telemedicine. It uses AI to help figure out what’s wrong with the patients and decide how urgent it is.

How are governments and regulatory bodies in Southeast Asia responding to the rise of AI, and what policies or initiatives are being implemented to foster innovation while ensuring ethical and responsible AI deployment?

Due to the rise of artificial intelligence, governments are taking steps to foster innovation and ensure responsible deployment, especially investing in AI research and development and regulatory framework. A significant aspect of this effort involves substantial investments in R&D. These investments aim to bolster the respective countries’ capabilities in this domain. Funding initiatives, grants, and partnerships with academia and industry are pivotal in fostering AI innovation and nurturing talent.

Additionally, regulatory frameworks tailored to artificial intelligence technologies are being established. These frameworks address critical issues such as data privacy, transparency, accountability, and bias mitigation. Countries such as Singapore, Thailand, and Malaysia have either enacted or proposed laws and guidelines to regulate AI usage across various sectors.

In what ways are Southeast Asian startups and tech companies leveraging AI to address local challenges and cater to the diverse needs of the region’s populations, including those in rural and underserved areas?

Southeast Asian startups and tech companies are leveraging artificial intelligence in various ways to address local challenges and cater to the diverse needs of the region’s populations, including those in rural and underserved areas, such as language and cultural diversity, as well as transportation and logistics.

Also, AI technologies are being used to eliminate language barriers by offering translation services, chatbots, and personalised content, which help bridge communication gaps and cultural differences. In the transportation and logistics sectors, artificial intelligence algorithms come into play to optimise transportation routes, taking into account factors like traffic conditions, road quality, and delivery schedules.

How do cultural and societal factors influence AI’s adoption and acceptance in Southeast Asia, and how are companies navigating cultural nuances to ensure successful integration and adoption?

Cultural and societal factors influence the adoption and acceptance of artificial intelligence technologies in Southeast Asia. Many individuals worry that AI advancements could disrupt manufacturing and agriculture by replacing human workers. Companies should emphasise how AI can enhance human abilities rather than completely replacing jobs.

Also Read: Unlocking Southeast Asia’s financial potential with artificial intelligence-powered fintech

To navigate these cultural nuances and ensure the successful integration and adoption of AI technologies, Southeast Asian companies prioritise ethical considerations and social responsibility in designing, developing, and deploying AI technologies. This involves ensuring fairness, transparency, and accountability in algorithmic decision-making processes.

What are the implications of Southeast Asia’s growing AI capabilities on the global stage, particularly in terms of competitiveness, innovation, and collaboration with other AI powerhouses?

Southeast Asia’s growing AI capabilities carry significant implications on the global stage across various domains; AI ethics & policy are one of the domains. With the rise of AI, Southeast Asia faces important ethical and policy considerations that have implications beyond the region.

Issues such as data privacy, making sure algorithms don’t unfairly favour certain groups, and what happens to jobs when artificial intelligence takes over tasks – all these things need careful thought and discussion. And it’s not just a local issue but affects the rest of the world. That’s why Southeast Asia must work together with other countries to tackle these challenges. By teaming up and coming up with solutions together, Southeast Asia can play a major role in shaping how AI is used responsibly around the globe.

Looking ahead, what trends do you anticipate in the continued evolution of AI in Southeast Asia, and what opportunities do you foresee for further growth, expansion, and impact on the global AI landscape?

There are several trends anticipated in the continued evolution of AI in Southeast Asia, including the adoption of AI solutions and a focus on ethics in artificial intelligence. As the use of AI rises in Southeast Asia, we are creating awareness of and promoting its benefits. However, with growing concerns, we are also facing the ethical implications of artificial intelligence, particularly regarding the transparency and accuracy of the information we receive from AI.

Regarding opportunities for further growth, expansion, and impact on the global AI landscape, collaborating with international partners will help Southeast Asian companies stay competitive on the global stage and contribute to advancing the global AI landscape.

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X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.

Want more from your Echelon experience? Be an Echelon X sponsor or exhibitor. Send enquiry here.

The post iFLYTEK exec on why SEA is crucial for the development of global AI landscape appeared first on e27.

Xalts, a Singapore-based fintech platform for financial institutions and businesses to build and manage digital finance applications, has acquired Contour Network, which connects global banks with global businesses.

The transaction details remain undisclosed.

The initial focus for Xalts will be embedded solutions for trade and supply chain finance. These will enable banks, logistics companies and technology companies to offer integrated solutions to businesses using a single platform.

Also Read: Report: Singapore businesses remain open to implement embedded finance, Web3 in 2023

Contour was started in 2017 as a pilot by eight global banks, including HSBC, Standard Chartered and BNP, focusing on digitising trade. Over 22 banks, including HSBC, BNP, Citi, DBS, and ING, and 100 international businesses like Tata Group and Rio Tinto, use Contour for digital trade finance solutions.

Xalts was founded in 2022 by Ashutosh Goel and Supreet Kaur, former senior executives at HSBC and Meta. Backed by Accel Partners and Citi Ventures, Xalts is used by institutions to build multi-party applications for digitisation and tokenisation.

Currently, with a team of over 50 across offices in Singapore, Hong Kong, India, the UAE and the UK, Xalts counts large financial institutions, regulatory bodies and technology companies as its clients.

The startup plans to leverage Contour’s workflows and integrations to facilitate communication and transactions between businesses and financial institutions in the network.

Ashutosh Goel, CEO of Xalts, said: “We want to create a Plaid for Trade. Our vision is to expand the scope of Contour’s network which is trusted by banks and corporates and build it into a rail that enables businesses to access digital solutions for trade and supply chain finance offered by banks, fintechs and technology partners. Combining our platform with Contour’s Network will allow participants to develop and deploy customised solutions quickly”.

Also Read: Banking on a green future of finance: How to bridge sustainability and profitability

“Our platform also enables institutions to build new innovative applications and products by leveraging blockchain and tokenisation. We partner with leading blockchains and integrate with multiple infrastructure providers to help our clients build tokenisation applications,” said Supreet Kaur, COO of Xalts. “Contour will also enable network members to work with us to launch applications in this space”.

In 2023, global trade reached over US$30 trillion. However, according to QED Investors, the digitisation of global trade remains relatively minuscule, with less than 1 per cent currently conducted digitally. Due to the complexities and regulations involved in cross-border trade, a single transaction may require up to 50 sheets of paper that are exchanged with up to 30 stakeholders, including importers, exporters, banks, logistics companies and customs.

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X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.

Want more from your Echelon experience? Be an Echelon X sponsor or exhibitor. Send enquiry here.

The post Xalts acquires Contour Network to offer embedded fintech solutions for trade, supply chain finance appeared first on e27.

Malaysia’s pension fund Kumpulan Wang Persaraan (Diperbadankan) [KWAP] has invested RM100 million (US$21 million) in two local startups and VC firms each under its Dana Perintis strategy.

The startups are Bateriku and Lapasar. Bateriku is an automotive service provider with a network of partners nationwide, providing job opportunities and increasing financial inclusion. Lapasar, on the other hand, is an online wholesale marketplace that focuses on meeting the needs of the FMCG industry, accelerating the adoption of digitalisation throughout the economy.

Also Read: Lapasar offers a B2C-like e-commerce experience to corporate procurement in Malaysia

The capital will support the growth and expansion plans of both firms.

The two VC funds that KWAP invested in are Vynn Capital and Antler. Vynn Capital is a home-grown fund that invests from the seed stage, focusing on the mobility and supply chain sectors.

Antler is an early-stage VC firm headquartered in Singapore, investing from pre-seed to Series A and beyond. It recently expanded its flagship residency programme to Malaysia, designed to support founders get their startups launched and funded.

These four are the first in a portfolio of fund investments from KWAP that will be carefully curated to inject capital into sections of the local ecosystem that most require it.

Launched in September 2023 with a targeted total deployment of RM500 million (US$104 million), Dana Perintis is designed to accelerate the development of the country’s early-stage ecosystem whilst generating strong returns for beneficiaries via investments in startups and VC funds.

Also Read: Antler partners with Khazanah, to invest in 30+ Malaysian startups over next three years

The four investments align with Dana Perintis’s six focus areas: digital economy, financial inclusion, food security, education, silver economy, and climate change.

The Chief Investment Officer of KWAP, Hazman Hilmi Sallahuddin, said, “We are confident in the prospects and potential of the investment in these four entities and look forward to working closely with them; adding value and lending KWAP’s support to ensure their success. There will be more investments and announcements to come, as KWAP continues its rollout of Dana Perintis.”

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X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.

Want more from your Echelon experience? Be an Echelon X sponsor or exhibitor. Send enquiry here.

The post Malaysia’s pension fund KWAP invests in Antler, Lapasar, Vynn Capital, Bateriku appeared first on e27.