Singapore-based programmable synthetic data company Betterdata has raised an over-subscribed seed round of US$1.65 million led by Asia-Pacific-based early-stage VC firm Investible.

Franklin Templeton, Xcel Next, Singapore University of Technology and Design, Bon Auxilium, Tenity, Plug and Play, and Entrepreneur First also joined the round.

Betterdata will use the new funding to publicly launch Betterdata’s product and enhance its technology stack, including support for single-table, multi-table, and time-series datasets. A portion of the money will go into hiring, especially sales and marketing positions for business development as the company scales.

The startup, which currently operates in Singapore, also plans to expand across Asia Pacific over the next one to two years.

Betterdata was founded in 2021 by CEO Dr Uzair Javaid and CTO Kevin Yee.

Also Read: Generative AI and inclusive branding: Are we there yet?

Increasing data protection regulations in the world make data sharing extremely slow for engineering and data science teams. Betterdata makes data sharing instant with Generative AI and Privacy Engineering by converting real data into limitless synthetic data that looks, feels, and behaves just like your real datasets.

As synthetic data is artificially generated, it does not belong to real users and can be shared globally with 100 per cent compliance with local, regional, and international privacy laws.

“Betterdata solves one of the biggest issues the AI industry is facing today: lack of high-quality data that also meet privacy requirements. Through its powerful platform, Betterdata generates synthetic data that mimics real-world data without compromising quality and privacy, helping businesses meet global compliance and privacy laws at scale,” said Khairu Rejal, Principal of Investible.

“Data protection including user privacy, consent, copyrights, and compliance are on top of minds of CISOs today. Betterdata’s GenAI models can generate synthetic data at scale in a non-bias, highly accurate, and privacy-preserving way. We believe this is, and will be essential in many business verticals as the new wave of GenAI systems become mainstream,” said K. Yu, Founding Partner, Xcel Next.

Betterdata has recently entered into two R&D partnerships with leading academic institutes in Singapore and the US. Its product is used by customers Fortune 200 firms, Public Agencies, and AI startups.

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Echelon Asia Summit 2023 brings together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups can pitch to 5000+ delegates, among other benefits like connecting with investors, visibility through the platform, and other prizes. Join TOP100 here.

The post Betterdata raises US$1.65M to make data sharing instant with generative AI, privacy engineering appeared first on e27.

Dear Pro member,

Just days after Tracxn released a report about Southeast Asia’s startup funding in 2022, Bain & Company launched its Southeast Asia Private Equity Report in 2023.

The new report also paints a bad picture: The PE market saw a slowdown in deal activity in 2022. The deal value in the region saw a 52% fall last year compared to 2021, with the deal count also declining 15% y-o-y. The activity was solid through H1 2022 before falling in H2.

The internet and tech sector saw fewer large ticket investments and lower overall activity levels in 2022 vs 2021 but still accounted for the bulk of deals done in the region, accounting for 55% of total deal volume in the region in 2022.

However, the Bain report finds that despite the near-term uncertainty, the long-term outlook for PE investment in SEA remains positive. Its analysis shows that macroeconomic conditions in the region have been more resilient than the rest of Asia Pacific.

With the market continuing to be volatile, a full recovery will likely take many more months.

In another development, global Web3 and gaming VC firm BITKRAFT announced its Asia expansion and appointed former Riot Games President and former CEO of Garena, Jin Oh, as its Asia Partner. We spoke with him soon after the launch.

Today’s Ecosystem Roundup also carries many other exciting news stories and features.

Regards.

——-

The gist: PE deal value plunges 52% in 2022 in SEA: Bain report
More details: Deal count also plunged 15% y-o-y; Still, SEA remains an attractive place to deploy capital in the long term as it’s more resilient compared to the rest of APAC.

The gist: Monkʼs Hill Ventures (MHV) hits final close of Fund III at US$200M
The target: The firm was originally seeking to raise US$150M for this fund, according to SEC filings.
The investments: MHV Fund III has already invested Rainforest, Upmesh, Ordinary Folk, Tigerhall, and Crowde.

The gist: DishBrain owner Cortical Labs closes US$10M financing round
The investors: Horizons Ventures, LifeX Ventures, Blackbird Ventures, In-Q-Tel, and Radar Ventures.
The company: Cortical uses clusters of lab-cultivated neurons from human stem cells to form a DishBrain that can grow, adapt, and learn faster than purely silicon-based AI.

The gist: Failed crypto firm Babel to officially start in-court restructuring
The details: Babel Finance‘s co-founder and ex-CEO Flex Yang said the company’s moratorium has been heard in Singapore court; The court has extended the creditor protection for the company to last until July 21.

The gist: Digital doc verification startup Accredify closes US$7M Series A
The investors: iGlobe Partners, SIG Venture Capital, Pavilion Capital, and Qualgro.
The plans: The startup has a presence in nine markets and eight industries and will focus on Singapore, Australia, and Japan in the coming year.

The gist: Earth VC joins US$5M Series A round of Israeli startup ITC
The company: ITC develops cutting-edge computer vision and AI/ML algorithms to predict traffic patterns and prevent traffic congestion before it accumulates.
The plans: The startup will use the capital to expand into SEA.

The gist: Bitkraft onboards ex-Garena CEO and former Temasek director
Details: Jin Oh and Jonathan Huang will lead the Asia operations
The company: Bitkraft operates four venture funds with over US$600M in AuM and has a portfolio of over 100 companies as of August 2022.

The gist: India’s startup-focused business school Mesa nets US$4.1M
The investors: Elevation Capital and angels.
The plans: To develop a “hands-on, application-based” curriculum designed in collaboration with industry leaders and the future employers of the school’s initial 60 students.

The gist: SG’s Ryde bags US$2M from Octava family office
The company: Ryde is a social carpooling service, whose services also include an e-payment platform, insurance purchases, and taxi bookings.

The gist: Seedly co-founder’s new startup Mito Health secures US$1.3M
The investors: Forge Ventures, and the founders and executives of ShopBack, Carousell, and PatSnap.
The company: Mito augments medical expertise with AI to create personalised health plans for customers based on their diagnostic results and wearable data.

The gist: SG cybersecurity firm Group-IB exits Russian market
The details: Co-founder and CEO Dmitry Volkov sold his stake in the business to its local management team; This marks the completion of Group-IB’s plan to diversify its regional business, which was announced in 2022.

The gist: Jungle Ventures names former B Capital exec Menka Sajnani as partner
The details: Before B Capital, Sajnani was with Jungle Ventures between December 2015 and August 2019 as the platform’s global head of fundraising and investor relations.

Features, guest posts, and Echelon updates

‘There is strong reaction against the P2E gaming genre’: BITKRAFT Asia Partner Jin Oh
BITKRAFT believes the already blurred lines between the physical and digital gaming worlds will disintegrate and give way to a ‘synthetic reality’, said Oh after the announcement of the company’s Asia expansion.

How AnyMind Group achieves profitability through its approach to human resource and leadership
This year, after the IPO, AnyMind Group aims to focus on increasing its profit by growing its D2C and e-commerce business more aggressively.

How Transparently.AI uses AI to detect accounting manipulation, fraud
Following its participation in Plug and Play accelerator programme, Transparently.AI is looking forward to extending its deal pipeline.

The co-working industry needs to rethink its role: The Great Room CEO
Beyond providing just seats in front of computers, they need to provide activity-based working and meeting spaces, as well as spaces for training, collaboration and learning, says Jaelle Ang.

Is ChatGPT a great invention or is it being ‘hyped’?
When using ChatGPT, we must acknowledge that we are conversing with a training machine built from a variety of heterogeneous data.

From crunching numbers to transforming data: How I made a career switch from accounting to tech
Data analyst Clarence Tan says switching from accounting to tech was the best decision he has made; It provided him with more opportunities and helped him significantly grow his skills.

Championing disaster tech, meet Prudence Foundation at Echelon!
Get to know Prudence Foundation as they gather the most exciting startups working on disaster tech at the Echelon Asia Summit 2023!

Ditch your other plans and Meetup with us in Singapore
The Singapore stop of e27’s regional meetups is happening today, 21 April 2023. Here’s why you should be there.

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The post Ecosystem Roundup: PE deal value down 52% in 2022 in SEA | BITKRAFT expands into Asia appeared first on e27.

Singapore-based Oyika, a battery swapping service for electric vehicles, has secured Series B funding, says a TechInAsia report citing Venturecap Insights.

BPIN Investment led the round. BPIN is the investment arm of Thailand’s Banpu Infernegy.

Co-Founded by CEO Jinsi Lee and the team, Oyika works with existing e-motorbike/scooter manufacturers and transforms their internal combustion engine (ICE) models into smart bikes by bundling them with its portable swap batteries, network of swap stations and mobile app.

Also Read: How Oyika helps tackle global warming through its power subscription plan bundled with e-motorbike

The brains behind Oyika are the ones who built Postkid, an online education startup of the early 2000s, which was sold to Mainboard-listed Horizon Education and Technologies. Lee previously worked for the Sunseap Group and championed a 10-megawatt solar farm in Cambodia and a 140-megawatt solar farm in India.

Oyika’s subscription plan is akin to a telecom plan in Singapore; you get a data plan that comes with a mobile phone — you can’t have a mobile phone without a data plan, or a data plan without a mobile phone. A rider with a pay-per-use,  prepaid weekly, or postpaid monthly plan can swap his/her depleted battery for a fully-charged one at an Oyika swap station within a minute.

The battery is brand-agnostic and works with most e-motorbike brands and models in Southeast Asia. The battery is Internet of Things-enabled, so it can be monitored remotely for optimal performance and safety. A stolen e-motorbike can be tracked and remotely switched off, effectively making it theft-proof.

In 2021, Oyika raised investment from Yinson Holdings’s green technologies division (YGT).

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Echelon Asia Summit 2023 brings together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups can pitch to 5000+ delegates, among other benefits like connecting with investors, visibility through the platform, and other prizes. Join TOP100 here.

The post Battery swapping service for EVs Oyika scores Series B financing appeared first on e27.

Since I started university, I hadn’t thought I would be interested in tech or even consider building a career in this industry. When I decided on my major, I chose Accounting because I felt it was a highly stable career. And, Accountancy is probably the most practical choice from my perspective.

After graduation, I landed my first job as a finance associate at a local startup. I dealt with accounts receivable, payables, petty cash, and keying accounting entries into Xero, a popular accounting program.

Being in a startup company was a valuable experience as a fresh graduate because I got to wear many hats within the accounting team. Until then, I looked forward to climbing the corporate ladder and growing my career.

My first-hand experience with tech

The opportunity to gain hands-on experience with proprietary technology was offered to me before I transitioned into my role as a financial analyst at a tech giant. That experience sparked my interest in diving into tech, leading me to look out for potential career opportunities and growth in this industry.

Taking the first step

When transitioning into tech, I extensively researched potential career paths and found that data analytics and data science held immense potential. This was in 2015 when the tech industry was gaining momentum, and I was convinced that it would benefit me to make the switch.

However, transitioning careers can be daunting, and I believe you must do your due diligence before deciding. Researching the industry and understanding career opportunities and required courses is critical.

Also Read: Storytelling: Startup’s secret sauce for turning founder narratives into golden assets

Luckily, you can easily find information online with a working device and an active internet connection. This is how I began my research, collecting course brochures and reading reviews and testimonials from those who successfully transitioned to tech. As I saw the potential of this path, my determination to pursue it grew stronger.

Avenues to upskill

My eagerness to jumpstart this career has led me to take multiple courses to facilitate my career transition. Here are some of my personal experiences and thoughts on accessing different avenues of upskilling.

If you do not have a related degree, for example, in Computer Science, one of the fastest ways to gain essential skill sets to enter the tech industry is to take a Master’s programme.

In my opinion, this is the most expensive and time-consuming way. A reputable university’s curriculum is extremely rigorous and comprehensive. You will also need to spend a lot of time and effort studying and working on projects and examinations. You’ll need to commit at least one to two years, depending on whether you are taking a full-time or part-time programme. This will be a long and tough journey, so be mentally prepared. To give you a head start in your tech career, internship programs can also give you real-world experience, which you can add to your resume.

Nonetheless, doing the Master’s or Postgraduate programme is the most effective way to enter the job market faster because the certification is mostly recognised by potential employers. In my experience, this is how HR or various job portal systems might have found my CV quickly.

Coding boot camps is another popular option for individuals seeking a cheaper option with fewer commitments. There are also different types of boot camps available as well.

Alternatively, you can always consider self-learning.

Self-teaching is a cost-effective option that demands self-discipline and motivation. Online resources are available, eliminating enrollment in a course. I prefer self-learning to acquire new skills quickly. I dedicated at least one hour daily to coding and self-paced courses in the early stages of my career, enabling me to code faster and create data visualisations with new software.

The upside of self-teaching is that you can learn at your own pace without strict deadlines. On the downside, self-motivation is vital, and distractions can hamper your focus. Finding quick answers to your questions may prove challenging without a curriculum or an instructor. Nonetheless, a self-taught mentality promotes continuous learning, essential for career growth. Keep upskilling to stay relevant in the industry.

Funding options

It is also important to mention that subsidies and grants are available to offset some of your upskilling courses. Save on your wallet by taking advantage of the Institute of Banking & Finance, Skillsfuture, and IMDA Digital Scholarships. It helped me greatly on my upskilling journey. So consider these available options to help you with your finances.

Also Read: How to balance rapid growth and sustainability as a startup founder

Life after pivoting to tech

It has been years since I moved from Accountancy to Tech, and it has been a fulfilling journey. There’s always a demand for tech skills, so career progression is much faster than in accounting. The skills I’ve gained are valuable to me as I can apply them across different companies.

My experience in tech has given me countless opportunities to work in technical roles or to impart my knowledge. Aside from guest speaking at conferences, I also mentor juniors in their career aspirations. Not only that, but I also appeared on television with Singapore’s Deputy Prime Minister to discuss issues about upskilling and potential growth opportunities. Without that career move, I wouldn’t have had the chance to experience this.

Is it scary to pivot?

Switching from accounting to tech was the best decision I’ve made. It provided me with more opportunities and helped me significantly grow my skills. Stepping out of my comfort zone was necessary for my success. It might seem daunting initially, especially without a prior background or skills, but with continued practice, my fears were unfounded. As I progressed in my career, my confidence grew to the point where I could assist my peers.

Thoughts and advice

My advice to those considering a career switch is to take the first leap and not be afraid to follow through. Depending on your needs, you can choose from many options. Be patient and strive to improve each time. Failure is part of the learning process, a valuable experience that adds to your growth. You will eventually achieve your career goals.

–

Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

Join our e27 Telegram group, FB community, or like the e27 Facebook page

Image credit: Canva Pro

The post From crunching numbers to transforming data: How I made a career switch from accounting to tech appeared first on e27.

In the era of corporate giants, Elon Musk’s recent move to merge Twitter with X Corp and quietly starting X.AI has captured the attention of geopolitical analysts worldwide. The transformation of Twitter into X Corp may signal the tech magnate’s aspirations to dominate a diverse array of industries with a ‘super’ company, echoing the ambitions of other business titans across the globe.

This phenomenon raises pertinent questions about the shifting balance of power between corporations and governments, and how this will shape the future world order.

The rise of corporate giants and their influence on global industries

The world’s largest companies are diversifying their portfolios and expanding their reach. Elon Musk’s X Corp, through its merger with Twitter, is poised to make a significant impact across various sectors.

It joins the ranks of other ‘super’ companies, such as Amazon under Jeff Bezos, Alphabet Inc. led by Larry Page and Sergey Brin, Tencent with Pony Ma at the helm, BYD steered by Wang Chuanfu, Reliance Industries Limited directed by Mukesh Ambani, Tata Group with Natarajan Chandrasekaran in command, and Adani Group overseen by Gautam Adani.

These corporate giants are expanding their influence across industries and economies. They’re using strategies like vertical and horizontal integration, innovative technologies, and harnessing vast amounts of data to dominate their respective markets. In doing so, these companies not only reshape industries but also wield significant power over resources, potentially rivalling the influence of governments.

How governments are reacting to increasing corporate control over resources

Corporations are gaining control over resources and industries, and governments worldwide are struggling with the implications of this newfound power. The regulatory environment needs to adapt to the changing landscape, with tax regulations playing a crucial role in corporate expansion strategies. Governments must find the right balance between fostering innovation and growth while maintaining control over resources and industries.

Also Read: Tailored corporate governance: Key actionable steps for startups at different growth stages

Protectionist Policies

Governments are adopting protectionist policies, such as trade barriers, tariffs, and restrictions on foreign direct investment. These measures are designed to safeguard domestic industries and resources from foreign corporate giants, preserving national interests and economic stability.

Public-Private Partnerships

Governments are also establishing public-private partnerships (PPPs), collaborating with private corporations to address shared goals and objectives. PPPs can provide valuable opportunities for both parties, enabling corporations to access government resources and expertise, while governments benefit from the innovation and efficiency that private enterprises can offer.

Supporting Independent Media

Governments can support independent and diverse media outlets to provide a wide range of perspectives and prevent corporate bias or manipulation of public opinion. This can involve funding public broadcasting, implementing strict rules on media ownership concentration, and encouraging journalistic integrity.

Preserving Cultural Heritage

Governments can support cultural preservation initiatives that celebrate and promote national and local identities, preventing the erosion of cultural heritage by corporate globalisation.

The implications of corporate dominance on the future world order

The implications of corporate dominance on the future world order are vast and complex. Concentrated corporate power has the potential to significantly impact global economies and politics, shaping international relations and global governance in unforeseen ways.

Also Read: Fighting the chaos of growth: 5 practices to improve corporate governance beyond the board

As these corporate giants continue to expand their influence, alliances or competition among them could emerge, leading to a new era of rivalry over resources and industry control. The changing relationship between governments and corporations will play a pivotal role in this evolving landscape.

For example, the Big Tech alliance, consisting of companies like Amazon, Apple, Meta, Alphabet, and Microsoft is a corporate geopolitical bloc that works together across national borders to influence policies, regulations, and international relations in their favour. They have established a presence in multiple countries and operate across various industries, where their influence extends beyond their respective industries, shaping global conversations on data privacy, antitrust regulations, taxation, and labour rights.

These Big Tech companies often collaborate and lobby for shared interests, such as pushing for favourable regulations, advocating for international trade agreements, and influencing global internet governance. They have also been known to form strategic alliances or partnerships to maintain their dominance in the global market and fend off competition from emerging tech players.

While these companies have contributed significantly to innovation and economic growth worldwide, their dominance has raised concerns about monopolistic practices, data privacy issues, and the erosion of democracy. Governments and international organisations are increasingly scrutinising the actions of these corporate giants and considering ways to mitigate their influence on the global stage.

Corporate dominance could also exacerbate existing tensions and inequalities, both within and between nations. The increasing concentration of wealth and power among a handful of corporate giants may fuel social unrest and political instability. Furthermore, the widening gap between developed and developing nations may be exacerbated by the unequal distribution of resources and opportunities afforded by corporate giants’ presence.

As these corporations expand their reach and influence, their actions and decisions will have far-reaching consequences for the global community. Their impact on the environment, labour rights, privacy, and access to essential goods and services will be under increasing scrutiny, however, without regulations in place, it leaves one to wonder if these corporate giants will act responsibly and ethically.

In conclusion, the rise of corporate giants represents a defining moment in the shifting balance of power between corporations and governments. Ultimately, the future world order will be shaped by the delicate balance of power between governments and corporations, with both parties vying for control over resources and industries.

It will be crucial for governments, corporations, and citizens alike to engage in dialogue and collaboration to strike a balance between economic growth, innovation, and the preservation of national interests and global stability.

–

Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

Join our e27 Telegram group, FB community, or like the e27 Facebook page

Image credit: Canva Pro

The post Global geopolitics in flux: The powerful impact of corporate titans on the world stage appeared first on e27.

e27’s Regional MeetUp 2023 seeks to gather regional disruptors and innovators and bring the latest insights on the regional tech startup ecosystem straight into their respective homes — our next stop: Singapore.

We’ll see you at WeWork 21 Collyer Quay on Friday, 21 April. Here’s what to expect:

The e27 MeetUp in Singapore features a panel discussion with the topic “Southeast Growth Series: How can Singapore’s’ tech ecosystem grow sustainably and where are future growth drivers”, with speakers Xander van der Heijden, Founder and CEO of UNL; Jeremy Au, VC and Chief of Staff at Monk’s Hill Ventures; Bing Tan, Marketing Lead at Clevertap; and Mohan Belani, CEO and Co-Founder of e27; with moderator Thaddeus Koh, co-founder of e27.

Also read: Championing disaster tech, meet Prudence Foundation at Echelon!

This event is an excellent opportunity to connect with the local tech startup community at Manila, share insights with experts and your peers, and potentially get free tickets to the Echelon Asia Summit happening on June 14-15 in Singapore.

The e27 MeetUp is also a great opportunity to explore how you can work with the e27 community – and e27 – to help you achieve your goals.

This is an invite-only event. If you would like to be a part of it, leave us your details in this form.

This event is brought to you by e27, in partnership with WeWork and WebEngage.

The post Ditch your other plans and Meetup with us in Singapore appeared first on e27.

Accredify, a verifiable technology solutions provider in Singapore, has closed its ongoing Series A funding round at US$7 million.

iGlobe Partners and SIG Venture Capital co-led the round with participation from returning investors Pavilion Capital and Qualgro.

The money will be used to expand its regional presence across the Asia Pacific.

The startup has a presence in nine markets and eight industries and will focus on Singapore, Australia, and Japan in the coming year. To this end, it will utilise its capital to grow its team within Singapore and its focus countries. This includes greater investment in its first international office in Sydney (established last year) and planning for an office in Japan.

Also Read: Accredify raises US$2M to combat the rising fake degree certificates issue in education sector

Founded in 2019, Accredify started by helping higher education institutions to issue verifiable qualifications. Today, its SaaS solution is used across the public and private sectors, enabling government institutes and enterprises to digitally issue verifiable documents.

The firm uses blockchain technology to ensure the authenticity of a document that is shared or received, protecting against fraud and forgery. Accredify’s solutions can also be used in authenticating gemstones.

It now looks to expand into more industries and markets to build digital trust in business operations, public sector governance, and daily life.

Since its inception, it has worked with Singapore’s Ministry of Health and the Accounting and Corporate Regulatory Authority (ACRA).

“Breaking down the multi-variate problem of transacting trust, Accredify delivers a simple elegant solution that is cost- and time-effective and accurate for their users. As more countries continue to chart towards their digital ambitions, we believe that trust technologies like Accredify’s are foundational to enabling that secured connected future,” said Blake Ong from SIG Venture Capital.

In October 2021, Accredify closed a US$2 million financing round led by VC firm Qualgro.

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Echelon Asia Summit 2023 brings together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups can pitch to 5000+ delegates, among other benefits like connecting with investors, visibility through the platform, and other prizes. Join TOP100 here.

The post Accredify closes US$7M Series A to take its doc verifying tech to new markets in Asia appeared first on e27.

In March, after some delays, AnyMind Group finally completed its IPO and listing on the Tokyo Stock Exchange Growth Market.

It issued 885,300 shares with an additional overallotment option and associated offering of 403,400 shares with a secondary public offering of 1,804,200 shares at a price to the public of JPY1,000 (US$7.41) per share. The Singapore-born company intends to use the proceeds to invest in talent development and expand its footprint.

As with any Southeast Asian tech startups that have been publicly listed, we want to learn more about the journey of AnyMind Group–how they get here and where they are going. Most importantly, as expectations for tech startups to build a sustainable business heightened, we feel the urgency to learn from fellow startups on how they make their revenue and achieve success.

So we sit down with AnyMind Group Chief Commercial Officer and co-founder Otohiko Kozutsumi to understand more about the company’s business model. We uncover the important roles played by M&A, international expansion, and human resources in their journey.

A three-pronged business model

Founded in 2016, AnyMind Group builds a commerce infrastructure that includes everything from brand identity, manufacturing, communications, and even logistics, with a strong emphasis on cross-border businesses.

Currently run by a team of more than 1,300 staff, the company operates in 13 markets in Greater Southeast Asia, Japan, and even as far as India. These markets contribute to 53 per cent of its international revenue, with the company making a revenue of more than JPY24 billion (US$178 million), a 54 per cent revenue CAGR (from 2017 to 2022).

While the company’s biggest team is in Japan with 350 employees, Kozutsumi names Thailand as AnyMind Group’s biggest market with 275 employees.

Also Read: Ecosystem Roundup: Startups share valuable 2022 lessons; AnyMind delays IPO

The company operates three business lines:

Marketing
Contributing 53 per cent of AnyMind Group’s revenue, this segment is represented by platforms AnyTag and AnyDigital.

D2C and e-commerce
Represented through platforms such as AnyFactory, AnyX, and AnyLogi, this segment contributes 12 per cent to AnyMind Group’s revenue.

Partner Growth

Despite being relatively new, this segment contributes 35 per cent of AnyMind Group’s revenue.

“We focused on the marketing side of the business since our founding in 2016, then we expand to e-commerce and D2C-related businesses,” Kozutsumi explains. He further elaborates how the D2C and e-commerce business line has grown “really dramatically” since it started two years ago, just like the Partner Growth business line that was started in 2018.

Also Read: Afternoon News Roundup: Singaporean tech entertainment firm AnyMind raises US$26.4M Series B

Human resource as keys to profitability

In FY2022, AnyMind Group recorded an operating profit of JPY30 million (US$223,000). During the interview, Kozutsumi explains all the factors that helped the company achieve this number, despite an operating loss of JPY213 million (US$1.5 million) in FY2021.

“As you can see, all of these business models are B2B in nature … It means we don’t need to invest a lot for the user acquisitions like B2C business. So, the important point is that we have a strict budget control system. We should achieve the target, but at the same time, costs should also be maintained in quite a good way,” he says.

Human resource plays a key role in the company’s performance. To help meet internal KPIs, AnyMind Group invests in training their employees, so that they can increase productivity effectively. According to Kozutsumi, cost efficiency and productivity are the reasons why the company is able to achieve profitability without any layoffs.

In addition to those two factors, in July 2022, AnyMind Group also raised US$29.4 million in Series D funding to support its business.

Bringing talent onboard

International expansion plays an important role in growing AnyMind Group’s business, and the company is able to achieve this by acquiring companies that already have a strong presence in the market they are aiming for. By far, they have acquired a total of seven companies.

Some examples of acquisitions that AnyMind Group has done in the past include MoIndy Digital in Thailand and POKKT in India.

By acquiring these companies, in addition to expanding its geographical reach, AnyMind Group also introduced its services into these markets.

Also Read: AnyMind Group closes Series B funding at a total of US$21M

“When we enter India, they were only doing digital marketing business, so we brought our influencer marketing platform to the market,” Kozutsumi says.

Once a company was acquired by AnyMind Group, its founders then entered the group’s management team and became country managers for the market it operates in. This is why M&A also plays an important role in the group’s human resource aspect.

“Through the M&A, we are able to invite very talented and committed founders to AnyMind. That way, we can build a very strong management team,” Kozutsumi says.

This is why, when considering an acquisition of a company, the founders are one of the first things that the group considers. “The culture match is … super important,” Kozutsumi stresses.

The CCO also mentions that the group is set to do more acquisitions in the future.

This year, after the IPO, AnyMind Group aims to focus on increasing its profit by growing its D2C and e-commerce business more aggressively.

“There is also the long-term possibility of expanding outside of Asia as well,” Kozutsumi closes.

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Echelon Asia Summit 2023 is bringing together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here.

Echelon also features the TOP100 stage, where startups get the chance to pitch to 5000+ delegates, among other benefits like a chance to connect with investors, visibility through e27 platform, and other prizes. Join TOP100 here.

Image Credit: AnyMind Group

The post How AnyMind Group achieved profitability through its approach to human resource and leadership appeared first on e27.

As most parts of the world begin to emerge from the shadow of Covid-19, retail activities in Singapore have improved significantly too, with retail sales growing year over year for eight consecutive months since March 2022.

However, inflationary pressures and labour market tightness could dampen these sentiments, as many retailers struggle to hire and retain workers in an increasingly competitive hiring market.

According to Zebra Small and Medium-Sized Business Industry Lead, Amanda Honig, forward-thinking small business owners are turning to technology to maximise productivity and profits and mitigate challenging market disruptions while elevating the overall shopper experience, even when there are fewer staff on hand.

The impact of staffing shortages on small businesses

It is increasingly clear that the modern store is playing a new role, and retailers are under pressure to keep up. Shoppers are back in stores with heightened expectations for convenience, fulfilment, frictionless experiences, and price sensitivity. In a modern store, associates are the bridge between retailers and shoppers, playing a pivotal role in ensuring shopper expectations are met.

However, Zebra’s latest Global Shopper Study showed that only 74 per cent of Asia-Pacific (APAC) shoppers surveyed are happy with the availability of staff and level of help provided in the stores.

Considering how labour shortages continue to impact retailers, this is a concerning observation. The impact of fewer associates on store floors and back rooms can have adverse effects across a retail operation, especially when technology is not being used to augment headcount or the customer experience.

Compared to their larger counterparts, small businesses are likely to feel a greater impact when it comes to staff shortage as a few employee callouts may result in zero staff availability, and a full store closure, for an entire day. Customer loyalty is also at stake here as consumers can easily turn to another retailer with similar offerings to fulfil their need for convenience.

Hence, forward-thinking small retailers should be making investments in technology to make it easier to manage staff schedules and rebalance workloads when teams are lean and foot traffic is high. Integrating solutions that make customers more self-sufficient in the store can also be highly valuable when there are limited associates available to work each shift.

Seamless collaboration between the back and front of the store

For small businesses, the line separating the front of the store and backroom operations is often blurred, as the limited headcount could mean that associates take on multiple roles concurrently. As such, the right technology can help ensure there is no disconnect between the two functions and increase efficiency when associates switch between the front and back of the store.

Also Read: How tech upgrades could address Singapore’s labour shortage in hawker centres

For example, equipping associates with enterprise-class mobile devices can add valuable mobility and transparency to the inventory management process, streamlining workflows as a result. According to the same Zebra study, 49 per cent of shoppers surveyed (64 per cent in APAC, 49 per cent globally) do not complete their intended purchase order due to out-of-stock products.

Implementing such technology will help give store associates on the sales floor insight into what products are available or scheduled for arrival so they can better support customers and ensure items are replenished as soon as possible.

On the retailer’s end, most retailers (84 per cent in APAC, 79 per cent globally) reported that they need better inventory management tools for accuracy and availability, as they acknowledge maintaining real-time visibility of out-of-stock items as a significant challenge.

Bolstered by technology, the overall inventory management process can be less time-consuming and more accurate than processes of the past, which relied on paper and pen to track item locations, sales, and more.

Enhancing front-of-store processes

In addition to back-end inventory management, another way small businesses can add automation and efficiency to its front of store processes to enhance customer experience could be by embracing retail-ready technology solutions such as self-serve kiosks or checkout lanes, rugged tablets with added point-of-sale (POS) modules, or handheld mobile computers with built-in barcode scanners and accessorised with radio frequency identification (RFID) sleds.

Generally, shoppers, retail associates, and retail decision-makers agree shoppers have a better experience when retail associates use the latest technology to assist them. Mobile technology allows associates more time to be on the floor with shoppers with improved service, speed, and convenience.

Also Read: Singapore startup Crypto.com lets go of 20% staff

For instance, tablets allow associates to easily search for product knowledge and provide a better customer experience by answering questions thoroughly and offering more information about a product instantly and effectively.

When an associate is not available, customers can easily turn to a kiosk for information about inventory styling, sizing, and selection. These kiosks can even be set up to support online ordering while in-store, notify an associate of their arrival for order pickup, or process returns.

Retail-ready technology helps maximise the power of a single associate to meet customer service expectations no matter the disruption. It can also augment the workforce by speeding up onboarding and upskilling, making specific skills easier to learn or transfer when needed.

Meeting the demands of associates

Engaging and retaining a younger workforce can be the ultimate long-term solution to the current labour problem. It is estimated that Generation Z (Gen Z) in particular, born between the late 1990s and early 2010s, makes up 24 per cent of the ASEAN population as of 2021. They will also make up a significant part of the workforce in years to come.

Heading into the future, meeting the demands of younger workers for on-the-job technology will be crucial to improve operations and maintaining a steady, devoted workforce.

Technology has had a tremendously positive impact on the retail experience over the last 15 years and will continue to do so in the future. Fortunately, for most small businesses, retail-ready technologies have become more accessible than ever before to meet the needs and budgets of these retailers. Investment in the right technology is the key to retail agility and resilience for the modern store.

The price of digitalising store operations is nominal when you compare it against the potential costs of a staff shortage. Not only can technology support the shopper experience, but it can also help ensure workers will be available and workflows manageable – two critical components of a successful retail business.

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Messaging apps, once an intimate medium for sharing private views, are taking on a new role to drive sales and customer engagement. The latest retail buzzword, ‘conversational commerce’, a convergence of shopping and conversations, uses messaging tools within the chat to create a seamless shopping experience along with customer service. This meets the needs of today’s customers, who base their loyalty on good experiences above price or product.

While the use of messaging apps to connect with customers is not new, its functionalities have expanded, enabling consumers to chat with store associates, receive personalised recommendations and make purchases. 

Asia has the highest messaging population worldwide, dominated by WhatsApp, Facebook Messenger, WeChat, Viber and LINE. In Southeast Asia (SEA), fast becoming the new global e-commerce powerhouse, conversational commerce is set to hit US$47 billion in 2023. This offers Asian retailers an extraordinary opportunity to level up their customer experience, a critical need to reach today’s digital consumers.

E-commerce surges in SEA

SEA will see robust growth in retail e-commerce sales this year of nearly US$90 billion, increasing more quickly than anywhere else worldwide. Next year the region will cross the US$100 billion mark, a long way from the US$37.22 billion seen in 2019. 

Also Read: Conversational AI in governance: Redefining citizen experiences

This surge in e-commerce has also led consumers to increase their use of messaging apps and social media to communicate with merchants and inquire about information instead of searching for them online. Globally, one in five consumers use live chat or in-app chat daily and three in five consumers video chat with a business more now than 18 months ago. 

Regionally too, conversational commerce is booming. According to a Bain & Co report, SEA has a higher percentage of internet users who are online consumers, 79 per cent, surpassing India’s 20 per cent and roughly on a par with the US at 75 per cent.

A combination of social media, short videos and messaging was found to be consumers’ preferred online channels for discovering new brands and products. In addition, 88 per cent of SEA consumers cited online channels as their top source of brand engagement.  

Customer expectations and their need to communicate with brands have certainly increased. According to Facebook, 48 per cent of holiday shoppers are more likely to buy if businesses are contactable through instant messaging. With the use of conversational commerce platforms, businesses can meet customer expectations, offer personalised experiences and improve sales conversion rates. 

Benefits of conversational commerce

Conversational commerce enables retailers to meet customers’ existing and evolving needs. Businesses with embedded commerce capabilities can serve, connect with, and sell to their customers from anywhere, on any channel. Some of the benefits of embedding conversational commerce solutions include:

Personalised experience

Integration of messaging apps can enable retailers to offer a customer-centric shopping experience, emulating a sales assistant at a physical store who makes personalised recommendations and guides you through purchases. 

Also Read: Why live commerce is here to stay in Asia

This gives the seller the opportunity to use 24/7 available AI-powered chatbots to cater to and respond to customer queries instantly.  This also allows them to gain insight into customer requirements, suggest products and improve product offerings.

Enhanced convenience

Conversation commerce enables consumers to get instant and easy access to brands, their products and their sellers. 

Additionally, with the power of AI, conversational commerce is able to provide visibility on a consumer’s online shopping journey, from product inquiry, and product information search, to placing an order, payment and delivery tracking, without any friction.

Improved marketing campaigns

Businesses can leverage AI to gain insight into the purchasing habits of customers based on conversations with them and eventually use that information to personalise ads and display automated marketing content.

Overall, conversational commerce can deliver retailers a higher conversion rate, higher average order value and higher customer loyalty.

Conversational commerce critical to a seamless e-commerce experience

As e-commerce surges and consumers shift to direct messaging for online shopping, conversational commerce looks set to dominate the industry for years to come. 

By allowing consumers to engage with their preferred brands conveniently and have fun shopping, conversational commerce is leading the way for businesses to enhance user engagement and experience, and drive growth. 

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