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Archivo del Autor: Belen De Leon

Have Phones Become Boring? Well, They’re About to Get Weird

Pop-out cameras! Foldable displays! Hole-punched notches! This year, phone-makers are swinging for the fences.
Source: Wired

Huawei CFO may face formal extradition to the US, says report – CNET

Canada’s ambassador to the US tells the Globe and Mail about the upcoming request.
Source: CNET

Steemit, crypto’s answer to Reddit, gets a new boss to rebuild after widespread layoffs

Steemit, an early blockchain startup that’s developing an alternative to Reddit, has a new chief less than two months after laying off most of its staff as part of cost-cutting measures.

Celebrated as an early success story in the crypto world, the company shed 70 percent of its employees back in November on account of the ‘crypto winter’ which has seen the price of Bitcoin, Ethereum and other cryptocurrencies plummet by 90 percent or so. Steemit is far from the only blockchain startup forced to restructure, and now its rebuilding plans rest in the hands of newly-appointed managing director Elizabeth Powell.

Formerly the company’s head of communications and advocacy, Powell has replaced former CEO Ned Scott — who is now executive chairman — at the helm of the business, which has 12 full-time staff.

“We recently published our updated Mission, Vision and Values, as well as its roadmap focusing on increasing ad revenues, protecting Steem assets’ value and cost reductions. My job is to execute the roadmap,” Powell said in a post introducing her to the community.

Founded in July 2016, Steemit was an early blockchain project that showed promise and, with over a million registered users, it has been one of the most successful in terms of adoption. The premise is a Reddit-like space that is supposedly decentralized — so not subject to removals — and where users are compensated in tokens for creating or curating popular content.

However, like many blockchain startups, it has so far failed to compete with existing services on the internet and offer a truly differentiated experience that appeals to users outside of the crypto community. 

Its ‘Steem’ token, meanwhile, has suffered as the market has crashed. Valued at $7.31 during its peak in January 2018, it is currently priced at $0.41, according to CoinMarketCap.com. Unlike others, the company didn’t hold an ICO, instead it opted to mine tokens, but still those falling prices mean loyalists and the company have lost the paper value of their investments.

One major positive to adopting tokens is that, when used to raise capital, they can alleviate financial concerns and allow companies and services to focus entirely on the user experience without prioritizing monetize. But, following its financial wobbles, Steemit is testing advertising “as part of our strategy for improving the economic sustainability and decentralization of Steem.” That’s certainly controversial but, as Powell wrote, it is now very much part of the roadmap.

Powell is a relative newcomer to Steemit, having only joined the company last year. In response to her appointment, some users raised concern at her relative inexperience on the site — she has published just one original post and shared a further two  — but others suggested that the appointment of an ‘outsider’ brings a new perspective that can help wider Steemit’s audience.

Either way, Powell certainly has a challenge on her hands if Steemit is to fulfill its early promise.

Note: The author owns a small amount of cryptocurrency. Enough to gain an understanding, not enough to change a life.


Source: TechCrunch

Dog cancer treatment startup raises $5 million from Andreessen Horowitz and others

One in every three dogs gets cancer, according to the National Canine Cancer Foundation. OneHealth, a startup that just raised a $5 million seed round led by Andreessen Horowitz’s Bio fund with participation from Lerer Hippeau and Y Combinator, aims to make it easier for humans to treat canine cancer, which is the number one disease killer of pups.

“Prevalence and incidence for cancer is much higher with dogs,” OneHealth founder and CEO Christina Lopes told TechCrunch over the phone.

OneHealth’s Fidocure product is designed to make treating your dog’s cancer more accessible and affordable. It specifically utilizes next-generation gene sequencing to better understand the genetic mutation that is causing an individual dog’s cancer. From there, Fidocare offers recommendations and an action plan to the human, outlining the best therapeutic implications and targeted treatment.

“The purpose of the company is actionability,” Lopes said. “The test is the first step. From there, if there’s a certain mutation present, we’ll say what the FDA-approve drugs with data in dogs available are. We’ve been able to then work with pharmaceutical partners and other compounding pharmacies.”

If your dog gets diagnosed with cancer, your veterinarian may recommend OneHealth’s product. Still, you’ll continue to take your pup to the veterinarian, as OneHealth says it is “100 percent partnered with veterinarians,” who must be able to see the furry friend in real life.

The drugs recommended are FDA approved for humans, but do have data relevant to dogs. That’s where OneHealth says it’s invested time and money in understanding those targeted drugs and their impact on dogs.

“While we didn’t develop the drugs, we’ve had to be the ones to do a lot more to close the information gap,” Lopes said.

OneHealth charges veterinarians directly. From there, the vet may or may not charge the patient. Average cancer care for dogs cost $6,700, Lopes said. With markup, OneHealth is designed to cost less than the average cost of care, she said.

“Advances in our understanding of cancer biology have revolutionized how we diagnose and treat human cancers,” A16Z GP Jorge Conde said in a statement. “As research continues to uncover similarities between certain dog and human cancers, OneHealth not only will harness these advances to transform how we care for our pets, but also has a unique opportunity to impact human health as it discovers better ways to manage this devastating disease in dogs.”


Source: TechCrunch

LG hints at gesture interface for smartphone flagship next month

LG has put out a gesture-heavy hint ahead of the annual unveiling of new smartphone hardware at the world’s biggest mobile confab, Mobile World Congress, which kicks off in a month’s time.

The brief video teaser for its forthcoming MWC press event in Barcelona, which was shared today via LG’s social media channels, shows a man’s hand swiping to change on screen content, including the message “goodbye touch”.

The title of LG’s teaser video includes the name “LG Premiere”, which could be the name of the forthcoming flagship — albeit that would be confusingly similar to the mid-tier LG Premier of yore. So, hopefully the company is going to make that last ‘e’ really count.

Beyond some very unsubtle magic wand sound effects to draw extra attention to the contactless gestures, the video offers very little to go on. But we’re pretty sure LG is not about to pivot away from touchscreens entirely.

Rather we’re betting on some sort of Leap Motion -style gesture control interface being added to the front of the handset, using sensors to detect a hovering hand, for example — probably accompanied by heavy marketing about how filthy-with-germs phone screens are so it’s totally better you don’t actually touch them.

Safe to say, the idea looks terribly gimmicky. Or, well, just terrible. This kind of stuff has been tried (and failed to stick) plenty of times before — as long ago as a decade, in the now no longer mobile-maker Sony Ericcson’s case.

Samsung also added a gesture feature, called Air Gesture, to some of its handsets more than five years old — which lets smartphone users do things like wave to answer a call or swipe through air to scroll up. Some of its smartphones also offer hands-free scrolling via facial tracking.

Yet smartphone users everywhere still seem as hooked as ever on actually fingering their touchscreens. And gesture-based interfaces have, fittingly enough, largely failed to stick.

Although you could view Apple’s Face ID technology as a form of non-touch gesture control, as my TC colleague Ingrid Lunden suggests. Albeit the primary point in that case is security/authentication, so it’s more than just a frictionless way to interact with a device without touching it.

Smartphone makers — and Android OEMs especially — are under acute pressure to stand out in a fiercely competitive and growth-stalled market. So despite a flighty history for gesture interfaces on mobile, a bunch of hardware experiments look to be in play, such as whatever LG’s cooking.

And including — as we noted earlier today — what’s now open flirtation with foldable tablet smartphones (see: Xiaomi teased a double folder phone.)

We’ll be on the ground in Barcelona to bring you news of all the major hardware releases next month — including keeping an eye on whatever LG is preparing to unbox (but not actually touch) on February 24. So stay tuned.

We just hope that another detail in LG’s description for the teaser video, in which it asks its followers whether they’re “prepared to get stunned by the LG Premiere”, does not augur a highly potent new form of contactless haptic feedback.


Source: TechCrunch

Amazon has paused sales of its Echo Wall Clock due to connectivity issues

Amazon launched an Echo Wall Clock before the end of the last year but, less than a month later, things aren’t running to schedule. The e-commerce giant has paused the sale of the $30 Alexa-powered smart clock after a number of customers reported connectivity issues, according to The Verge.

The clock is still listed on Amazon but, as of Tuesday, it is “currently unavailable.”

“We’re aware that a small number of customers have had issues with connectivity. We’re working hard to address this and plan to make Echo Wall Clock available again in the coming weeks,” Amazon told The Verge in a statement.

The clock is pitched at existing Alexa users who could use it to set timers, countdowns or alarms, while it automatically adjusts to seasonal time changes. It is unashamedly basic, both in design as well as functionality, but it is an interesting addition to Amazon’s expanding home appliance push. That also includes an Alexa microwave (less impressive), a singing fish (ok…) along the more established cast of home speakers, the ‘Show’ video screen, a subwoofer and more.


Source: TechCrunch

Xiaomi teases a double-folding smartphone… ohhai digital triptych!

China’s Xiaomi has become the latest smartphone maker to tease a folding smartphone, dropping the below video clip of its president and co-founder, Bin Lin, fondling the device on social media today.

The twist is the tablet does not have a single center parting but rather two folds that divide it into three panels, with Xiaomi claiming in a tweet: “It is the world’s first ever double folding phone.”

The video shows Bin contemplating a tablet-sized touchscreen device before quickly turning it on its side, taking it into landscape orientation, where he performs the party trick — folding two panels of screen, one at each side, back behind the tablet to form a slightly chunky looking phablet.

The video is edited so it cuts from front view to back at the moment of the fold so the actual folding action is not seen from the front. But from the back the two folded wings go dark after being folded.

When the video cuts back to the front there’s a slight spinning of the screen, as the software appears to grapple momentarily with the new form factor, before it stablizes in portrait orientation.

The phablet form of the device resembles the bezel-less ‘infinity display’ design of a handset like the 2018 Samsung Galaxy S8. Albeit more squat looking than the tall 18.5:9 aspect ratio of the S8.

Xiaomi’s tweet teaser does not include any details about how near (or indeed far off) a market launch of the device might be. We’ve reached out to the company with questions about the prototype and any launch plans.

Update: A spokesman pointed us to a post on Bin’s Weibo account where he asks his followers for feedback on the prototype, and suggests Xiaomi is still weighing up whether to bring the folding phone to market, writing: “If you like it, we will consider making a mass production machine in the future.”

He also asks for name suggestions, saying Xiaomi is toying with two: Xiaomi Dual Flex or Xiaomi MIX Flex.

“This symmetrical double-folded form perfectly combines the experience of the tablet and mobile phone, which is both practical and beautiful,” he writes [translated via Google Translate], saying building the prototype entailed “conquering a series of technical problems such as flexible folding screen technology, four-wheel drive folding shaft technology, flexible cover technology, and MIUI adaptation”.

“We made the first folding screen mobile phone, which should be the world’s first double folding mobile phone,” he adds, again taking a tentative tone vis-a-vis a potential launch timeframe.

In recent months a handful of folding smartphone prototypes have been demoed by mobile makers, including a booklet-style folding slab from Samsung — trailed as incoming for years but finally teased officially last fall — which also appears to transforms into a rather chunky handset.

An invite to a February 20 Samsung launch event for the forthcoming Galaxy S10, sent out to press two weeks ago, also included a conspicuous centerfold in its graphic teaser. Ergo, a commercial launch from Samsung looks imminent.

While, at CES, a little known Chinese OEM called Royole beat others to the punch by showing off a folder in the flesh. In tablet form the Android powered FlexPai, as the device was christened, is 7.8-inches. But once folded in half the gizmo is left with an unsightly gap between the screen pieces, bulking up the resulting smartphone.  

Xiaomi’s triptych looks to offer a more pleasing design for handling the inevitable air gap created by a folding screen by concealing the ends in the middle of the dual folded panels. Side tucks certainly look more visually pleasing.

That said, two folds could mean a higher risk of screen problems — if the folding mechanism isn’t robust enough to handle lots of bending back and forth.

It’s also far from clear whether consumers will generally take to folding phones, or snub them as fiddly and gimmicky.

In recent years smartphone design has converged around a phablet-sized touchscreen and little else. So adding any fresh mechanical complication is a bit of a risk given how smooth and hermetically sealed smartphones have otherwise become.

But a clutch of Android OEMs are going to try their luck, regardless. And with a saturated smartphone market, stalled growth and competition fiercer than ever you can see why they’re pushing the boat out — or, well, bending the screen back — to try and stand out.


Source: TechCrunch

John McAfee plans to run for president 'in exile' using thousands of masked doppelgangers – CNET

The crypto-enthusiast has donned a wig, jumped on a boat and is now on the run from the IRS. But that won’t stop his 2020 presidential campaign.
Source: CNET

2020 GMC Sierra HD has super strength, X-ray vision video – Roadshow

Able to tow more than 30,000 pounds and see through its trailer with camera-based tech, the 2020 GMC Sierra’s sort of the Superman of heavy-duty trucks.
Source: CNET

VCs give us their predictions for startups and tech in Southeast Asia in 2019

The new year is well underway and, before January is out, we polled VCs in Southeast Asia to get their thoughts on what to expect in 2019.

The number of VCs in the region has increased massively in recent years, in no small part due to forecasts of growth in the tech space as internet access continues to shoot up among Southeast Asia’s cumulative population of more than 600 million consumers.

There are other factors, including economic growth and emerging middle classes, but with more than 3.8 million people becoming first-time internet users each month — thanks to smartphones — Southeast Asia’s ‘digital economy’ is tipped to more than triple to reach $240 billion by 2025. That leaves plenty of opportunity for tech and online businesses and, by extension, venture capitalists.

With a VC corpus that now numbers dozens of investment firms, TechCrunch asked the people who write the checks what is on the horizon for 2019.

The only rule was no more than three predictions — below, in no particular order, is what they told us.


Albert Shyy, Burda

Funds will continue to invest aggressively in Southeast Asia in the first half of this year but capital will tighten up by Q4 as funds and companies prepare for a possible recession. I think we will see a lot of companies opportunistically go out to fundraise in Q1/Q2 to take advantage of a bull market.

We will see two to three newly-minted unicorns from the region this year, after a relative lull last year.

This will (finally) be the year that we start to see some consolidation in the e-commerce scene


Dmitry Levit, Cento

A significant portion of capital returned by upcoming U.S. IPOs to institutional investors will be directed to growth markets outside of China, with India and Southeast Asia being the likeliest beneficiaries. Alternative assets such as venture and subsets of private equity in emerging markets will enter their golden age.

The withdrawal of Chinese strategic players held back by weakened domestic economy, prudent M&A by local strategics and ongoing caution among Japanese, Korean and global corporates, combined with ongoing valuations exuberance by late-stage investors allocating funds to Southeast Asia, will continue holding back large liquidity events. Save perhaps for a roll-up of a local champion or two into a global IPO. Fundraising will get more troublesome for some of Southeast Asia’s larger unprofitable market leaders. Lack of marquee liquidity events and curtailed access to late-stage capital for some will lead to a few visible failures (our money is on the subsidy-heavy wallets!) and a temporary burst of short-term skepticism around Southeast Asia as an investment destination towards the end of 2019.

The trend towards the emergence of value-chain specific funds and fund managers will continue, as digitalization is reaching ever further into numerous industry sectors and as Southeast Asia hosts an increasing portion of global supply chains. We foresee at least dozen new venture firms and vehicles emerging in 2019 with clear sector-led investment thesis around the place of Southeast Asian economies in the global value chains of fashion industry, agriculture and food; labour, healthcare services; manufacturing, construction tech and so on, with investment teams that have the necessary expertise to unravel this increasing complexity.


Willson Cuaca, East Ventures

Jakarta becomes Southeast Asia’s startup capital surpassing Singapore in terms of the number of deals and investment amount.

As Indonesia’s startup scene heats up, regional seed and series A funds move away from Indonesia and target Vietnam, Malaysia, Thailand and the Philippines (in market priority order).

Southeast gets two new unicorns.


Rachel Lau, RHL Ventures

North Asian companies will provide well-needed liquidity as they withdraw capital from developed American and European markets due to the Federal Reserve’s actions. The FED raised interest rates and reduced the size of its balance sheet (by not replacing the bonds that were maturing at a rate of $50 billion a month). This has been seen in the recent fundraising exercise by Southeast Asian unicorns. Grab has recently seen an impressive list of North Asian investors such as Mirae, Toyota and Yamaha . A recent stat stated that 85 percent of the funding of Southeast Asia startups have gone to billion dollar unicorn such as Grab and Gojek, bypassing the early stage startups that are more in need for funding, this trend is expected to continue. Therefore, we will see early-stage companies and venture capitalists becoming more focused on generating cash flow from operating operations instead as fundraising activities become more difficult.

A growth in urbanization in Southeast will create new job opportunities in small/medium businesses, as evident in China. Currently, only 12 percent of Asia’s urban population live in megacities, while four percent live in towns of fewer than 300,000 inhabitants. New companies will see the blurred lines between brick and mortar businesses vs pure online businesses. In the past year or so, we have seen more and more offline businesses going online and more online businesses going offline.

Fertility rates in the Philippines, Laos, Cambodia, Indonesia and Vietnam exceed 2.1 births per woman — the level that sustains a population — but rates below 1.5 in Singapore and Thailand mean their populations will decline without immigration. As we see more startup activities coming to Southeast Asian countries, we expect to see more qualified foreign talent moving to the region vs staying in low growth American and European countries.


Kay-Mok Ku, Gobi Ventures

First Chinese “Seaward” Unicorn in Southeast Asia. In recent years, a growing number of Chinese startups are targeting overseas markets from the get go (known as Chuhai 出海 or “Seaward”). These Chinese entrepreneurs typically bring with them best practices in consumer marketing and product development honed by a hyper-competitive home market, supported by strong, dedicated technical team based out of China and increasingly capitalized by Chinese VCs which have raised billion-dollar funds.

Consolidation among ASEAN Unicorns. While ASEAN now boasts 10 unicorns, they are duplicative in the sense that more than one exists in a particular category, which is unsustainable for winner-takes-all markets. For example, in the ASEAN ride-hailing space, while one unicorn is busy with regional geographic expansion, the other simply co-exists by staying focused on scope expansion within its home market. This will never happen in a single country market like China but now that the ASEAN ride hailing unicorns are finally locking horns, the stage may be set for a Didi-Kuadi like scenario to unfold.

ASEAN jumps on Chinese 5G bandwagon. The tech world in the future will likely bifurcate into American and Chinese-led platforms. As it is, emerging markets are adopting Chinese business models based on bite-sized payment and have embraced Chinese mobile apps often bundled with cheap Chinese smartphones. Looking ahead, 5G will be a game changer as its impact goes beyond smartphones to generic IoT devices, having strategic implications for industries such as autonomous driving. As a result, the US-China Trade War will likely evolve into a Tech War and ASEAN will be forced to choose side.


Daren Tan, Golden Equator Capital

We are excited by growth in the AI and deep tech sectors. The focus has generally been on consumer-focused tech in Southeast Asia as an emerging market, but we are starting to see proprietary solutions emerge for industries such as medtech and fintech. AI also has great applicability across a wide range of consumer sectors in reducing reliance on manpower and creating cost savings.

Data analytics to uncover organizational efficiencies and customer trends will continue to be even more widely used, but there will also be greater emphasis on securing such data especially confidential information in light of multiple high-profile data breaches in 2018. Tools enabling the collection, storage, safe-keeping and analysis of data will be essential.

We are seeing the emergence of more institutional funds from North Asia. So far it has predominantly been Chinese tech giants like Tencent and Alibaba, now we are starting to see Korean and Japanese institutions placing greater emphasis on investment in the Southeast Asian region.


Vinnie Lauria, Golden Gate Ventures

Even more capital flowing from U.S. and China into Southeast Asia, with VCs from both locations soon to open offices in the region

A fresh wave of Series A investments into Vietnam.

Ten exits over $100 million.

 


Amit Anand, Jungle Ventures

The emergence of a financial services super app, think the Meituan or WeChat but only for financial services: The Southeast Asian millennial is one of the most underserved customer from a financial services perspective whether it is payments, consumer goods loans, personal loans, personal finance management, investments or other financial services. We will see the emergence of digital platforms that will aggregate all these related services and provide a one stop financial services shop for this digitally native consumer.

Digitisation of SMEs will be new fintech: Southeast Asia is home to over 100 million SMEs that are at the cusp of digital transformation. Generational change in ownership, local governments push for digitization and increased globalization have created a perfect storm for these SMEs to adopt cloud and other digital technologies at neck-breaking pace. Startups focussing on this segment will get mainstream attention from the venture community over the next few years as they look for new industries that are getting enabled or disrupted by technology.


Kuo-Yi Lim and Peng Ong, Monk’s Hill Ventures

Lyft and Uber go public and show the path to profitability for other rideshare businesses. This has positive effect for the regional rideshare players but also puts pressure on them to demonstrate the same economics in ridesharing. Regional rideshare players double down on super-app positioning instead, to demonstrate value in other ways as rideshare business alone may not reach profitability — ever.

The trade war between China and the US reaches a truce, but a general sense of uncertainty lingers. This is now the new norm — things are less certain and companies have to plan for more adverse scenarios. In the short term, Southeast Asia benefits. Companies — Chinese, American etc — see Southeast Asia as the neutral ground. Investment pours in, creating jobs across industries. Acquisition of local champions intensifies as foreign players jostle for the lead positions.

“Solve the problem” – tech companies will become more prominent… tech companies that are real-estate brokers, recruiters, healthcare providers, food suppliers, logistics… why: many industries are very inefficient.


Hian Goh, Openspace Ventures

Fight to quality will happen. Fundraising across all stages from seed to Series C and beyond will be challenging if you don’t have the metrics. Investors will want to see a path to profitability, or an ability to turn profitable if the environment becomes worse. This will mean Saas companies with stable cash flows, vertical e-commerce with strong metrics will be attractive investment opportunities.

Investor selection will become critical, as investors take a wait and see approach. Existing or new investors into companies will be judged upon their dry powder in their funds and their ability to fund further rounds

The regulatory risk for fintech lenders will be higher this year, rising compliance cost and uncertainty on licensing, which would lead to consolidation in the market.


Heang Chhor, Qualgro

Southeast Asia: an intensifying battlefield for tech investments

There has never been so much VC money in Southeast Asia chasing interesting startups, at all life cycle stages. The 10 most active local and regional VCs have raised their second or third funds recently, amassing at least two times more money than a few years ago, probably reaching a total amount close to $1 billion. In addition, international VCs have also doubled down on their allocation into the region, while top Chinese VCs have visibly stated their intent not to miss the dynamic momentum. Several growth funds have recently built a local presence in order to target Southeast Asia tech companies at Series C and beyond. Not counting the amount going to the unicorns, there might be now more than $3-4 billion available for seed to growth stages, which may be 3-4 times the amount of three years ago. There are, of course, many more good startups coming up to invest into. But the most promising startups will be in a very favorable position to negotiate higher valuation and better terms. However, they should not forget that, eventually, what creates value is how they make a difference with their tech capabilities or their business model, how they acquire and retain the best talent, with the funds raised, not only how much money they will be able to raise. Most local and regional corporate VCs are likely to lose in this more intense investment game.

Significant VC money investing into so-called ‘AI-based startups’, but are there really much (deep) Artificial Intelligence capabilities around?

A good portion of the SEA startups claim they have ‘something-AI’. Investors are overwhelmed, if not confused, by the ‘AI claim’ that they find in most startup pitches. While there is no doubt that Southeast Asia will grow its own strong AI-competence pool in the future, unfortunately today most ‘AI-based’ business models from the region would still be just ‘good algorithms or machine learning’ that can process some amount of data to come up with good-enough outcomes, that do not always generate substantial business value to users/customers. The significant budget that some of the very-well-funded Southeast Asia unicorns are putting into their ‘AI-based apps’ or ‘AI platform’ is unlikely to make a real difference for the consumers, for lack of deep AI competences in the region. 2019 may be another year of AI-promise, not realized. Hopefully, public and private research labs, universities and startups will continue to be (much more) strongly supported (especially by governments) to significantly build bigger AI talent pool, which means growing and attracting AI talent into the region.

Bigger Series A and Series B rounds to fuel more convincing growth trajectory, towards growth-stage fundraising.

Although situations vary a lot: typical Series A in Southeast Asia used to be around $5 million, and Series B around $10-15 million. Investors tended to accept that normally companies would raise money after 18 months or so, between A and B, and between B and C. There has been an increasing number of larger raises at A and B recently, and very likely this trend will accelerate. The fact that VCs now have much more money to deploy into each investment will contribute to this trend. However, the required milestones for raising Series C have become much more around: minimum scale and very solid growth (and profit) drivers. Therefore, entrepreneurs will have to look for getting as much funding reserve as possible, irrespective of time between raises, to build growth engines that take their companies past the milestones of the next Series, be it B or C. In the future, we will see more Series A of $10 million and more Series B of well-above $20 million. Compelling businesses will not have too much difficulties for doing so, but most Southeast Asia entrepreneurs would be wise to learn to more effectively master fundraising skills for capturing much bigger amounts than in the past. Of course, this assumes that their businesses are compelling enough in the eyes of investors.


Vicknesh R Pillay, TNB Aura

Out-sized valuations will be less commonplace in 2019 as Southeast Asian investors learn from experience and become more sophisticated. Therefore, we do see opportunities at Series A/B for undervalued deals due to lack of early-stage funding while we expect to continue to see the trend of the majority of venture capital investments going into later stage companies (Series C and beyond) due to lower risk appetite and ‘herd’ mentality.

2018 has also seen the rapid emergence of many corporate venture capital funds and innovation programs. But, 2019 will see large corporations cutting back on their allocation towards startup investing which would be the easiest option for them in case of adverse news to the jittery public markets in 2019.

With the growth of AI, the need for API connections and increased thought leadership to embrace tech, Southeast Asia is going to see an upsurge in SaaS startups and existing startups moving to a Saas business model. Hence, we expect increased investments into Saas companies focused on IoT and cybersecurity as hardware data and software are moved onto the cloud.


Chua Kee Lock, Vertex Ventures

Southeast Asia VC investment pace has grown steadily and significantly since 2010 where it started from less than $100 million in VC investment in the region. For the first eight months of 2018, the region’s VC investment was over $5.4 billion. For the whole of 2018, it will likely end around $8 billion. For 2019, we expect the VC investment pace to surpass 2018 level and record between $9-10 billion. Southeast Asia will continue to attract more VC investments because:

(1) Governments in Southeast Asia, especially ASEAN, continue their support policy to encourage startups.

(2) young demographics and the fast technology adoption in Southeast Asia give rise to more innovative and disruptive ideas.

(3) global investors looking for a better return and will naturally focus on growing emerging market like Southeast Asia.

The trend towards gig economy will begin to have an impact in the region. In developed economies like the U.S, gig economy is expected to reach over 40 percent by 2020. The young population will look for more freelance opportunities as a way to increase income levels while still maintaining flexibility. This will include white-collar work like computer programming, accounting, customer service, etc. and also blue-collar work like delivery services, ride-sharing, home services, etc. We believe that the gig economy will grow to over 15 percent in Southeast Asia by 2019.

AI-heavy or -driven startups will begin to make inroads into Southeast Asia.


Victor Chua, Vynn Capital

The BIG convergence — there will more integration between industries and sectors. Traveloka went into car rental, Blibli went into travel business and these are only some examples. There is a lot of synergistic value between travel startups and food startups or between property startups and automotive startups. Imagine a future where you travel to a city where you stay in an apartment you rented through a marketplace (like Travelio, my portfolio company), and when you need to book a restaurant you can make the reservation through a platform that is integrated with the property manager, and when you need to move around you go down to the car park to drive a car you rent from an automotive marketplace. There is clear synergy between selective industries and this leads to an overall convergence between companies, between industries.

More channels to raise Series B/C, early-stage companies find fundraising more challenging — We have seen a number of VC funds raising or already raised growth funds, this means that there are now more channels for Series A or B companies to raise growth rounds. As the market matures, there will be more competition for investments amongst growth funds as there is considerably more growth in the number of growth funds than companies that are raising at growth-stage. On the flip side, the feel is that there is a consistent growth in the number of early-stage companies, yet the amount of capital in early-stage funds is not growing as much as more VCs prefer bigger and later stages, due to the maturity of their existing portfolio companies.

Newcomers gaining weight — there will be at least 10 companies that will hit a valuation of at least $100 million. These valuations will not be based on a single market exposure. Companies that raise larger rounds will need to show that they are regional.


Thanks to all the VCs who took part, I certainly felt like the class teacher collecting assignments.


Source: TechCrunch

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