High potential startups unveiled at the MyStartup Pre-Accelerator Cohort 3 Demo Day 

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  • 5 companies were selected as best winners&nbsp,
  • The third group included 26 businesses from a variety of industries.

Winners from the MyStartup Pre-Accelerator Cohort 3

After more than 16 days of intensive mentoring and consultations, the MyStartup Pre-Ameriator Cohort 3 and Growth Charger celebrated development and growth at its leading Demo Day. The program also recognized the cohort’s high-potential companies after they successfully completed proof-of-concept patterns while developing and verifying concepts and business models.

A total of 26 startups spanning various industries of green tech, bright life, kindness, and digitalisation were selected to participate in the programme’s second cohort spearheaded by Cradle and MyStartup. At the Demo Day, twelve champion companies pitched their business tips to an audience of fellow entrepreneurs, instructors, potential investors, and the greater Malaysia business community, including a screen of ten judges comprising business leaders such as Cradle, Maybank, Cyberview Sdn Bhd, Dana Impak, Tuas Capital Partners and The Hive Southeast Asia, Jewel Digital Ventures, MBI Selangor, Orbit Malaysia, Origgin Ventures, and SBI Ventures Malaysia.

As the event concluded, five startups were selected as the top winners. The companies include:

1. ScancerAI: A company that utilises advanced AI for early lung cancer detection through chest X- ray analysis, aiming to revolutionise diagnostics. This approach was aided in part by Universiti Kebangsaan Malaysia’s expertise.

2. Practistica: A startup that streamlines assignment creation, grading, and analysis for teachers. It features a large database of high- quality questions where teachers can drag- and- drop to create assignments, grade objective and subjective questions, and use analytics to focus on each student’s weaknesses.

3. Stay WokeProperty: A marketplace for long- term property rentals. It has a unique value proposition that focuses on assisting property owners in renting out quickly and avoiding the hassle of rental collection and maintenance.

4. FinDoc: An AI- driven online credit screening and advisory platform. FinDoc offers personalized advice to improve credit health and address financing needs for borrowers and recommends the best financial products. For agents and banks, it acts as a lead generator.

5. Beseek: A quick-to-use tool for analyzing content that includes qualitative analysis, such as identifying key highlights and analyzing gaps between private data and public knowledge.

Norman Matthieu Vanhaecke, group CEO of Cradle Fund Sdn Bhd, reiterated the crucial roles startups play in the ecosystem and the agency’s commitment to developing a high- performing, inclusive, and sustainable startup ecosystem in the country. We launched the first cohort in 2022 to help guide and coach early-stage startups and increase their growth potential. More than 100 Malaysian startups have benefited from the programme, with most startups expanding their market and adopting technology- led solutions such as advanced AI to revolutionise diagnostics, blockchain, and online interactive web platforms. For this cohort, we are proud to support all 26 participating startups, each utilising unique technology, data, and intelligence to develop viable proofs of concept that meet market needs and bridge existing gaps”.

” We would like to congratulate the winning teams, finalists, and all participating startups. We hope to equip these innovators with a solid foundation, and we look forward to their continued impact in their respective industries”, he added.

Additionally, Syed Haizam Jamalullail, managing partner of Tuas Capital Partners and The Hive Southeast Asia, who is also one of the judges, expressed admiration for the talent and innovation that can be found at the MyStartup Pre- Accelerator Demo Day. All 12 startup founders displayed exceptional quality, blending creativity, strategic vision, and entrepreneurial spirit. These startups are clearly growth-driven and ready to launch their ventures despite being in their early stages.

We at The Hive Southeast Asia look forward to seeing how successful these talented entrepreneurs will be in the future, he continued.

Shamsuddin Salleh, founder of ScancerAI and one of the top five startups, described the programme as instrumental in realising his innovative ideas, preparing the business for market entry, and opening doors for future collaborations”. Building a startup is a challenging but incredibly rewarding journey. Apart from embracing feedback and being open to pivoting your approach, a supportive network of mentors, peers, and advisors is critical. The program’s extensive mentorship, networking opportunities, and access to industry experts were essential in advancing ScancerAI to the next level.

Through the pitch clinic sessions, which have helped us refine our business model and strategies,” we have gained valuable insights into various aspects of startup development from the workshops and coaching sessions,” he continued.

In addition to taking home US$ 1600 ( RM7, 500 ) each and gaining recognition, the top five startups will join the MyStartup Market Access Programme. They can establish connections and communicate with key ecosystem players and potential partners around the world through this program. GrowthCharger will also continue to support these startups after the program by facilitating strategic ecosystem connections and granting access to foreign investors.

Startups selected for this cohort have benefited from individualized mentorship and one-on-one guidance from experienced entrepreneurs, which each cohort member has received over the course of four months. They also have benefited from using MyStartup and Growth Charger’s resources and global network.

Since the onboarding session, which was held last March, these innovators have been given multiple opportunities and perks, including exclusive networking events with global mentors and partners, invitations and group visits to innovation hubs, market research access, and channels to funding opportunities.

More than ten experts who served as mentors for the third cohort of the program come from a variety of backgrounds and have special expertise in various fields of expertise, but all come together with a shared commitment to positively shaping the next wave of entrepreneurs.

An initiative by the Ministry of Science, Technology &amp, Innovation, powered by Cradle, the MyStartup Pre- Accelerator aims to propel early- stage and pre- seed startups through a flexible yet comprehensive programme. This third iteration of the program, which is in line with the Malaysia Startup Ecosystem Roadmap 2021- 2030 to bring together every important player in the community to create a scalable, sustainable, and inclusive startup ecosystem, continues to be a beacon of opportunity for aspiring entrepreneurs looking to accelerate their business growth.

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India investor appeal to survive Modi vote setback – Asia Times

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Narendra Modi’s Bharatiya Janata Party ( BJP), which has held a commanding presence in the Indian parliament, has lost its outright majority. This social upheaval caused the financial markets to experience fast turbulence.

The BJP will need to rely on smaller allies to form a partnership as a result of the shock result, which is a significant change from the BJP’s past two elections, which saw absolute majority support for itself. &nbsp,

Mumbai’s share prices plummeted, with the Nifty 50 index closing 6 % down after soaring to record highs the previous day, buoyed by exit polls that had erroneously predicted a comfortable victory for Modi and his party – which would have meant” the status quo”, or certainty, which markets appreciate.

For volatility may come as evidence of declining trust in India’s prospects for growth and balance. &nbsp,

However, this perception fails to account for the strong main elements that continue to make India a popular choice for foreign buyers.

Despite the social difficulties, the economic elements remain strong.

A burgeoning middle class and growing urbanization are the two main drivers of the country’s huge and expanding customer market. India’s statistical edge, with a fresh and powerful workforce, underpins its potential for sustained economic expansion. &nbsp,

This demographic dividend is a vital component for global buyers looking for long-term returns because it guarantees a constant supply of labor and an expanding customer base.

New Delhi has also been engaged in major economic reforms that aim to enhance the working environment. Activities like the goods and services tax have simplified the system, making it simpler for businesses to operate across the nation. &nbsp,

The government’s goes towards digitisation and improvements in facilities have even enhanced India’s charm as an investment destination. Startup India, for example, aims to build a solid habitat for nurturing creativity and businesses.

Entry and procedure in the American market are now more appealing to international investors because of the liberalization of foreign direct investment, which has also improved substantially across sectors like defense, railways, aviation, and financial.

Another significant initiative is the production-linked incentive ( PLI ) scheme, which was introduced in 2020 and offers financial incentives to businesses to promote domestic manufacturing and entice significant investments in important industries like electronics, pharmaceuticals, and textiles. The system strengthens manufacturing capabilities and draws foreign investment by fusing incentives with production output.

Regardless of the parliament’s social structure, these policies are likely to continue because there is general consensus on the need for financial modernization and development.

India’s charm is further strengthened by particular industries that provide significant opportunities for purchase. &nbsp,

Bangalore and Hyderabad are emerging as international tech hubs that are drawing significant foreign direct investments from technology giants like Google and Facebook, making India’s software and business ecology one of the fastest-growing in the world.

The country is home to a lively business society, supported by a strong network of startups, startups and venture capital funding. International investors who are looking for high-growth opportunities are drawn to this innovation-driven environment.

Also, the renewable energy sector in India presents considerable expense possible, with the president’s ambitious targets for efficient power capacity.

We anticipate that India will continue to be able to attract foreign buyers while maintaining its status as a formidable rival to China. &nbsp,

In light of the growing global trade tensions between the US and China, which have made many businesses consider India as a replacement hub for manufacturing and services, the Make in India effort has been instrumental in creating a manufacturing ecosystem that can compete with its closest main competitor. &nbsp,

The shock election results ‘ sudden increase in market volatility does not overshadow the fundamental factors that appear to provide global buyers with beautiful returns and sustained progress, I’m comfortable. &nbsp,

Indeed, given the persistent trade tensions between the US and China, the appeal is likely to grow significantly throughout 2024.

Nigel Green is the founder and CEO of deVere Group.

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DisruptInvest 2024: Gobind Singh talks digital, true investments and Madani but can he be bold?

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  • Set off the same old and dated justifications for why it is impossible and believe in yourself.
  • work with other officials to improve the nation’s reputation as a modern citizen.

Gobind Singh, Minister of Digital (7th from right) with Ben Lim, founder and CEo of Nexea Ventures, which organised DisruptInvest 2024, with speakers and partipants.
GobidMalaysia’s Minister of Digital, Gobind Singh, spoke at the 5th DisruptInvest Summit on 23 May where he highlighted the administration’s dedication to support and help develop a strong business ecology through various initiatives, with the release of the annual KL20 summit in April designed to help light Malaysia’s business ecosystem to foreign VCs, as the latest signal of this intent. The government emphasized its goal of making Kuala Lumpur the Top 20 World Startup Ecosystem, thus KL20, by 2030.

In six and a half years, leapfroging 50 spots is a significant challenge that will require strong actions and strong government support, especially since KL is already in the 70th spot.

One such bold move, and yet low hanging fruit, will be to get authorities, the largest consumer of software companies in the country, to have its various departments and agencies move a small percentage, say 10 %, of their IT spend to businesses and homegrown software companies that have built their own solutions.

This concept has been repeatedly pushed aside and is not novel. I once asked Malaysian Prime Minister Mahathir Mohamad about the legality of requiring a small portion of government IT spending to be distributed to Malaysian tech companies in a press conference in 2002 in order to demonstrate the viability of their solutions. The question was not taken seriously.

But two decades later, the question must be taken seriously. Because, today, just as back then, the government aspires for Malaysian tech companies and its startups to be regional if not, global players. Stop aspiring for such bold goals if, as some have crossed RM400 million in revenue, we still do n’t show confidence in our own homegrown tech founders and their businesses today, because actions reveal true intent.

Here, Gobind can lead by example, be bold. The Digital Ministry should be the most digital in terms of its processes and engagement with the public and business because it is a new ministry and has no long-established relationships with IT vendors. Gobind must put aside the same old and dated justifications for why it is impossible and give favor to local tech startups.

The knowledge he acquires can then be applied to Minister Rafizi Ramli, a former minister himself, to the Economy Ministry. And so on to another ministry and so on.

Let’s see if Gobind, whose appointment as minister was well greeted by the tech ecosystem, leads the way.

Importance of capital

Gobind who also spoke at KL20, described capital as a catalyst to fuel KL20’s ambition, empowering innovators to push boundaries, challenge the status quo. The investments of today will be what will make the world of tomorrow,” he declared. The CEO of Vertex Holdings, Chua Kee Lock, who emphasized during his keynote that funding is a key factor in startup success, also made reference to the importance of capital.

This is also the reason the government is coordinating the two main public startup funding organizations, Mavcap Bhd and Penjana Kapital Sdn Bhd, into one entity that is governed by Khazanah Nasional Bhd, a sovereign wealth fund. Consolidation will give the government better visibility into the performance of its startup investments because both operate as fund of funds.

Gobind has a broad scope of responsibility as the digital minister, which is the first time such a ministry has been established in Malaysia. The National ICT Association, Pikom, anticipates that the Digital Economy will contribute to Malaysia’s economy by this year, as measured by GDP. As such, when he speaks of investment, Gobind does not just refer to startup funding.

For instance, he noted the 279 % jump in digital economy investments ( mainly in data centres ) the country enjoyed in the first half of 2023, translating to RM28.4 billion. And, without giving the time frame, he shared that almost 70 % of Malaysia’s RM225 billion approved investments are in the digital economy.

]Ed: Approved investments are not the same as realized investments with the latter always falling short of the former due to factors such as changes in company’s leadership/direction, macroeconomy shifts, and where investors and the government are unable to agree on actual details/benefits. ]

He also shared that Malaysia Digital Economy Corporation ( MDEC ), one of the agencies under his portfolio, had facilitated 262 funding deals for local tech companies, worth US$ 402 million between 2020 and 2023.

Gobind’s responsibility, as Digital Minister, is to collaborate with other ministers to make the country shine as a digital nation and a digital economy with a highly digital savvy population. Take care of that, and startups will make investments that are digitally skewed, either for automation of manufacturing, or to increase business efficiency through the use of 5G technology.

One international collaboration Gobind mentioned is with the world’s leading pre-advisor, Draper University, which announced in March that it would establish its first campus outside of Silicon Valley. Such a move is crucial for advancing and leading the VC pipeline and startups looking to expand in Malaysia, according to Gobind.

Does not see need to stamp mark by creating new blue prints/masterplans

With less than 280 bureaucrats ( note that this is separate from the headcount of the various agencies that report to the ministry ), Gobind’s leadership of the Digital Ministry is interesting because he is carrying out the role by working within already established initiatives to support the digital economy rather than launching any big bang blueprints or road maps himself.

His argument was that the execution of the current roadmaps and blueprints is essential for success. Changes needed, based on ecosystem feedback, can be done without tearing up existing plans and starting over. He does n’t feel the need to use big initiatives to stamp his own mark, according to an executive who is aware of his mindset. Gobind believes he is applying the lessons he learned from his first two years as minister, from May 2018 to February 2020.

He also advocates for the welfare of consumers and businesses. When given information on the activities of the organizations and businesses that report to him, including MDEC, MyDigital Corp, CyberSecurity Malaysia ( CSM), and Digital Nasional Bhd ( DNB), Gobind tries to understand how the target market can profit. He has made it abundantly clear that he does not want initiatives to be run or new ones to be developed solely for the sake of reporting, according to the executive.

Seeking inclusive, sustainable growth via Madani framework

Gobind emphasized that” true investment is not only about allocating capital,” with the Madani Economic Framework serving as the government’s guiding principle for the government’s leadership and development agenda. By investing in the advancement of humanity and the advancement of society, it aims to foster a legacy of prosperity and progress.

He claimed that this serves as” the moral compass for initiatives like the KL20 Summit, with action plans geared toward ensuring sustainable economic growth and social justice.”

And Gobind emphasized that his government is committed to creating a conducive digital ecosystem for the nation and the region with Malaysia taking over the ASEAN chair next year. ” This cannot be done without ethical investment”.

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Digital Penang’s 2024 Hardtech Incubator launches to make Penang a hub for hardtech and deeptech firms

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  • Seeks to promote popularization of hardtech &amp, deeptech options
  • Project features 8 Penang- based businesses &amp, academy research projects

Representatives from the eight participating startups for the Hardtech Incubator Programme

Digital Penang, a authorities- linked organization of the Penang State Government, has unveiled the resumption of the Hardtech Incubator Programme. This program, which is inspired by Penang2030’s perspective, aims to move hardtech and deeptech technical solutions, especially those that are transitioning from Technology Readiness Levels five to eight, more quickly.

The Hardtech Incubator Programme, according to Digital Penang, is meant to bridge the commercialization space, ensuring that revolutionary solutions can be brought to the business more effectively and efficiently. The initiative is structured into two main aspects: Incubation and Acceleration.

The Incubation stage focuses on preparing companies with essential business planning, evidence- of- concept ( POC ) development, and business verification strategies.

Participants will receive coaching and resources to use their POCs in the real world, participate in market confirmation activities, and work to gain market traction for their hardware-based solutions during the acceleration phase. Also, startups will be prepared for buyer engagement through seminars on funding strategies and sound presentations.

Eight Penang-based startups and college study projects are featured in this year’s program. Beyond Medicare Sdn Bhd, Bitranger Sdn Bhd, Nexada Technology Sdn Bhd, Wysetime Solutions Sdn Bhd, Wysetime Solutions Sdn Bhd, Zero Technologies Global, Redo Smart Enterprise, and research initiatives from Tunku Abdul Rahman University of Management and Technology, including Automation Warehouse System and Smart Forklift System, are the participating companies.

These speakers discuss solutions like a hardware-based device for monitoring system communications, full HD wireless Augmented Reality spectacles, innovative video analytics for improving urban traffic and financial experiences, and a SaaS IoT hub for several IoT gateways and devices.

The program, which is led by 1337 Ventures, collaborates with Universiti Sains Malaysia, Collaborative Microelectronic Design Excellence Centre, and local services companion Projet Technology Sdn Bhd. Also, Gobi Partners and the Malaysian Business Angel Network have been approved as opportunity capital and funding partners.

According to Chow Kon Yeow, deputy secretary of Penang,” This program is a testament to the Penang State Government’s devotion to transforming the state into the fresh market, in line with the Penang2030 perspective. Through Digital Penang, we are committing to creating a strong technology-focused ecosystem that fosters startup founders and promotes the triple-helix collaboration design between the authorities, industry, and academic institutions.

According to him,” Criticly, this places Penang at the forefront of innovative technology waves and guarantees a prosperous future for our native talents in the emerging technologies grounds.”

The Penang State Government, through Digital Penang, is constantly promoting a strong digital business and industrial development. Through various activities, Digital Penang aims to foster an ecosystem suitable to innovation and entrepreneurship by supporting businesses with money, equipment, and networking opportunities.

Also, the company encourages partnerships between education, industry, and authorities bodies to travel research and development. The Hardtech Incubator Programme supports these goals by providing a clear path for businesses and college projects to market their technologies, helping to advance Penang’s modern economy.

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Google’s AI is losing all touch with reality – Asia Times

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Google has made its most recent empirical search function available to hundreds of millions of customers across Chrome, Firefox, and the Google software browser.

By using conceptual AI, the same technology that power foe product ChatGPT,” AI Overviews” saves you clicking on links by providing descriptions of the research results. Ask the question “how to keep fruits clean for more,” and it uses AI to generate a useful description of advice, such as storing them in a cool, dark location and apart from other fruit like apples.

But beg it a left- industry question and the results may be disastrous, or yet dangerous. Google is now working to address these issues incrementally, but it’s a PR crisis for the research giant and a difficult game of whack-a-mole.

Screenshots of Google AI Overviews recommending eating rocks and putting glue on pizza.
Google’s AI Overviews may harm the tech giant’s reputation for providing reliable findings. Google / The Talk

Use a hammer to strike moles that roll up at random for details, according to AI Overviews, which is a classic arcade game. The game was created in Japan in 1975 by TOGO as Mogura Taiji or Mogura Tataki.

However, AI Overviews also mentions that “astronauts have played with cats on the moon, provided attention, and met them there.” More troublingly, it also recommends “you may eat at least one small stone per time” as “rocks are a vital source of minerals and vitamins”, and suggests putting epoxy in pizza topping.

Why is this happening?

One important issue is that relational AI tools are unsure of what is true or what is widely used. For instance, there are n’t many articles on the internet about eating rocks because it’s so obviously a bad idea.

There is, nevertheless, a properly- read humorous content from The Onion about eating stones. And so Google’s AI based its summary on what was popular, not what was true.

Screenshots of results recommending putting gasoline in pasta and saying parachutes are ineffective.
Some AI Overview results appear to have misplaced jokes and parodies for factual information. Google / The Conversation

Another issue is that generative AI tools do n’t understand our values. They’re trained on a large chunk of the web.

And while sophisticated methods ( such as “reinforcement learning from human feedback” or “RLHF” ) are employed to eliminate the worst, it is surprising that they reflect some of the biases, conspiracy theories, and worse that can be found online. Indeed, I am always amazed how polite and well- behaved AI chatbots are, given what they’re trained on.

Is this the future of search?

If this is really the future of search, then we’re in for a bumpy ride. Google is, of course, playing catch- up with OpenAI and Microsoft.

The financial incentives are sizable for AI race leadership. Google is therefore less cautious than it was in the past when releasing the technology into the hands of users.

In 2023, Google chief executive Sundar Pichai said:

We’ve been cautious. In some cases, we’ve made a decision not to be the first to release a product. We’ve built strong institutions around responsible AI. You will continue to observe us wasting our time.

As Google responds to criticisms, it no longer seems to be as effective as it once was as a major and depressing competitor.

It’s a risky strategy for Google. It runs the risk of destroying the confidence that users have in Google as the source for ( correct ) answers to queries.

Google runs the risk of undermining its own billion-dollar business model, though. How does Google continue to make money if we no longer click on links but instead read their summary?

Google is not the only company at risk. I’m concerned that using artificial intelligence will harm society in general. Truth is already a somewhat contested and ineffective concept. Untruths from AI are most likely to worsen this.

We might consider the golden age of the web in ten years, when the majority of it was high-quality human-generated content before the bots took control and flooded the web with artificial and decreasingly high-quality AI-generated content.

Has AI started breathing its own exhaust?

Some of the outputs from the first generation are likely to be used to train the second generation of large language models unintentionally. Additionally, numerous AI startups are promoting the advantages of training with artificial, AI-generated data.

However, using current AI models ‘ exhaust fumes could lead to even slight bias and error training. In the same way that breathing in exhaust fumes is harmful for humans, it is also harmful for AI.

These issues fit into a much bigger picture. Globally, more than US$ 400 million is being invested in AI every day. Given the torrent of investment, governments are only now starting to understand that we might need guardrails and regulations to ensure that AI is used responsibly.

Pharmaceutical companies are prohibited from releasing harmful drugs. Nor are car companies. However, tech companies have largely been given the freedom to do whatever they want so far.

Toby Walsh, Professor of AI, Research Group Leader, UNSW Sydney

The Conversation has republished this article under a Creative Commons license. Read the original article.

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MOF’s KMP invests in Malaysian computer vision startup, Evlos

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  • Unknown investment amount to scale the group and R& D to help growth
  • Evlos provides solutions for various industries ‘ AI-based quality assessment needs.

Shankar Ramanathan, founder and CEO of Evlos (top row, 2nd from left) with his team.

Kumpulan Modal Perdana ( KMP), a tech-focused venture capital owned by the Minister of Finance ( Inc ), announced last week that it had invested in Evlos, a provider of end-to-end computer vision solutions for automated quality inspections. KMP has joined Evlos as its most recent investment, and the money will be used to strengthen its workforce to support its development trajectory.

Evlos, a company founded and developed in Malaysia, has a core goal: to enable companies to fully automate and simplify their excellent control (QC ) inspection process. Through their cutting-edge zero-code computer vision software and automation equipment, the company has a key focus. By lowering labor costs and improving accuracy and reliability, Evas ‘ advanced options can significantly help businesses that still rely on manual labor for QC monitoring of their products and materials.

Shankar Ramanathan, CEO of Evlos, shared, “KMP’s money as well as its experience and extensive system in Malaysia, it serves as a bible to KMP’s faith in our possible, validating our difficult work. We are dedicated to promoting proper business growth and providing high-quality computer vision and robotics technology to help Malaysia’s manufacturing sector improve their quality control. We even look forward to providing more Business with our powerful solutions so they can grow their businesses without sacrificing quality. We are appreciative of KMP’s help, and we hope that additional money will help us advance.

Cedar Technologies Sdn Bhd was established in 2019 as Cedar Technologies Sdn Bhd, and it just received an Evlos Sdn Bhd rebrand in 2022.

Evlos creates its end-to-end solutions in-house, from designing to manufacturing to software using the Evlos Vision software, which is integrated with real-time analytics to investigate precise detection during the production of complex products. Evlos stands out in the market by providing top-of-the-line solutions without sacrificing value, along with its distinctive 24/7 sales support.

KMP is “excited to be supporting such an innovative business &nbsp, and to be a part of an organization leading the development of complete solutions for quality assessment technology across fields,” said Yarham Yunus, CEO of KMP. We are the only company in the market to provide a fully integrated in-house remedy for high-quality examination automation at a reasonable price, which is where we think Evlos has the potential to expand. Our goal is to enable the Evlos staff to grow alongside their company in the upcoming times.

With the global fault detection business projected to grow by 6.6 % Rate by 2027, Evlos says businesses are beginning to realize how defect detection can help reduce manufactured goods ‘ defects, resulting in a decrease in both costs and resources.

Evlos provides no-code, AI-powered system vision solutions with a large, comprehensive collection of tools for a variety of use cases appropriate for all industries.

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Asia Mobiliti addresses allegations of improper conduct against it winning 9-month contract with Selangor state

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  • 2018 launched business forerunner in Demand-Responsive-Transit in M’sia
  • Opportunity to prove itself in arguably first of its kind state-program in Lake

The 2022 launch of DRT Mobility pilot by Asia Mobiliti. Founder and CEO Ramachandran Muniandy is 2nd from right.

Asia Mobiliti, a Malaysia Digital ( MD) status company has been subjected to a recent online campaign by certain unidentified parties that have casted doubts on the process by which we were appointed by the Selangor state government to operate Demand-Responsive Transit ( DRT ) service for the public.

Our appointment as one of two DRT service providers for the Selangor Mobility program was first announced at a public forum organised by the Selangor state government with Majlis Bandaraya Shah Alam ( MBSA ) and Menteri Besar Selangor Incorporated ( MBI ) on 15th June 2023. This was followed by the standard opening of the Selangor Mobility company logo and area statement at the Selangor Smart City & Digital Economy Convention ( SDEC ) on 20th October 2023. This session was likewise announced in our own press release at that time which was carried by several media companies and published on our site.

DRT is a ground-breaking technologies for public transport that enables on-demand expressed rides services with the use of clever, machine-learning algorithms to manage fleet dispatch and optimise vehicle routing to perform effective pick-up and drop-off of passengers headed to different destinations. Tickets are made via a customer application while drivers are guided by a vehicle app. Operating within a geofenced area, this provides for more effective and cost-effective primary- & last-mile customer services, freed from a fixed routine and fixed way of normal public transport solutions.

As the inventors of DRT in Malaysia with Trek Rides, we conducted a secret captain of the company in September 2021 in Petaling Jaya for appropriate partners and clients which was commonly reported next. Following the successful pilot and the validation of use, we were the first to be licensed by Agensi Pengangkutan Awam Darat ( APAD ) to operate a ‘bus-on-demand ’ service in December 2022 and remain the only company with a made in Malaysia system, designed and developed by our Engineering & Technology team as part of our Mobility-as-a-Service ( MaaS ) platform, Trek.

Aside from Trek Rides, the platform consists of various proprietary and revolutionary products including a attached vehicle system, drive-by condition monitoring systems for railway tracks and road surface, an IoT connectivity platform, a transit data feed service consumed by a worldwide mapping client based in the Netherlands, a data analytics tool for city-wide mobility insights, and a bidirectional journey planning and ticketing engine that connects all modes of transport in a city.

Founded in 2018, we are a proudly Malaysian startup co-founded by Premesh Chandran and Ramachandran Muniandy that have since earned global and regional recognition, among which includes the Newton Ungku Omar Fund Grand Challenge 2019 winner; a global semi-finalist for Toyota Mobility Foundation’s 2020 CATCH challenge; a global Top 150 semi-finalist for X-PITC H 2021; sole Malaysian representative in the Entrepreneurship World Cup Global Finals 2022; Trek Rides recognised as a global Top 100 solution in the 2023 AcceliCITY Resilience Challenge; winner of the Carsome Mobility Lab accelerator program which was the first auto ecosystem-focused accelerator in Southeast Asia; and most recently, selected into the 100Soonicorns program consisting of technology startups in Malaysia with the potential to be a unicorn.

Our support of the Selangor Mobility program underscores the need for ecosystem building and for strategic public-private partnerships without which it would be impossible for Selangor to be the first in Malaysia to provide DRT services to the public. Across the five zones which we operate ( four of which are for Selangor Mobility which began in November 2023 ), we are on track to achieve a record high of 14,000 ridership this month ( May 2024 ).

We regularly bid for tenders and like any other competitive business, we are successful with some and not so successful with others. Being a highly transparent and ethical business which is an extension of the personal values of our co-founders, we abhor collusion and anti-competitive practices by any party, especially government agencies and corporates.

In the context of the Selangor Mobility appointment process, we understand the reasons given for awarding two companies instead of one. An open tender in this situation of a highly specialised new service and with only two qualified companies in Malaysia would have created a monopoly situation in the state. This would have stifled competitiveness and robbed the opportunity for the state to pilot the service in a real-world setting and assess the performance of the service providers over a reasonable period.

It must be noted that the appointment is only for a period of nine months and required extensive investment from both service providers in terms of procuring vehicles, hiring drivers and continuous optimisation and development of the technology that powered the service. The state received the best value for its investment and provided the opportunity for two companies to prove themselves and design a new service for the state which is arguably the first of its kind state-program anywhere in Southeast Asia.

The success of the Selangor Mobility program has also led to Prasarana and the Ministry of Transport announcing the adoption of DRT as a replacement for conventional feeder bus services with RapidKL running a very successful pilot in May 2023 with Trek Rides in UM-Bangsar South which we continue to operate independently.

As a company committed to its responsibilities towards its clients and shareholders, we take these recent accusations seriously and will exercise our legal options where necessary in safeguarding our reputation and credibility. We view this as an unsubstantiated attack against a Malaysian technology startup.

We remain committed to our mission of improving mobility in cities of the developing world, beginning with Kuala Lumpur, with the use of cutting-edge technology and data. We will continue to invest into creating value in Malaysia and prove that good things can come out of Malaysia.

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DisruptInvest 2024:Chua Kee Lock of Vertex Holdings on the 3 key trends emerging, and the exit of momentum investors

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In: Technology

A snapshot of some of the investments made by Vertex Ventures Southeast Asia & India.

DisruptInvest 2024:Chua Kee Lock of Vertex Holdings on the 3 key trends emerging, and the exit of momentum investorsWith only three days until the DisruptInvest Summit on May 23rd in Kuala Lumpur, keynote speaker and one of the most successful venture capital firms in Asia, Chua Kee Lock ( pic ), CEO of Vertex Holdings, who leads a network of seven funds ( with Japan being the most recent ), with around 90 VC professionals, shares his quick thoughts with DNA on the tech trends he sees. We even questioned whether he thought Penang or Singapore had the tastier city food. ( Spoiler alert, his answer is not spicy. )

Can you introduce Vertex Holdings and its seven resources to us first?

&nbsp, Vertex Holdings, &nbsp, is a Singapore- based venture capital investment holding organization. A custom worldwide system of venture capital funds receives anchor funding and functional support.

&nbsp, At provide, we have seven community partnerships, each with different focus sections. Our Vertex community of cash invests in early stage technology prospects through Vertex Ventures, especially –&nbsp, Vertex Ventures China, &nbsp, Vertex Ventures Israel, Vertex Ventures Southeast Asia &amp, India, &nbsp, Vertex Ventures US.

We recently welcomed&nbsp, Vertex Ventures Japan into our Vertex global network which launched its inaugural ¥10 billion ( RM299.7 million ) fund with Vertex Holdings as its anchor investor. The account will concentrate on investing in leading Chinese startups with strong growth potentials in Deeptech, DX, AI, and the creator economy.

For our international funds, we have &nbsp, Vertex Ventures HC, which specialises in first- level medical opportunities and&nbsp, Vertex Growth, which targets development- stage opportunities across technology and healthcare sectors. &nbsp,
 
Each Vertex portfolio is run by its own General Partners, who manage each of its own local and regional partners. Collaboration and information sharing are promoted among the money through the Vertex international community. &nbsp,

Can you provide your opinion on the current funding landscape ( based on the sites and investment elements of the 7 Vertex money ) and the top 3 disruptive changes emerging from the network? &nbsp, &nbsp,

We do see pockets of prospects emerging throughout our community, given the breadth and scope of our global community. The flood of international technological disruption is underway, and the cost of developing new products is decreasing as a result. This results in exponential growth in computer power and a corresponding decrease in technology costs over time. In the last 20 years, many nations have established and maintained their modern facilities, facilitating the adoption of new technologies. &nbsp,

With the fast adoption of technology, we are witnessing some important changes emerging:

  1. Generative AI programs are changing the future of business, from boosting productivity to developing novel business models.
  2. The rise of” As- a- service” ( XaaS ) model – With a subscription basis model, businesses are transforming how they utilize technology.
  3. With the rapid progress in AI, we think these industries will use AI to strengthen their current software and choices. &nbsp, &nbsp,

Beyond AI as the current and future pattern, it is difficult to see beyond internet protection and the latest buzz. What are the changes Vertex sees, however, from your point of view?

&nbsp, &nbsp, &nbsp, With the general AI industry forecasted to reach around &nbsp, US$ 2.5 trillion by 2032&nbsp, and the relational AI industry poised to become at&nbsp, at&nbsp, US$ 1.3 trillion by 2032 it is no question why AI is changing the prospect. We believe AI have the potential to disrupt industries&nbsp, &nbsp, &nbsp, &nbsp, much like the internet revolution did as startups develop AI- enabled applications to transform industries.

Beyond AI, we also witnessed significant changes in the cloud computing space where the industry is moving towards specialized and intelligent cloud solutions. We see a rise in adopting hybrid and multi- cloud strategies, to leverage the strengths of&nbsp, &nbsp, &nbsp, &nbsp, different providers. The integration of AI and machine learning into cloud services will enable automation, optimisation, and deeper data analysis. Coupled with the growing focus on edge computing for real- time processing, the cloud landscape&nbsp, &nbsp, &nbsp, &nbsp, &nbsp, is&nbsp, becoming increasingly intelligent and distributed. &nbsp,

&nbsp, &nbsp, Secondly, the” as- a- service” model, often referred to as XaaS, is also experiencing remarkable growth. This model includes everything from infrastructure ( IaaS ) and platforms ( PaaaS ) to software ( SaaS ) and platforms ( PaaaS ) available on a subscription basis. Its&nbsp, &nbsp, &nbsp, appeal&nbsp, lies in the on- demand access companies have to cutting- edge technology at a cost- effective rate.

Cybersecurity is another area where we see significant advancements. The development of AI-powered attacks and specialized language models highlights the evolving nature of cyber threats. Both cyberthreat actors and cybersecurity teams ( including&nbsp, &nbsp, &nbsp, Information Technology and Operational Technology ) can leverage on AI to enhance cyberattacking tactics or respond against cyberattacks to prevent disruption. Lastly, big data and datafication are moving beyond mere volume to become&nbsp, &nbsp, actionable assets by leveraging on the power of data and AI to drive real- time decision- making. Datafication, the process of turning various information types into data, will continue to expand incorporating sources like the Internet of Things ( IoT ) &nbsp, &nbsp, and sensor networks. &nbsp,

Do you agree with the frequently stated claim that Southeast Asia is a market of 600 million or that it is much more geographically concentrated than that? Why do you say this?

Southeast Asia ( SEA ) is one of the world’s fastest- growing markets, and home to more than 600 million people. However, it is made up of a number of different nations, making it not a monolithic market. Investors should be aware of local preferences and cultural sensibilities, and they should n’t use a one-size-fits-all approach to all markets. &nbsp,

Despite recent decline, we think SEA continues to be a desirable investment destination and that Venture Capital (VC ) activities are still going strong. For instance, during COVID- 19, we witnessed a hyper investment pace between 2021- 2022 especially in Indonesia and Singapore startups. Since then, the investment pace has moderated. As concerns about the performance of existing investments arise, venture capital firms that have overinvested may instead devote capital to existing portfolios. While the overall funding has dipped, competition for high- calibre deals remain. &nbsp,

With “momentum” investors leaving the ecosystem, companies are focusing on fundamentals such as Product Market Fit, Scalability and Path to Profitability. In early-stage companies, we continue to see the development of novel and disruptive business models or technology applications, while growth stage companies are increasingly becoming more realistic about valuations by raising money at normalized valuations. &nbsp,

Which island do you feel has the more delicious street food, Penang or Singapore?

Both islands offer great options, each with its own unique flavours. Penang is renowned for its rich culinary heritage, which includes dishes like Penang char kway teow, assam laksa, and others that reflect the island’s diverse cultural influences.

Singapore, on the other hand, is famous for its hawker centres, where you can enjoy a variety of local favourites such as Hainanese chicken rice, laksa, and chili crab. &nbsp,

Personally, while I have a deep appreciation for Penang’s authentic and traditional street food, my personal preference, although slightly biased, leans towards Singapore. It is a favorite for me because of the variety and consistency of quality. Both locations are culinary have ns, so foodies from all over the world would enjoy what each has to offer.

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Lab-grown meat has a long way to go before mainstream acceptance in Singapore, experts say

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In: South-East Asia

SINGAPORE: It was June 2022, and the lab- developed beef industry looked like it had a sizzling potential. &nbsp,

The largest planted chicken meat hospital in Asia broke ground in Singapore, with a 30, 000 square ft advanced at Bedok Food City, set to make “tens of thousands of pounds” of foods a year. &nbsp,

US-based Eat Merely, the company behind this outrageous opportunity, had plans to sell lab-grown chicken meat under the name Great Meat. &nbsp,

At the breakthrough service, Eat Only representatives from Singapore included Grace Fu, the Minister for Sustainability, and other ministers.

Indeed, in October 2022, the government announced it had set aside fresh funding of S$ 165 million ( US$ 122 million ) to accelerate R&amp, D in sustainable urban food production, future foods, and food safety science and innovation. &nbsp,

This was above the S$ 144 million of analysis money that was initially provided in 2020. &nbsp,

The first nation to review the purchase of lab-grown flesh was Singapore, with Huber’s Butchery in Dempsey Hill becoming the only restaurant in the world that sold lab-grown meat in the beginning of 2023. &nbsp,

However, it seems as though the economy is sluggishing in just two short years. &nbsp,

According to the Straits Times, Eat Only suspended its lab-grown beef production at the Bedok service in March of this year. The solution was discontinued by Huber’s Butchery in December of last year.

It was reported that Shiok Meats and Umami Bioworks, both of which are lab-grown shrimp, were merging in Singapore in the same month. &nbsp,

The market is sluggish not just in this area. The reduction of the sector was described in a February New York Times article, which had a promising beginning with investors investing more than US$ 3 billion between 2016 and 2022. &nbsp,

The entire sector is in jeopardy due to a combination of unrealistic optimism from investors and the realization that the science behind the product could n’t compete with consumer demand for lower prices and higher production volumes. &nbsp,

Sandhya Sriram, co-founder of Shiok Meats, wrote an emotive LinkedIn post in Singapore last May about the agonizing process of allowing 50 % of her team leave in 2023, and the online abuse she endured as a result. &nbsp,

She described the support investors and the media had for her designed lab-grown crab meat, such as crab and lobster, but her business, like many other planted meat companies, quickly encountered the ongoing challenge of scaling manufacturing.

She told CNA that while this challenge continues to annoy her business, it has more confidence in overcoming it now that Umami Bioworks has been combined. &nbsp,

Singapore continues to be a desirable location for cultivated meat startups, according to the Singapore Food Agency ( SFA ), the statutory board governing food safety and security. &nbsp,

Startups are encouraged to establish their R&D and pilot manufacturing in Singapore thanks to our proximity to the large Asian market and the robust food safety regulatory system, according to SFA in a joint response to CNA’s queries from Enterprise Singapore and the Economic Development Board. &nbsp,

The favorable setting allows them to test their technology and demonstrate the viability of their goods.

Despite the challenges, some cultivated meat firms are not backing down. On Wednesday ( May 15 ), Eat Just announced that it would begin selling hybrid meat made with only 3 percent lab-grown chicken and a lower-cost formulation.

According to one expert, the successful scaling and production of lab-grown meat may be necessary because the meat’s current production may not be sustainable for generations to come.

The National University of Singapore ( NUS) Institute for Health Innovation and Technology’s Associate Professor Alfredo Franco-Obregon stated that the livestock industry is not sustainable and that we must acknowledge this at some point. As a result, this science will advance once ( lab-grown meat ) is widely accepted.

Assoc Prof Franco Obregon, who is in his 60s, said this mainstream acceptance may not even happen in his lifetime, but he thinks it is inevitable. &nbsp,

” It will eventually be realised, because of the urgency of it”. &nbsp,

INDUSTRY PLAYERS QUIETLY OPTIMISTIC&nbsp,

Lab-grown meat producers in this country remain cautiously optimistic and believe that the cultivated meat industry’s heyday is yet to come. &nbsp,

Asked about their pause in production, a spokesperson from Eat Just, which the Good Meat label is under, said that it is still business as usual. &nbsp,

The pause is part of our regular operations, according to Ms. Carrie Kabat, director of global communications at Eat Just, who said:” We began producing and serving in Singapore in 2020. We produce and pause, produce and pause”.

She said this is a” campaign- style approach” to producing lab- grown meat. &nbsp,

Eat Just’s hybrid meat consisting of 3 per cent cultivated chicken meat went on sale at Huber’s Butchery on Thursday, priced at S$ 7.20 for a&nbsp, 120g package. &nbsp,

According to Ms. Kabat, Eat Just will produce three times more product than any previous year, which is roughly ten times what the rest of the cultivated meat industry has produced so far.

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