Asia-Pacific’s small companies and startups on the rise
Adrought in global venture capital activity has not deterred startups across Asia from breaking new ground. This year’s Forbes Asia 100 to Watch list spotlights small companies and startups that are targeting underserved markets or applying new technologies, from generative AI to blood-based cancer diagnostics. These include eco-friendly innovations, such as the development of insect-based alternative proteins and digitization of milk production to improve yields. Others include social commerce providers, which help users sell consumer products. Thirteen countries and territories are represented across 11 categories, including biotechnology and healthcare, e-commerce and retail, and finance. Leading the list for the second year in a row, Singapore contributed 20 companies to the list, followed by Hong Kong with 15 and mainland China with 11. The emerging innovation hubs of Indonesia and the Philippines contributed 11 and 9 companies respectively.
Edited by Catherine Wang
Editing assistance and reporting by John Kang
Research assistance and reporting by Yue Wang
Additional reporting by Jayde Cheung, Zinnia Lee, Shanshan Kao, Ming Min Aw Yong
METHODOLOGY: To select our 100 to Watch, Forbes Asia solicited online submissions, and invited accelerators, incubators, SME advocacy organizations, universities, venture capitalists and others to nominate companies as well. The final 100 were selected from over 550 submissions. To qualify for consideration, companies had to be headquartered in the Asia-Pacific region, privately owned, for profit, have no more than $50 million in its latest annual revenue and have no more than $100 million in total funding through Aug. 7. Our team evaluated each submission, looking at metrics such as a positive impact on the region or industry, a track record of strong revenue growth or ability to attract funding, promising business models or markets, and a persuasive story. The editors reserve the right to remove or replace any company or individual included in a list in light of any new information that would disqualify them from inclusion.
Abacus Digital
Thailand
Category: Finance
Year founded: 2017 • CEO: Sutapa Amornvivat
Key backers: CAI Partners, Openspace Ventures, SCBX, Vertex Ventures
A spinoff of Siam Commercial Bank, one of Thailand's largest lenders, Abacus Digital developed an AI-powered app to quickly provide loans (as fast as 10 minutes) to mostly underbanked customers. Abacus Digital says its app, called MoneyThunder, has provided $250 million in loans, with more than 3 million users. The company says it aims to go public by 2025.
Abillion
Singapore
Category: Consumer Technology
Year founded: 2017 • CEO: Vikas Garg
Key backers: 1/0 Capital, 500 Global, Brinc, Blue Horizon, The Mills Fabrica, SDG Impact Japan
Social media app Abillion allows users to share content about sustainability and purchase eco-friendly products, such as vegan foods and cruelty-free makeup. The company claims its peer-to-peer marketplace spans over 40 countries, and that it has partnered with environmental charities that support farm animal welfare, marine wildlife and more. To date, Abillion claims that it has raised $16 million in funding.
Accredify
Singapore
Category: Enterprise Technology
Year founded: 2019 • CEO: Quah Zheng Wei
Key backers: Endeavor, iGlobe Partners, K2 Global, Pavilion Capital, Qualgro, SIG Venture Capital
Verification startup Accredify uses blockchain technology to enable its customers create and manage tamper-proof documents, images and videos. Its partners have included Singapore’s Accounting and Corporate Regulatory Authority, which used Accredify for business certificates and profiles. The company claims it’s issued verifications for over 12 million documents, with revenue nearly doubling in 2022 from a year earlier.
Aerodyne
Malaysia
Category: Enterprise Technology
Year founded: 2014 • CEO: Kamarul Muhamed
Key backers: 500 Global, ACSL, Axiata Digital Innovation Fund, Drone Fund, Gobi Partners, Indorama, InterVest, Kejora Capital, Kobashi Industries, KWAP, North Summit Capital, Petronas Ventures, Leave a Nest, Real Tech Fund, VentureTECH
Aerodyne’s autonomous drones can spray crops, inspect power lines or monitor city streets. The company’s AI-powered “nested” drone system helps devices sync with one another and return to a common charging base. Since its founding, Aerodyne claims it’s conducted over 458,000 flight operations in 45 countries, and has raised a total of $68 million.
Ai-BrainScience
Japan
Courtesy of Ai-BrainScience
Category: Biotechnology & Healthcare
Year founded: 2019 • CEO: Kentaro Takamura
Key backers: Initial Enterprise, Miyako Capital, Mizuho Capital
Using eye-tracking technology, Ai-BrainScience has developed a rapid cognitive assessment to aid early detection of dementia. Each test takes around three minutes and evaluates how quickly patients view a set of images shown on a screen. Ai-BrainScience plans to license its technology to pharmaceutical companies and launch a publicly available app.
Forbes Asia
Forbes AsiaAiESG
Japan
Category: Enterprise Technology
Year founded: 2022 • CEO: Daikichi Seki
Key backers: Japan Associated Finance Co., Miyabi Ventures
Spun off from Kyushu University, AiESG is an online environmental and social governance (ESG) assessment tool for products and services. The company claims its AI-powered ranking system has over 3,200 ESG indicators, such as greenhouse gas emissions and gender equality. In May, AiESG partnered with management consultancy Deloitte to offer ESG evaluations for its clients.
AmazingTalker
Taiwan
Category: Education & Recruitment
Year founded: 2016 • CEO: Abner Chao
Key backers: 500 Global, Alibaba Entrepreneurs Fund, CDIB Capital, Japan Associated Finance Co., SparkLabs Taiwan
As an online tutoring marketplace, AmazingTalker connects students with instructors for languages, such as English and Chinese, and other academic subjects. Users purchase one lesson at a time, priced at roughly $10 per 50-minute class, from which the startup earns a commission. AmazingTalker, which has raised $15.5 million in funding, claims to have 100,000 active users across its app and website.
Anpoly
South Korea
Category: Biotechnology & Healthcare
Year founded: 2017 • CEO: Sangcheol Rho
Key backers: Enlight Ventures, Impact Square, ISU Venture Capital, Lotte Ventures, Postech Holdings
Led by Sangcheol Rho, a former environment professor at the Pohang University of Science and Technology, Anpoly is commercializing nanocellulose technology to help tackle plastic pollution. Anpoly, an acronym for advanced natural polymer, says its nano-structured material is biodegradable and stronger than iron, and can be used as packaging among other applications in construction, cosmetics and biotechnology.
ApnaKlub
India
Category: E-commerce & Retail
Year founded: 2019 • CEO: Shruti
Key backers: Blume Ventures, Flourish Ventures, Google for Startups, ICMG Partners, Peak XV's Surge, Tiger Global Management, TrueScale Capital, Whiteboard Capital
ApnaKlub is a wholesale distributor of fast-moving consumer goods for mom-and-pop shops that offer groceries and dry goods across rural India. Using the ApnaKlub app, shop owners can choose from over 1,000 products offered by 300 brands, the startup claims.
Beleaf
Indonesia
Category: Agriculture
Year founded: 2019 • CEO: Amrit Lakhiani
Key backers: Alpha JWC Ventures, BRI Ventures, MDI Ventures, Openspace Ventures
Courtesy of Beleaf
Hydroponic farm Beleaf grows leafy greens, herbs and root vegetables for partners such as hotpot chain Haidilao and e-commerce giant Shopee. Its farming as a service (FaaS) platform in 2022 also supports Indonesian farmers with agricultural guidance, tech support and marketing services. Beleaf operations span five hectares of farmland and the company claims to have 20 FaaS partners.
BoomGrow
Malaysia
Category: Agriculture
Year founded: 2013 • CEO: Murali Krishnamurthy
Key backers: Big Sky Capital, MDEC, PlaTCOM Ventures, SME Corp.
BoomGrow repurposes shipping containers into indoor vertical farms. The startup claims it grows over 250 types of pesticide-free produce, such as romaine lettuce and Swiss chard, which it sells through grocery stores and restaurants. Based in Kuala Lumpur, the startup also operates in the Philippines.
Bot MD
Singapore
Courtesy of Bot MD
Category: Biotechnology & Healthcare
Year founded: 2018 • CEO: Dorothea Koh
Key backers: Floodgate Fund, Grant Park Ventures, Monk's Hill Ventures, SeaX Ventures, SGInnovate, XA Network, Y Combinator
Bot MD’s AI-powered chat assistants can help medical professionals look up information, monitor their patients and provide real-time alerts about their health. The startup says it serves over 20,000 users over messaging apps like WhatsApp and Facebook Messenger. Bot MD also operates a separate assistant service for clinical staff for medical guidelines and other information.
Bowtie
Hong Kong
Category: Finance
Year founded: 2018 • CEOs: Michael Chan, Fred Ngan
Key backers: Mitsui & Co., Sun Life Hong Kong
Bowtie became Hong Kong’s first virtual insurer when it received its license in 2018. The company offers medical and life insurance plans directly to customers without agents or commissions. Bowtie says it has more than HK$60 billion ($7.7 billion) in total sums insured and over 90,000 clients.
Brankas
Singapore
Category: Finance
Year founded: 2016 • CEO: Todd Schweitzer
Key backers: AFG Partners, Beenext, GK Plug and Play, Insignia Ventures Partners, Integra Partners, Treasury International, Visa
Targeting underbanked markets across Southeast Asia, Brankas provides API-based solutions for financial service providers and online businesses. With over 100 enterprise partners in the Asia-Pacific, Brankas offers tools for e-commerce, lending, remittances and other services.
Care Concierge
Malaysia
Courtesy of Care Concierge
Category: Enterprise Technology
Year founded: 2017 • CEO: Martin Yap
Key backers: Bintang Capital Partners, Gobi Partners, OSK Ventures International
Targeting Malaysia’s aging population, Care Concierge offers assisted living facilities and caregiving services for the elderly. Through Care Concierge’s app, users can select from a pool of 2,000 nurses, therapists and caregivers. It also allows clients to monitor their elderly loved ones’ vital signs, based on updates from their attendants. To date, Care Concierge has raised $4 million in funding.
Cellomics
Hong Kong
Category: Biotechnology & Healthcare
Year founded: 2017 • CEO: N/A
Key backers: Beyond Ventures, City University of Hong Kong, Genetel Bioventures, Raffles Family Office, Taiping Hong Kong Insurance Innovation and Technology Venture Fund
A spinoff from City University of Hong Kong, Cellomics focuses on liquid biopsy, a type of blood test for early detection of cancer cells. Cellomics' chairman, Mengsu (Michael) Yang, also cofounded Prenetics, a DNA-sequencing startup that pivoted to making Covid-19 tests during the pandemic.
Chickin
Indonesia
Category: Agriculture
Year founded: 2020 • CEO: Tubagus Syailendra
Key backers: 500 Global, East Ventures, Plug and Play APAC
Chickin uses IoT technology for poultry management and meat distribution. It offers smart farm equipment integrated with cloud-based technology, called CI-Touch, to optimize climate control, equipment management and livestock living conditions. It supports over 9,800 chicken breeders, the startup says.
ChromX Health
China
Category: Biotechnology & Healthcare
Courtesy of ChromX Health
Year founded: 2021 • CEO: Junqi Wang
Key backers: Country Garden Venture Capital, Beijing Institute of Collaborative Innovation, ZhenFund
Founded by an engineering postdoctoral associate at Yale University, ChromX Health is developing bedside testing devices that claims to screen and diagnose a variety of chronic diseases, such as lung cancer, from exhaled breath. The startup says its breathalyzers help reduce diagnostic costs by roughly ten times and speed up the process by 20 times compared to traditional methods like gene sequencing.
Coolmate
Vietnam
Courtesy of Coolmate
Category: E-commerce & Retail
Year founded: 2019 • CEO: Nhu Pham
Key backers: 500 Global, Access Ventures, Cyberagent Capital, Do Ventures, DSG Consumer Partners, GSR Ventures, Nexttech
Amid Vietnam’s growing market for e-commerce, direct-to-consumer business Coolmate sells men’s fashion and lifestyle products, ranging from T-shirts to shaving cream. The startup says it plans to expand its offerings of over 180 products, available for purchase through Coolmate’s website or platforms like Shopee. Coolmate was the first Vietnamese portfolio company of GSR Ventures, helmed by Forbes Midas Lister Allen Zhu.
Cosmart
Indonesia
Category: E-commerce & Retail
Year founded: 2022 • CEO: Alvin Kumarga
Key backers: East Ventures, Lightspeed Venture Partners, Vertex Ventures
Cosmart is a membership-based e-commerce platform for essential goods. Through its website and mobile app, users can make bulk purchases of household items and snacks, which the startup claims to offer at lower prices than supermarkets. In 2022, Cosmart secured $5 million in seed funding for its expansion in Southeast Asia.
Crowde
Indonesia
Courtesy of Crowde
Category: Agriculture
Year founded: 2016 • CEO: Yohanes Sugihtononugroho
Key backers: Crevisse Partners, Great Giant Foods, Gree Ventures, Mandiri Capital Indonesia, Monk's Hill Ventures, Strive, UMG Idealab
Peer-to-peer lending startup Crowde aims to help Indonesia’s farmers grow their businesses. Through Crowde, farmers can apply for a loan by specifying the amount they need, what commodity they would like to grow (such as chili, corn or rice) and the area of available land. The startup’s app, Toko Tani, also offers advice on cultivating successful crops.
Dagangan
Indonesia
Category: E-commerce & Retail
Year founded: 2019 • CEO: Ryan Manafe
Key backers: 500 Global, AC Capital, Blue Bird Group, BTPN Syariah, Cyberagent Capital, GK Plug and Play, K3 Ventures, Monk’s Hill Ventures, Prasetia Dwidharma, Spiral Ventures
Dagangan is a social commerce platform targeting Indonesia’s rural communities that lack access to daily necessities. Through Dangagan’s app, customers in over 20,000 villages across Indonesia can purchase groceries, clothes and more, with free, one-day delivery services, the startup says.
Dash Living
Hong Kong
Category: Food & Hospitality
Year founded: 2014 • CEO: Aaron Lee
Key backers: Clearmind Capital, Capital Union Investments, ChinaChem, Cyberport, Gobi Partners, Grosvenor Asia Pacific, MindWorks Capital, Taronga Group
Dash Living offers flexible rental services for digital nomads and expatriates staying in some of Asia’s most expensive cities. The startup manages 2,000-plus units across co-living properties, serviced apartments and hotel residences in Hong Kong, Singapore, Tokyo and Sydney.
Dat Bike
Vietnam
Category: Logistics & Transportation
Year founded: 2019 • CEO: Son Nguyen
Key backers: Delivery Hero Ventures, GSR Ventures, Hustle Fund, ISeed Ventures, Jungle Ventures, TVS Motor, Wavemaker Partners
Based in Da Nang, Dat Bike manufactures electric bicycles with locally sourced parts from Vietnam. The startup claims its latest model, the Weaver++, can travel up to 200 kilometers per three-hour charge. With $16.5 million in total funding, Dat Bike partnered with tech giant GoTo to use its bikes for services like food delivery, logistics and transportation.
Forbes Asia
From left: Edamama cofounders Bela Gupta D’Souza and Nish D’Souza.
Courtesy of EdamamaEdamama
Philippines
Category: E-commerce & Retail
Year founded: 2020 • CEO: Bela Gupta D'Souza
Key backers: Alpha JWC Ventures, Foxmont Capital Partners, Gentree Fund, InnoVen Capital, Kickstart Ventures, Robinsons Retail Holdings
Targeting parents in the Philippines, Edamama’s e-commerce platform offers baby gear, home goods and other lifestyle products. Users on Edamama’s website or app can browse 1,500 brands and 26,700 products, according to the startup. To date, the startup has raised over $35 million in funding, and it launched an offline store in March.
Eieling Technology
Hong Kong
Category: Biotechnology & Healthcare
Year founded: 2018 • CEO: Xiaojia Jia
Key backers: Hong Kong Innovation and Technology Commission, Hong Kong Polytechnic University, HKSTP
Eieling Technology aims to simplify liver health checkups with its portable, ultrasound imaging device. The startup says its scanners are already being used in clinical research in Hong Kong and mainland China and that it’s aiming to sell its medical equipment in Southeast Asia over the next year.
Ephod Technology
Hong Kong
Category: Finance
Year founded: 2020 • CEO: Peter Zhou
Key backers: Darwin Ventures, Headline Asia, Hong Kong University of Science and Technology, ParticleX
Ephod Technology’s AI-powered analytics platform seeks to help money managers make better investment decisions by generating tailored stock screening and trading strategies. Operating in Hong Kong and Taiwan, Ephod Technology says it’s serving 15 institutional clients.
Exponent Energy
India
From left: Exponent Energy cofounders Sanjay Byalal and Arun Vinayak.
Courtesy of Exponent EnergyCategory: Construction & Engineering
Year founded: 2020 • CEO: Arun Vinayak
Key backers: 3one4 Capital, AdvantEdge Founders, Lightspeed Venture Partners, YourNest
Electric vehicle parts maker Exponent Energy claims its EV battery packs can be fully charged within 15 minutes through its proprietary charging stations and plugs. The Bangalore-based startup has partnered with local automaker Altigreen Propulsion Labs to deploy its batteries in three-wheel cargo vehicles.
Finture
Singapore
Category: Finance
Year founded: 2020 • CEO: Donny Zhang
Key backers: Antao Capital, BitRock Capital, MindWorks Capital, Sky9 Capital, SWC Global, Tortola Capital, XVC
Finture operates virtual banking services for customers in Indonesia through their app, Yup, licensed by the Financial Services Authority in Indonesia. Users can apply for a digital debit card and e-wallet, as well as buy-now-pay-later services, and link their existing bank accounts. The startup also has an office for research and development in Shanghai.
Fleet Space Technologies
Australia
Courtesy of Fleet Space Technologies
Category: Enterprise Technology
Year founded: 2015 • CEO: Flavia Tata Nardini
Key backers: Artesian, Blackbird, Grok Ventures, Horizons Ventures, Momenta
Based in a suburb of Adelaide, home to the Australian Space Agency, Fleet Space Technologies operates a constellation of nanosatellites that its clients use to search for lithium, copper and other minerals. According to the company, its ExoSphere technology helps mining companies to more quickly find deposits. Since launching ExoSphere in March last year, Fleet says it has signed contracts with 30 companies, including Australian lithium explorer Core Lithium and Tesla supplier Talon Metals in Canada. Fleet says it is also developing space-based defense capabilities and is working with Australia’s Defence Space Command to design and deploy low-Earth-orbit satellites. In May, Fleet raised A$50 million ($30 million) in funding at a valuation of more than A$350 million.
Fleming MedLab
Hong Kong
Category: Biotechnology & Healthcare
Year founded: 2021 • CEO: Edwin Ty
Key backers: HKSTP, Hong Kong Polytechnic University
Fleming MedLab aims to help stroke patients walk again with its wearable robotic devices that it says improve users’ mobility. Its flagship product, Fleming Ankle, attaches to the patient's ankle joint and electrodes stimulate signals to the brain as they walk. The company says its device is undergoing clinical trials in Hong Kong this year.
Floatic
South Korea
Category: Logistics & Transportation
Year founded: 2021 • CEO: Chan Lee
Key backers: BeHigh Investment, Industrial Bank of Korea, Kakao Ventures, Kiwoom Asset Management, Korea Development Bank, Naver D2 Startup Factory, Shinhan Capital, ZER01NE
Floatic is developing AI-powered robots for e-commerce distribution centers that it says can cut labor costs by as much as a third. In June 2022, Floatic raised 3.4 billion won ($2.5 million) in a round led by Korean VC firm Behigh Investment. Floatic CEO Chan Lee previously worked as a freelance robotics engineer at Korean food-delivery giant Woowa Brothers.
Fresh Factory
Indonesia
Category: Logistics & Transportation
Year founded: 2020 • CEO: Larry Ridwan
Key backers: East Ventures, Indogen Capital, Tap Applied Agri Services, Prima Adhisarana Indonesia, Kyobo Securities, Nusantara Card Semesta, NTUitive, Tridaya Rhema Solusi, Ubi Kapital Indonesia, Prasetia Dwidharma, SBI Ven Capital, Trihill Capital, Y Combinator
Fresh Factory is an integrated cold chain fulfillment company specializing in storing and delivering chilled, frozen and dry goods. The startup uses IoT devices in over 40 warehouses to monitor temperatures and track product location, among other functions. It has collaborated with Indonesian logistics giant Nusantara Card Semesta to establish the country’s largest cold chain fulfillment network, serving 103 cities, according to Fresh Factory.
General Water Technology
Hong Kong
Category: Consumer Technology
Year founded: 2019 • CEO: Tim Wang
Key backers: Gaocheng Capital, GE, GGV Capital, IDG Capital, Source Code Capital
General Water Technology designs and manufactures water-filtration systems, including water dispensers and drinking water taps. In April, it merged with EnnoPure, a California-based water-purification company cofounded by Yi Cui, a Stanford professor of materials science. General Water Technology says it has provided water-filtration systems to more than 100,000 customers in the Greater China region.
Gokomodo
Indonesia
Category: Agriculture
Year founded: 2019 • CEO: Samuel Tirtasaptura
Key backers: East Ventures, Eight Capital, Indogen Capital, K3 Ventures, Sahabat Group, Sampoerna Financial, SMDV, Triputra, Waresix
Gokomodo provides procurement and e-commerce services for companies in Indonesia’s agriculture and commodities industries. Through the startup’s online platform, companies can order products like farming tools and safety equipment from 68 brands, while suppliers can submit quotations and track their sales data, according to Gokomodo. In 2022, it raised $26 million in a series A funding round led by Singapore-based East Ventures.
Good Food Technologies
Hong Kong
Courtesy of Good Food Technologies
Category: Food & Hospitality
Year founded: 2020 • CEO: Joshua Ng
Key backers: Brinc, CGV Ventures, DayDayCook, Gobi Partners, Lever VC, Tao Heung Holdings
Foodtech startup Good Food Technologies develops plant-based meat alternatives for Asian cuisine. Its Plant Sifu brand uses a shiitake mushroom-based pork substitute in Chinese dim sum dishes like siu mai and barbecue buns. The startup claims its products are served in over 500 outlets in Hong Kong.
GoWabi
Thailand
Category: Consumer Technology
Year founded: 2016 • CEO: Samir Cherro
Key backers: Modulus Ventures, Orzon Ventures
GoWabi operates a namesake one-stop-shop beauty and wellness app that allows users to book and pay for spas, nail salons and similar services in Thailand. In August last year, GoWabi received a $4 million investment from Modulus Ventures, a wholly owned subsidiary of PTT Oil and Retail Business, the consumer arm of Thai state-owned energy giant PTT.
HD
Thailand
Category: Biotechnology & Healthcare
Year founded: 2019 • CEO: Sheji Ho
Key backers: Crusade Partners, FEBE Ventures, Gobi Partners, Google for Startups, ISeed SEA, M Venture Partners, Orvel, Partech Partners
Selected for Google for Startups Accelerator’s 2022 cohort, HD aims to be the Amazon of health services in Southeast Asia. Based in Thailand, HD operates a marketplace for healthcare services as well as financing. HD says it has matched more than 250,000 people to over 1,500 healthcare providers.
Hotelogix
Singapore
Category: Food & Hospitality
Year founded: 2008 • CEO: Aditya Sanghi
Key backers: Accel Partners, Blume Ventures, Mumbai Angels Network, Saama Capital, Seedfund, Vertex Ventures
Hotel chains can use Hotelogix’s hotel management software to manage their properties and automate hospitality services, like housekeeping and checkout. In June, the startup announced it would integrate its platform with IoT devices, allowing guests to use their phones to unlock their hotel rooms or order guest services.
Idein
Japan
Category: Enterprise Technology
Year founded: 2015 • CEO: Koichi Nakamura
Key backers: DG Daiwa Ventures, Global Brain, Hakuhodo DY Ventures, Innovation Growth Ventures, Japan Associated Finance Co., KDDI Open Innovation Fund, Miyabi Ventures, Sony Innovation Fund
Based in Tokyo, Idein develops AI software for IoT devices to analyze their own input data. The startup’s Actcast platform can enable cameras to quickly determine the number of people in their video feeds, as well as their genders and ages. To date, Idein claims it’s partnered with over 130 companies, including Japanese trading giant Itochu.
IDfy
India
Category: Enterprise Technology
Year founded: 2011 • CEO: Ashok Hariharan
Key backers: Blume Ventures, Beenext, Dream Incubator, MegaDelta Capital, NB Ventures, Trans Union International
Identity verification startup IDfy develops software tools to help companies run background checks and conduct due diligence. These tools can scrape information from uploaded documents or confirm whether a user’s IP address is real, among other applications. Based in Mumbai, IDfy claims it conducts over 60 million verifications each month for clients including Amazon, Uber and food delivery app Zomato.
International Payments Identity
Singapore
Category: Enterprise Technology
Year founded: 2021 • CEO: Damien Dugauquier
Key backers: 1982 Ventures, Jungle Ventures, Rapyd Ventures, Resolution Ventures, Saison Capital, XA Network
International Payments Identity, known as iPiD, helps banks and other payment providers use unique tokens and encrypted messages to protect users’ account details during cross-border transactions. Last year, the startup raised $3.3 million in a seed funding round. Before cofounding iPiD, CEO Damien Dugauquier was the Asia-Pacific head of data and analytics solutions at cross-border financial messaging giant SWIFT.
Involve Asia
Malaysia
Category: Consumer Technology
Year founded: 2014 • CEO: Jimmy How
Key backers: 500 Global, Bintang Capital Partners, Cradle Seed Ventures, OSK Technology Ventures
Marketing platform Involve Asia connects brands with micro-influencers—generally defined as influencers with fewer than 100,000 followers on social media—for affiliate marketing or other advertising programs. The startup claims it works with over 500 brands, including international labels like Nike and Sephora. To date, Involve Asia has raised a total of $16.5 million in funding.
iSeller Commerce
Indonesia
Category: Enterprise Technology
Year founded: 2016 • CEO: Jimmy Petrus
Key backers: AppWorks, Beacon Capital, Intudo Ventures, Mandiri Capital Indonesia, Openspace Ventures
Through their website and app, iSeller helps small to midsized firms manage their inventory, build an online storefront and promote sales through channels like social media. The Jakarta-based startup, spun off from Indonesia's Intersoft Solutions, claims it’s processed over $500 million in digital payments and serves 100,000 businesses.
Jotbody
Hong Kong
Category: Biotechnology & Healthcare
Year founded: 2020 • CEO: N/A
Key backers: City University of Hong Kong, Hong Kong Innovation and Technology Commission, HKSTP, Pentepebble
Jotbody specializes in producing single-domain antibodies, a type of antibody used to develop diagnostic kits and treatments for diseases like cancer. The startup obtains its antibodies from shark blood samples, drawn from a small shark species commonly found in Hong Kong. Jotbody says its collection method slashes production costs by up to 70%.
Jumppoint
Hong Kong
Category: Logistics & Transportation
Year founded: 2020 • CEO: Samson Ho
Key backers: Beyond Ventures, Chinachem Group, Headline Asia, InnoAngel Fund, Innovation and Technology Venture Fund, MindWorks Capital
Jumppoint offers end-to-end logistics services to e-commerce merchants, from local and international express deliveries, to cold-chain deliveries, to warehousing and fulfillment services. With the startup’s proprietary route-planning system that it claims can reduce logistics costs by up to 70%, Jumppoint Logistics says it has more than 6,000 customers and handles over 5 million orders a year.
Kaleidofin
India
Category: Finance
Year founded: 2017 • CEO: Sucharita Mukherjee
Key backers: Bharat Fund, Blume Ventures, Flourish Ventures, Bill & Melinda Gates Foundation, Michael & Susan Dell Foundation, Oikocredit, Omidyar Network
Fintech startup Kaleidofin provides digital wealth solutions for India’s underbanked or unbanked population. Users can apply for a Kaleidofin online bank account, debit card and credit health check, among other services. They can also register for KaleidoPay, a peer-to-peer payments app. To date, the startup has raised $23 million from investors and philanthropic groups like the Bill & Melinda Gates Foundation.
KEYi Tech
China
Category: Consumer Technology
Year founded: 2014 • CEO: Jianbo Yang
Key backers: Anker Innovations, BlueRun Ventures China, Bomhan Investments, Cheetah Mobile, Green Pine Capital Partners, Shunwei Capital, Source Code Capital, Xiaomi
KEYi Tech focuses on creating companion robots that mimic the behavior of pets. It says it owns over 40 patents on mechanical designs and AI algorithms, which it applies in its two robots, ClicBot and Loona Petbot. Loona can detect voices, gestures and objects, allowing users to play simple games like fetch.
Kindred
Courtesy of Kindred
Philippines
Category: Biotechnology & Healthcare
Year founded: 2022 • CEO: Jessica de Mesa-Lim
Key backers: KSR Ventures, Pawikan Capital Group, Pulse 63 Healthcare Ventures, Tenco Capital Holdings
Women’s health startup Kindred provides virtual and in-person clinical consultations to women in the Philippines. Patients can make appointments through Kindred’s website or app for specialties including gynecology, psychological health, fertility care and vaccinations against sexually transmitted diseases. The startup claims its platform spans 80 doctors, and it’s completed 12,000 transactions to date.
Kinexcs
Singapore
Category: Biotechnology & Healthcare
Year founded: 2017 • CEO: Abhishek Agrawal
Key backers: Enterprise Singapore, Entrepreneur First, Govin Capital, NGEN Capital, Nanyang Technological University, NUS Technology, ParticleX, Prasetia Dwidharma, Pureland Venture, SGInnovate, SOSV
Kinexcs sells wearable devices for patients recovering from surgery or coping with musculoskeletal conditions, aiming to improve their mobility and quality of life. After joint replacement surgery, patients can place Kinexcs’ Kimia Recover sensor on their affected limb to monitor movement and collect recovery data. Kimia is distributed by hospitals and clinics in North America, Europe and Asia, according to the startup.
KiotViet
Vietnam
Category: Consumer Technology
Year founded: 2014 • CEO: Tran Nguyen Hao
Key backers: Beacon Venture Capital, Cao Viet My Investment Development Technology, Jet Tech Innovation Ventures, Jungle Ventures, Kite Asia Holdings, KKR
Originally a subsidiary of software development company Citigo Software, Hanoi-based KiotViet struck out on its own in 2014 with a point-of-sale system for Vietnam’s small businesses. KiotViet aims to serve as a one-stop-shop for inventory management, CRM, employee management services and more. The startup says it reached over 200,000 customers by the end of 2022.
Kraver’s Canteen
Philippines
Courtesy of Kraver's Canteen
Category: Food & Hospitality
Year founded: 2020 • CEO: Victor Seunglee Lim
Key backers: Foxmont Capital Partners, Kaya Founders, Oak Drive Ventures, Quest Ventures
Based in Manila, Kraver’s Canteen is a cloud kitchen operator with 11 facilities. It claims to offer over 1,000 meal options, with ingredient transparency and nutrition breakdowns. Users can pre-order meal plans up to 12 weeks in advance. To date, Kraver’s Canteen has secured $4.5 million in funding.
Lapasar
Malaysia
From left: Lapasar CFO Noomi Fessler, cofounders Thinesh Kumar, Lakshman Das Asogan and Dannis Raj David.
Courtesy of LapasarCategory: E-commerce & Retail
Year founded: 2016 • CEO: Thinesh Kumar Asogan
Key backers: Adaptive Capital Partners, Creador, Gobi Partners, Nexea, WatchTower & Friends
First launched as a wholesale website for cleaning tools, IT equipment and other office supplies, Lapasar expanded to fast-moving consumer goods during the pandemic, catering to small mom-and-pop stores and larger companies alike. The startup claims it oversees its own warehousing and distribution network, spanning 10,000 suppliers. It’s raised $5.7 million in funding to date.
Lexagle
Singapore
Category: Enterprise Technology
Year founded: 2019 • CEO: Gerald Heng
Key backers: Asia Advisors, Prospect Hill Capital, Sitorus Family Office, Voveo Capital
Legal technology startup Lexagle uses AI to power an online contract management platform for lawyers, in-house counsel and companies. With operations in Indonesia, Malaysia, Australia and Singapore, Lexagle claims it has over 5,000 paying users across 14 countries. Lexagle is supported by Singapore government agencies including Enterprise Singapore and the Agency for Science, Technology and Research.
Lifegoeson
South Korea
Courtesy of Lifegoeson
Category: Food & Hospitality
Year founded: 2018 • CEO: Sungwoo Cho
Key backers: Altos Ventures, DS Asset Management, H&Q Korea, Korea Development Bank, Korea Investment Partners, Samsung Venture Investment, SoftBank Ventures Asia
Lifegoeson operates a variety of tech-enabled laundry services, such as a pickup and delivery app (more than 100,000 downloads on the Google Play Store) and an AI-powered laundry-sorting machine. Using its user data, Lifegoeson plans to expand into e-commerce and replicate its success in clothing, food and homes. In November, Lifegoeson raised $37 million in series C funding led by H&Q Korea.
Lima Tech
China
Category: Enterprise Technology
Year founded: 2017 • CEO: Chao Li
Key backers: Cherubic Ventures, Hillhouse Capital, GGV Capital, Unicorn Capital Partners
Beijing-based Lima Tech develops software tools for Chinese insurance companies to streamline and digitize their operations. Its products include a digital management platform for agencies to keep track of policy sales. The startup claims it serves over 100 clients, including insurance giants PICC, China Taiping and Ping An.
Liner
South Korea
Category: Consumer Technology
Year founded: 2012 • CEO: Jinu Kim
Key backers: CJ Investment, Industrial Bank of Korea, KB Investment, Magellan Technology Investment, SL Investment, SpringCamp, WE Ventures
Liner developed an AI-based search tool, which it says has more than 10 million monthly active users across over 160 countries. Liner's AI-based search tool, which can also summarize information and translate texts, is available as an extension for Samsung’s Internet browser, which comes pre-installed on Samsung's Galaxy smartphones.
LionsBot International
Singapore
LionsBot’s R3 Vac vacuuming robot.
Courtesy of LionsBotCategory: Enterprise Technology
Year founded: 2018 • CEO: Dylan Ng Terntzer
Key backers: Black Kite Capital, EDBI, Reiwag Singapore, Sabre Ventures, SEA Frontier Fund, SuperSteam Asia Pacific, Taycan Investments, Translink Capital Partners
LionsBot develops autonomous cleaning solutions, such as vacuum robots, to simplify cleaning tasks. Its devices, which can be controlled through its LionsClean app, cover a range of indoor spaces: The startup’s popular R3 Scrub robot can wash and dust floors in shopping malls, while its R12 Rex Scrub scrubbing machine and cleaner caters to warehouses, factories and distribution centers. To date, the startup says it’s deployed more than 2,000 robots in 30 countries. Backed by leading Singaporean firms like EDBI, LionBot aims to expand in the U.S. this year.
Lucence
Singapore
Category: Biotechnology & Healthcare
Year founded: 2016 • CEO: Tan Min-Han
Key backers: Camtech Ventures, Cell Track Investments, Centurion Private Equity, Cruz Holdings, Great Noble International, Heliconia Capital, IHH Healthcare, Jungle Ventures, Maverick Investments, Openspace Ventures, SGInnovate
Precision oncology startup Lucence develops non-invasive tests that aim to accurately diagnose cancer. It claims its flagship blood test, LiquidHallmark, can detect tumor DNA in 80 genes, among other features. Tan Min-Han, Lucence’s founding CEO and medical director, is an oncologist and cancer geneticist.
Makestar
South Korea
Category: Entertainment & Media
Year founded: 2015 • CEO: Jaemyun Kim
Key backers: Altos Ventures, ES Investor, ISU Venture Capital, Korea Development Bank, NextG Investment
Makestar operates a website connecting K-pop artists and fans. The startup says fans from all over the world have used its website to buy event tickets, albums and merchandise from 600-plus artists. Makestar says it earned $500,000 in profit on $36.8 million in revenue last year, and expects $80 million in sales this year.
Megaview
China
Category: Enterprise Technology
Year founded: 2020 • CEO: Sanpu Han
Key backers: Glory Ventures, GGV Capital, Granite Global Ventures, Xinming Capital
Marketing technology startup Megaview uses AI to help companies analyze their sales interactions, aiming to help them better understand the needs of customers and drive revenue growth. It claims it has analyzed over 15 million conversations across industries like real estate, finance and education.
MindRank
China
Category: Biotechnology & Healthcare
Year founded: 2020 • CEO: Zhangming Niu
Key backers: Cherami Investment Group, Green Pine Capital Partners, Huagai Capital, Sherpa Healthcare Partners
MindRank is an AI-driven biotech firm focused on advancing precision medicines, aiming to discover innovative therapies and increase the overall success rate of drug research and development. Having secured over $20 million in a series A+ round this year, MindRank operates R&D centers in China and the U.K.
MoreGoodDays
Australia
Category: Biotechnology & Healthcare
Year founded: 2021 • CEO: Neala Fulia
Key backers: Blackbird, Giant Leap, LaunchVic, Side Stage Ventures, Snow Foundation
MoreGoodDays provides digital pain-management programs, such as live Q&A sessions with health practitioners and one-on-one telehealth sessions with psychologists. The company initially focused on fibromyalgia, a disorder characterized by muscle pain and fatigue, and has expanded to other chronic pain conditions. In March, MoreGoodDays raised A$3.5 million ($2.3 million) in seed funding.
Multiplier
Singapore
Category: Enterprise Technology
Year founded: 2020 • CEO: Sagar Khatri
Key backers: DST Global Partners, Golden Gate Ventures, MS&AD Ventures, Picus Capital, Peak XV, Tiger Global Management
Founded during the pandemic, when remote work became a necessity, employment platform Multiplier aims to be a one-stop-shop for companies hiring international staff. Through the startup’s website, companies can onboard employees based in over 150 countries. With total funding of over $77 million, Multiplier is valued at $400 million, according to the startup.
MyRealTrip
South Korea
Category: Consumer Technology
Year founded: 2012 • CEO: Donggun Lee
Key backers: Altos Ventures, BlueRun Ventures, BonAngels Venture Partners, IBK Capital, IMM Investment, Korea Development Bank, Mirae Asset Capital, Primer, Smilegate Investment
MyRealTrip is a one-stop shop for all things related to travel. Its namesake travel superapp draws in users with its cheap airline tickets and aims to cross-sell higher-margin products and services such as accommodation, activities and tours. MyRealTrip's app has been downloaded over 1 million times on Google’s Play Store with an average user rating of 4.8 stars out of 5.
Nearthlab
South Korea
Category: Enterprise Technology
Year founded: 2015 • CEO: Jay Choi
Key backers: BonAngels Venture Partners, Breeze Investment, Company K Partners, Devsisters Ventures, FuturePlay, IMM Investment, Mirae Asset Capital, NAU IB Capital, SBI Investment Korea, Shinhan Capital, Smilegate Investment, Stonebridge Ventures
Nearthlab uses AI and autonomous drones to monitor wind farms. The Seoul-based startup says its drones have inspected more than 300,000 blades, including for industrial giant GE and Siemens Gamesa, one of the world’s biggest makers of wind turbines. Nearthlab says its autonomous drones can cut down monitoring time from one day to 15 minutes.
NeoX Biotech
China
Category: Biotechnology & Healthcare
Year founded: 2018 • CEO: Michael Chen
Key backers: 5Y Capital, BAI Capital, Genesis Capital, LYFE Capital, MiraclePlus, Sequoia China, Sky9 Capital, Vertex Ventures, Vision Plus Capital, ZhenFund
AI-powered drug discovery platform NeoX says it analyzes the interactions between proteins to focus on macromolecular drugs, which consist of complex molecules, and multi-specific drugs, which can address more than one disease target. With over $70 million in funding, the startup aims to advance to clinical trials in 2023.
Nutrition Technologies
Singapore
Category: Agriculture
Year founded: 2015 • CEOs: Tom Berry, Nicholas Piggott
Key backers: Hera Capital, ING Sustainable Investments, Openspace Ventures, PTT Ventures, Seeds Capital
Nutrition Technologies uses insects as an alternative protein source for animal feed and fertilizer. The startup processes black soldier fly larvae into protein, oil and other products. After a $20 million funding round in 2022, led by the venture capital arm of Thai oil and gas company PTT, Nutrition Technologies aims to expand into new markets.
Packworks
Philippines
Category: E-commerce & Retail
Year founded: 2018 • CEO: Bing Tan
Key backers: ADB Ventures, Arise, CVC Capital Partners, Fast Group, IdeaSpace Foundation, Techstars
Packworks’ inventory management platform helps owners of small convenience stores, known as “sari-sari” stores, collect sales data, record prices and more. Based in Manila, Packworks works with over 270,000 businesses, according to the startup. It says it has raised a total of $2.2 million.
PanopticAI
Hong Kong
Category: Biotechnology & Healthcare
Year founded: 2020 • CEO: Kyle Wong
Key backers: Alibaba Entrepreneurs Fund, Gobi Partners, Hong Kong University of Science and Technology
A spinoff company from the Hong Kong University of Science and Technology, PanopticAI developed an app and a device, which it claims can read vital signs like heart rates and blood pressure in 30 seconds by detecting subtle changes in a person's skin coloration caused by changes in blood flow. In November, PanopticAI announced IHH Healthcare's Gleneagles will integrate its technology into the hospital's app.
Peddlr
Philippines
Category: Enterprise Technology
Year founded: 2021 • CEO: Nel Laygo
Key backers: 500 Global, Crestone Venture Capital, Foxmont Capital Partners, January Capital, Kaya Founders, KDV Capital, NordStar Capital, Patamar Capital, Vulpes Ventures, XA Network
Peddlr provides a point-of-sale application for micro, small, and midsized businesses to help them manage sales and expenses. Using Peddlr’s website or app, businesses can track inventory, produce basic accounting reports and create a basic online storefront. The startup has raised a total of $4.9 million.
Playlist
South Korea
Category: Entertainment & Media
Year founded: 2017 • CEO: Taewon Park
Key backers: Altos Ventures, CJ Investment, Hana Securities, IMM Investment, Mirae Asset, Naver, Premier Partners
Based in Seoul, Playlist is a content production studio specializing in Korean web series with almost 2.5 million YouTube subscribers. In December, the studio partnered with billionaire Hong Seok-joh's convenience store operator BGF Retail to produce a YouTube series that takes place at one of its CU stores. In May, Playlist raised 14.2 billion won ($11 million) in funding.
PolicyStreet
Malaysia
Category: Finance
Year founded: 2016 • CEO: Yen Ming Lee
Key backers: Altara Ventures, Auspac Investment Management, Gobi Partners, Khazanah Nasional, KK Fund, Spiral Ventures
PolicyStreet provides digital insurance solutions to both businesses and consumers. The Kuala Lumpur-headquartered startup says it’s partnered with Southeast Asian e-commerce giant Shopee to insure packages, and with ride-hailing giant Grab to insure drivers. It has raised a total of $22 million from investors including Malaysia’s sovereign wealth fund, Khazanah Nasional.
Qupital
Hong Kong
Category: Finance
Year founded: 2016 • CEO: Winston Wong
Key backers: Alibaba Entrepreneurs Fund, Citi, CreditEase, Decacorn Capital, Gobi Partners, Greater Bay Area Homeland Development Fund, Innovation and Technology Venture Fund, MindWorks Capital, NordStar Capital, Silverhorn
Qupital connects merchants in Hong Kong and mainland China selling goods on overseas e-commerce platforms with professional investors for financing. The startup claims to have so far disbursed more than $1 billion to over 10,000 vendors on Amazon, eBay, Lazada and other marketplaces, with a default rate of under 0.1%.
Reap
Hong Kong
Category: Finance
Year founded: 2018 • CEOs: Daren Guo, Kevin Kang
Key backers: Acorn Pacific Ventures, Arcadia Funds Management, BAI Capital, Fresco Capital, Global Founders Capital, HashKey Capital, Hustle Fund, K3 Ventures, Payment Asia
Fintech startup Reap's virtual corporate credit cards and expense management software allows small and medium-sized businesses to pay bills and help track and manage spending more efficiently. Reap says it created over 200,000 virtual corporate credit cards for companies like sneaker retailer Kicks Crew and crypto exchange OKX, and processed more than $200 million in transactions.
Red Dot Analytics
Singapore
Category: Enterprise Technology
Year founded: 2016 • CEO: Henry Xu
Key backers: ADB Ventures, Avior Capital, GSR Ventures, IMO Ventures, Yincubator
Spun off from Nanyang Technological University in Singapore, Red Dot Analytics’ flagship software, DCverse, helps data center managers use AI to analyze digital replicas of their equipment and find ways to decrease carbon emissions. It aims to commercialize DCverse this year.
RED Health
India
RED Health CEO Pradheep Singh (center) seated in a RED Health ambulance.
Courtesy of RED HealthCategory: Biotechnology & Healthcare
Year founded: 2016 • CEO: Prabhdeep Singh
Key backers: HealthQuad, Jungle Ventures, Kalaari Capital
RED Health’s ambulances and skilled paramedics aim to fill the gaps in India’s emergency response services. Patients can receive support from one of the startup’s ambulances within eight minutes of calling Red Health’s hotline. With a fleet of over 5,000 ambulances across 550 Indian cities, the seven-year-old startup says it’s handled over 260,000 cases since it was launched. RED Health also runs emergency response training courses through RED Academy, which teaches skills like CPR. Originally known as StanPlus, RED Health rebranded earlier this year and is looking to expand its general healthcare services, offering preventive health checks at clinics and more.
SariSuki
Philippines
Category: Agriculture
Year founded: 2021 • CEO: Brian Cu
Key backers: Credit Saison, Foxmont Capital Partners, Global Founders Capital, Kickstart Ventures, Openspace Ventures, JG Digital Equity Ventures, Susquehanna International Group
Social e-commerce startup SariSuki sells groceries through its website and app, aiming to transform the Philippines’ retail landscape. Customers can register for an account to order fresh produce from local farms, which are distributed through Sarisuki’s designated resellers. The startup claims it’s garnered a total of $30 million in funding and served more than 800,000 customers.
Saturdays
Indonesia
Category: E-commerce & Retail
Year founded: 2016 • CEOs: Andrew Kandolha, Rama Suparta
Key backers: Alpha JWC Ventures, Alto Partners, Altara Ventures, DSG Consumer Partners, Genesis Alternative Ventures, Kinesys Group
Eyewear startup Saturdays, which operates 45 physical stores across Indonesia, allows customers to virtually “try on” designs through their website and app. In 2020, during the pandemic, Saturdays launched an at-home optician service for customers to receive an eye exam and view frames of their choice. Looking ahead, the startup aims to expand nationally.
Seadronix
South Korea
Category: Logistics & Transportation
Year founded: 2015 • CEO: Byeolteo Park
Key backers: Bluepoint Partners, Lighthouse Combined Investment, SoftBank Ventures Asia, T-Investment
The startup says its AI port monitoring and management system is used by major ports in South Korea, including Busan, Incheon and Ulsan, to help guide ships safely and efficiently. It also claims its technology can help ships operate more autonomously. In May last year, Seadronix raised $5.8 million in a funding round led by SoftBank Ventures Asia.
Shoppable Business
Philippines
Category: E-commerce & Retail
Year founded: 2022 • CEO: Carlo Silva
Key backers: AHG Lab, Foxmont Capital Partners, Seedstars
Shoppable Business aims to help businesses in the Philippines procure branded products by verifying their authenticity. The startup works with over 1,400 suppliers—spanning brands like Samsung, Adidas and Apple—and over 300 buyer companies, it says. Shoppable raised $1.2 million in a pre-seed funding round led by Philippines-based Foxmont Capital Partners and Switzerland-based Seedstars.
Signet Therapeutics
China
Category: Biotechnology & Healthcare
Year founded: 2020 • CEO: Haisheng Zhang
Key backers: 5Y Capital, Blue Ocean Capital, Green Pine Capital, Leaguer Capital, Sky9 Capital, Tiantu Capital, XtalPi, Yayi Investment Management
Led by former researchers of Harvard Medical School’s Dana-Farber Cancer Institute, Signet Therapeutics focuses on making a drug that it says could become the world’s first treatment for diffuse gastric cancer (a type of stomach cancer). The startup, which has partnered with Chinese AI drug discovery company XtalPi, also develops novel drugs for other types of cancer.
Singular Medical
China
Category: Biotechnology & Healthcare
Year founded: 2017 • CEO: Lichuan Ping
Key backers: Beijing PINS Medical, HWealth Capital, Kaizhan Equity Investments, Lotus Lake Capital, Marathon Venture Partners, Northern Light Venture Capital, Qiming Venture Partners, SDIC Unity Capital, SND Financial Holdings, Yuwell Group
Headquartered in Suzhou, Singular Medical develops heart monitors, including an implantable defibrillator that it says can detect irregularities in the patient’s heartbeat and apply an electric charge if needed. The startup completed clinical trials of its defibrillator in May, the first to be produced in China, Singular Medical claims.
Sleek
Singapore
Category: Finance
Year founded: 2017 • CEO: Julien Labruyere
Key backers: EDBI, Jungle Ventures, Seeds Capital, White Star Capital
Sleek’s digital business registration and accounting tools aim to simplify the administrative challenges faced by entrepreneurs. Its starter package, priced at S$650 ($480), includes “unlimited corporate secretary” support, like the preparation and filing of annual returns. With additional offices in Hong Kong, Australia and the U.K., Sleek claims it’s served 450,000 clients.
Sourcy
Singapore
Category: Enterprise Technology
Year founded: 2021 • CEO: Karl Chan
Key backers: Black Kite Capital, Foxmont Capital Partners, Kaya Founders, Seedstars
Sourcing and logistics startup Sourcy uses AI to tailor product recommendations for retailers, aiming to help businesses in Southeast Asia discover trending goods with high profit margins. The startup claims to have over 50,000 listings spanning home decor, cosmetics, electronic accessories, sports gear and more.
Sprout Solutions
Philippines
Category: Enterprise Technology
Year founded: 2015 • CEO: Patrick Gentry
Key backers: Acceleprise, AFG Partners, Beenext, BridgeSEA Capital, Cercano Ventures, Endeavor, EM Ventures, GSR Ventures, Integra Partners, Kickstart Ventures, Mynavi, Point72 Ventures, Wavemaker Partners
Sprout Solutions, a Manila-headquartered SaaS startup, provides cloud-based HR technology for Philippine businesses. The startup claims its website and app supports payroll automation and data-driven analytics for employers, and helps them distribute salary advances for employees. It recently secured a $10.7 million series B funding round led by Cercano Ventures.
Stellapps Technologies
India
Category: Agriculture
Year founded: 2011 • CEO: Ranjith Mukundan
Key backers: 500 Global, ABB Technology Ventures, Beenext, Bill & Melinda Gates Foundation, Blume Ventures, Celesta, IDH Farmfit, Nutreco, Omnivore, Qualcomm Ventures, VH Capital
Aiming to digitize India’s dairy supply chain, Stellapps’ IoT devices target milk collection and cold chain storage management. It also developed MooOn, a wearable device the startup describes as a “Fitbit for cows” to track the activity levels and heat cycles of livestock. The startup claims to work with 3 million farmers.
Stemly
Singapore
Category: Enterprise Technology
Year founded: 2020 • CEO: Sanjay Saini
Key backers: EDB New Ventures, Elev8.VC, FutureLabs Ventures, HH Investment, Resolution Ventures
Stemly applies data science to help supply chain companies predict investment market trends, aiming to help them maximize returns on their inventory. Spun out from ING Singapore, the startup secured a $2.5 million funding round in 2021 led by Elev8.vc and EDB New Ventures.
Sudo Technology
China
Category: Enterprise Technology
Year founded: 2019 • CEO: Song Yimin
Key backers: GGV Capital, SCGC, Sequoia China, Shenzhen Merchants Venture Capital, Redpoint China
Cybersecurity startup Sudo Technology uses secure computing, federated learning–a method of training AI models–and other technologies to enhance data privacy for companies in China. Sudo also claims its platform allows organizations to analyze their data without exporting it, thereby minimizing the chances of leaks or hacks arising from data transmission.
Syenta
Australia
Category: Construction & Engineering
Year founded: 2022 • CEO: Jekaterina Viktorova
Key backers: Blackbird, Brindabella Capital, Jelix Ventures
A spinoff company from the Australian National University, Syenta developed a multi-material 3D printer that can print using metal, plastics, semiconductors and other materials. Syenta's 3D printer allows companies to manufacture electronics in-house, which saves time and helps protect their intellectual property. In July last year, Syenta raised A$3.7 million ($2.4 million) in seed funding.
TandemAI
China
Category: Biotechnology & Healthcare
Year founded: 2021 • CEO: Jeff He
Key backers: Chengwei Capital, Eight Roads Ventures, F-Prime Capital, Gordian Ventures, OrbiMed, Qiming Venture Partners
Aiming to lower the entry barrier to the more advanced tools in drug discovery, TandemAI has developed a web-based platform that allows visualization of related experiential data with computational analysis. The startup says more than 50 biotech companies in China and the U.S. have used the platform.
TANGGapp
Philippines
Category: Finance
Year founded: 2020 • CEO: Rebecca Kersch
Key backers: Bolster Ventures, Foxmont Capital Partners, Goodwater, TEN13, Visible Hands
TANGGapp, an online P2P payments startup, facilitates international remittances from the U.S. to the Philippines. Users can sync their phone numbers with their TANGGApp account, allowing them to send and receive money from their other phone contacts. The startup claims its payment volumes have grown by 25 times since it launched three years ago.
Telefield Medical Imaging
Hong Kong
Category: Biotechnology & Healthcare
Year founded: 2012 • CEO: Margaret Han
Key backers: Alibaba Entrepreneurs Fund, Chindex Medical, Fosun Pharma, Gobi Partners, Hong Kong Polytechnic University
Telefield Medical Imaging has developed radiation-free 3D ultrasound imaging devices for scoliosis, a curvature of the spine often found in adolescents. The company claims its flagship product, Scolioscan, is the first of its kind in the world, and has been clinically tested and used in hospitals and clinics in Australia, China, Germany and Italy. Telefield has so far raised about $13 million in funding.
TipTip
Indonesia
Category: Consumer Technology
Year founded: 2021 • CEO: Albert Lucius
Key backers: East Ventures, SMDV, Vertex Ventures
Targeting Southeast Asia’s creator economy, TipTip helps influencers in Indonesia connect with fans and monetize their content. Through TipTip’s website or app, influencers can conduct livestreams, share exclusive content for subscribers, sell tickets to events and more. With over $23 million in funding, the startup claims it works with over 10,000 content creators.
Tookitaki
Singapore
Category: Finance
Year founded: 2014 • CEO: Abhishek Chatterjee
Key backers: Blume Ventures, Faktory Ventures, Rebright Partners, Seeds Capital
Catering to banks and other financial services providers, regulatory technology startup Tookitaki’s AI-powered platforms aim to identify and prevent money laundering. The startup analyzes data to flag suspicious transactions, high-risk clients and other markers of potential financial crime. Tookitaki claims it’s monitored over $3 billion in transactions to date for clients including UOB and Tencent.
Twoplus Fertility
Singapore
Category: Biotechnology & Healthcare
Year founded: 2019 • CEO: Prusothman Raja
Key backers: Anthro Ventures, Enterprise Singapore, Golden Gate Ventures, Monk’s Hill Ventures, MTA2, Scout Fund, Y Combinator
Y Combinator graduate Twoplus Fertility provides fertility solutions, such as insemination kits, for couples to use at home. Formerly known as Hannah Life Technologies, Twoplus also sells hormone tests and meal kits. The startup operates in Singapore and the U.K., and claims its revenue has grown by over ten times since its founding four years ago.
Unravel Carbon
Singapore
Category: Enterprise Technology
Year founded: 2021 • CEO: Grace Sai
Key backers: Alpha JWC Ventures, Amasia Fund, Future Shape, Global Founders Capital, Pareta Ventures, Rebel Fund, Peak XV's Surge, XA Network, Y Combinator
Climate technology startup Unravel Carbon uses AI to help companies in Singapore track carbon emissions data alongside their accounting data. It also provides guidance on reducing emissions. The startup claims it works with over 60 companies across 30 countries, including clients such as online fashion retailer Zalora and automaker Mercedes-Benz. Next year, Unravel Carbon aims to expand in the U.S.
Wristcheck
Hong Kong
Category: E-commerce & Retail
Year founded: 2020 • CEO: Austen Chu
Key backers: Alibaba Entrepreneurs Fund, Gobi Partners, K3 Ventures
Hong Kong-based Wristcheck resells luxury watches under consignment. Through Wristcheck’s website, prospective buyers can browse over 1,300 items or book viewings at the startup’s physical storefront. Wristcheck offers variable rates (up to 12%) for its resales, and claims around 43% of its paying customers are under the age of 30.
Xiaoying Technology
China
Category: Biotechnology & Healthcare
Year founded: 2018 • CEO: Li Bairui
Key backers: 3E Bioventures, Miracle Plus, ZGCCity, ZhenFund
Xiaoying Technology uses computer vision technology for micromorphology, a field involving the use of microscopes to test, analyze and diagnose conditions in cells. Its AI-powered medical platform includes a tool for clinicians and researchers to quickly differentiate between types of blood cells, which the startup claims is more than 95% accurate.
Xurya
Indonesia
Category: Construction & Engineering
Year founded: 2018 • CEO: Gusmantara Himawan
Key backers: AC Ventures, Clime Capital, Crevisse, East Ventures, GoTo, Mitsui & Co., New Energy Nexus, Prasetia Dwidharma, Saratoga Investment, Sermsang Power Corp., Schneider Electric
As a renewable energy startup, Xurya rents solar panels to companies in Indonesia. The startup says it has completed 128 installations to date, including the design, operation and maintenance of the solar panels. Xurya's panels can produce between 25% and 30% of a business’ electricity consumption, the startup claims.
Update: August 30, 2023
The key backers for Good Food Technologies, HD, Multiplier, Reap, Sprout Solutions, Telefield Medical Imaging and Unravel Carbon have been updated. The descriptions of Abacus Digital, Abillion and Wristcheck have been updated.
Forbes Asia
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