OpenAI CEO Sam Altman Dear reader, Singapore’s state-owned investment giant Temasek Holdings is reportedly in preliminary talks to support OpenAI, signaling a potential collaboration that could significantly impact the AI landscape. This development aligns with the island nation’s strategic ambition to emerge as a dominant force in AI within Asia, supported by substantial financial backing of around US$742 million for the sector. If finalized, this would mark OpenAI’s first partnership with a state-backed investor. While neither Temasek nor OpenAI have confirmed the discussions, reports suggest that the dialogue has evolved from considering investment in OpenAI’s CEO Sam Altman’s VC fund to a direct investment in OpenAI itself. This move underscores the growing importance of AI in global investment strategies and the recognition of OpenAI’s potential in this field. The potential investment not only signifies a financial boost for OpenAI but also aligns with Singapore’s broader vision of nurturing local AI talent and establishing itself as a hub for AI innovation. However, OpenAI faces challenges such as financial losses and a scarcity of AI-focused chips, which underscores the significance of securing substantial investments to fuel its ambitious initiatives. Despite hurdles, OpenAI’s recent valuation surge and sustained global interest underscore its potential and significance in the AI landscape. Sainul, Editor. NEWS Carro acquires Beyond Cars, bets big on Hong Kong’s strong EV growth Carro will work towards expanding Beyond Cars’s network of partnerships and further developing ancillary services across insurtech, financing, and aftersales in Hong Kong. Temasek, OpenAI in early-stage talks for funding The talks come as Singapore looks to become an Asian AI powerhouse, having set aside roughly US$742M for investments in the sector; Should the deal materialize, Temasek would be the ChatGPT developer’s first state-backed investor. NBA star Jeremy Lin joins Indonesian proptech firm Rukita’s US$15M round The backers also include MPower Partners, BNI Ventures, and Openspace Ventures; Rukita claims to be EBITDA positive and doubling its supply growth y-o-y with 1.4M rooms under its ecosystem and unique users of over 3M per month. AI-powered insurtech startup Sunday acquires KSK Insurance Indonesia KSK Insurance offers car, property and cargo insurance through agents and brokers across several cities in Indonesia; Sunday uses AI and digital platforms to offer personalized insurance products and services. TikTok begs users to tell Congress not to ban it TikTok has been under scrutiny in the US for a while; The app is banned on government-issued phones in dozens of states; The platform has previously tapped its community to support its battles in Congress. Ai Palette, a provider of real-time insights into consumer trends, raises US$5.8M Tin Men Capital is the investor; Ai Palette looks to expand further into the beauty & personal care and nutraceutical categories; The injection will also fuel its global expansion in North America, Europe and APAC. Tokocrypto founder’s new AI-powered gifting startup Untukmu bags seed funding The investors are 1982 Ventures and unnamed angels; Untukmu offers sophisticated tools, such as a gift tracker, budgeting tool, and events calendar and streamlines the gifting process. Sea’s Free Fire India relaunch in limbo six months on Free Fire, once a beloved game in India, has left its devoted fanbase frustrated by Garena’s lack of transparency regarding the relaunch, leading many gamers to abandon the title in favor of Krafton’s BGMI. Thai EV startup Sleek raises funding from Krungsri Finnovate Sleek claims to have sold over 1,000 units in 2024 and is approaching a delivery rate of 1,000 units per month; The startup also provides vehicle financing with no down payment required and at a low interest rate. Thailand opens applications for virtual banks The central bank and the finance ministry will consider applications within nine months of when the submission period ends; The authorities have not limited the number of licenses but will consider them as appropriate for the Thai financial institutions system. Startup investments in SEA see 44% monthly rise in February: Tracxn Southeast Asian startups raised US$353M in venture funding from 42 rounds in Feb; Seed funding rounds (27) formed the bulk of the deals in February, followed by early-stage (12) and late-stage investments. AI-driven food waste reduction startup Winnow raises funding for Asia expansion ABC Impact is the investor; Winnow provides AI-enabled solutions, which are trained to recognize waste as it is thrown in the bin, whether during preparation or from a customer’s plate. A sneak peek into the six edutech startups joining EduSpaze’s cohort 8 The six Southeast Asian edutech startups are Yaho Lab, Edvance, Quippy, School on Cloud, Safe Space, and Salatech; They will receive seed funding and mentorship from industry experts. Studio 30 50 unveils maritime-tech startups joining its latest cohort The cohort comprises two pre-revenue startups and eight pre-idea founders exploring solutions across crew training, safety, and engagement; predictive vessel maintenance; marine insurance; and circular economy in maritime operations. Former McKinsey exec Marco Breu joins ThinkZone Ventures as venture partner Breu previously founded The Mekong Business Challenge; He will accelerate the growth of ThinkZone’s Series A+ portfolio companies in terms of strategy consulting, fundraising, and partnership connections. FEATURES A deep-dive into Wavemaker Impact’s decarbonization strategies in SEA Wavemaker Impact aims to reduce global carbon emissions by 10% and drive impactful solutions across diverse sectors for lasting change. ‘HUGgy’ng innovation: Dolbomdream’s tech vest aims to bridge mental healthcare gap Dolbomdream’s HUGgy vest provides a calming effect for those with developmental disabilities, aiming to improve access to mental healthcare. Invest in women, accelerate progress: Why gender equality matters now more than ever Investing in women is not only morally imperative but also essential for driving economic growth and fostering social progress. Inside MixCare Health’s expansion plan: Seizing a US$1B opportunity in Asia In its expansion to SEA, MixCare Health wants to focus on Thailand and Singapore, followed by Malaysia and the Philippines. Staple CEO: SEA countries can benefit from cross-border collaboration in AI governance According to Benjamin Stein, sharing best practices, regulatory frameworks, and learnings can lead to a more cohesive approach to safe AI usage in the region. Following triumph at global startup competition, RizqX aims to further promote its halal investments platform RizqX focuses on empowering Muslims to make informed financial decisions following Shariah principles. CONTRIBUTORY ARTICLES Google’s best leaders use this simple tool to show care and concern for their employees As a leader, ask your employees to write down a personal goal of theirs; It’s about encouraging them to set a goal that will measurably contribute to their personal well-being; You then commit to helping them achieve it. Beyond the money: How small angel cheque fuel startup success Small angel cheques in startup fundraising showcase the dynamic interconnectedness of the investment ecosystem. Grab’s new program aims to bring more women drivers on board As part of Grab’s Women Program, we are rolling out tailored onboarding and training sessions, setting up women-only communities and testing a new safety feature. Empowering enablers: How Athena Dynamics fosters innovation Athena Dynamics’ strength lies in its people, who identify innovations, stress-test them rigorously, and seamlessly apply them in real-world scenarios. 2024 financial forecast: Growth strategies amidst uncertainty Disruptive technologies are revolutionizing how we live, work, and handle money, promising transformative shifts in the financial landscape. What did we learn from failing to raise VC funding? Securing funding from venture capitalists is not assured, with statistics indicating that less than one per cent of startups receive such funding. Fintech’s hidden power: Women leading the charge for a more equitable future Global Women’s Entrepreneurship Research also shows women are more likely to create social ventures rather than only economic ventures and pursue environmental ventures rather than economic-focused ventures. AI will change the game of tech business in Vietnam by 2024. This is what you need to know about it Often, businesses only realize the importance of digital infrastructure as they use new tech such as AI to increase productivity. FROM THE ARCHIVES Ready for expansion? here’s how to decide where to take your business Besides factors such as legislation, infrastructure and general cultural climate, your main goal should be understanding if there is a gap between offer and demand that your products could fit into. 6 simple tips for branding your website You might consider adding a blog to keep your customers up to date with what you are promoting or releasing; Gather images that you want to display and decide where you want them.
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'Want to join?': These 4 mums started the Mindful Mamas community to make motherhood a less lonely journey
Mindful Mamas is a vibrant community of 1,000 mothers who engage in activities like play dates, book clubs, and sharing parenting stories, all aimed at fostering a more present and grounded self. The initiative emphasizes connection and support among mothers as they navigate the challenges of parenthood. CNA Women recently met with the four founders to explore the impact and vision behind this enriching community. Full Article
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