Cybersecurity startup Right-Hand has raised US$1 million in a seed funding round led by Singapore-based early-stage venture capital fund Atlas Ventures, it said on Thursday. Other investors include Singapore government-owned Deep Tech investor SGInnovate, and tech company builder Entrepreneur First.
UNL, an Amsterdam-based smart addressing platform for navigation and location-based services, has raised $2 million in seed funding to build the “Internet of Places” and bring the rest of the world’s population into the digital economy. The round was co-led by fellow Dutch company HERE Technologies, which specialises in mapping and location solutions, and Elev8.vc, a Singapore-based Deep Tech VC fund. Other investors include Singapore’s SGInnovate, Amsterdam-based Venturerock and the US-headquartered SOSV.
While investors are expected to become more cautious in the coming months, in March, fundings continued to pour in for Southeast Asian startup ecosystem. The e27 content team noticed that there seemed to be a bigger number of seed-stage funding rounds being announced during the month, as opposed to Series A.
Deep technology has the potential to solve the world’s biggest societal issues. This has not gone unnoticed by nations – Singapore, for example, has injected an additional S$300 million into its Startup SG Equity scheme in its recent Budget 2020 announcement, to support the commercialisation of startups whose businesses are based on innovative research.
Eureka AI, an AI enterprise software company, announced that it has raised US$20 million in a Series B funding round co-led by Apis Partners, Gobi Partners, the Riyad Taqnia Fund, and MEC Ventures. SGInnovate, GDP Ventures, Pacific Bridge, and Cianna Capital also participated in the round. They join existing investors in the company that include SoftBank, PPF Home Credit, and East Ventures.
Deal Street Asia reported on a panel discussion at the recently concluded Indonesia PE-VC Summit 2020 in Jakarta which kicked off with the question: “What is deep tech?”. The panel included Tong Hsien-Hui, Head of Venture Investing at SGInnovate; Pamitra Wineka, Co-Founder and President, TaniHub; and Norazli Mohamad Nor, Senior Vice President, Investments, Xeraya Capital. During the discussion, they addressed the approaches to making deep tech investments more returns focused and how the dial had moved on the sector’s ability to attract funding. The panel agreed that one of the big stumbling blocks in the industry was a lack of understanding or agreement on a common definition around deep tech, as well as confusion among VC funds who tended to jump on trends and apply them to general technology companies instead. Hsien-Hui emphasised that while SGInnovate had a longer returns horizon than many funds, it was well defined. He explained, “We build a landscape around a specific technology, look at the investment pathways and invest in companies that are stages along that path.”