The round also saw participation from returning investors Silicon Valley-based AgFunder and Decacorn Capital as well as new investor Anthill Ventures.
Founded in 2018 by Somsubhra GanChoudhuri and Himanshu Upreti, Ai Palette uses artificial intelligence to help food and beverage manufacturers develop and launch new products by spotting and predicting consumer trends in real-time. The startup counts Danone, Kellogg’s, Cargill, and Dole among its customers.
The startup said it will use the fresh funds to expand its customer base beyond Asia Pacific and recruit engineering and data science talent to expand platform capabilities and product lines.
Ai Palette supports analysis in 15 languages and counting, which allows it to support most of Asia Pacific (including China, India, Southeast Asia and Australia), North America, the UK, France, Switzerland, Germany, as per the announcement.
The fresh investment brings Ai Palette’s total funds raised to date to $5.5 million.
Insignia Ventures leads seed funding in Vietnam’s Medici
The funding follows Medici securing an insurance brokerage licence from the Vietnam Ministry of Finance in July — the first healthtech company in the country to receive the permit.
The fresh capital will be used to roll out insurance services in the country as part of Medici’s ecosystem of healthcare services, it said in the announcement.
“The introduction of insurance products and services in our ecosystem brings us one step closer to becoming a full-stack platform that serves the healthcare needs of the Vietnamese people through their families, neighborhood communities, and even companies,” says Duc Anh Ngo, who founded the company in 2019.
Medici started as a telemedicine service provider. Its ecosystem of healthcare services now includes insurance, health screenings, and a marketplace for drugs and supplements.
Vietnamese startup SoBanHang bags $1.5m
SoBanHang, a startup that helps small Vietnamese retailers create online stores, announced raising $1.5 million in seed funding from FEBE Ventures, Class 5, and entrepreneur Kevin P. Ryan.
The startup was launched in April this year to provide a bookkeeping app for small retailers in Vietnam. However, the founders — brothers Hai Nam Bui and Hai Long Bui — shifted business to an e-commerce enabler due to the COVID-19 pandemic.
It aims to help small business owners create online stores and manage orders to cope with the pandemic and reach more customers. The company said it has already onboarded 20,000 merchants, the majority of whom are selling online for the first time.
Hai Nam Bui was the founder of data analytics and automation platform Datamart Solutions and served leadership roles at Lazada before launching SoBanHang. His brother was chief technology officer at the Philippines supermarket chain Landers Superstore.
SOUTHEAST ASIA DEAL MONITOR
DealStreetAsia has put together a table listing out prominent venture capital transactions in Southeast Asia in the week beginning August 20.
Startups Headquarter Investment Size Investment Stage Lead Investor(s) Other Investor(s) Industry / Verticals
Mindtera Indonesia Seed East Ventures Hustle Fund, Henry Hendrawan Edtech
INSEACT Singapore $1,300,000 Seed ADB Ventures Loyal VC, INSEAD Asia Angels Club Foodtech
Rodeo Malaysia $270,000 Fidelity Funding, Angels Adtech
WeClean Philippines Philippines $320,000 DayOne Capital Ventures South Africa Family Office Services
Doctor Anywhere Singapore $58,700,000 Series C Asia Partners, Novo Holdings Healthtech
Prosperna Philippines $555,000 Seed Foxmont Capital Partners SaaS
Medici Vietnam Seed Insignia Ventures Healthtech
SoBanHang Vietnam $1,500,000 Seed FEBE Ventures, Class 5, Kevin Ryan Ecommerce
Marathon Vietnam $1,500,000 Pre-Seed Forge Ventures Edtech
Dekoruma Indonesia $15,000,000 Series C1 Nexter Ventures SCG Cement-Building Materials, KTB Network, GDN, OCBC NISP Ventura, Foundamental Proptech
Ai Palette Singapore $4,400,000 Series A Pi Ventures, Exfinity Ventures Anthill Ventures, angel investors Foodtech
Honest Bank Singapore $19,700,000 Series A Insignia Ventures Partners XYZ Venture Capital, Better Capital Partners, Alumni Ventures Fintech
Choco-Up Malaysia $120,000 Poptron Fintech
VUIHOC Vietnam Do Ventures Edtech
Tessaract.io Singapore $3,300,000 Pre-Series A Wavemaker Partners CMIA Capital Partners, M Venture Partners Saas
Zi.Care Indonesia $500,000 Seed Iterative VC, Choco-UP, Tinc Healthtech
Intellect Singapore $2,200,000 Pre-Series A Insignia Ventures Partners Y Combinator, XA Network Healthtech
Fundiin Vietnam 1982 Ventures, Zone Startups Ventures Fintech
Momos Singapore $6,500,000 Seed Sequoia Capital India, Alpha Wave Incubation K3 Ventures, Captii Ventures, Integrated Capital, HOF Capital, JIA Group SaaS
Builk One Group Thailand Series B+ SCG, Krungsri Finnovate, BCH Ventures Construction tech
Ethis Global Indonesia $1,700,000 Pre-Series A Angel investors Fintech