Rising startups: machine learning spreads everywhere

Which are the startups that are on the path to becoming the next big thing? In this regular post, we give you an overview of the companies that have raised money in the past week, as well as those that we think investors should look at.

1. Bounce (India)

Bike and e-scooter rental company Bounce has raised about US$97 million in a series D round led by Facebook co-founder Eduardo Saverin’s B Capital Group. Previously known as MetroBikes, Bounce offers a dockless scooter, moped, and motorbike-sharing service across several Indian cities. The proceeds from the funding round will be used to expand its business locally and further develop its technology. More info.

2. Soul Machines (New Zealand)

Soul Machines, an AI research company, today announced that it has raised US$40 million in a series B financing round led by Singapore’s Temasek. Soul Machines combines AI, computational brain models, and experiential learning to create lifelike, emotionally responsive “digital heroes,” or virtual humans, with personality and character that allow machines to talk to humans face to face. Soul Machines plans to use its new capital to continue expanding and increasing its operating footprint globally. More info.

3. Lunit (South Korea)

Medical AI startup Lunit has raised US$26 million in a series C round led by local brokerage and investment banking firm Shinhan Investment. Lunit, abbreviated from “learning unit,” develops advanced software for medical data analysis and interpretation through deep-learning technology. The company plans to use the new funds to accelerate the global sales of its AI software for chest and breast radiology and help drive its research and development efforts in oncology and pathology. More info.

4. Homage (Singapore)

Caregiving services platform Homage has raised double-digit millions in a series B round led by venture capital firm EV Growth. The startup uses a proprietary matching engine that pairs seniors with the best-suited care professionals for their specific needs. With the new capital, Homage plans to expand its network of care practitioners, launch new healthcare services, and launch in Indonesia and four other countries within the next two years. More info.

5. Mamaearth (India)

Baby care startup Mamaearth, operated by Honasa Consumer Pvt. Ltd., has raised about US$18.2 million. The direct-to-consumer brand uses an internet-first approach to reach millennial consumers and combines in-depth research and customer feedback to create its products. Funds will be used to drive growth for the next three years by acquiring 5 million new customers, launching more brands, hiring new talent, and expanding into key markets in Southeast Asia. More info.

6. Finnomena (Thailand)

Digital wealth management platform Finnomena announced that it has raised US$10 million in a series B funding round led by Openspace Ventures and Gobi Partners, bringing its total funding to US$13.5 million. Finnomena offers investment products, financial advice, analysis tools, and investment content to its users. The startup will use the new funds to expand its business both in Thailand and in other select Southeast Asian markets. More info.

7. Eko.ai (Singapore)

Edtech startup Eko.ai announced that it has raised US$4 million in a funding round co-led by Sequoia India and Singapore government-linked EDBI. Eko.ai uses machine learning to automate the slow, manual, and error-prone process of measuring and interpreting echocardiograms or ultrasound images of the heart. The funds will be used to grow the company’s development team and accelerate commercial operations in the US and Europe, according to a statement. More info.

8. Atta (Japan)

AI-backed traveltech startup Atta has raised US$3 million in a series A round to acquire more users in Japan and Southeast Asia. Founded in 2018, the startup gathers historical data and uses AI to help travelers save on their travel bookings. Atta said it will recruit engineers, strengthen its digital marketing efforts, boost PR engagements, and establish local partnerships in its areas of operation. More info.

9. Rheo (India)

E-sports and community platform Rheo announced that it has raised US$2 million in seed funding from Lightspeed, Sequoia Capital India’s scale-up program Surge, and marquee angel investors. Launched in August 2019, the startup allows more than 100 different games to be streamed on its platform to date, including PUBG, Free Fire, and Call of Duty. It says that within four months of launch, the platform has already attracted more than 5,000 streamers who generate more than 900 hours of live content every day in five regional languages. More info.

10. Dash Living (Hong Kong)

Rental solution provider Dash Living has expanded its presence to Singapore through the acquisition of local co-living firm Easycity in a bid to become one of the largest players in Asia Pacific. Dash Living will have over 900 units across Hong Kong and Singapore with the new addition of 200 units from its Singapore entity. More info.

11. TaniGroup (Indonesia)

TaniGroup is one of the only Indonesian agritech firms that has progressed to the series A stage, with a US$10 million round led by Singapore’s Openspace Ventures. TaniGroup operates TaniHub (its marketplace business) and its financing arm TaniFund. The startup seeks to help farmers gain access to safer funding and promote more efficient and productive use of farmland. Established in 2016, TaniHub claims to have more than 35,000 farmers on its platform, while TaniFund has disbursed over US$6 million in loans. More info.

12. Connected Freight (Singapore)

Connected Freight, a startup incubated by oil and gas giant Shell, is looking to develop a supply chain system that optimizes deliveries, saving time and costs for both suppliers and buyers. Founded in 2018, Connected Freight brings retailers, suppliers, and third-party logistics (3PL) companies under one platform so that they can interact in real-time. It closed a series A round in October 2019 led by Isla Petroleum & Energy (a strategic investor) and will likely seek another round of investment soon. More info.

13. Geniebook (Singapore)

Geniebook’s AI-enabled learning software makes studying personalized for children between 9 to 16 years old (between Primary 3 and Secondary 4 under the Singapore academic system) by generating a customized set of questions that target each student’s learning weaknesses. As of November this year, Geniebook is cash flow positive and profitable. The startup is currently looking to raise between US$3.7 million to US$5.9 million in an upcoming series A round, which will fund its expansion into new markets, starting with Vietnam next year. More info.

14. TurnKey Lender (Singapore)

TurnKey Lender aims to give smaller lenders – such as payment solution providers, ecommerce merchants, and telecommunications firms – information sources and capabilities similar to what bigger players have. While the startup doesn’t plan to launch products in 2020, it will shore up its staffing and expand to other markets. It’s also looking to hire more sales and R&D staff and boost its marketing spend. More info.

15. Hellotask (India)

16. Ifarmer (India)

17. Izy.ai (Indonesia)

18. Joni.ai (Singapore)

19. Moovby (Malaysia)

20. Nitex (India)

21. Priyoshop (Bangladesh)

22. Recyglo (Myanmar)

23. Romoni (Bangladesh)