Today’s Tech Headlines: Grab Ventures to invest US$250m in Indonesian startups

All you need to know in the tech world today.

By

Today’s Tech Headlines: Grab Ventures to invest US$250m in Indonesian startups

SEA

Grab Ventures to commit $250m for Indonesian startups. This is part of the ‘Grab 4 Indonesia’ 2020 Master Plan, where Grab is looking to create more jobs in Indonesia to grow the country’s tech industry to enter the digital economy. (KrASIA)

San Francisco-based Puls Technologies Inc, a provider of end-to-end technical support services to owners of devices in the US, secures $50m in a Temasek Holdings led Series C financing round. The startup connects consumers with skilled technicians to service smart technology devices. (Deal Street Asia)

LOGIVAN, a Vietnamese logistics startup, raised US$1.75m in the Ethos Partner led Series A financing round. The firm will use the funds to upgrade its products and also expand into other Vietnamese cities like Hanoi, Da Nang amongst others. (e27)

 

China

A report of China’s AI investments. Artificial intelligence is becoming a game changer for both individuals and businesses in China. Many new startups are looking at how AI can improve efficiency and business profits. (KrASIA)

Second Xiaomi eco-chain company files for Nasdaq IPO. It aims to raise up to US$200m, under the ticker symbol ‘’VIOT’’.  The firm counts the likes of Xiaomi, Sequoia Capital, and GIC as investors. (KrASIA)

Days after launch, a messenger app to rival WeChat raises $22m. It is currently the most downloaded free app in China’s iOS App Store.(KrASIA)

Tubatu, one of China’s largest home improvement online platforms, is heading for $200m HK IPO. The company that saw a 40% decline in revenue, reportedly incurred a loss of RMB 636 million in the first half of 2018. (KrASIA)

Huawei launches a pilot program for an electronic ID (eID) that integrates Huawei Pay. The digitization of government-issued ID cards is a popular trend in China, with officials looking to make it more convenient and also improve the integrity of personal data. (Technode)  

Shansong Express, China’s logistics provider, raises $60m in Series D1 round. The Beijing-based startup offers short-distance and same-city logistics services, according to China Money Network. It has more than 100 users and it operates in 200 Chinese cities. (Deal Street Asia)

China’s ban on cryptocurrency events extends beyond the capital city of Beijing. One of the reasons given was to maintain both the security and stability of the financial system. This is the latest example of the intensifying crackdown on cryptocurrencies by the Chinese government. (SCMP)

Banks are turning to powerful Chinese tech companies for help. The unique environment for China’s financial services market could be attributed to the lack of investment options; high smartphone and internet penetration rates; fast-growing household wealth. (CNBC)

NIO, a Chinese electric vehicle maker, is looking to raise up to $1.32b in the public markets in about two weeks time. The Chinese Tesla rival that launched its first production car last year has yet to make a profit. (WSJ)

 

World

Britain begins work on an alternative satellite system. This move comes at a time when the country is looking to ensure its national security if it is barred from equal access to the European Union’s Galileo after Brexit. (Reuters)

Cleo Capital, a VC firm that gives cash to female entrepreneurs who scout for viable early-stage startups, is looking to raise $10m. Its founder Sarah Kunst herself is a scout for Sequoia Capital. (TechCrunch)

Instagram users can now evaluate the authenticity of accounts. This feature will now be available for its more than 1 billion users. This development comes as part of the wider push to bar users with malicious intentions on its platform. (Reuters)