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Airwallex raises $200M at a $4B valuation to double down on business banking

Business, now more than ever before, is going digital, and today a startup that’s building a vertically integrated solution to meet business banking needs is announcing a big round of funding to tap into the opportunity. Airwallex — which provides business banking services directly to businesses themselves as well as via a set of APIs that power other companies’ fintech products — has raised $200 million, a Series E round of funding that values the Australian startup at $4 billion.

Lone Pine Capital is leading the round, with new backers G Squared and Vetamer Capital Management, and previous backers 1835i Ventures (formerly ANZi), DST Global, Salesforce Ventures and Sequoia Capital China also participating.

The funding brings the total raised by Airwallex — which has head offices in Hong Kong and Melbourne, Australia — to $700 million, including a $100 million injection that closed out its Series D just six months ago.

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Airwallex Raises Funds at $4 Billion Valuation for Expansion

Airwallex Cayman Ltd. raised $200 million to accelerate its expansion in global payments as it taps investors keen on fast-growing fintechs. The Australian company attracted funding from investors led by Lone Pine Capital, boosting its valuation to $4 billion after the series E round, the company said in a statement on Monday. Other new investors include G Squared and Vetamer Capital Management.

“We want to accelerate our growth in the U.K., Europe and U.S.,” Jack Zhang, chief executive officer of Airwallex, said in a phone interview. He added that the company wants to “become a dominant leader in global payments.”

Airwallex’s fundraising comes just months after a round in March that gave the firm a valuation of $2.6 billion, underscoring the rapid growth in online payments. Last month Square Inc., the digital-payments platform led by Twitter Inc. founder Jack Dorsey, agreed to buy Australian buy-now, pay-later company Afterpay Ltd. for $29 billion.

Airwallex helps businesses set up bank accounts, process multicurrency payments and manage expenses. While the company has numerous Chinese clients including Tencent Holdings Ltd.’s WeChat, retailer JD.com Inc. and online learning platform 51Talk, its focus on cross-border payments has kept it clear of a regulatory crackdown on other parts of the country’s financial system.

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SAP.iO Foundry Singapore Kicks-Off “Future of Work” Startup Program

September 14, 2021 SAP SE (NYSE: SAP) launched a virtual startup program focusing on human resources (HR) technology and the future of work solutions at SAP.iO Foundry Singapore in collaboration with SAP SuccessFactors. The six international startups have been selected by a jury of SAP experts and partners to join the program.

Over the next 13 weeks, SAP will accelerate these early-stage startups that are focused on recruiting, talent and team management, and wellbeing solutions. The startups will have access to curated mentorship from SAP executives, exposure to SAP® technology and application programming interfaces (APIs), and opportunities to collaborate with SAP customers around the world. The program will conclude with the SAP.iO Cohort Demo Day in December 2021.

“We are operating at a time where every industry has been disrupted, and almost every organization is undergoing some kind of transformation. People are at the core of this transformation and the heartbeat of business. We see a continuing trend of leaders looking for innovative ways to empower people with the information and capabilities they need to succeed in a digitized world,” said Aaron Green, Head of SuccessFactors, SAP Asia Pacific & Japan. “By partnering with SAP, these startups are joining an innovative ecosystem, and we look forward to working together to accelerate digital transformation for our customers in the world of Human Experience Management.”

The following startups are participating in the SAP.iO Foundry Singapore program:

  • Accredify empowers organizations to create, issue, and verify digital credentials like educational certificates and employee records. Employers and third-party verifiers can check if credentials are certified true copies without time consuming manual cross-referencing.
  • Boldly’s platform enables both coaching and mentoring in one place. With the largest global database of professional coaches, Boldly ensures both coaching and mentoring culture can scale with exceptional operations, coaching and mentoring resources.
  • Tagvance’s personnel and asset tracking solution provides real time and high precision location tracking of people and assets in industrial spaces for improved safety and productivity.
  • Talent Games helps companies find and assess top millennial talent using recruitment games. Talent Games’ gamified candidate assessments are scientifically proven to accurately evaluate each candidate’s personality, cognitive ability, aptitude and behavior, all while they play the game.
  • Wagely empowers companies to provide employees with affordable and sustainable financial services, including access to earned wage access (EWA). This allows employees to access already earned but unpaid wages to reduce financial stress and boost their productivity, motivation and retention.
  • Springday is a B2B software-as-a-service platform with wellness programs, assessment tools and content to enable employees to be happier and healthier. 

About SAP.iO
SAP.iO delivers new partnerships and products for SAP by accelerating and scaling startup innovation as well as incubating employee ventures. SAP.iO brings together innovators from every region, industry, and line of business to transform how businesses run. Since 2017, SAP.iO has helped 300+ external startups and internal ventures accelerate their growth while enabling thousands of SAP customers to access innovation. For more information, visit http://sap.io/.

SAP Startup Spotlight: Streamwise D.I.

SAP invests in a lot of promising startups, and it’s sometimes hard to keep track of all of them. E-3 Magazine has selected the most interesting companies to showcase in our SAP Startup Spotlight Series. In this article, we will take a look at Streamwise D.I.

Paul Hatten, CEO of Streamwise D.I., has over 25 years of experience driving corporate strategic international business management roles within the global water and wastewater sectors in high value Australian and U.S. companies. The companies he has managed include BioGill Group and Anue Water Technologies. He holds an Associate of Engineering Applied Science Construction Hydraulics from Technical and Further Education Queensland and is currently completing his Master of Business Administration from La Trobe University Melbourne. In this interview, Paul Hatten will talk about what Streamwise D.I. has to offer, how it is connected to SAP, and what’s next for the startup.

E-3 Magazine: What does Streamwise D.I. offer?

Paul Hatten: Streamwise D.I. is an enterprise-grade artificial intelligence (AI) software solution to drive digital transformation in industrial applications through data automation and decision intelligence. Our target market is the wastewater management of industrial operators across multiple verticals including food and beverage (F&B), mining, chemical distributors, and water authorities. Streamwise D.I. delivers value to enterprise customers by lowering operational costs, improving compliance, reducing operational risk, and increasing data transparency. On average, our solution reduces the operating expenses of wastewater operations by 60 percent through significant savings on chemical, asset management, compliance and energy costs.

How does your solution work?

Hatten: An industrial operator, such as a food and beverage manufacturer, with complex wastewater operations may have high operating costs, overuse of chemicals, and be out of compliance. They engage Streamwise D.I. to improve their operational efficiency and lower costs. The first step is to install sensors and probes on site at the wastewater treatment facility and install the ‘Monitor & Learn’ capability at the client site. The second step is an online analysis and deep dive into the operations data in order to identify inefficiencies and calculate the expected savings across asset management, energy, chemical use, and compliance. The third step is to fully utilize the power of Streamwise D.I.’s artificial intelligence capability to unlock decision intelligence and set optimization targets. The fourth step is reducing operating costs, often by around 60 percent, and to calculate the value-share pricing.

Why was Streamwise D.I. founded?

Hatten: Our founder and Chief Technology Officer, Alastair Lockey, has over 30 years of experience in technology innovation in wastewater management globally, with previous roles at global water giant Ecolab. Alastair saw opportunities to significantly improve data transparency and data analytics in wastewater operations through new software solutions with artificial intelligence capabilities to automate decision-making and reduce operating costs.

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Accredify Integrates with SAP SuccessFactors to Assist Companies in Employee COVID-19 Health Verification

Accredify, a Singapore-based firm that creates and issues verifiable documents, today announced that it has signed an agreement with multinational software corporation SAP, to be integrated as an application on its Human Resource Management System, SAP SuccessFactors, which leverages SAP.iO open innovation model to revolutionise the future of work. By integrating Accredify as an app on the SuccessFactors marketplace, clients will be able to verify an employee’s COVID health credentials through Accredify’s verification portal.

The partnership follows concerns raised amongst corporations about the provision of an affordable and efficient method to verify an employee’s COVID health status as businesses prepare to reopen physical office spaces safely.

Employees simply have to upload their COVID medical credentials such as vaccination records or swab test results into Accredify’s verification portal on the SuccessFactors platform. Employers will be notified instantaneously once a COVID medical record has been uploaded and verified, and will be able to keep track of an individual employee’s COVID medical records on the platform.

Accredify’s app will be available to all clients subscribed to the SuccessFactors platform. As Accredify’s verification portal is agnostic to the different COVID medical standards and schema issued globally, enterprises using SuccessFactors will be able to verify medical records that have been issued by healthcare providers around the world. Currently, there are more than 7,400 clients around the globe who utilise SAP’s SuccessFactors platform.

“People are our business and core to the success of any organisations globally. Every employee experience matters, and more so as we are returning to the new normal. Workplace health and safety management measures will be top of mind, and companies who are intending to enhance existing policies or implement new processes will need to leverage technology to enable a seamless, exceptional employee experience,” said Eileen Chua, Managing Director, SAP Asia Pte. Ltd., Singapore.

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SAP Startup Spotlight: Staple

Ben Stein is CEO and cofounder of Staple, a Singapore-headquartered AI company specializing in data capture, processing, and reconciliation in more than 90 languages. He is a chartered accountant with past experience at KPMG, Octopus Investments, and Entrepreneur First. Ben Stein has degrees in law and commerce and is a full stack developer. In this interview, he explains what his company has to offer and what’s next for Staple.

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Beyond Smart Cities: How Drones And Robotics Revolutionize Building Inspections

Underneath the gleaming surface of modern megacities is an archaic patchwork of antiquated building inspection processes long overdue for a 21st Century makeover. Meet H3 Dynamics, a cloud-based inspection services platform that’s using drones and ground robots as the eyes and ears of engineers currently grounded by the pandemic, and long hampered by last century norms.

h a level of safety, efficiency, and accuracy not possible before.”  

Perfecting the human plus machine equation

Headquartered in Singapore, H3 Dynamics’ customers include companies and government agencies worldwide across a long list of sectors such as smart cities, real estate, maritime, oil and gas, utilities, renewable energy, and mining. Customers might be private equity firms that own facilities, insurance companies, site operators, safety inspection and certification organizations, or regulators involved in legislating safety mandates. H3 Dynamics also has clients that resell its digitized visual monitoring services to their own customers. What customers have in common are hard to reach sites, from the tallest skyscrapers to remote industrial outposts that defy the most intrepid human being’s effort to scale. But this isn’t a story about machines replacing people.

Drones and ground robots, as well as people, can capture information from buildings with video and other camera images, bringing this data into the H3 Dynamics platform. The system uses technologies including AI and 3D modeling to create an interactive map that displays defects on the scanned structure surfaces, classifying potential risks, whether aesthetic anomalies or unsafe areas that require repair. Civil engineers or other recognized industry experts review and validate the automated findings. Customers can generate a written report that details safety risks. In addition, the company has created shelter systems where drones and other robots can get batteries recharged, and upload data to the H3 Dynamics cloud.

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SAP.iO Startup Feature – Pulsifi

How do HR professionals ensure that they consistently hire and develop talent with the rights skills to lead their organization towards success?

Meet Pulsifi, an AI-driven predictive analytics and people data platform jointly integrated with SAP SuccessFactors, that helps you understand each person’s suitability to a role by harnessing the power of data and organization psychology.

Pulsifi is a graduate of SAP.iO Foundry Singapore: Intelligent Enterprise (2019) Cohort and SAP AppCenter partner.

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SAP.iO Startup Highlight – Clarity by Hybird

Find out how Clarity, a cloud-based visual asset inspection platform that is integrated with SAP’s Intelligent Asset Management suite including the Asset Intelligence Network (AIN), is able to help asset-intensive companies reduce unplanned downtime by 60%, planned downtime by 30%, AND increase inspection and maintenance efficiency by more than 80%.

Hybird is a graduate of SAP.iO Foundry Singapore: Industry 4.0: SAP S/4HANA & Digital Supply Chain (2020) Cohort.

Watch to find out more….

SAP.iO Foundry Singapore Launches FinTech and COVID-19 Recovery Acceleration Program

 SAP SE (NYSE: SAP) today kicked off the SAP.iO Foundry Singapore Fall 2020 acceleration program focused on COVID-19 recovery, FinTech and spend management. The selected business-to-business startups will help SAP’s customers extend the value of their investments in SAP Concur solutions for travel and expense management.

“By helping these enterprising startups in the SAP.iO program scale, we enable our customers to benefit from the value of some of these unique solutions and emerging technologies when they become available in SAP Concur App Center,” said Andy Watson, SAP Concur senior vice president and general manager, Asia Pacific Japan and Greater China.

The selected startups will have access to curated mentorship from SAP executives, exposure to SAP technology and application programming interfaces (APIs) and opportunities to collaborate with SAP customers. The program will culminate at the SAP.iO Cohort Demo Day in December 2020.

“COVID-19 is pushing many businesses to go digital in search of growth,” Singapore Economic Development Board Vice President Ang Chin Tah said. “The Singapore Economic Development Board is glad to support the SAP.iO Foundry Singapore Fall 2020 acceleration program, which will bring startups from all around the world to Singapore to develop products that meet the needs of the new operating environment. Singapore’s established base of industry leaders in finance and digital, as well as connectedness to regional markets, make us a great testing ground for their ideas. It is a wonderful new addition to our thriving ecosystem.”

In line with the SAP.iO No Boundaries initiative, the cohort includes several startups founded or led by female entrepreneurs, a testament to SAP’s belief that a healthy ecosystem includes entrepreneurs from diverse backgrounds.

The following startups are part of the SAP.iO Foundry Singapore Fall 2020 program:

  • CardUp offers a credit card enablement platform, enabling the payment or collection of big expenses using credit cards, where cards are not accepted today.
  • LuggAgent creates a standardized international luggage delivery and tracking platform by widely applying radio frequency identification (RFID) while working with logistics services providers in varying countries.
  • MatchMove makes it easy for users to move digital cash securely, allowing easy spending, sending and lending.
  • Railsbank’s open banking platform and APIs empower financial innovators to create financial services products and experiences for their customers.
  • Staple offers cognitive technology that can read, interpret and extract data from business documents faster, more affordably and more precisely than humans, at scale and in any language.
  • Timeshifter is the world’s first platform for circadian (body rhythm) shifting and helps businesses empower their traveling employees to create their own jet lag plans.

Mobile Robotics Startup Powers Warehouse Productivity Safely

When Rahul Nambiar, co-founder and CEO of Botsync, transformed his passion for robotics into autonomous mobile robots with three other co-founders, little did they imagine their efforts will become key in the new reality of business today.

“As a company, we want to resolve the mismatch between consumer demand and limited labor supply in the logistics and manufacturing sectors,” said Rahul. “It is estimated that by 2028, there will be 2.4M jobs unfulfilled in these industries. So, we knew there will be a definite demand for the autonomous mobile robots we are building. What we hadn’t expected was how quickly this demand would evolve.”

In today’s new normal where businesses resuming operations are facing new restrictions due to COVID-19 infection risks, the logistics and manufacturing sectors are finding it challenging to operate. They face mandatory sanitation measures, safe distancing rules, and a manpower crunch due to restrictions in travel. This has seriously affected productivity levels.

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Supporting Innovations to Reduce Risk for Critical Infrastructure Essential Workers

Across the world, individuals, communities, and businesses are struggling with changing regulations imposed to counter the COVID-19 pandemic. From lockdowns followed by the easing of those measures to renewed restrictions as new infection rates spike, a hodgepodge of rules and guidelines are creating confusion on how businesses should resume operations, and “who’s allowed to do what”.

Fortunately, this same set of conditions is inspiring rapid and important changes on a global scale. Amid this environment, SAP.iO has been delving deep to support startups that can help businesses and the world adapt. We’ve been building a space for collaboration to back relief efforts for COVID-19. And we’ve been amazed and humbled by the incredible amount of creativity and good work we are witnessing.

Alleviating risks for essential workers

One of the efforts we are excited about stem from HyBird, a startup we are supporting as part of the SAP.iO Foundry Singapore Industry 4.0 program. Its platform, Clarity, helps alleviate health and safety risks for critical infrastructure workers.

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SAP.iO Foundry Singapore Launches Industry 4.0 Startup Acceleration Program

  • kicked off a new SAP.iO Foundry Singapore program, with five international startups that will help SAP customers become Industry 4.0 businesses and go beyond digital manufacturing to seamlessly connect all aspects of an entire company.

This cohort will work to develop technologies to enable businesses to extend the value of their investments in SAP S/4HANA and SAP Digital Supply Chain solutions.

“Singapore has developed a vibrant startup ecosystem and is the gateway to the ASEAN region,” said Rachel Barger, SAP South East Asia president and managing director. “SAP continually partners with other solution providers, including startups in Singapore, to help organizations unlock value with the latest Industry 4.0 technologies.”

SAP.iO Foundry Singapore accelerates innovation and drives new business models for SAP. The zero-equity-ask program provides startups with curated support from within and outside of SAP, exposure to SAP technologies, and opportunities to collaborate with SAP customers. The program will conclude at an SAP.iO Demo Day in the beginning of June.

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SAP.iO Foundry Singapore Launches Industry 4.0 Startup Acceleration Program

SINGAPORE SAP SE (NYSE: SAP) today kicked off a new SAP.iO Foundry Singapore program, with five international startups that will help SAP customers become Industry 4.0 businesses and go beyond digital manufacturing to seamlessly connect all aspects of an entire company.

This cohort will work to develop technologies to enable businesses to extend the value of their investments in SAP S/4HANA and SAP Digital Supply Chain solutions.

“Singapore has developed a vibrant startup ecosystem and is the gateway to the ASEAN region,” said Rachel Barger, SAP South East Asia president and managing director. “SAP continually partners with other solution providers, including startups in Singapore, to help organizations unlock value with the latest Industry 4.0 technologies.”

SAP.iO Foundry Singapore accelerates innovation and drives new business models for SAP. The zero-equity-ask program provides startups with curated support from within and outside of SAP, exposure to SAP technologies, and opportunities to collaborate with SAP customers. The program will conclude at an SAP.iO Demo Day in the beginning of June.

“The SAP.iO Foundry Singapore spring acceleration program will see the development of new Industry 4.0 solutions for companies in the region, and contribute to bolstering the ecosystem for startups in Singapore,” said Kiren Kumar, chief digital industry officer of Digital Industry Singapore, a government office that supports the growth of Singapore’s technology sector. “We look forward to strengthening our longstanding partnership with SAP, as we innovate and create new solutions out of Singapore.”

The following startups are part of the SAP.iO Foundry Singapore Spring 2020 program:

  • Botsync provides easily deployable and cost-effective mobile material-handling robotic solutions to enable companies, especially small and midsize enterprises, in Asia Pacific to improve productivity.
  • H3 Dynamics combines machine learning, remote telerobotics and off-grid capabilities for drone services that can deploy and manage commercial condition monitoring, security and safety solutions.
  • Memorence uses artificial intelligence (AI) to develop smart visual learning and recognition systems for enterprise and consumer solutions, which can improve production quality and operational efficiency.
  • VersaFleet automates modern supply chains with route optimization, electronic proof-of-delivery, instant notifications and real-time job-status tracking.
  • HyBird automates visual inspection of industrial facilities through its data-source-agnostic software “Clarity,” which employs computer vision and AI to produce interactive digital twin models for better asset maintenance.

Visit the SAP News Center. Follow SAP on Twitter at @SAPNews and @sap_iO.

Making innovation real at Intelligent Enterprise Demo Day

Innovation is currently a hot topic on the agenda of all corporates. Nearly all of them want to ‘make innovation real’. That is, they desire to harness innovation as the catalyst for achieving real business value, business outcomes, and better experiences for their customers.

Even before the term exploded in the ecosystem and beyond, SAP has always nurtured a culture of innovation by building an infrastructure that provides a foundation for growth and innovation.

To this end, SAP.iO Foundry Singapore was launched to help startups build innovative enterprise software solutions that deliver value to SAP customers. Startups accelerated in the program have integrated their solutions with various SAP products.

The first SAP.iO Foundry Singapore includes the following startups:

1.) Adaface — Enables and automates first-round tech interviews to identify the best engineering talent faster.

2.) Flowcast — Uses patented machine-learning algorithms to harness untapped, complex data to automate credit decision-making. This provides greater visibility to customers to address underserved markets.

3.) LuxTag — Provides an anti-counterfeiting and anti-theft solution that uses blockchain-enabled traceability to deter product counterfeiting and fraud.

4.) Notarum — Provides a modern workflow tool designed to reduce busywork by automating corporate due diligence. Notarum makes performing due diligence analysis and sharing work with teammates easier than ever.

5.) Pulsifi — Predicts workplace outcomes to identify, retain and develop great people. By using artificial intelligence to incorporate multiple data sources across hard skills and soft traits, this HR analytics platform derives employee success profiles to improve HR decisions across the employee lifecycle, from hiring to development.

6.) SizeNFit — Helps online shoppers find apparel that fits. This e-commerce add-on aims to increase sales and reduce returns.

7.) TADA — Offers data-driven customer advocacy and engagement platform that helps brands moving from transactions to relationships and customers to advocates. This enables businesses to attract, engage and retain customers.

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