Indonesian firm bags key backer as biotech blooms

More: Carro goes to Japan, and a SG consumer electronics brand bags a massive investment. [Read from your browser]( Daily Newsletter --------------------------------------------------------------- Welcome to Tech in Asia's free Daily Newsletter! Get full access to our subscribers-only Daily Newsletter and other insightful analysis on the big and messy topics of Asia’s tech and startup community by [registering here](. --------------------------------------------------------------- Hello {NAME} Startup founders will likely endure some hardships and setbacks, especially in the initial years, when they have to balance living without a paycheck and trying to get their businesses off the ground. To do that without the guarantee of success in this competitive world requires mental toughness and resilience. That’s why I empathize with founders. Most startups don’t get to see the light of day, let alone bag funding and make the news. It’s even harder for a firm trying to make a name for itself in the biotech space, where it is commonplace for companies to have zero revenue and survive on grants for several years. In fact, a US-based entrepreneur once told me that he lived without a regular stream of income for nearly a decade while working on his biotech firm, which eventually emerged from stealth after [securing US$30 million]( in series A funding last year. So, why do investors put their money into firms that are not likely to generate revenue for several years? I believe that they are sold on the promise of the biotech product, with every fresh regulatory approval serving to solidify their convictions. Further, patents protect these startups from larger, deep-pocketed rivals making knock-offs. Moderna, makers of one of the first groundbreaking Covid-19 vaccines through the revolutionary mRNA technology, is a notable example of how things can quickly switch into top gear for biotech companies. However, luckily for backers of Nusantics, the centerpiece of today’s featured story, the Indonesia-based biotech startup is already generating revenue and has just bagged an undisclosed amount of funding from Illumina Accelerator, a global business accelerator focusing on the genomics industry. Also, if you’re an entrepreneur looking for funding, [fill out this form]( to get your company featured on our list of fundraising startups. -- Shravanth  ---------------------------------------------------------------  THE BIG STORY [Exclusive: Indonesian biotech startup gets funding from global accelerator]( We look at Indonesia-based Nusantics bagging funds from a global accelerator and the layoffs at India-based ride-sharing unicorn Ola.  --------------------------------------------------------------- TRENDING NEWS [Bringing Web3 gaming to the next level]( Animoca Brands’ Yat Siu joins fellow Web3 gaming players at Tech in Asia Conference 2022 to discuss the future of the industry. [Indonesian jobs platform names ex-Traveloka exec as co-founder]( Before joining Lumina, Aurora Marsye was head of marketing tech at Traveloka and head of product at Ajaib. [Carro rolls out in Japan with SoftBank collaboration]( Carro will launch its offerings in the country, which will include car leasing and its subscription-based services. [Malaysia-based customer communications firm dials $7m in series A]( Respond.io streamlines messages from chat apps, web communication platforms, and emails into a centralized dashboard. [SG logistics software firm closes growth financing round]( Cargobase offers spot-buy procurement, freight management, real-time shipment tracking, and freight data analytics services in 55 countries. [Thunes appoints ex-Criteo exec as chief people officer]( Matt van Geldere will lead talent acquisition, training, and leadership development at Thunes. ---------------------------------------------------------------  TECH IN ASIA CONFERENCE Tech in Asia Conference kicks off at Marina Bay Sands in one hour! If you're looking to join us, hurry! The morning agenda is packed with insights from the managing partner of GGV Capital, CEO of Tonik, founding partner of Openspace Ventures, and the co-founder of East Ventures! Choose whichever option suits you best: - [Virtual Pass]( (FREE!) - stream the two-day Main Stage event - [General Pass]( (US$38) - Virtual Pass benefits plus in-person access to our Conference venue at Marina Bay Sands in Singapore - [Get a Tech in Asia Lite (US$19/quarter) or Core (US$59/quarter) subscription]( to claim a FREE General Pass, obtain access to the exclusive Subscribers Lounge, and attend our subscribers meet-up at the conference! 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These in-person events are exclusively available to Tech in Asia Conference General Pass and Priority Pass holders.  ---------------------------------------------------------------  WHO'S HIRING You can post a job [here]( or search for jobs [here](. - [Data Analyst Intern]( at UENA Jakarta, Indonesia - [Tech journalist]( at Tech in Asia Bangkok, Thailand - [Group Product Manager - Lending]( at KoinWorks Jakarta, Indonesia - [Senior Backend Developer (JAVA)]( at Geekz Jakarta, Indonesia - [QA Automation Engineer]( at PT Samala Serasi Unggul Jakarta, Indonesia - [Desk Collection Specialist (Automotive Fintech)]( at movus technologies Jakarta, Indonesia --------------------------------------------------------------- [ADVERTISE]( | [SUBSCRIBE]( P.S. Don't miss out on the biggest tech news and analysis. Add newsletter@techinasia.com to your address book, contacts, or safe sender list. Or simply move us into your inbox. Too many emails? 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