What’s going on with Kumu?

More: Dyson plans to build SG battery plant. [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](. --------------------------------------------------------------- IN FOCUS In today's newsletter, we spotlight: - [The struggles]( that [Kumu’s faced]( - The latest fundraise of Atome’s parent company - [The costs]( launching a digital bank in Asia Pacific - Other newsy highlights such as Dyson's plan to build a battery plant in Singapore and a R&D campus in the Philippines --------------------------------------------------------------- Hello {NAME} Livestreaming is a pretty big phenomenon around the world. I’m fond of watching livestreams from my favorite creators and brands, whether it’s a K-pop idol chatting about their day or a fashion label talking about their latest collection. There’s something about that real-time connection and interaction that you can’t get through any other medium. As a result, competition in the livestreaming world can get pretty stiff - not just between creators, but also between the platforms they stream on. You’ve got livestreaming functionalities on popular social media apps - Facebook Live, Instagram Live, and TikTok Live, just to name a few - and then you’ve got dedicated livestreaming platforms like Bigo and Kumu. Today, we’re taking a look at Kumu. The Philippines-based livestreaming app is going through some hard times, having seen three rounds of layoffs and a spate of resignations. We go deeper with these premium stories. -- Stefanie  ---------------------------------------------------------------  THE BIG STORIES [Kumu’s struggles: layoffs, departures slash workforce by almost half]( The Philippine livestreaming platform has seen big bets not panning out and ex-employees alleging that frivolous spends costed the firm. [Kumu grapples with declining users, rising competition]( Kumu aims to be profitable by Q3 2023 but faces declining active users and in-app spends - and the looming threat of competition from TikTok. --------------------------------------------------------------- TRENDING NEWS [Atome parent gets $80m boost from Warburg Pincus, Northstar]( The new round pushes Advance Intelligence Group’s total funds raised to over US$700 million. [BasisAI co-founder investigated following Temasek acquisition]( Temasek subsidiary Aicadium has taken management action after the inquiry, but the AI company did not reveal details when asked about it. [Dyson unveils plans for SG battery plant]( The global consumer tech firm has also announced that it is building research and development campuses in the Philippines and the UK. [SG digibank GXS trails Trust in adoption as deposit cap hampers growth]( Trust has close to 60x more monthly active users than GXS, according to industry estimates, even though they launched a day apart. ---------------------------------------------------------------  VISUAL STORY [Breaking down the costs of launching a digital bank in Asia Pacific]( The total cost ranges from US$20 million to US$45 million, and a sizable chunk goes to tech and software licenses. ---------------------------------------------------------------  TECH IN ASIA'S FOUNDERS MEETUP: MALAYSIA Join us and share the hardest challenges you’ve faced as a founder If you’re an entrepreneur based in Malaysia, you’re invited to Tech in Asia’s Regional Founders Meetup, which will be held on May 23 at WIP on the Park at Marc Residence (No. 3 Jalan Pinang, Kuala Lumpur 50450) from 5:30 p.m to 7:30 p.m. Join us and share the hardest challenges you’ve faced as a founder. 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