This weekâs On the Rise looks at Attero minting profits from waste, Crayon Dataâs cost-cutting blueprint, and Temasek cutting staff pay over FTX deal. [Read from your browser]( On the Rise ð Welcome to On the Rise! Delivered every Tuesday via email and through the Tech in Asia website, this free newsletter breaks down the biggest stories and trends in emerging tech. If youâre not a subscriber, get access by [registering here](. --------------------------------------------------------------- IN FOCUS In today's newsletter, we look at:
- A profitable recycling firmâs [timely bet on lithium-ion batteries](
- Singapore-based Crayon Dataâs cost-cutting strategies.
- The aftereffects of Temasek cutting staff pay over the FTX deal Hello {NAME} I think I truly understood the meaning of the word âsiloâ from Hugh Howeyâs series of sci-fi books, aptly titled Silo. It explores a world where the thousand-odd surviving people live underground. They donât leave the multi-level subterranean structure for fear of the air outside being toxic. I had forgotten just how significant the practice of reuse and recycle, of breaking down things to the smallest possible and then using it to build something was to this world, till Howeyâs stories under Silo were adapted to a series currently streaming on Apple TV. Despite taking place in the future, the storyâs post-apocalyptic, dystopian setting means that even though time has moved forward, the tech hasnât kept pace. In fact, itâs forbidden to build anything with a super-magnifying prowess, or an elevator to take people up and down the 144 levels the silo has. Stories like this often make me reflect on the many different futures possible for us, as well as how those futures will be shaped by the things happening today. A chunk of these changes are happening in corners we arenât paying enough attention to, like the uptick in lithium-ion waste. India-based Attero, a waste recycling firm that is currently setting up shop in Indonesia, noticed this and expects this stream to be a significant moneymaker for the firm. Profitable for several years now, Atteroâs revenue grew 100% between 2021 and 2022 - my colleague Shadine dives into the companyâs growth in this editionâs Big Story. In the other Big Story, my colleague Collin takes a look at Singapore-based Crayon Dataâs cost-cutting strategies at a time where layoffs seem to have become a âdefault option,â in the words of CEO Suresh Shankar. Iâll also be looking at how cutting salaries of those involved in what turned out to be a bad bet - like in the case of Temasek and FTX - may not send all the right signals. -- Nikita
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--------------------------------------------------------------- THE BIG STORIES 1ï¸â£Â [This profitable firmâs $1b bet on recycling relies on Indonesia, EV batteries]( After 100% revenue growth in 2022, India-based Attero is looking at lithium-ion batteries as its new moneymaker. 2ï¸â£Â [Layoffs should be the last resort, not the first: Crayon Data founder]( Suresh Shankar says layoffs have become the default option for many founders as it saves them the time of considering another solution.
 --------------------------------------------------------------- MAKING WAVES Why Temasek staff docking pay after bad FTX bet sends mixed signals Hereâs what happened: - Temasekâs investment in crypto exchange FTX was scrutinized in Singaporeâs parliament [in November 2022](.
- [Last week]( the investment firm announced that it was docking pay of staff involved in the FTX deal.
- This move could discourage investor appetite for high-risk bets. Hereâs our take: We recently mapped out [GICâs investment strategies]( in a visual story. While the story in itself shines a light on the sovereign wealth fundâs less-known ways of making bets, it also highlighted an important distinction between GIC and Temasek. While GIC sees itself as a fairly conservative investor compared to Temasek, it notes on its website that while the latter âis exposed to significantly higher risk than GIC,â Temasek has also delivered higher returns over time - as expected. So what happens when Temasek - or any other investor for that matter - takes less risks? If greater risks equal greater rewards, the converse is also true. See more: [Mapping GICâs influence in the tech ecosystem]( The way the FTX deal went down with Temasek marking down [its entire investment]( in the crypto exchange to US$0 not only caused financial loss to Temasek but also [reputational damage]( Singaporeâs deputy prime minister Lawrence Wong told the nationâs parliament in November 2022. In fact, some Singaporeans also told Tech in Asia that they [felt âbetrayedâ]( because FTX had a stamp of approval from Temasek, a state-owned investment firm. Last week, Temasekâs investment team and senior management - the people who are involved in the firmâs investment-making decisions - announced that they were taking âcollective accountabilityâ and had their compensations reduced. This is despite there being no misconduct by the investment team regarding the FTX deal. In his parliament address, Wong had also talked about how no amount of due diligence and monitoring can eliminate risk as it is an inherent part of any investment, particularly early-stage deals in emerging technologies. The FTX saga did a number on the tech startup ecosystem and it feels like we are going to be seeing waves of repercussions for a long time to come. But in an age where emerging technologies are still that - emerging - itâs likely that investors will blow on the spoon several times before biting down on a deal and saying yes. To rephrase Wongâs words: Due diligence and all that is necessary, but you can only do so much of it. And if others follow Temasekâs example - a commendable action no doubt - it makes for a pivotal moment. Now the story isnât just about how FTX turned out to be a bad apple but also about the gardener taking personal and collective responsibility for tending to it. This move could send out mixed signals in the investment fraternity: Yes, take risks for higher returns. But you might have to pay heavily, and personally, if that risk doesnât pan out. So how does one now balance the risk-taking appetite needed to back emerging technologies against the fear of things going the FTX way? At what point does an investor know for sure theyâve done all the due diligence they can do? The (many) answers to these questions are likely to evolve as the industry does, becoming more vigilant and cautious. And no oneâs going to blame it for becoming that way. In fact, as I type this, another investor is writing off its US$35 million investment in an India-based proptech startup and [calling for a forensic audit]( after the company hasnât been responding to the investorâs requests for information. -- Nikita
 --------------------------------------------------------------- FYI 1ï¸â£Â [What Malaysiaâs latest policies mean for the tech scene]( Digital nomads may not be able to enjoy short-term rentals in Penang. 2ï¸â£Â [VC funds tracker: Baidu launches $140m generative AI fund]( Fundraising is difficult. To make things easier, we have compiled a detailed list of the most recent VC funds for our subscribers.
 ---------------------------------------------------------------  NEWS YOU SHOULD KNOW Also check out Tech in Asiaâs coverage of the emerging tech scene [here](. 1ï¸â£Â [Founders, apply for investors here](
A group of 12 Southeast Asian investors has formed SEA Checks, a network that aims to make it easier for startups to secure funding. By submitting their applications to SEA Checks, founders can get the attention of a diverse group of investors instead of just a single VC firm. 2ï¸â£Â [TikTok changes leadership playbook](
Itâs happening - ByteDance is making changes to its management structure, likely to prevent backlash over its Chinese ownership. Shou Zi Chew, TikTokâs CEO who is based in Singapore, is now heading Lemon8, ByteDanceâs new social media app. Additionally, Lemon8âs previous head Stephanie Cheng is relocating from Shanghai to Singapore and will report to Chew. 3ï¸â£Â [Scaler scales up, the old-school way](
India-based edtech firm Scaler has acquired online learning platform Pepcoding. This marks the former's fourth acquisition. While Scaler focuses on upskilling college students and tech professionals, Pepcoding offers computer science programs to undergraduates. 4ï¸â£Â [The shift from co-living to workforce management](
Hybr1d, a workforce management platform co-founded by Yoan Kamalski, has raised US$3.2 million in a pre-seed funding round. Kamalski was previously the CEO of Hmlet, a Singapore-based flexible living firm. He stepped down from the position in March 2021. 5ï¸â£Â [Igniting a new cleantech venture](
Singapore-based Trirec and Thailand-based Innopower have teamed up to launch Energy Ignition Ventures, which looks to invest in decarbonization solutions. The new fund aims to raise at least US$100 million for its first vehicle. The fund will focus on startups addressing issues related to greenhouse gases in the agriculture, mobility, buildings, and energy sectors.
 --------------------------------------------------------------- Thatâs it for this edition - we hope you liked it! Do also check out previous issues of the newsletter [here](. Not your cup of tea? You can unsubscribe from this newsletter by going to your âedit profileâ page and choosing that option in our preference center. See you next week! [ADVERTISE]( | [SUBSCRIBE]( | [HIRE]( | [FIND JOBS]( 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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