Singapore’s AI ambitions generate more questions than answers

On the Rise dives into Singapore’s LLM project, spotlights milk-based protein startups, and maps out the Middle East investors focused on Asia. [Read from your browser]( On the Rise 🚀 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 you’re not a subscriber, get access by [registering here](. --------------------------------------------------------------- IN FOCUS In today's newsletter, we look at: - Whether Singapore [late to the genAI race]( - A biotech firm trying to [shake up the alt protein market]( - [Middle East investors making waves in Asia]( Hello {NAME} , With Christmas just around the corner, I've been gift shopping for my nieces and nephews. It can be taxing to choose what presents to give, but it has gotten easier over the last few years. If one of them gets a particular toy, the others have to have it too. So I end up getting the same gifts for everyone to prevent them from squabbling. This can be the case with adults as well, but in a more subtle way. Advertising and social media, for example, have capitalized on this human impulse to crave the same products, experience, and life that everyone else has to make us buy more things we don’t really need. Earlier this month, Singapore hopped on the generative AI bandwagon by investing S$70 million (US$52 million) to build a [large language model (LLM)]( for Southeast Asian languages. The project is expected to launch within the next two years. This comes at a time when private companies such as Alibaba, VinAI, Wiz.ai, and even OpenAI’s GPT-4 have developed LLMs to support several local languages in the region. Given how many contenders there are in this space, did Singapore join at the right moment or is it too late? My colleague Huong explores this in our first Big Story. She talked to several experts who questioned whether Singapore’s move will pay off, considering the extensive resources required for training and developing LLMs. Our second Big Story is also about moves that are worth it. Budi checks out whether TurtleTree’s efforts to produce lactoferrin, a milk-based protein, can generate profits. The Singapore-based biotech firm is preparing for a US launch in the first quarter of 2024. Finally, Simon breaks down which investors in the Middle East are pumping in funding into Asia’s startup ecosystem in this week’s Making Waves. -- Collin P.S. This will be our last newsletter for the year, as the team will be taking a short break. But fear not, we’ll be back in your inbox on January 9, 2024.  --------------------------------------------------------------- THE BIG STORIES 1️⃣ [Is Singapore’s LLM project timely or too late?]( The city-state wants to launch a regional large language model within the next two years. But some experts question whether the move will pay off. 2️⃣ [Shaking up alternative proteins: Can this SG startup turn red ink into green?]( TurtleTree produces lactoferrin, which offers benefits in gut health and iron binding. Its scarce supply may let it avoid the "commoditization trap."  --------------------------------------------------------------- MAKING WAVES [Mapping Middle Eastern investors fueling Asian tech firms]( Energy transition and global geopolitics are among the factors driving investors from the UAE and Saudi Arabia to pour money into Asia’s tech scene. As more countries move towards decarbonization and reduce their dependence on fossil fuels, these oil-producing nations are putting their oil wealth into buying stakes in successful tech companies. These Middle East investors include state-backed funds such as the Abu Dhabi Investment Authority, Mabadala, and Saudi Arabia’s Public Investment Fund. They have invested in startups and publicly listed companies across Asia, with China, India, and Singapore getting 69% of the funds.  --------------------------------------------------------------- NEWS YOU SHOULD KNOW Also check out Tech in Asia’s coverage of the emerging tech scene [here](. 1️⃣ [A boost in profile for this AI firm]( Singapore-based ProfilePrint has raised a series B round led by four of its existing shareholders and Tai Partners. The startup helps agribusinesses make better buying and selling decisions through its AI and patented digital identity-as-a-service (IDaaS) tech. 2️⃣ [OpenAI puts ByteDance on pause]( ChatGPT owner OpenAI has halted ByteDance’s account, alleging that the Chinese company used GPT-generated data to train a rival AI model. An investigation is underway to determine further action. 3️⃣ [Indian charging EV startup gets fresh jolt]( Exponent Energy, which offers rapid charging for electric vehicles, has secured US$26.4 million in a series B round. The fundraise was led by Eight Roads Ventures and included a strategic investment from TDK Ventures. 4️⃣ [EFishery to cast its net over more markets]( The Indonesian aquaculture eFishery has concluded a pilot project in India. It plans to expand its operations to five more Indian states and enter one or two countries in Asia and Latin America by 2024. 5️⃣ [Tax incentives for EV makers in Indonesia]( The government plans to offer tax incentives to foreign automakers keen on building electric vehicle plants in the country. This would allow automakers to import completely built EVs without import duties and luxury goods sales tax until 2025.  --------------------------------------------------------------- FYI 1️⃣ [Legal woes, police reports trail woman linked to ex-Foodpanda CEO’s exit]( Multiple alleged victims have filed police reports and lawsuits against Rebekah Rankine for owed monies, stolen or damaged properties, and harassment. 2️⃣ [The hidden alliances between Southeast Asia’s VCs, uncovered]( To map out which VC firms are investing together, we've visualized an intricate web of relationships among Southeast Asia’s VCs, using deal data in the past two years. 3️⃣ [Tech policy changes loom as Malaysia reshuffles Cabinet]( The country’s EV push may be put on the back burner following Prime Minister Anwar Ibrahim’s leadership review.  --------------------------------------------------------------- That’s 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 “edit profile” page and choosing that option in our preference center. See you soon! [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? Switch to a different frequency or get new content through our [preference center]( or [unsubscribe](. You can also break our hearts and remove yourself from all Tech in Asia emails over [here](  Copyright © 2023 Tech in Asia, All rights reserved. 63 Robinson Road, Singapore 068894