{"id":16083,"date":"2025-07-29T12:20:49","date_gmt":"2025-07-29T12:20:49","guid":{"rendered":"https:\/\/topat10.com\/?p=16083"},"modified":"2025-07-29T12:20:49","modified_gmt":"2025-07-29T12:20:49","slug":"we-want-to-be-patient-southeast-asias-venture-investors-are-excited-about-ai-but-less-excited-about-the-region","status":"publish","type":"post","link":"https:\/\/topat10.com\/?p=16083","title":{"rendered":"\u2018We want to be patient\u2019: Southeast Asia\u2019s venture investors are excited about AI\u2013but less excited about the region"},"content":{"rendered":"\n

Asia editor Nick Gordon here, filling in for Allie Garfinkle.\u00a0The future of AI<\/a> is in Asia. At least, that\u2019s the message you\u2019d have gotten at our Fortune Brainstorm AI Singapore<\/a> conference, which wrapped up in the Southeast Asian city last week.<\/p>\n

\n

We covered AI\u2019s impact on just about everything: health care<\/a>, banking<\/a>, agriculture<\/a>, video gaming<\/a>, and even K-pop. (As an aside, check out my debut as a Korean singer<\/a>\u2014thanks to some assistance from Korean AI developer Supertone).<\/p>\n

DeepSeek\u2019s efficient, powerful\u2014and importantly, cheap\u2014models<\/a> have shaken up the Asian AI conversation, pushing investors to give the region\u2019s AI developers a second look and encouraging firms to adopt the new technology for themselves.\u00a0<\/p>\n

Granite Asia\u2019s senior managing partner Jixun Foo, speaking on our stage last week, credited the \u201cDeepSeek moment\u201d for democratizing access to AI across the region.\u00a0<\/p>\n

AI optimism has also lifted Hong Kong\u2019s stock market<\/a>, as investors rush to invest in mainland Chinese AI developers like Alibaba and Kuaishou. Shares in other Asian tech firms\u2014like TSMC, Softbank, and Korea\u2019s Naver and Kakao\u2014have surged amid the AI boom as well.\u00a0<\/p>\n

At first glance, Southeast Asia should be an attractive home for startups. The region\u2019s population is young, still growing, and digitally savvy. But on our conference stage, those that actually have to fund these AI endeavors were more wary<\/a>.\u00a0<\/p>\n

Even amid a global slowdown, venture funding in Southeast Asia plummeted by almost 80% from 2022 highs, according to CNBC<\/a>. \u201cFunding dried up dramatically as people looked for more profitable companies and steady cash flow rather than cash-burning tech companies,\u201d said AC Ventures managing partner Helen Wong at the conference.\u00a0<\/p>\n

She urged investors to be cautious. \u201cThis is not a very mature ecosystem, unlike China, where you have entrepreneurs that have gone through intense competition\u2026here is still a bit more raw,\u201d she said.<\/p>\n

\u201cWhat\u2019s the exit landscape here [in Southeast Asia]?\u201d Phylicia Koh, a general partner at Play Ventures, asked during a separate panel on video gaming. \u201cThat has been a challenge, and one I don\u2019t envy for Southeast Asia-focused VCs.\u201d<\/p>\n

Singapore, the region\u2019s financial hub, has had just three IPOs this year as of mid-July. Its largest, NTT DC REIT<\/a> (a real estate investment trust of data centers from Japan\u2019s NTT) raised $773 million. Hong Kong\u2019s largest IPO\u2014the secondary listing<\/a> of batterymaking giant CATL\u2014raised at least $4 billion.<\/p>\n

Public tech companies haven\u2019t done too well either. In a recent issue of the magazine, my colleague Lionel Lim tells the story<\/a> of one such startup, the Indonesian ride-hailing firm GoTo, whose shares have plunged by almost 85% since its 2022 IPO in Indonesia.<\/p>\n

\u201c[Are] the capital markets here mature enough to support an exit? It hasn\u2019t probably performed as well as investors wanted it to,\u201d Koh added.\u00a0<\/p>\n

Another reason why Southeast Asia struggles? While it\u2019s big, it\u2019s not quite <\/em>as big as markets like China, India, or the U.S. \u201cWhy is there not a RedNote in this part of the world?\u201d Foo asked, using the global name for the wildly-successful Chinese social media platform Xiaohongshu<\/a>. Southeast Asia, smaller than China (and split into different markets), lacks the network effects to supercharge a local content platform.<\/p>\n

Still, speakers noted that there are plenty of opportunities in Southeast Asia for those willing to look for them. Wong noted that while fintech and e-commerce firms may have suffered, climate and sustainability startups are still raising funds.\u00a0<\/p>\n

There\u2019s \u201ca tremendous opportunity for a lot of much more specific, highly differentiated visions that could potentially be billion-dollar companies,\u201d said Matthew Graham of Ryze Labs. (He, however, wasn\u2019t interested in a company \u201ctrying to be the 19th LLM.\u201d)<\/p>\n

And funders based in Southeast Asia are prepared to start investing again\u2014even if not right now. \u201cWe want to be patient. We want to see the confluence of talent and market adoption, and then we\u2019ll start investing,\u201d Foo said.<\/p>\n

Nicholas Gordon
X:<\/strong> @nickrigordon<\/a>
Email:<\/strong> nicholas.gordon@fortune.com<\/a><\/p>\n

Submit a deal for the Term Sheet newsletter here<\/a>.<\/p>\n

Joey Abrams curated the deals section of today\u2019s newsletter<\/em>.<\/em> Subscribe here<\/a>.\n<\/p>\n

VENTURE DEALS<\/h3>\n

– <\/span>Lumotive<\/b><\/a>, a Redmond, Wash.-based programmable optics company, raised $59 million in Series B funding from <\/span>Amazon\u2019s Industrial Innovation Fund<\/b>, <\/span>Oman\u2019s ITHCA<\/b>, <\/span>Gates Frontier<\/b>, and <\/span>MetaVC<\/b>.<\/span><\/p>\n

– <\/span>Positron AI<\/b><\/a>, a Reno, Nev.-based developer of hardware for multimodal AI, raised $51.6 million in Series A funding. <\/span>Valor<\/b> Equity<\/b> Partners<\/b>, <\/span>Atreides Management<\/b>, and <\/span>DFJ<\/b> Growth<\/b> led the round and were joined by <\/span>Flume<\/b> Ventures<\/b> and others.<\/span><\/p>\n

– <\/span>BlinkOps<\/b><\/a>, an Austin, Texas-based developer of cybersecurity micro-agents, raised $50 million in Series B funding. O.G. Venture Partners led the round and was joined by Lightspeed Venture Partners and Vertex Growth.<\/span><\/p>\n

– <\/span>Fable Security<\/b><\/a>, a San Francisco-based human risk management platform, raised $31 million in funding from <\/span>Greylock<\/b> Partners<\/b> and <\/span>Redpoint<\/b> Ventures<\/b>.<\/span><\/p>\n

– <\/span>E2B<\/b><\/a>, a San Francisco-based provider of open-source cloud infrastructure designed for AI agents, raised $21 million in Series A funding. <\/span>Insight<\/b> Partners<\/b> led the round and was joined by <\/span>Decibel<\/b>, <\/span>Sunflower<\/b> Capital<\/b>, <\/span>Kaya<\/b>, and angel investors.\u00a0<\/span><\/p>\n

– <\/span>Julius AI<\/b><\/a>, a San Francisco-based AI-powered data analyst for knowledge workers, raised $10 million in seed funding from <\/span>Bessemer<\/b> Venture<\/b> Partners<\/b>, <\/span>Y Combinator<\/b>, <\/span>Horizon<\/b> VC<\/b>, <\/span>AI Grant<\/b>, <\/span>8VC<\/b>, and angel investors.<\/span><\/p>\n

– <\/span>Reach<\/b> Security<\/b><\/a>, a San Francisco-based developer of AI-powered assistant technology designed to reduce exposure to security risks, raised $10 million in funding from <\/span>M12<\/b> and existing investors including <\/span>Artisanal Venture<\/b>s<\/strong>.<\/span><\/p>\n

– <\/span>Journey<\/b><\/a>, a New York City-based provider of mental health solutions for companies, raised $8 million in Series A funding. <\/span>Cambrian Growth Partners<\/b> led the round and was joined by <\/span>Manchester<\/b> Story<\/b>, <\/span>Canaan<\/b> Partners<\/b>,<\/span> J-Ventures<\/b>, <\/span>J-Impact<\/b>, <\/span>Life Science Angels<\/b>, <\/span>HealthTech<\/b> Capital<\/b>, and others.<\/span><\/p>\n

– <\/span>Overwatch Imaging<\/b><\/a>, a Hood River, Ore.-based developer of airborne imaging systems and AI-powered automation software for intelligence and surveillance, raised $6 million in funding. <\/span>Squadra Ventures<\/b> led the round and was joined by <\/span>SEMCAP AI<\/b>, the <\/span>Elevate Oregon Venture Direct Fund<\/b>, and <\/span>Edo Capital<\/b>.<\/span><\/p>\n

– <\/span>Keye<\/b><\/a>, a New York City-based AI tool designed for private equity teams, raised $5 million in seed funding from <\/span>Sorenson<\/b> Capital<\/b>, <\/span>General<\/b> Catalyst<\/b>, <\/span>Y Combinator<\/b>, <\/span>ERA<\/b>, <\/span>Tiferes Ventures<\/b>,<\/span> Dunamu Ventures<\/b>, <\/span>Palm Drive Capital<\/b>, and angel investors.<\/span><\/p>\n

PRIVATE EQUITY<\/h3>\n

– <\/span>BVP Forge<\/b> acquired a majority stake in <\/span>BetterRx<\/b><\/a>, a Salt Lake City-based hospice pharmacy platform. Financial terms were not disclosed.<\/span><\/p>\n

EXITS<\/h3>\n

– <\/span>EQT<\/b> and <\/span>CPP Investments<\/b> agreed to acquire <\/span>NEOGOV<\/b><\/a>, an El Segundo, Calif.-based provider of HR and compliance software for U.S. public sector agencies, from <\/span>Warburg<\/b> Pincus<\/b> and <\/span>Carlyle<\/b>. Financial terms were not disclosed.<\/span><\/p>\n

– <\/span>Gridiron Capital<\/b> agreed to acquire <\/span>Greenix Pest Control<\/b><\/a>, an Orem, Utah-based pest control company, from <\/span>Riata Capital Group<\/b>. Financial terms were not disclosed.<\/span><\/p>\n

– <\/span>Warburg Pincus<\/b> agreed to acquire <\/span>FlavorSum<\/b><\/a>, a Kalamazoo, Mich.-based provider of natural flavor solutions for food and beverage companies, from <\/span>The Riverside Company<\/b>. Financial terms were not disclosed. <\/span><\/p>\n

OTHER<\/h3>\n

– <\/span>NiCe<\/b> agreed to acquire <\/span>Cognigy<\/b><\/a>, a Dallas-based developer of customer service AI agents, in a deal that values the company at approximately $955 million.<\/span><\/p>\n

IPOS<\/h3>\n

– <\/span>Figma<\/b><\/a>, a San Francisco-based design software company, now plans to raise up to $1.15 billion in an offering of 36.9 million shares priced between $30 and $32. The company posted $821 million in sales for the year ending March 31, 2025. <\/span>Index Ventures<\/b>,<\/span> Greylock Partners<\/b>, <\/span>KPCB<\/b> Holdings<\/b>, <\/span>Sequoia<\/b> Capital<\/b>, and <\/span>Wu-Wallace<\/b> Family<\/b> Trust<\/b> back the company.<\/span><\/p>\n

– <\/span>Firefly Aerospace<\/b><\/a>, a Cedar Park, Texas-based space and defense technology company, announced plans to raise $631.8 million in an offering of 16.2 million shares priced between $35 and $39 on the Nasdaq. The company posted $108 million in revenue for the year ending March 31, 2025. <\/span>AE Industrial Partners<\/b>, <\/span>Astera Institute<\/b>, and<\/span> Thomas Markusic <\/b>back the company.<\/span><\/p>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"

Asia editor Nick Gordon here, filling in for Allie Garfinkle.\u00a0The future of AI is in Asia. At least, that\u2019s the message you\u2019d have gotten at our Fortune Brainstorm AI Singapore conference, which wrapped up in the Southeast Asian city last week. We covered AI\u2019s impact on just about everything: health care, banking, agriculture, video gaming, […]<\/p>\n","protected":false},"author":312,"featured_media":16084,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[123],"tags":[],"class_list":["post-16083","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"\n\u2018We want to be patient\u2019: Southeast Asia\u2019s venture investors are excited about AI\u2013but less excited about the region | Unlock Informed Choices with Us<\/title>\n<meta name=\"description\" content=\"Southeast Asia should be an attractive home for tech startups. 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Gordon","author_link":"https:\/\/topat10.com\/?author=312"},"uagb_comment_info":4,"uagb_excerpt":"Asia editor Nick Gordon here, filling in for Allie Garfinkle.\u00a0The future of AI is in Asia. At least, that\u2019s the message you\u2019d have gotten at our Fortune Brainstorm AI Singapore conference, which wrapped up in the Southeast Asian city last week. We covered AI\u2019s impact on just about everything: health care, banking, agriculture, video gaming,…","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/topat10.com\/index.php?rest_route=\/wp\/v2\/posts\/16083","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/topat10.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/topat10.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/topat10.com\/index.php?rest_route=\/wp\/v2\/users\/312"}],"replies":[{"embeddable":true,"href":"https:\/\/topat10.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16083"}],"version-history":[{"count":0,"href":"https:\/\/topat10.com\/index.php?rest_route=\/wp\/v2\/posts\/16083\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/topat10.com\/index.php?rest_route=\/wp\/v2\/media\/16084"}],"wp:attachment":[{"href":"https:\/\/topat10.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16083"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/topat10.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16083"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/topat10.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16083"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}