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Finding ways to attract consumers to buy packaged goods stretches back to the 1920s when American psychologist Daniel Starch created the world's first market research study. Founded in Singapore in 2018, the startup provides AI-powered market research with real-time predictive analytics. Rival firms include ZoomInfo Sales, Trajaan and Brandwatch Consumer Intelligence, all of which deploy a variety of technology to comb through consumer data and marketing trends. Somsubhra Gan Choudhuri, co-founder and CEO Ai Palette, said AI can take up much of the brain power usually done by people. Along with VC investors, Ai Palette has had the backing of the Singapore government, which is committing more than three quarters of a billion Singaporean dollars ($7,500,000) to AI development to strengthen its AI ecosystem.
Persons: Daniel, Ai, Gan Choudhuri, CNBC's, Choudhuri, Kellogg, Conor Delahunty, Vishal Harnal Organizations: ZoomInfo, Brandwatch Consumer Intelligence, CNBC Tech, Diageo, Nestlé, Pepsico, Symrise, Global, Venture Locations: Singapore, Thailand, Indonesia, Malaysia, Philippines
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailVenture capital is 'not a get rich quick game, it's a get rich slow game,' says VC firmVishal Harnal of 500 Global says for the most part, "we are long-term investors with a long-term perspective."
Persons: Vishal Harnal Organizations: Email Venture
Global venture capital firm 500 Global is bullish on the VC sector, even as venture funding took a hit in 2022 as economic uncertainties loomed. According to data compiled by Crunchbase, global venture funding in 2022 totaled $445 billion — lower by 35% compared to the previous year. "But I wouldn't go so far as to say that there is a funding winter," Harnal told CNBC's Martin Soong and Sri Jegarajah. Some of the startups they invested in during their early stages include Australian graphic design software Canva, Southeast Asia's ride-hailing firm Grab and Indonesian fish farming tech startup eFishery. Startups are mostly unprofitable, as they prioritize growth over profitability in the initial years, which usually translates into burning cash.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere's been a drop in venture capital allocation this year, VC firm 500 Global saysVishal Harnal of the venture capital firm says, however, that capital allocation from institutional investors who have had decades of experience investing in venture capital "really isn't shrinking."
"Today, there's much stronger appetite for India and Southeast Asia," Joel Thickins, co-managing partner at TPG Capital Asia, told Reuters. The enthusiasm persists despite due diligence for startups that requires many months while valuations are under pressure, investors said. But although funds were diversifying, investors said the region's vastly different markets meant a uniform investing strategy was not ideal. One area that I constantly notice that everybody is very interested in is Southeast Asia. "There are still individual U.S. cities where startups are raising more money than all of the startups in Southeast Asia," said Julie Ruvolo, managing director of venture capital at Global Private Capital Association, which says its 300 members manage assets of more than $2 trillion.
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