🩺💊 This Singaporean Startup Wants To Use AI To Make You Live Longer

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You never know when you’ll need it, but you’ll be glad you have it when the time comes. You’re welcome.

Here’s what we got for you:

• 🌊 The SEA - Mito Health - The healthtech startup that uses AI to revolutionize preventative care

• ⛵ SEAppets - Luno is shutting down operations in Singapore

• 💰 SEA Deals

• 🖼️ AI Image of the day

• 🐣 Tweet of the day

Markets 📈

The SEA 🌊

AI has been all the rage recently but I didn’t manage to cover many AI companies in SEA.

Well, not today.

Today I’m talking about Mito Health.

🤷‍♂️ Who is Mito Health?

• Founded in 2022 by Tee-Ming Chew, Kenneth Lou, Joel Kek and Dr Ryan Ware, Mito Health is a Singapore-based healthtech startup that wants to revolutionize preventative care with AI

• Tee Ming and Kenneth co-founded and exited Seedly, a personal finance startup

• Joel led engineering teams from zero to one including TraceTogether at GovTech

• Dr Ryan is a former surgeon and resident

🩺 How it works?

• The product hasn’t launched yet but the founders are actively growing their waiting list in Singapore

• The target audience is health-conscious individuals who are looking for strategies to maintain their health beyond annual checkups and supplements

• Mito Health plans on leveraging AI to devise tailored health regimes for patrons according to their diagnostic results and wearable data

• The focus is on longevity which will be achieved using digital coaching in the areas of diet, exercise, supplements and sleep

💰 Funding

• The company has just raised USD 1.3 million in an oversubscribed pre-seed funding round led by Forge Ventures, with participation from notable angel investors such as founders and executives from ShopBack, Carousell, PatSnap, Glints, SingLife, Rainforest and OhMyHome

• The funding will be used to expand product development and hiring

So a startup that personalized health regimes for you using AI. I mean is it a good idea? Sure it does have legs but the thing with AI now is that literally, anyone can create their own personalized AI health/fitness coach without any coding skills.

Sure you got ex-founders so they would probably nail the execution part but a fitness or health influencer with a large following could easily give Mito Health a run for their money.

SEAppets ⛵

1. Luno, a cryptocurrency subsidiary of Digital Currency Group, is ending its services in Singapore in June 2023. Users must withdraw their assets from their wallets before June 19. Luno is informing the Monetary Authority of Singapore of its decision and still hopes that Singapore will lead the way in using crypto in its financial system.

For users in other regions, don't worry, Luno is still in operation. #Bitcoin

2. Grab, a Southeast Asian super app has announced new features and partnerships to improve the travel experience on its platform as the region recovers from the pandemic. These include a Traveler Homepage, language support for Chinese, Korean, and Japanese, translations of merchant menus and discounted airport rides. There has been a 3x increase in rides to and from airports between January 2022 and December 2022.

3. The Malaysian government is re-evaluating a USD 3.9 billion settlement deal previously reached between the US investment bank Goldman Sachs and the previous Malaysian administration over the 1MDB financial scandal. Prime Minister Anwar Ibrahim is questioning the haste of the deal, as the bank earned itself USD 600 million from the scandal. In February, Abu Dhabi's International Petroleum Investment Co agreed to pay Malaysia USD 1.8 billion to settle another legal dispute. 1MDB is the subject of investigations in six countries and last month, a former Goldman banker was sentenced to 10 years in prison for helping to loot billions from the fund.

4. Volkswagen, Ford, Eramet, Kalla Group, Huayou, Merdeka Gold Copper and Vale Indonesia are partnering with Indonesia to create an electric vehicle battery ecosystem. The partnerships will focus on joint ventures and the supply of raw materials. BASF and Eramet have expressed interest in building a plant to produce battery materials for USD 2.6 billion. The aim of these investments is to produce batteries and EVs in Indonesia, which has the world's biggest nickel reserves.

5. Malaysia is planning to introduce a second 5G network in January 2024 in order to promote competition and strengthen governance. The government is currently reviewing the 5G plan and the cabinet will decide on the proposal on Wednesday. All but one of the country's five mobile operators have agreed to use the existing 5G network, but Maxis is waiting for the review to be completed.

SEA Deals 💰

1. BetterPlace, an Indian frontline workforce management platform has completed the acquisition of Malaysian staffing and recruitment services firm Troopers, its second in Southeast Asia. The acquisition will help BetterPlace expand its geographic footprint and increase its customer base. The company plans to become EBITDA profitable by 2024 and is looking to expand in the Gulf region. It has raised a total of USD 80 million to date and is planning to raise a Series D round in the next few months.

2. Indonesian fitness startup Fit Hub has raised USD 6.5 million in funding to make health and wellness more accessible to all Indonesians. They plan to open 100 new clubs by year-end, offering free workout content and e-commerce for healthy foods, apparel, workout equipment and supplements. The startup's affordable pricing strategy of USD 17/month has attracted over 50,000 paying members, with half being first-time gym-goers. They seek to democratize fitness and address the increasing obesity rates in Indonesia.

3. MDEC, a Malaysian government agency has identified nine promoted sectors through its Malaysia Digital Catalytic Programs (Pemangkin) and is aiming to generate MYR1 billion (USD 230 million) worth of digital investments by 2025. MDEC has allocated MYR238 million (USD 53.63 million) in public investment and MYR45 million (USD 10.14 million) from the total investment will be used to enhance various technology enablers. MDEC is actively engaging with private sector partners, including corporations, venture capitalists, angel investors, and financial institutions to co-invest in its digital initiatives. They have also launched DE Rantau and Digital Trade programs and the Malaysia Digital Climate Action Pledge for the digital economy.

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AI Images of The Day 🖼️

Stormtroopers getting lit while Darth Vader is away on a business trip

Tweet of The Day 🐣

Interesting read about how 4 families really get the most of the post-colonial advantage in Hong Kong.

That’s a wrap for today. See you all tomorrow! 👋

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