Southeast Asia’s startup ecosystem is set to get a massive injection of funds after Jungle Ventures reached a first close of $175 million for its newest fund, TechCrunch has come to learn.
Executives at the Singapore-based firm anticipate that the new fund, which is Jungle’s third to date, will reach a final close of $220 million over the coming few months, a source with knowledge of the fund and its plans told TechCrunch. If it were to reach that figure, the fund would become the largest for startup investments in Southeast Asia.
Jungle Ventures declined to comment.
An SEC filing posted in December suggested the firm was aiming to raise up to $200 million with the fund. Its last fund was $100 million and it closed in November 2016. Founding partners Anurag Srivastava and Amit Anand started the fund way back in 2012 when it raised a (much smaller) $10 million debut fund.
Digging a little deeper, our source revealed that the new Jungle fund includes returning LPs World Bank affiliate IFC and Cisco Investments — both of which invested in Jungle’s $18 million early-stage ‘SeedPlus’ fund — and Singapore sovereign fund Temasek. One new backer that we are aware of is German financier DEG although we understand that Jungle has spent considerable time fundraising in the U.S. market, hence the SEC filing. Beyond Europe and the U.S, the firm is also said to have pitched LPs in Asia — as you’d expect — and the Middle East.
Jungle is focused on Series A and Series B deals in Southeast Asia with the occasional investment in India or the rest of the world where it sees global potential. One such example of that is Engineer.ai, which raised $29.5 million last November in a round led by Jungle and Lakestar with participation from SoftBank’s AI unit DeepCore.
The meat and drink of the fund is Southeast Asia, and past investments there include cloud platform Deskera (most recent round $60 million), budget hotel network Reddoorz (raised $11 million last year), fintech startup Kredivo (raised $30 million last year) and digital fashion brand Pomelo, which has raised over $30 million from investors that also include JD.com.
In India, it has backed b2b sales platform Moglix and interior design startup Livspace among others. Past exits include Travelmob to HomeAway, Zipdial to Twitter, eBus to IMD and Voyagin to Rakuten.
We understand that the new fund has already completed five deals. Jungle’s pace of dealmaking is typically half a dozen investments per year, and we understand that will continue with fund three.
Executives at the fund are bullish on Southeast Asia, which is forecast to see strong growth economic growth thanks to increased internet access and digital spending. A much-cited report from Google and Temasek issued last year predicts that the region’s ‘digital economy’ will triple to reach $240 billion from 2025.
Other major VC funds in Southeast Asia include Vertex Ventures ($210 million fund), Golden Gate Ventures — $100 million and a $200 million growth fund — Openspace Ventures ($135 million), and EV’s $150 million growth fund.
There’s also B Capital from Facebook co-founder Eduardo Saverin which recently passed $400 million for the first close of its second fund, although that doesn’t invest exclusively in Southeast Asia, and Sequoia which has a $695 million fund for India and Southeast Asia. Other global names that you might see cutting deals in the region include Burda, which has a local presence and starts at Series B, TPG Global and KKR.
Update 04/29 19:50 PST: The original version of this article has been updated to correct that Jungle invests in around a dozen companies per year, not per month.
Orbital Marine Power O2 begins grid-connected power generation
Orbital Marine Power has announced that the world’s most powerful tidal turbine has begun grid-connected power generation at the European Marine Energy Center. O2 is a floating turbine anchored off the Fall of Warness and connected via a subsea cable to the local onshore electricity network. O2 is a 2MW offshore power generation unit.
The power generation device was manufactured and launched in Dundee earlier in 2021 before being towed to Orkney. The device being deployed is the culmination of more than 15 years of development in the UK. The turbine is 74 meters long and is expected to operate in offshore waters for the next 15 years.
Its 2MW of energy production can meet the annual electricity demand for around 2000 UK homes. The power it generates is clean and predictable, thanks to the fast-flowing waters where it is anchored. Public lenders enabled O2’s construction via an ethical investment platform called Abundance Investment. The Scottish government also supported it via the Saltire Tidal Energy Challenge Fund.
With its first power generating unit in place, Orbital is now looking to commercialize this technology via the deployment of multi-MW arrays. The company says UK suppliers delivered about 80 percent of the turbine, and its operation will bring long-term employment to coastal communities. Orbital also says that commercialization costs are expected to decrease significantly compared to the roll-out of the technology, which it says was previously demonstrated with both wind and solar energy.
O2 is designed with twin 1MW power generating nacelles at the end of a retractable leg structure that is designed for low-cost access to all major components for servicing throughout its lifetime. The turbine uses 10-meter blades to give more than 600 square meters of swept area to capture flowing tidal energy. Not only does the device produce enough electricity for about 2000 UK homes, it will offset about 2200 tonnes of carbon dioxide production yearly.
B&O Beoplay EQ wireless earphones feature Adaptive Active Noise Cancellation
Bang & Olufsen has unveiled a new set of wireless earphones that feature something it calls Adaptive Active Noise Cancellation. The noise cancellation feature eliminates surrounding noise and improves immersion with the music the wearer is listening to. The true wireless earphones are called the Beoplay EQ and also support wireless phone calls.
Bang & Olufsen‘s Adaptive Active Noise cancellation combines active noise cancellation with passive cancellation to block external noise. The earphones have a dedicated ANC DSP chip and six microphones to automatically adjust noise cancellation levels to create a more seamless listening experience. The six integrated microphones are also used for directional beamforming technology, providing clearer calls and speech quality.
While the earphones are smaller in-ear style compared to other offerings that Bang & Olufsen sells, they still offer long listening times. Beoplay EQ promises a powerful and authentic listening experience with up to 20 hours of total playtime per charge. The total playtime is expanded to 20 hours thanks to the aluminum charging case that provides an additional 6.5 hours of playtime with active noise cancellation turn on.
Integrated fast charging allows the Beoplay EQ to be charged for 20 minutes to provide two hours of playtime. Two colors are available, including Black Anthracite and Sand Gold Tone. Beoplay EQ was designed to be small, comfortable to wear, and offer a secure fit thanks to an ergonomic shape. They are sweat and water-resistant and ship with interchangeable air tips in different sizes for a custom fit.
Beoplay EQ earphones utilize aptX adaptive, Bluetooth 5.0, and are IP54 rated. In addition, the earphones support any Bluetooth device, have Microsoft Swift Pair technology, and are Made for iPhone. Beoplay EQ will be available to purchase on August 19 for $399.
OnePlus 7 and 7T Widevine DRM fix comes with a caveat
There has been a lot of griping about the quality and pace of OnePlus’ recent software updates, especially when OxygenOS 11 brought about major UI changes and, with it, some nasty bugs. OnePlus 7 and 7T owners, however, seem to have had it worse and have experienced the worst that the release has to offer. After two months since the issue appeared, OnePlus is finally rolling out the fix to a bug that locked users into watching SD quality streaming videos, but many users still aren’t satisfied with how the update is being handled.
Last May, owners of OnePlus 7/7 Pro and 7T/7T Pro phones reported losing access to the ability to watch HD videos on Netflix, Amazon Prime Video, and other streaming services. It was traced down to a still-unexplained bug from an OxygenOS 11 update that dropped the phone from Widevine DRM L1, which is required for HD or higher-res streaming, to L3, which only allows for SD content. Unsurprisingly, affected owners were none too happy, especially without an immediate solution.
Two months later, that solution finally comes with the OxygenOS 18.104.22.168 update for the OnePlus 7 and the OnePlus 7T. Unfortunately, it seems that not everyone who has installed the update is actually seeing any change on that front. Some have reported the need to clear the cache of affected apps like Netflix, which potentially means messing up some of the stored data in those apps.
Owners of these phones aren’t just complaining about the questionable quality of the fix. Some have pointed out how the latest update brings Android’s June security patches near the end of July, a week before Google releases the next round of security fixes for August.
It’s all too easy to see these complaints as just whining, but OnePlus 7 and 7T users have really had it bad. In addition to what is considered to be a very buggy OxygenOS 11 rollout, those owners feel let down by the unexplained removal of an always-on display feature that was present in previous betas. OnePlus has remained silent on that matter, but that didn’t stop the company from asking those users about how much they enjoy that non-existent AOD feature.
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