AlphaSense, a search engine for analysis and business intel, raises $50M led by Innovation Endeavors

Source: Tech News – Enterprise

Google and its flagship search portal opened the door to the possibilities of how to build a business empire on the back of organising and navigating the world’s information, as found on the internet. Now, a startup that’s built a search engine tailored to the needs of enterprises and their own quests for information has raised a round of funding to see if it can do the same for the B2B world.

AlphaSense, which provides a way for companies to quickly amass market intelligence around specific trends, industries and more to help them make business decisions, has closed a $50 million round of funding, a Series B that it’s planning to use to continue enhancing its product and expanding to more verticals.

Today, the company today counts some 1,000 clients on its books, with a heavy emphasis on investment banks and related financial services companies. That’s in part because of how the company got its start: Finnish co-founder and CEO Jaakko (Jack) Kokko he had been an analyst at Morgan Stanley in a past life and understood the labor and time pain points of doing market research, and decided to build a platform to help shorted a good part of the information gathering process.

“My experience as an analyst on Wall Street showed me just how fragmented information really was,” he said in an interview, citing as one example how complex sites like those of the FDA are not easy to navigate to look for new information an updates — the kind of thing that a computer would be much more adept at monitoring and flagging. “Even with the best tools and services, it still was really hard to manually get the work done, in part because of market volatility and the many factors that cause it. We can now do that with orders of magnitude more efficiency. Firms can now gather information in minutes that would have taken an hour. AlphaSense does the work of the best single analyst, or even a team of them.”

(Indeed, the “alpha” of AlphaSense appears to be a reference to finance: it’s a term that refers to the ability of a trader or portfolio manager to beat the typical market return.)

The lead investor in this round is very notable and says something about the company’s ambitions. It’s Innovation Endeavors, the VC firm backed by Eric Schmidt, who had been the CEO of none other than Google (the pace-setter and pioneer of the search-as-business model) for a decade, and then stayed on as chairman and ultimately board member of Google and then Alphabet (its later holding company) until just last June.

Schmidt presided over Google at what you could argue was its most important time, gaining speed and scale and transitioning from an academic idea into full-fledged, huge public business whose flagship product has now entered the lexicon as a verb and (through search and other services like Android and YouTube) is a mainstay of how the vast majority of the world uses the web today. As such he is good at spotting opportunities and gaps in the market, and while enterprise-based needs will never be as prominent as those of mass-market consumers, they can be just as lucrative.

“Information is the currency of business today, but data is overwhelming and fragmented, making it difficult for business professionals to find the right insights to drive key business decisions,” he said in a statement. “We were impressed by the way AlphaSense solves this with its AI and search technology, allowing businesses to proceed with the confidence that they have the right information driving their strategy.”

This brings the total raised by AlphaSense to $90 million, with other investors in this round including Soros Fund Management LLC and other unnamed existing investors. Previous backers had included Tom Glocer (the former Reuters CEO who himself is working on his own fintech startup, a security firm called BlueVoyant), the MassChallenge incubator, Tribeca Venture Partners and others. Kokko said AlphaSense is not disclosing its valuation at this point. (I’m guessing though that it’s definitely on the up.)

There have been others that have worked to try to tackle the idea of providing more targeted, and business focused search portals, from the likes of Wolfram Alpha (another alpha!) through to Lexis Nexis and others like Bloomberg’s terminals, FactSet, Business Quant and many more.

One interesting aspect of AlphaSense is how it’s both focused on pulling in requests as well as set up to push information to its users based on previous search parameters. Currently these are set up to only provide information, but over time, there is a clear opportunity to build services to let the engines take on some of the actions based on that information, such as adjusting asking prices for sales and other transactions.

“There are all kinds of things we could do,” said Kokko. “This is a massive untapped opportunity. But we’re not taking the human out of the loop, ever. Humans are the right ones to be making final decisions, and we’re just about helping them make those faster.”


AlphaSense, a search engine for analysis and business intel, raises M led by Innovation Endeavors

48-hour, buy-one-get-one sale — TC Sessions: Enterprise 2019

Source: Tech News – Enterprise

Every startupper we’ve ever met loves a great deal, and so do we. That’s why we’re celebrating Prime day with a 48-hour flash sale on tickets to TC Sessions: Enterprise 2019, which takes place September 5 at the Yerba Buena Center for the Arts in San Francisco.

We’re talking a classic BOGO — buy-one-get-one — deal that starts today and ends tomorrow, July 16, at 11:59 p.m. (PT). Buy one early-bird ticket ($249) and you get a second ticket for free. But this BOGO goes bye-bye in just 48 hours, so don’t wait. Buy your TC Sessions: Enterprise tickets now and save.

Get ready to join more than 1,000 attendees for a day-long, intensive experience exploring the enterprise colossus — a tech category that generates hundreds of new startups, along with a steady stream of multibillion-dollar acquisitions, every year.

What can you expect at TC Sessions: Enterprise? For starters, you’ll hear TechCrunch editors interview enterprise software leaders, including tech titans, rising founders and boundary-breaking VCs.

One such titan, George Brady — Capital One’s executive VP in charge of tech operations — will join us to discuss how the financial institution left legacy hardware and software behind to embrace the cloud. Quite a journey in such a highly regulated industry.

Our growing speaker roster features other enterprise heavy-hitters, including Aaron Levie, Box co-founder and CEO; Aparna Sinha, Google’s director of product management for Kubernetes and Anthos; Jim Clarke, Intel’s director of quantum hardware; and Scott Farquhar, co-founder and co-CEO of Atlassian.

Looking for in-depth information on technical enterprise topics? You’ll find them in our workshops and breakout sessions. Check out the exhibiting early-stage enterprise startups focused on disrupting, well, everything. Enjoy receptions and world-class networking with other founders, investors and technologists actively building the next generation of enterprise services.

TC Sessions: Enterprise 2019 takes place September 5, and we pack a lot of value into a single day. Double your ROI and take advantage of our 48-hour BOGO sale. Buy your ticket before July 16 at 11:59 p.m. (PT) and get another ticket free. That’s two tickets for one early-bird price. And if that’s not enough value, get this: we’ll register you for a free Expo-only pass to Disrupt SF 2019 for every TC Sessions: Enterprise ticket you purchase (mic drop).

Interested in sponsoring TC Sessions: Enterprise? Fill out this form and a member of our sales team will contact you.


48-hour, buy-one-get-one sale — TC Sessions: Enterprise 2019

A91 Partners, a new VC fund from former Sequoia Capital India execs, closes $351M maiden fund

Source: Microsoft more

India’s growing number of startups now have one additional VC fund that will listen to their business ideas. A91 Partners, a new VC fund founded by former partners at Sequoia Capital India, has closed their maiden fund at $351 million.

A91 Partners will focus on high growth startups in consumer, technology, financial services, and healthcare sectors in India, Abhay Pandey, a partner at A91 told TechCrunch in an interview.

A91, whose maiden fund is one of the largest for any VC funds in India, will focus on early as well mid-stage startups that are looking to raise between $10 million and $30 million, Pandey said. Earlier this year, it invested about $14.2 million in Sugar, a cosmetics brand.

“In our experience, some companies get to this stage after having raised capital and some bootstrap their way into that position,” he added. Other than him, V.T. Bharadwaj, Gautam Mago, Prasun Agarwal — all former partners at Sequoia Capital India, and Kaushik Anand, formerly of CapitalG are also partners at A91. They founded the fund late last year.

The inspiration of the name comes from the country code of India, which is 91. The letter A is inspired from Ashoka, India’s greatest emperor.

“We are excited about the opportunity ahead of us and look forward to partnering with founders building enduring businesses for tomorrow’s India,” the founding members said in a statement.

“Our role in this development and growth is to partner with exceptional founders to build the next generation of enduring Indian businesses. While fulfilling this role, we aspire to build an enduring, excellent, uniquely Indian investment firm,” they said.

A91 raised about 80% of the $351 million capital from overseas investors that include foundations, endowments, family offices and fund of funds, Pandey said. Some of these include the International Finance Corporation and Asia Alternatives, as well as Adams Street and Swiss-based LGT Capital Partners.

India’s tech startups have raised more than $20 billion in the last two years. The country’s growing startup ecosystem is increasingly attracting major VC firms in the nation. SoftBank and Tiger Global, two large global VC funds, count India as one of their biggest markets.

In recent years, Google, Microsoft, Amazon, and Facebook have also begun to infuse money in India’s startup space. Google has invested in delivery startup Dunzo, while Amazon has taken stake in more than half a dozen local companies. Facebook invested in social commerce app Meesho last month.

Earlier this year, Microsoft expanded its M12 corporate venture fund (formerly known as Microsoft Ventures) to India with an investment in Innovaccer, a six-year-old SaaS startup. Samsung Venture, the investment arm of the South Korean technology conglomerate, made its debut investments in Indian startups on Wednesday.


A91 Partners, a new VC fund from former Sequoia Capital India execs, closes 1M maiden fund

India’s Android antitrust case against Google may have some holes

Source: Microsoft more

India ordered an investigation into Google’s alleged abuse of Android’s dominance in the country to hurt local rivals in April. A document made public by the local antitrust watchdog has now further revealed the nature of the allegations and identified the people who filed the complaint.

Umar Javeed, Sukarma Thapar, two associates at Competition Commission of India — and Aaqib Javeed, brother of Umar who interned at the watchdog last year, filed the complaint, the document revealed. The revelation puts an end to months-long interest from industry executives, many of whom wondered if a major corporation was behind it.

The allegations

The case, filed against Google’s global unit and Indian arm on April 16 this year, makes several allegations including the possibility that Google used Android’s dominant position in India to hurt local companies. The accusation is that Google requires handset and tablet vendors to pre-install its own applications or services if they wish to get the full-blown version of Android . Google’s Android mobile operating system powered more than 98% of smartphones that shipped in the country last year, research firm Counterpoint said.

This accusation is partly true, if at all. To be sure, Google does offer a “bare Android” version, which a smartphone vendor could use and then they wouldn’t need to pre-install Google Mobile Services (GMS). Though by doing so, they will also lose access to Google Play Store, which is the largest app store in the Android ecosystem. Additionally, phone vendors do partner with other companies to pre-install their applications. In India itself, most Android phones sold by Amazon India and Flipkart include a suite of their apps preloaded on the them.

“OEMs can offer Android devices without preinstalling any Google apps. If OEMs choose to preinstall Google mobile apps, the MADA (Mobile Application Distribution Agreement) allows OEMs to preinstall a suite of Google mobile apps and services referred to as Google Mobile Services (GMS),” said Google in response.

The second allegation is that Google is bundling its apps and services in a way that they are able to talk to each other. “This conduct illegally prevented the development and market access of rival applications and services in violation of Section 4 read with Section 32 of the Act,” the trio wrote.

This also does not seem accurate. Very much every Android app is capable of talking to one another through APIs. Additionally, defunct software firm Cyanogen partnered with Microsoft to “deeply integrate” Cortana into its Android phones — replacing Google Assistant as the default virtual voice assistant. So it is unclear what advantage Google has here.

Google’s response: “This preinstallation obligation is limited in scope. It was pointed out that preinstalled Google app icons take up very little screen space. OEMs can and do use the remaining space to preinstall and promote both their own, and third-party apps. It was also submitted that the MADA preinstallation conditions are not exclusive. Nor are they exclusionary. The MADA leaves OEMs free to preinstall rival apps and offer them the same or even superior placement.”

The third accusation is that Google prevents smartphone and tablet manufacturers in India from developing and marketing modified and potentially competing versions of Android on other devices.

This is also arguably incorrect. Micromax, which once held tentpole position among smartphone vendors in India, partnered with Cyanogen in their heyday to launch and market Android smartphones running customized operating system. Chinese smartphone vendor OnePlus followed the same path briefly.

Google’s response: “Android users have considerable freedom to customise their phones and to install apps that compete with Google’s. Consumers can quickly and easily move or disable preinstalled apps, including Google’s apps. Disabling an app makes it disappear from the device screen, prevents it from running, and frees up device memory – while still allowing the user to restore the app at a later time or to factory reset the device to its original state.”

Additionally, Google says it requires OEMs to “adhere to, a minimum baseline compatibility standard” for Android called Compatibility Definition Document (COD) to ensure that apps written for Android run on their phones. Otherwise, this risks creating a “threat to the viability and quality of the platform.”

“If companies make changes to the Android source code that create incompatibilities, apps written for Android will not run on these incompatible variants. As a result, fewer developers will write apps for Android, threatening to make Android less attractive to users and, in turn, even fewer developers will support Android,” the company said.

The antitrust is ongoing, but based on an initial probe on the case, CCI has found that Google has “reduced the ability and incentive of device manufacturers to develop and sell devices” running Android forks, the watchdog said. Google’s condition to include “the entire GMS suite” to devices from OEMs that have opted for full-blown version of Android, amounts to “imposition of unfair condition on the device manufacturers,” the watchdog added.

The document also reveals that Google has provided CCI with some additional responses that have been kept confidential. A Google spokesperson declined to comment.


India’s Android antitrust case against Google may have some holes

VCs bet on Aegis AI, a startup using computer vision to detect guns

Source: Microsoft more

A new startup using computer vision software to turn security cameras into gun-detecting smart cameras has raised $2.2 million in venture capital funding in a round led by Bling Capital, with participation from Upside Partnership and Tensility Venture Partners.

Aegis AI sells to U.S. corporations and school district its technology, which scans thousands of video feeds for brandished weapons and provides threat-detection alerts to customers within one second, for $30 per camera, per month. Coupling AI and cloud computing, Aegis integrates with existing camera hardware and video management software, requiring no on-site installation or maintenance.

“We can take over the role of a security guard with much higher accuracy at a much lower cost,” Aegis co-founder and chief product officer Ben Ziomek tells TechCrunch.

The financing round comes as a fresh cohort of businesses look to new technologies to protect against gun violence. AI-based gun detection is an unproven method, but investors and entrepreneurs alike are hopeful it represents a new era in threat-detection and safety. Seattle-based Virtual eForce, Israel’s AnyVision and Canadian tech startup SN Technologies are among the startups focused on improving security systems across the globe.

For Aegis co-founder and chief executive officer Sonny Tai, protecting against gun violence is personal. The first-time founder, who previously spent nearly a decade in the Marine Corps, grew up in South Africa where gun violence was all too common.

“We had a close family friend who was fatally shot in his own home 20 years ago,” Tai tells TechCrunch. “This prompted my mother to decide that we should immigrate to the U.S. On my end, it inspired a lifelong passion in me. I had to do something about the U.S. gun epidemic.”

IMG 9352 01 01

Aegis AI co-founders Sonny Tai (left) and Ben Ziomek

Lacking engineering expertise, Tai looked to Ziomek for technical support. Ziomek previously spent several years at Microsoft, most recently leading engineering and data science teams within the company’s AI program. Together they built Aegis, which is currently in the process of uprooting from Chicago to establish headquarters in New York City.

The pair spent 18 months building the technology they say can reliably recognize weapons in security camera footage. They had to take an “aggressive” data augmentation approach to develop the AI, Ziomek explains, as opposed to just scraping the web for images of weapons to feed to the platform.

“If you look at most of the state of the art computer vision models, they are really built specifically for the task of differentiating hundreds of different objects and the objects are very large,” Ziomek said. “We are looking for hard-to-see objects; we honed our system to look for small, dark objects in highly-complex scenes.”

“Traditionally — even if you’re working at Google or Microsoft — you scrape the internet for cats or hot dogs and you use a model based on that,” he added. “What happens when you do that same approach for weapons? You get product images, Instagram shots from people at the shooting range; all of these have no resemblance to real security camera footage.”

To teach its software to identify weapons, Aegis began by scrubbing the web for photos of weapons, then they reached out to key influencers in the personal safety space, who proved to be essential resources throughout the process. To complete the data collection process, they got their hands on real security footage and even took their own posed photos holding weapons to fill in any of the AI’s blind spots.

With a fresh bout of funding, Aegis will develop its technology to detect other threats, including bombs and vehicles.


VCs bet on Aegis AI, a startup using computer vision to detect guns

We’ll talk even more Kubernetes at TC Sessions: Enterprise with Microsoft’s Brendan Burns and Google’s Tim Hockin

Source: Microsoft more

You can’t go to an enterprise conference these days without talking containers — and specifically the Kubernetes container management system. It’s no surprise then, that we’ll do the same at our inaugural TC Sessions: Enterprise event on September 5 in San Francisco. As we already announced last week, Kubernetes co-founder Craig McLuckie and Google’s director of product management for Kubernetes will join us to talk about the past, present and future of containers in the enterprise.

In addition, we can now announce that two other Kubernetes co-founders will join us: Google principal software engineer Tim Hockin, who currently works on Kubernetes and the Google Container Engine, and Microsoft distinguished engineer Brendan Burns, who was the lead engineer for Kubernetes during his time at Google.

With this, we’ll have three of the four Kubernetes co-founders on stage to talk about the five-year-old project.

Before joining the Kuberntes efforts, Hockin worked on internal Google projects like Borg and Omega, as well as the Linux kernel. On the Kubernetes project, he worked on core features and early design decisions involving networking, storage, node, multi-cluster, resource isolation and cluster sharing.

While his colleagues Craig McLuckie and Joe Beda decided to parley their work on Kubernetes into a startup, Heptio, which they then successfully sold to VMware for about $550 million, Burns took a different route and joined the Microsoft Azure team three years ago.

I can’t think of a better group of experts to talk about the role that Kubernetes is playing in reshaping how enterprise build software.

If you want a bit of a preview, here is my conversation with McLuckie, Hockin and Microsoft’s Gabe Monroy about the history of the Kubernetes project.

Early Bird tickets are now on sale for $249 and students can grab a ticket for just $75. Book your tickets here before prices go up.


We’ll talk even more Kubernetes at TC Sessions: Enterprise with Microsoft’s Brendan Burns and Google’s Tim Hockin

We’ll talk even more Kubernetes at TC Sessions: Enterprise with Microsoft’s Brendan Burns and Google’s Tim Hockin

Source: Tech News – Enterprise

You can’t go to an enterprise conference these days without talking containers — and specifically the Kubernetes container management system. It’s no surprise then, that we’ll do the same at our inaugural TC Sessions: Enterprise event on September 5 in San Francisco. As we already announced last week, Kubernetes co-founder Craig McLuckie and Aparna Sinha, Google’s director of product management for Kubernetes, will join us to talk about the past, present and future of containers in the enterprise.

In addition, we can now announce that two other Kubernetes co-founders will join us: Google principal software engineer Tim Hockin, who currently works on Kubernetes and the Google Container Engine, and Microsoft distinguished engineer Brendan Burns, who was the lead engineer for Kubernetes during his time at Google.

With this, we’ll have three of the four Kubernetes co-founders onstage to talk about the five-year-old project.

Before joining the Kuberntes efforts, Hockin worked on internal Google projects like Borg and Omega, as well as the Linux kernel. On the Kubernetes project, he worked on core features and early design decisions involving networking, storage, node, multi-cluster, resource isolation and cluster sharing.

While his colleagues Craig McLuckie and Joe Beda decided to parlay their work on Kubernetes into a startup, Heptio, which they then successfully sold to VMware for about $550 million, Burns took a different route and joined the Microsoft Azure team three years ago.

I can’t think of a better group of experts to talk about the role that Kubernetes is playing in reshaping how enterprise build software.

If you want a bit of a preview, here is my conversation with McLuckie, Hockin and Microsoft’s Gabe Monroy about the history of the Kubernetes project.

Early-Bird tickets are now on sale for $249; students can grab a ticket for just $75. Book your tickets here before prices go up.


We’ll talk even more Kubernetes at TC Sessions: Enterprise with Microsoft’s Brendan Burns and Google’s Tim Hockin

The rise of the new crypto “mafias”

Source: Microsoft more

In the early 2000s, journalists popularized the term “PayPal mafia” to describe the PayPal founders and employees who left to start their own wildly successful tech companies, including Peter Thiel, Reid Hoffman, and Elon Musk. Drawing from that idea, this article seeks to cover the formation and flow of talent within the crypto landscape today.

The crypto world is in a constant state of flux, with new startups entrants joining the industry every single day. These new startups have the potential either to be superstars within a portfolio company or to start the next Coinbase. Additionally, there are already impressive spin-outs from some of the more established crypto companies.

For ease of framing, I’ve separated these early-forming mafias into four categories: CryptoTechWall Street, and Academia. Since 2009, there have been 186 spinout companies originating from those four categories (33% from Academia, 28% from Crypto, 24% from Tech, and 15% from Wall Street).

crypto mafias

Obvious but important disclaimer: this article does not intend to promote organized crime within crypto.

Criteria

We’re talking Kubernetes at TC Sessions: Enterprise with Google’s Aparna Sinha and VMware’s Craig McLuckie

Source: Tech News – Enterprise

Over the past five years, Kubernetes has grown from a project inside of Google to an open source powerhouse with an ecosystem of products and services, attracting billions of dollars in venture investment. In fact, we’ve already seen some successful exits, including one from one of our panelists.

On September 5th at TC Sessions: Enterprise, we’re going to be discussing the rise of Kubernetes with two industry veterans. For starters we have Aparna Sinha, director of product management for Kubernetes and the newly announced Anthos product. Sinha was in charge of several early Kubernetes releases and has worked on the Kubernetes team at Google since 2016. Prior to joining Google, she had 15 years experience in enterprise software settings.

Craig McLuckie will also be joining the conversation. He’s one of the original developers of Kubernetes at Google. He went on to found his own Kubernetes startup, Heptio, with Joe Beda, another Google Kubernetes alum. They sold the company to VMware last year for $505 million after raising $33.5 million, according to Crunchbase data.

The two bring a vast reservoir of knowledge and will be discussing the history of Kubernetes, why Google decided to open source it and how it came to grow so quickly. Two other Kubernetes luminaries will be joining them. We’ll have more about them in another post soon.

Kubernetes is a container orchestration engine. Instead of developing large monolithic applications that sit on virtual machines, containers run a small part of the application. As the components get smaller, it requires an orchestration layer to deliver the containers when needed and make them go away when they are not longer required. Kubernetes acts as the orchestra leader.

As Kubernetes, containerization and the cloud-native ethos it encompasses has grown, it has helped drive the enterprise shift to the cloud in general. If you can write your code once, and use it in the cloud or on prem, it means you don’t have to manage applications using different tool sets and that has had broad appeal for enterprises making the shift to the cloud.

TC Sessions: Enterprise (September 5 at San Francisco’s Yerba Buena Center) will take on the big challenges and promise facing enterprise companies today. TechCrunch’s editors will bring to the stage founders and leaders from established and emerging companies to address rising questions, like the promised revolution from machine learning and AI, intelligent marketing automation and the inevitability of the cloud, as well as the outer reaches of technology, like quantum computing and blockchain.

Tickets are now available for purchase on our website at the early-bird rate of $395; student tickets are just $245.

Student tickets are just $245 – grab them here.

We have a limited number of Startup Demo Packages available for $2,000, which includes four tickets to attend the event.

For each ticket purchased for TC Sessions: Enterprise, you will also be registered for a complimentary Expo Only pass to TechCrunch Disrupt SF on October 2-4.


We’re talking Kubernetes at TC Sessions: Enterprise with Google’s Aparna Sinha and VMware’s Craig McLuckie

Grab raises more money — again

Source: Microsoft more

Southeast Asia’s highest-capitalized startup is sitting on even more money from investors today after ride-hailing Grab announced it has raised $300 million from Invesco.

The deal takes Singapore-based Grab $7.5 billion raised to date. The money is part of its ongoing — feels-like-everlasting — Series H round which was started last June via a $1 billion capital injection from Toyota.

The round swelled to $4.5 billion thanks to contributions from a range of partners throughout 2018 and early 2019, then Grab said in April that it would add a further $2 billion to reach a $6.5 billion close before this year is out. This investment from Invesco is the first piece of that newest tranche to be announced, but there’s plenty happening under the surface, including a potential investment from PayPal, Ant Financial and others in a spinout of Grab’s financial services.

Grab declined to comment on the status of its Series H, and how much it has raised for the round so far.

Getting back to today’s news and, despite a relatively dry-looking announcement, there is an interesting takeaway to be found here.

Yes, this isn’t a SoftBank Vision Fund sized round — that $1.5 billion deal closed earlier this year — and it lacks the strategic significance of investments from backers like Toyota, Booking.com or Microsoft, but it does represent a doubling down on Grab from Invesco.

The firm merged with emerging market-focused fund Oppenheimer back in May. Oppenheimer — which has close to $40 billion in assets under management for its developing market fund alone — was among the participants in an initial $2 billion raise for that Series H, and now the merged entity is coming back to increase its position.

That first deal (from Oppenheimer) was $403 million, Grab said, so this new addition takes its spend on Grab to over $700 million. It also comes at an interesting time for the firm, which is reported to have reorganized its management team following the completion of the merger.

Based on that clearing of the decks/realignment, the decision to double down on Grab is a positive validation for the ride-hailing company. While it might not be a household name to those outside financial markets, Grab president Ming Maa played up Invesco as “one of the smartest investors in developing markets” in a statement released alongside news of the investment.

Grab acquired Uber’s regional business last year to become Southeast Asia’s undisputed ride-hailing leader, but it perhaps didn’t reckon on its local rival Go-Jek mounting a bid to finally expand its service regionally.

Having built a strong presence in Indonesia — where it pioneered ‘super app’ concepts like services on-demand and payments in the context of ride-hailing — Go-Jek has since expanded into Vietnam, Thailand and Singapore, with the Philippines also in its sights. Those moves were fuelled by investment from the likes of Tencent, Google and Warburg Pincus . As it seeks to go further and deeper in those markets, Go-Jek is currently raising a round for growth that is expected to reach $2 billion, half of which it said it had secured in January.

That accumulation of cash seemed to spark a call to arms for Grab, which turned its Series H into a gargantuan rolling round after increasing the overall round target first to $5 billion and then to $6.5 billion.

Uber may have decided to leave Southeast Asia, but the ride-hailing industry in the region is still as fascinating as ever.


Grab raises more money — again