Sizing up GIC's investment footprint

This week’s On the Rise dives into GIC’s investments, Openspace’s deal exit, why Mekong Capital doesn’t back startups, and AI photo editor DragGAN. [Read from your browser]( On the Rise 🚀 Welcome to On the Rise! Delivered every Tuesday via email and through the Tech in Asia website, this free newsletter breaks down the biggest stories and trends in emerging tech. If you’re not a subscriber, get access by [registering here](. --------------------------------------------------------------- IN FOCUS In today's newsletter, we look at: - A map of investments made by Singapore’s GIC - Openspace’s decision to pull out of a funding round for Indonesia-based Aruna - Mekong Capital partner Chad Ovel’s outlook on Vietnam’s startup scene - Google and MIT-backed AI-enabled photo editor DragGAN Hello {NAME} As someone who spends a good deal of time on YouTube, I have a lot of favorite video series. One of them is [Over/Under](. It’s a series run by music publication Pitchfork where the interviewers ask a range of celebrities - from legendary soul singer Smokey Robinson to pop star Dua Lipa - whether certain concepts are overrated or underrated. This inspired me to label some of the things I’ve come across in my daily life. Cow’s milk, Pulp Fiction, and TikTok? Overrated. Rice milk, After Hours, and peace of mind? Criminally underrated. Now, I’m not saying that Temasek is overrated - it deserves all the attention and praise it gets for the returns it makes - but GIC definitely falls in the underrated camp. Last year, both Singapore state funds topped the list of most active global sovereign investors, so the latter can definitely hold its own. In this week’s Big Story, my colleague Nikita maps GIC’s global investments. The Singapore sovereign wealth fund emphasizes diversification and caution, primarily focusing on investing in listed companies, with most of its bets being located in the US. Deploying US$40.3 billion in 2022, it’s invested in startups like Traveloka, Cred, Ola, Bibit, and Nansen. Speaking of startups, in this week’s second Big Story, my colleague Collin details Openspace Ventures’ decision to pull out of Indonesian aquaculture startup Aruna’s series B round. Through a special purpose vehicle, the venture capital firm withdrew from its share subscription agreement with Aruna on “amicable terms.” Funding rounds for startups can be tricky to navigate, and though VCs have become the natural benefactors for these early ventures, traditional private equity firms, such as Mekong Capital, cannot be left out of the conversation. My colleague Huong speaks with the firm’s partner, Chad Ovel, on Vietnam’s local tech and startup ecosystem in Making Waves. For this week’s AI Odyssey, I look at DragGAN, the AI project that allows editors to manipulate 2D images as if they were 3D models, and explain the tech behind it. -- Shadine  --------------------------------------------------------------- THE BIG STORY 1️⃣ [Mapping GIC’s influence in the tech ecosystem]( In 2022, GIC invested US$40.3 billion into companies globally, 17% more than in 2021. We chart its bets in the tech space and look at its investment strategy. 2️⃣ [Openspace pulled plug on Aruna deal at the last moment]( Openspace Ventures, which was leading the round, is legally in the clear to pull out of the agreement. However, this is usually frowned upon in the industry.  --------------------------------------------------------------- MAKING WAVES [Why this Vietnamese PE firm doesn’t bet on startups]( Mekong Capital partner Chad Ovel says there’s an overhang in valuation expectations among many predominantly tech businesses in Vietnam.  --------------------------------------------------------------- AI ODYSSEY Promising AI projects we’re noticing Unleash the DragGAN In art history, perspective took a long time to master for painters. Across prehistory, antiquity, and the Middle Ages, scenes were formed using mere guesswork, ignoring conventions of depth and space. [It wasn’t until the 1410s]( - during the Italian Renaissance when architect Filippo Brunelleschi painted the Florentine streets - when linear perspective was introduced into the mainstream artworld. This is an integral part of artistic composition, with painters and photographers studying methods to obtain the most accurate, aesthetically pleasing results. However, with [DragGAN]( even the most inexperienced of rookies can now articulate their vision through spatial manipulation. Created by researchers from the Max Planck Institute for Informatics, Google, MIT CSAIL, and Saarbrücken Research Center, the program allows users to shift objects in photos and illustrations to warp perspectives. This is done [by plotting]( “handle” (red) points as well as “target” (blue) points on a 2D image and simply dragging on the handle points to spatially morph the image. DragGAN supports a range of subject matter, including landscapes, humans, animals, and cars. For portrait editing, it also allows users to change facial expressions, haircuts, poses, and lighting. Additionally, users can isolate areas in the picture using a masking tool, leaving the rest undisturbed. As hinted at in its name, the tech uses [generative adversarial networks]( (GANs), which can be used to generate realistic images, text, music, videos, and 3D objects from scarce data. GANs work by pitting two neural networks - a “generator” and a “discriminator” - against each other. The generator is trained on purely real data and taught to generate new data similar to what it has learned. On the other hand, the discriminator is fed both real and generated data, and is taught to differentiate between the two. As both carry out their tasks, they become more sophisticated, leading to the generator creating output that is computationally indistinguishable from real data. Initially introduced by [Goodfellow et. al in 2014]( the algorithm has since been used to power popular applications such as text-to-image generators DALL-E 2 and Midjourney. With this project, Google has yet another notch on its belt in its [AI race against Microsoft]( or even Adobe, [with its new Firefly offering](. Just as with any generative AI tool, GAN-based programs such as DragGAN can be a powerful means for disinformation by creating realistic deepfakes, whether it be through false audio, photos, or videos. Regardless, this has opened up a whole host of possibilities for photographers, editors, marketers, and novice artists. DragGAN can even be used as a companion app for AI-generated images, which can be more simply manipulated without typing in extra keywords. Photoshoots will also become more efficient, as quick fixes can be made in the post-production process. Unlike Photoshop, which requires a fair bit of knowledge and experience to master, DragGAN is intuitive. It empowers individuals to easily create professional output through its more sophisticated yet accessible interface. Currently, only a research paper is available for the project, and DragGAN is not yet available for public use in its final form. -- Shadine  ---------------------------------------------------------------  NEWS YOU SHOULD KNOW Also check out Tech in Asia’s coverage of the emerging tech scene [here](. 1️⃣ [IVF for less]( Peter Thiel-backed Generation Prime has launched its first IVF clinics in Kuala Lumpur and Bangkok. Looking to offer affordable fertility health services, the firm is aiming to launch a total of 15 clinics across Southeast Asia in the next three years. 2️⃣ [Investors see no reservations for Zuzu’s potential]( Singapore-based startup Zuzu Hospitality has raised US$9 million in its series B round led by SoftBank Ventures Asia. The firm offers revenue management, distribution, and payment solutions to independent hotels. 3️⃣ [EFishery cops some serious clams]( EFishery, an Indonesia-headquartered aquaculture firm, has raised US$108 million in its series D round led by 42xfund, bringing its post-money valuation to US$1.3 billion. 4️⃣ [Zoomcar waves goodbye to Vietnam]( India-based car-sharing firm Zoomcar has exited Vietnam, citing unfavorable market conditions. The startup launched in the country in 2021. 5️⃣ [A go on the espresso]( Jumpstart Coffee, a smart coffee machine manufacturer, has bagged an undisclosed amount of funding from Cool Japan Fund and Living Lab Ventures. The Indonesia-based startup says its revenue grew 400% in the second half of 2022 compared to the same period in 2021.  --------------------------------------------------------------- FYI [This startup founder is seeing success in Ipoh]( PTT Outdoor founder Mike Chu Chin Hong speaks on why the little-known Malaysian city was the right place to set up shop.  ---------------------------------------------------------------  That’s it for this edition - we hope you liked it! Do also check out previous issues of the newsletter [here](. Not your cup of tea? You can unsubscribe from this newsletter by going to your “edit profile” page and choosing that option in our preference center. See you next week! [ADVERTISE]( | [SUBSCRIBE]( | [HIRE]( | [FIND JOBS]( P.S. Don't miss out on the biggest tech news and analysis. Add newsletter@techinasia.com to your address book, contacts, or safe sender list. Or simply move us into your inbox. Too many emails? 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