Inside the rise and fall of Malaysia’s Fusionex

More: Fintech unicorn Xendit announces layoffs. [Read from your browser]( Daily Newsletter Welcome to Tech in Asia's free Daily Newsletter! Get full access to our subscribers-only Daily Newsletter and other insightful analysis on the big and messy topics of Asia’s tech and startup community by [registering here](.  --------------------------------------------------------------- IN FOCUS In today's newsletter, we spotlight: - [How Malaysia’s Fusionex went from success story to liquidation]( - AC Ventures closes its fifth fund with US$210 million raised - Other newsy highlights such as payments firm Xendit announcing layoffs --------------------------------------------------------------- Hello {NAME} How many companies can claim to be versatile enough to make the world’s most famous [“personal massager”]( and all manner of heavy machinery and defense systems? Japanese firm Hitachi is a great example of the benefits of diversification for a conglomerate. So when the company acquired Malaysian data analytics firm Fusionex in 2020 to push into AI and big data, it was probably expecting another easy win. After all, Fusionex was, despite some bumps in the road, a Malaysian success story with clients like computer giant HP and AirAsia on its roster. Its founder, Ivan Teh, was even named entrepreneur of the year by Ernst & Young in 2014. However, as today’s premium story by my colleague Emmanuel explores, Hitachi soon discovered all was not as it seemed at the company. Now, Fusionex is to be liquidated, and the fallout may be far from over. -- Peter  ---------------------------------------------------------------  THE BIG STORY [Once a Malaysian success story, Hitachi’s Fusionex comes crashing down]( The Japanese conglomerate bought the company as part of its big data/AI push, only to find out that things were not as rosy as it seemed. --------------------------------------------------------------- TRENDING NEWS [Xendit slashes workforce in bid for efficiency, growth]( While the Indonesia-based fintech firm did not give an official headcount, a source told Tech in Asia that the number could reach over 300. [AC Ventures hits $210m in final close of fifth fund]( Key investors include the International Finance Corporation and financial institutions from the US, the Middle East, and North Asia. ---------------------------------------------------------------  VISUAL STORY OF THE DAY [Capital SEA: Southeast Asia’s funding landscape]( Who are the new active investors on the block? Which funding rounds look like outliers? 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