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Hello reader, Recently, former BRI Ventures CEO Nicko Widjaja lost his appeal against his corruption conviction. The ruling is part of the TaniHub case, which centers on investments in the failed agritech startup by Indonesia's state-owned VCs. Questions remain over whether failed investments by these VCs can be considered state losses. This has also put their other investments at risk of coming under scrutiny. Since the TaniHub case emerged, state-owned VC firms have not made any new investments in tech startups. One player, Mandiri Capital Indonesia, has shifted its focus beyond tech by investing in consumer brands. In today's Top Story, I look at the current and future prospects of Indonesia's state-backed VCs amid legal risks and the ongoing restructuring of state-owned enterprises by Danantara. Over 100 startups in Indonesia have received funding from state-owned VCs. Their inactivity could further shrink the country's funding pool, especially with MDI Ventures reportedly being put up for sale. At the same time, foreign investors are hesitant to invest in Indonesia amid the current conditions. This is also part of a broader slowdown in foreign investment pouring into Southeast Asia. According to data we've collected, the number of foreign investors deploying capital in the region has fallen 29% over the past 12 months. Still, while some players are pulling back, others are still making bets on the region. Check out the full figures and insights in today's visual story. Jofie Yordan, journalist |
TOP STORYFrom big tech to cakes: Indonesia's state VCs retreat to safety  Indonesia's state-backed VCs have slowed their investment activity, making it even more difficult for the country's startups to secure capital. Prosecutions are also changing how these funds assess risk, with state-owned VCs becoming more hesitant to make early-stage bets. Meanwhile, sovereign wealth fund Danantara's restructuring of state-owned enterprises raises questions over whether these VCs will retain their role in Indonesia's tech ecosystem. |
A VISUAL STORY YOU SHOULDN'T MISSForeign VC money is getting more selective in Southeast Asia  While Indonesia's startups are finding it harder to get funding from state-owned VCs, Southeast Asia as a whole is seeing less activity from foreign investors. Most of the region's markets received less investments from foreign VCs in the past 12 months compared to the same period the previous year. Singapore, for instance, saw 193 foreign investment deals in the past year, down from 241 in the year-ago period. However, there are some names that continue to hedge their bets in Southeast Asian startups. India-based Peak XV Partners and US-based 500 Global were two of the most active foreign VCs in Southeast Asia over the past year, with each making six investments during the period. Two Japanese investors were also relatively active: Cool Japan Fund made four deals, while SBI Holdings made three. While these numbers may seem modest, they reflect something closer to the "new normal" for Southeast Asia's startup ecosystem after a prolonged tech winter, where investors are making fewer and more selective bets. |
TRENDING NEWS1️⃣ Anthropic drops pursuit of $6b Decart AI deal The Claude maker has reportedly decided not to push through with the acquisition after conducting due diligence. Decart's software helps chips run AI training and inference more efficiently. 2️⃣ Xendit promotes CFO Nazim Ali to president as it expands globally Ali will oversee the payments firm's legal, risk, compliance, and operations. He will also continue to lead Xendit's global go-to-market efforts, with the Indonesia-based company looking to expand beyond Southeast Asia. 3️⃣ Chinese memory chipmaker Longsys raises $903m in HK debut The company plans to use most of the proceeds to expand its R&D efforts in chip design and advanced memory products. 4️⃣ Malaysia eyes Huawei chips for $494m sovereign AI project The project aims to keep sensitive government data within the country as well as to expand local AI infrastructure. This comes after the US' warning against the use of Huawei chips. 5️⃣ India's Udaan to acquire Swiggy-owned Lynk for $53m Following the deal, Swiggy will have a 3.2% stake in Udaan. The acquisition comes after Udaan's recent US$160 million recapitalization exercise. |
MEET THE PEOPLE SHAPING SOUTHEAST ASIA'S AI SCENEAn evening for venture-backed AI founders and investors  Join HSBC Innovation Banking and Tech in Asia for an exclusive networking dinner on September 15, where we bring together a curated group of venture-backed AI founders, senior leaders, and venture investors from Singapore and Southeast Asia. Over dinner, connect with peers building and investing in AI, exchange perspectives on the market, and explore opportunities across the region, whether you're scaling in Singapore, expanding into new markets, or looking for your next investment. Attending companies include Intelligent Lab AI, Singtel Innov8, Kinobi AI, M Venture Partners, and Altara Ventures. This event is exclusive to Tech in Asia Conference 2026 General, Pro, and VIP pass holders. Capacity is limited and all registrations are subject to approval. Have a conference pass? Register your interest here. |
PRESS PEEKS The following press releases were published as they were received, without any editing from the Tech in Asia team. You, too, can publish your own press release on our site by simply filling out this form. Our team will get back to you by the next business day. |
EVENTS HAPPENING You can also check out our curated list of trending tech events and Tech in Asia's signature events.  | More ways to connect at the conference Extend your Tech in Asia Conference 2026 experience this September 15 at AWS Happy Hour. It gathers founders, investors, enterprise leaders, and startup partners over drinks. Make new introductions, continue the day's conversations, and explore potential investments, partnerships, and collaborations in a relaxed networking setting. Have a conference pass? Register your interest for AWS Happy Hour. |  | Scaling AI across teams Move beyond individual AI use and explore what it takes to turn adoption into meaningful business impact. Join Notion for a curated session that brings together senior tech, transformation, operations, and IT leaders to exchange perspectives on scaling AI across teams, identifying high-friction workflows, and measuring impact beyond time saved. This event is open to Tech in Asia Conference 2026 General, Pro, and VIP pass holders, with attendance subject to approval. Register your interest now. |  | China's next global move Taking place on September 15 at the Tech in Asia Conference 2026, this exclusive luncheon gives you an early look at the report "Chinese Companies' New Playbook for Going Global" and gives you access to a moderated discussion on China's AI innovation, global expansion, and what these shifts could mean for Southeast Asian businesses. Already have a pass? Register your interest for the luncheon. |
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