IN FOCUS
Hello Demo,
How do you deal with failure?
One of the things Nex AI founder Jonathan Liem told me when I interviewed him for today’s top story stuck with me: Founders in the US seem far more comfortable sharing publicly that they’ve shut their company down.
In the country, he said, a shutdown prompts, “OK, so what are you doing next? Can I be helpful?” In Asia, founders tend to close their firms quietly, with no social media post. He stressed there’s nothing wrong with that; it’s just the market context.
That anecdote didn’t survive the edit, but I think it’s worth bringing up, as we can all learn a lot more from what didn’t go right than what did.
The points that made it into the final story on Liem’s decision to close Nex AI are well worth checking out for founders facing similarly tough decisions. His main advice? Ask if this is really something you can do for the next 10 years.
Also today, we take a look at our data on which AI startups in Asia have raised the most funding. No surprise, many of them are based in China.
Peter Cowan, engagement editor
TOP STORY
Why this founder killed his AI startup despite early success
 Image credit: Ulla Liem has a useful take on saturated markets. Don’t fear a crowded space, he argues, because competitors mean demand. He thinks an empty market means you’re either a fool or a genius.
He took that lesson from Nex AI, which helped enterprises turn messy, unstructured data into usable, structured data. He shut it down despite signing seven-figure deals.
A DATA STORY YOU SHOULDN’T MISS
Asia’s AI money map
 Image credit: Shutterstock Liem launched his AI startup in Singapore. But for his next venture, an AI-native optimization and brand visibility platform called Inflect, he’s set up shop in the US. It makes sense for an AI firm seeking funding, as that’s where most of the money is.
In Asia, though, China is the clear leader, according to our data on the continent’s top 50 funded AI startups. Twenty of the 50 biggest funding hauls on our list are Chinese or Hong Kong companies, led by Moonshot AI, the maker of Kimi.
Singapore is no slouch either, with five firms on the list, including video-generation startup PixVerse, healthtech and AI firm UltraGreen.ai, and data center provider BDx.
TRENDING NEWS
1️⃣ Singapore insurtech firm Igloo revenue rises 46% to $63m
The company, which provides digital insurance infrastructure, also saw its net loss narrow to US$6.73 million from US$17.1 million for the year ended December 31, 2025.
2️⃣ Cars24 eyes India IPO filing after Singapore reverse flip
The used-car marketplace expects to become eligible to file draft IPO papers in India by April after redomiciling in its home country.
3️⃣ China weighs Nvidia chip purchases by ByteDance, Alibaba
The two firms will reportedly be allowed to buy Nvidia’s RTX PRO 5500 chip, which is listed under Nvidia’s professional desktop graphics processing units, indicating it is a workstation product rather than a data center AI accelerator.
4️⃣ Flipkart Ventures backs AI startups Alive, Keploy
Alive, which offers an AI-powered platform for curated lifestyle experiences, and Keploy, a software testing startup, are both based in India.
5️⃣ Singapore proposes UN framework for AI safety rules
Foreign Affairs Minister Vivian Balakrishnan said common rules are needed amid risks from autonomous systems, AI-enabled biological weapons, or other weapons of mass destruction, among other issues.
BATTLE-TESTED LESSONS IN PARTNERSHIPS AND ECOSYSTEM GROWTH
The proof is in the pudding, as the saying goes.
When determining their company’s next steps, most business leaders want advice from somebody who has done the work themselves and knows what it’s like in the trenches – especially when there’s revenue at stake.
The same applies to navigating partnerships, ecosystem-led growth, and evolving customer expectations. Practical insights from those who have dealt with these situations are invaluable, which is what Zurich Edge’s invite-only executive roundtable will offer.
Taking place on October 8 in Singapore, the event will bring together founders and C-suite leaders for meaningful discussions on opportunities across the digital banking, wealth, travel, mobility, and tech sectors.
From ecosystem-led business models to customer experience, acquisition, engagement, and more, attendees will gain first-hand insights from like-minded innovators.
Seats are limited, and registration is by confirmation only. Apply for the event here by October 2.
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.
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