Asean Digest: Schneider inks pact with EDB – Prime Commerce fundraiser

November 07 02:16 2019

Schneider Electric has partnered Singapore’s Economic Development Board to create a new venture building programme while Vietnam’s SME platform Prime Commerce has raised an undisclosed sum.

Schneider Electric inks pact with Singapore’s EDB

Schneider Electric on Wednesday announced an MoU with the Singapore Economic Development Board (EDB) to create a new venture building programme focused on fostering innovation-led enterprises in the city-state.

The global specialist in energy management and automation will commit at least S$16 million ($11.7 million) over the next four years to incubate and develop Singapore-based companies that have a proven potential to scale.

It will also bring its expertise in energy management, industrial automation and digital transformation to help these companies go global.

“Singapore is a hub for innovation and we look forward to working with talented entrepreneurs to build new technology and business models,” said Emmanuel Lagarrigue, Schneider Electric’s Chief Innovation Officer.

Vietnam’s Prime Commerce raises pre-seed funding

Vietnam’s e-commerce solutions platform Prime Commerce has raised an undisclosed amount in pre-seed financing led by Japan-based Internet advertising services provider Rentracks.co.jp Inc and Singapore investment firm Maffin Inc.

Singapore-based Soltec Investment and some angel investors also participated in this round.

While the amount of this pre-seed round was not disclosed, we have learnt that it could be around $500,000.

Founded in May 2018 by Han Mac and co-founders, Prime Commerce offers end-to-end e-commerce strategy and solutions for brands and SMEs who would like to transform their business online.

Prime Commerce uses machine learning & artificial intelligence (AI) technology to help brands and SMEs to do online business more effectively on social network. The company claims that it is now working with several international clients such as Huggies, Budweiser, Hoegaarden, Soy Secretz, Dutch Lady, etc.

About Schneider Electric

Schneider Electric is leading the Digital Transformation of Energy Management and Automation in Homes, Buildings, Data Centers, Infrastructure and Industries. With global presence in over 100 countries, Schneider is the undisputable leader in Power Management – Medium Voltage, Low Voltage and Secure Power, and in Automation Systems. We provide integrated efficiency solutions, combining energy, automation and software. In our global Ecosystem, we collaborate with the largest Partner, Integrator and Developer Community on our Open Platform to deliver real-time control and operational efficiency. We believe that great people and partners make Schneider a great company and that our commitment to Innovation, Diversity and Sustainability ensures that Life Is On everywhere, for everyone and at every moment.

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