Venture Capital – Tags Area Wed, 23 Nov 2022 05:37:32 +0000 en-US hourly 1 Venture Capital – Tags Area 32 32 Siam Capital talks about sustainability in venture capital investment Wed, 23 Nov 2022 01:03:43 +0000

Investing in sustainability does not mean a trade-off that impacts returns. On the contrary, it represents one of the greatest opportunities for wealth creation, says Sita Chantramonklasri, founder and general partner of New York-based venture capital firm Siam Capital.

“People have always looked at sustainability as a kind of active trade-off. The reality is that no sustainable solution is viable in the long term if it’s not also cost-competitive,” Chantramonklasri told PitchBook in sidelines of the Web Summit technology conference in Lisbon, Portugal, on November 4.

Founded in 2021, Siam Capital focuses on supporting startups in the consumer technology and sustainability sectors. Recent company investments include e-bike maker Cowboy; Evereden, a producer of anti-allergy baby care products; and Helaina, a producer of synthetic breast milk.

Chantramonklasri notes that while consumers are unlikely to opt for sustainable alternatives if it means paying a higher price, there are now many examples of companies offering sustainable and cost-effective alternatives.

“It’s not just about climate. It’s not just about energy. It’s about preparing for this next wave of transition,” added Chantramonklasri, stressing the importance of innovations in areas like agtech – one of Siam’s first investments was Ecovative, a company that uses mycelium. to develop textiles, sustainable packaging and alternatives to plastic.

“We have this assumption that we’re going to run out of arable land. The resources are going to run out. How do we find different solutions that are also more cost-competitive, better for the consumer, but also better for the planet?”

Neste and Asahi Kasei Partner with Venture Capital Firms to Invest in Material Flow Tracking Solution | Article Thu, 17 Nov 2022 08:59:39 +0000

Neste, Brightlands Venture Partners, 4 Impact VC and Asahi Kasei have announced a combined €11 million investment in Dutch startup Circularise, which develops digital solutions that improve the traceability and visibility of material flows along supply chains. value.

“There is an urgent need for new, scalable, end-to-end digital solutions to trace renewable and recycled material flows, providing increased transparency along value chains.

“Circularise provides innovative solutions to address this need, and we are excited to help them accelerate the critical transition to circular solutions,” said Lars Peter Lindfors, senior vice president of innovation at Neste.

With its blockchain-based digital product passports, Circularise aims to enable customers to improve resource utilization, verify provenance, conduct carbon footprint and supply chain impact assessments. supply.

This is relevant in complex supply chains such as those for polymers, chemicals, plastics, metals and critical raw materials. Additionally, the company provides a solution for mass balance accounting, hoping to support the shift from fossil raw materials to sustainable alternatives in the plastics and chemicals industry.

Circularise says its solution helps suppliers share sensitive data, such as material composition, environmental footprint or ACL data, without risking privacy and confidentiality. This is achieved through technology, which allows providers to control what data they wish to share.

Circularise co-founder, Jordi de Vos, said: “We are pleased to welcome Neste, Brightlands Venture Partners, 4impact and Asahi Kasei as investors. Our mission has always been clear: to accelerate the transition to a circular economy through traceability and supply chain transparency.

“This funding round allows us to evolve our commercial operations, our products, our R&D as well as to expand our international team. This will not only accelerate our growth as a leading software provider for supply chain traceability, but will also support the transition to a circular economy globally.

The capital injection agreement has been signed and the completion of the investment is subject to customary closing conditions. The investment is complemented by grants from the European Commission.

“Brightlands Venture Partners is thrilled to conduct this Series A with such a strong consortium of VCs and industry players. The Circularise team truly understands the challenge of bringing transparency to the chemical industry’s complex supply chains and has developed a unique portfolio of tools to enable and facilitate this transition.

“We believe that combining the unique skills of the Circularise team with the deep industry expertise of Brightlands Venture Partners will enable Circularise to accelerate supply chain transparency in the chemical industry,” said Mary McCarthy, Partner at Brightlands Venture Partners.

Made in emerging Europe: Firstpick, Airly, Yaga Mon, 14 Nov 2022 09:00:12 +0000

Emerging Europe’s start-up scene is thriving: new funds and new ideas are constantly coming to market. To keep you up to date with the latest investments, innovations, events and accelerators, every week Emerging Europe gives you an overview of the news of start-ups in the region.

Firstpick: a seed venture capital fund for Baltic tech start-ups

There is a new investment fund dedicated to the Baltic countries: First choicelaunched last week by a group of Lithuanian investors.

A seed-stage venture capital fund focused on tech start-ups, Firstpick intends to invest €20m and is backed by limited partners including Lithuanian state-funded fund INVEGA and a number number of business angels, founders and members in the region. technology community.

According to Jonė Vaitulevičiūtė, Managing Partner of Firstpick, the fund aims to provide consistent funding during the pre-seed phase, allowing start-up founders to fully focus on business development instead of seeking new sources of funding.

“By managing two funds in the period between 2019 and 2022, we have noticed that there is a lack of consistent seed investments, which are crucial for start-ups to grow from seed products to generate substantial income,” says Vaitulevičiūtė.

“That’s why we’ve launched a pre-seed venture capital fund that will work with startups from their inception until they’re ready for seed funding. We’ve tested this strategy by investing in start-ups like kevin., Ondato, Watalook and Heavy Finance with the previous fund.This is also why half of Firstpick’s assets are dedicated to follow-on investments and co-investments.

Another partner, Marijus Andrijauskas, says that while this year Baltic start-ups have already attracted €1.5 billion in investment, which means the region is on track to match the outcome of the Last year, 82% of this sum was invested in Estonian companies. -UPS.

“We see a huge demand for venture capital investments in Lithuania, especially for early stage startups, and we are ready to fill this gap, he said.

Aerial & Yaga

There was new funding last week for Aira Krakow-based cleantech startup, which raised US$5.5m in Series A funding in a seed round led by firstminute capital and Pi Labs with participation from Sir Richard Branson Family Office, AENU, Untitled, Cal Henderson, Marcin Zukowski, Semapa Next, and TO Ventures.

Airly intends to use the funds to accelerate its growth, expand operations and market reach.

Led by Founder and CEO Wiktor Warchałowski, Airly offers a complete SaaS solution for air quality monitoring and control via a proprietary sensor network providing real-time air quality data. Its platform provides air quality monitoring solutions to local governments, businesses and local communities in more than 40 countries.

Last week, a second-hand fashion store founded in Estonia also raised funds Yaga.

Yaga has raised €2.2m to expand into African and Asian markets in a round led by Startup Wise Guys, while Estonian firm Trind Ventures and Specialist VC and Latvian venture capital Rubylight have also invested.

“While recycling has long been on the rise in Europe and Vinted, which is of Lithuanian origin, has become a unicorn worth four billion euros, the trend in African countries is not. in its infancy and is closely following our trend. In South Africa alone, we see an opportunity to grow our business tenfold,” says Aune Aunapuu, co-founder of Yaga.

Photo: Aerial.

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Venture Capital signs a €35 million investment agreement with 2 fund managers to support SMEs Thu, 10 Nov 2022 08:54:52 +0000

The Venture Capital Trust Fund (VCTF) has reached an agreement with two fund managers, Mirepa Investment Advisors and Wangara Green Ventures, to disburse some 35 million yen to more viable small and medium enterprises.

The support, known as the Startup Catalyst Fund, brings the total deployment of capital towards SME financing to €60 million in two months.

Speaking to Joy Business, managing director of Venture Capital Trust Fund, Yaw Owusu-Brempong said the initiative aims to boost local production as part of measures to control the rate of depreciation of the cedi.

“We are at a time where, because of what is happening to the cedi, if we start consuming made in Ghana, there will definitely be less pressure on the cedi, he said.

Mr Owusu-Brempong added “so most of our funds are going to focus on agricultural processing as well as environmentally conscious businesses like waste management”.

Fund managers

Mirepa Investment Advisors and Wangara Green Ventures were selected through a competitive process for their expertise and ability to provide the necessary support to identified SMEs while accelerating growth.

In an interview with Joy Business, a Mirepa representative said the investment couldn’t have come at a better time.

“For us, this is an exciting time as this is the time when we believe we should be supporting local businesses, especially given what is happening with the macroeconomic situation in Ghana,” he said. .

For his part, Ebenezer Arthur de Wangara said that over the next five years, the firm expects to have crossed 10 million in assets under management, having backed more than 20 companies and expanding its own investment activities beyond the Ghana and helping local businesses to expand beyond the sub-region.

“We believe that Ghana needs to build its economy but build it in a green way and that is why we are supporting these green businesses to ensure that we are building a green economy and not just for fun,” he said. he adds. .

The CEO of Venture Capital Trust Fund said his company intends to deploy around 100 million yen by the end of 2022.

Director of the Finance Ministry’s Financial Sector Division, Sampson Akligoh, described the VCTF investment as timely, adding that it comes at a time when the country continues to struggle with external factors that have enabled the recovery. economic impact of Covid -19 pandemic difficult.

The ministry “looks forward to SMEs becoming aware of their climate footprint and their impact on the environment,” he said.

Future disbursement

Over the next five years, VCTF intends to deploy €1.5 billion to support SMEs.

“With this amount, we intend to leverage approximately 5¢ for every 1¢ spent, thereby increasing the capital pool for financial industry stakeholders,” the CEO said.

He added that his team will continue to support the development of the VC/PE ecosystem through a technical support service.

VCFT intends to build the capacity of the next generation of fund managers through a newly developed flagship program such as the Fund Manager Development Program (FMDP) with the support and partnership with Ghana Venture Capital and Private Equity Association (GVCA) and the Venture Capital Analyst Program (V-CAP) to build the analytical skills of young graduates for jobs in private equity and venture capital.

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Investors flock to venture capital despite market downturn Fri, 04 Nov 2022 12:00:00 +0000

Investors backing venture capitalists continue to pour money into the sector, eager for access to hot tech startups even as the industry sinks into a bear market.

Venture capital funds raised $151 billion in the first three quarters of this year, outpacing any previous full-year fundraising, according to newly released information from PitchBook Data Inc. The money has been concentrated in fewer and larger funds, such as Sequoia Capital’s $2.25. billion and Lightspeed Venture Partners’ $7.1 billion from July. But even rookie fund managers, who tend to struggle in downturns, have so far shown resilience. Newcomer funding is on track to match or surpass nearly every year before 2021, according to PitchBook.

The push hit a record near $300 billion in so-called dry powder, or free money to spend.

Many family offices, sovereign wealth funds, funds of funds and other so-called sponsors remain staunch supporters of venture capital firms, believing that tech trends such as cryptocurrency and artificial intelligence will survive any economic downturn. Historically, venture capital has offered better returns than other asset classes, even in times of recession. Venture capitalists are still hoarding larger sums of money than ever before, despite the widespread decline in tech stocks and lingering inflation.

“We are actively writing checks, said Michael Kim, founder of Cendana Capital, which invests in early-stage venture capital funds. Mr. Kim said his company’s pace of investment remains as active as it was at the height of the pandemic – early-stage startups are more insulated from macroeconomic trends.

“I think venture capital is in a good place,” he said. “There is enough capital.”

There will definitely be pain along the way. Venture capitalists will have to write down their portfolios to reflect declines in public markets. With few opportunities for startups to go public, there will be fewer exits for venture capital funds and less money to return to their sponsors. Venture capital partners said they expect valuations of some startups to stagnate for years and the number of startups in their portfolio that fail to increase by around 10%.

“I spend a lot of time thinking about companies that might run out of money,” said Chris Douvos, founder of Ahoy Capital, a fund that backs early-stage venture capital firms.

The partners in the venture capital firm decide how to invest the money and collect a fee from the sponsor based on the amount of money they manage. Venture capitalists will need some of that money to back their existing portfolio companies — some say they waste 30%-40% of their funds on startups that might struggle to raise money from new ones. investors. But there will be plenty left to spend on new offerings, they say, when the price is right.

PitchBook’s research in 2022 includes funds that were partly raised in the friendlier 2021 market – an average venture capital fund takes about a year to raise. Yet the momentum has not waned. In September, Bessemer Venture Partners closed a $4.6 billion financing and Scale Venture Partners closed a $900 million fund; in October, Lowercarbon Capital announced a new $250 million fund.

Tusk Venture Partners, co-founded by political strategist and startup investor Bradley Tusk, is expected to start raising a new fund in the first quarter, after closing one in April, according to a person familiar with the matter. Cybersecurity-focused venture capital firm Forgepoint Capital is raising a new fund of up to $750 million, according to a securities filing. Traders from Tiger Global Management LLC and Coatue Management LLC recently left to raise their own seed money.

Over the summer, Sarah Guo decided to launch her first fund, Conviction. Ms Guo, who spent nearly a decade at venture capital firm Greylock Partners, said she raised $101 million in nearly three months. She said at least one sponsor asked her if she was crazy about starting a fund during a downturn.

“You just become immune to all the reasons why you shouldn’t be doing something at any given time,” Ms Guo said. She added that she expects her fund to perform much better than if she launched it when valuations were higher and she would have overpaid for startups.

Venture capital has outperformed other asset classes in previous down cycles. About 75% of venture capital funds raised from 2007 to 2016 beat the Russell 2000 during that time, and about 60% beat the S&P 500, according to a 2021 research paper published in the Harvard Business Review. According to a University of Miami study, venture capital returns during the dot-com crash and recession of 2007-09 recorded an average gain of 16%, while the S&P 500 lost 12% and the Nasdaq fell 18%.

Yet the months-long plunge in public stocks has left some university endowments and public pensions overexposed to venture capital, where on-paper valuations remain grossly inflated. Now, some of these funds have illiquid asset allocations that far exceed the amount that investment managers had targeted or their investment policies allow. A recent survey by investment bank Jefferies Financial Group Inc. found that some asset managers, including endowments and pension plans, are less interested in venture capital investments in 2022 than in previous years. . Jefferies concluded that there was a “limited appetite” for adventure among survey participants.

The withdrawal of some major asset managers has given way to an influx of sponsors from Europe, China, the Middle East and Singapore. Many Asian funds have offices in Singapore, and several venture capitalists said they had traveled there in the past two months to seek funding. Sovereign wealth funds have approached venture capital firms more frequently as many have abundant capital thanks to gains from high energy prices, venture capitalists and lawyers working on deals have said. of financing.

Sponsors say they are more selective about who gets their money. Some want venture capital funds to spend their money more slowly and demand due diligence on transactions, the makers said.

“There’s more time for information, and it feels clearer and healthier,” said Beezer Clarkson of Sapphire Partners, which funds early-stage venture capital firms. She said Sapphire has maintained its pace of investments this year, including funds focused on cryptocurrency and digital assets. “You have to invest in down cycles as well as up cycles,” she said, “because you don’t know when the next 10-year bull market is going to start.”

—Heather Gilles contributed to this article.

From DJN

]]> VCF partners with Hula venture capital fund to invest in tech start-ups Tue, 01 Nov 2022 13:23:50 +0000

Innovation and economic development in Vermont supported by a new source of early-stage tech funding

Vermont Business Magazine The Fund in Hula, a venture capital firm that invests in early stage and early-stage technology startups, has partnered with the Vermont Community Foundation (VCF) to create a new fund, VCF in Hula. This collaboration brings together two entities that share a commitment to advancing the state’s economic and community development. Returns from VCF investments in Hula are reinvested into the specific charitable funds that participate, increasing their future grantmaking capacity to have a greater impact in the community.

The Vermont Community Foundation manages and invests donor-advised funds and other funds for more than 900 Vermonters and Vermont organizations, primarily for charitable purposes. The new VCF at Hula fund was created to provide Community Foundation fundholders with the opportunity to invest charitable assets in growth-stage Vermont businesses.

VCF in Hula will prioritize investing in local startups that have the greatest potential to generate investment returns, create Vermont jobs, advance economic activity, and effect positive change with innovative solutions for their respective industries. VCF in Hula aims to raise $3 million and is open for additional elective participation through December 15, 2023.

Dan Smith, CEO of the Vermont Community Foundation, said, “We are thrilled to have the opportunity to partner with the Fund at Hula. This strategy is a key part of our growing commitment to investing in mission in Vermont communities. We know that the long-term vitality of the state relies on the growth of innovative businesses that can foster economic resilience and the growth of good jobs, both critical to closing the opportunity gap. I am convinced that the ripple effect will be felt throughout the region.

Hula’s fund, launched by entrepreneur Russ Scully and CEO Robert Lair, is known for its seed, Series A and venture capital investments in technology companies. The Fund has backed over 20 Vermont-based startups over the past three years, such as BETA Technologies, Benchmark Space Systems, Coremap Medical and many more. The mission of the Vermont Community Foundation is to inspire giving and bring people and resources together to make a difference in Vermont. The Community Foundation and its partners put more than $60 million a year to work in communities across Vermont and beyond.

Hula is a technology-focused coworking space, business incubator, and venture capital firm focused on uplifting Vermont-based startups and entrepreneurs. The Fund at Hula supports innovative founders and disruptive technologies through mentorship, connectivity and access to capital. The fund primarily makes seed, Series A and early-stage venture capital investments in technology companies covering sectors such as green technology, medical technology, artificial intelligence, software as a service and battery technology. The Fund has supported more than 20 Vermont-based companies over the past three years. With increased venture capital activity in the Northeast, the Fund is now investing more broadly in northern New England.

The Community Foundation was established in 1986 as an enduring source of philanthropic support for Vermont communities. A family of more than 900 funds, foundations and support organizations, they make it easy for people who care in Vermont to find and fund the causes they love. The Community Foundation and its partners put more than $60 million a year to work in communities across Vermont and beyond. The core of the Community Foundation’s work is to close the opportunity gap, the gap that leaves too many Vermonters struggling to get ahead, no matter how hard they work.

BURLINGTON, Vermont (November 1, 2022) – The Community Foundation

10X Capital Venture Acquisition Corp. II (NASDAQ:VCXA) sees significant growth in short-term interest Sat, 29 Oct 2022 19:19:17 +0000

10X Capital Venture Acquisition Corp. II (NASDAQ:VCXA – Get Rating) was the target of strong short-term interest growth during October. As of October 15, there were short interests totaling 1,600 shares, a growth of 23.1% from the total of 1,300 shares as of September 30. Based on an average trading volume of 62,100 shares, the short-term interest rate ratio is currently 0.0 day.

Price performance of 10X Capital Venture Acquisition Corp. II

VCXA traded down $0.01 on Friday, reaching $10.04. The stock had a trading volume of 500 shares, compared to an average trading volume of 20,324 shares. The company has a 50-day moving average of $10.00 and a 200-day moving average of $9.93. 10X Capital Venture Acquisition Corp. It has a fifty-two week low of $9.74 and a fifty-two week high of $10.88.

Institutional entries and exits

Several institutional investors and hedge funds have recently changed their positions in the company. Royal Bank of Canada has taken a new position in 10X Capital Venture Acquisition Corp. II in the first quarter worth about $53,000. Bulldog Investors LLP has acquired a new stake in 10X Capital Venture Acquisition Corp. II in the second quarter worth $100,000. Saba Capital Management LP bought a new position in 10X Capital Venture Acquisition Corp. II during the 1st quarter with a value of $112,000. Radcliffe Capital Management LP increased its stake in 10X Capital Venture Acquisition Corp. II of 3.4% during the 1st quarter. Radcliffe Capital Management LP now owns 413,441 shares of the company worth $4,064,000 after purchasing an additional 13,441 shares during the period. Finally, Spartan Fund Management Inc. purchased a new equity stake from 10X Capital Venture Acquisition Corp. II in Q1 worth approximately $334,000. Institutional investors and hedge funds hold 60.49% of the company’s shares.

About 10X Capital Venture Acquisition Corp. II

(Get an evaluation)

10X Capital Venture Acquisition Corp. He has no important activities. It intends to effect a merger, stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities. The company intends to focus on identifying technology and technology companies in the consumer internet, e-commerce, software, healthcare, transportation/mobility and financial services industries, as well as other sectors that are disrupted by advances in technology and over technological paradigms. , including artificial intelligence automation, data science, e-commerce and software as a service.

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Why do third quarter median valuations make perfect sense? Sun, 23 Oct 2022 17:01:58 +0000

Valuations have been a priority for the entire VC industry this year as many VCs attempt to navigate their overvalued portfolios and founders scramble to conserve cash and hit their lofty valuations.

One could therefore have predicted that valuations would fall off a cliff this year. But that didn’t happen because venture capital investing just isn’t that simple.

First, let’s look at the numbers: according to PitchBook data, the median valuation before buying seeds in the US was $10.5 million, up from $9 million last year. The median valuation from the early stages through the third quarter of this year was $55 million, down from $44 million last year. The median late-stage valuation was $91 million, up from $100 million in 2021.

It may seem silly that valuations continue to climb during certain stages – especially after investors made it look like they were crazy to arrive at last year’s prices, and, of course, in some respects, it is – but it also makes a lot of sense.

Kyle Stanford, senior venture analyst at PitchBook, told TechCrunch that, for starters, we can’t forget about those record highs of dry powder.

“There has been such a growth over the last few years of multi-stage investors or Andreessen [Horowitz] and Sequoia that have billion-dollar funds investing in early stages, Stanford said. “The amount of capital that is still available for the early stages is still very high and many investors are still willing to put the best dollars into deals.”

Brembo’s venture capital arm will invest in tech startups Thu, 20 Oct 2022 08:47:27 +0000

MILAN — Premium brake maker Brembo has created an internal venture capital unit, called Brembo Ventures, to accelerate the development of technological solutions for application in the automotive industry.

The Italian group’s move mirrors similar initiatives by other companies, including Stellantis and CNH Industrial, with the common goal of driving innovation in a rapidly changing environment as the automotive industry moves towards electrification and autonomous driving. .

A spokesperson for the group said Brembo Ventures was a unit and not a real venture capital fund with an initial financial endowment.
Investments and funds needed will be assessed as opportunities arise, the spokesperson added.

Brembo Ventures will invest in startups around the world, focusing on artificial intelligence, big data, sensors, mechatronics, energy efficiency and sustainability, it said in a statement.

“With Brembo Ventures, we are even more structured to seize market opportunities that can contribute to our goal of redefining the future of braking systems and mobility,” said Roberto Grazioli, Brembo Business Development Director.

Brembo Ventures’ portfolio already includes a recently acquired 6.8% stake in PhotonPath, a company developing integrated photonics products, and a 20% stake in integrated photonics systems company Infibra Technologies which the brake maker bought in 2020.

AWS unveils 15-year, $5 billion investment in Thailand, with plans for new region Tue, 18 Oct 2022 08:39:04 +0000

Amazon Web Services (AWS) has unveiled plans to invest $5 billion in Thailand, where it says it will also set up a new cloud region. The 15-year investment roadmap will include support for the ASEAN country’s start-up startups and upskilling efforts.

The new Bangkok Capital Cloud Region will include three Availability Zones and mark its first such installation in Thailand. AWS currently operates 10 regions in Asia Pacific, including Singapore, Australia, Indonesia, Japan, India, and South Korea.

AWS did not offer a timeline on when the Bangkok region would be operational. It currently has 10 CloudFront edge points in the Thai city, which are part of its global content delivery network.

The cloud provider’s customer base in Thailand includes PTT Global Public Company, CP All, Sukhothai Thammathirat Open University and The Stock Exchange of Thailand.

In a statement on Tuesday, AWS said its $5 billion (190 billion baht) investment will be spread over 15 years and used to drive local cloud adoption and refinement efforts.

The vendor said it has run several training programs in Thailand, including AWS Academy and AWS re/Start, and eight local colleges have incorporated its Academy courses into their respective curriculum.

AWS added that it would work with Thailand’s Ministry of Digital Economy and Society to develop a skills development plan, which would include providing on-demand digital courses and support to train more than 1,200 employees with cloud skills. This would also include training events for government employees to develop skills relevant to implementing cloud technologies.

Its investment would further support early-stage startups through the AWS Activate program, the provider said, adding that the initiative offers expertise, technical support and business mentorship. Startups could also leverage up to $100,000 in AWS Service Credits under the program.

AWS added that it is currently working with local venture capital firms, startup accelerators and incubators to drive the growth of cloud startups. These partnerships included AIS acceleration organizations The Startup and Stormbreaker.

Deputy Prime Minister of Thailand and Minister of Energy Supattanapong Punmeechaow said, “AWS’s plan to build data centers in Thailand is an important step that will bring advanced cloud computing services to more organizations. and will help us achieve our Thailand 4.0 ambition of creating digitized value. based on economy.

AWS Vice President of Infrastructure Services Prasad Kalyanaraman said local businesses would be able to leverage various AWS technologies in the new region, including artificial intelligence and machine learning, analytics data and the Internet of Things. “With these new tools, AWS enables governments to better engage with citizens, businesses to innovate for their next phase of growth, and entrepreneurs to build businesses and compete globally,” said Kalyanaraman. .