The new standard

• Prenetics, the 500-backed digital health company at the forefront of Covid-19 testing development, believed the accuracy of its rapid test kits is comparable to the commonly used polymerase chain reaction (PCR) test procedures.
• While PCR testing is accurate at diagnosing patients, results often take hours to return.
• Prenetics’ test kits, which are developed by the University of Oxford, can return accurate results within 30 minutes.

• CEO and co-founder Danny Yeung said this is a “gamechanger”.
• “We’re able to process tests without a laboratory… the results are much faster,” said Danny in a video interview with CNBC.
• According to Danny, the test kits are priced between US$15 to US$20, before counting labor costs for administering the test.
• Already available at London’s Heathrow airport and on trial at Hong Kong’s airport, Prenetics is in talks with governments and airports to introduce the test kits.
• While Danny admitted that PCR tests are the “gold standard” for their accuracy, they are also expensive with a longer processing time in the lab.
• Early this week, Prenetics announced the acquisition of Oxsed RaViD test technology developed by the University of Oxford, which can significantly shorten the time needed for Covid-19 test results to return.

A strategic tie-up

• Marriott International, the world’s largest hotel group, is working with 500-backed Grab on a series of initiatives to revive their dining establishments.
• Over 600 Marriott restaurants and bars across Singapore, Indonesia, Malaysia, the Philippines, Vietnam, and Thailand, will be listed on GrabFood starting this month, TechCrunch reported.
• This partnership marks the hospitality giant’s first extensive integration with a tech platform in Southeast Asia, and Grab’s most comprehensive agreement with a hospitality group to date.

• Customers will earn GrabRewards points for all transactions on the Grab platform, which can be converted to Marriott Bonvoy points (and vice versa).
• Grab users can redeem their converted points for exclusive member benefits at over 7,400 hotels and resorts in 135 countries and territories.
• Besides, Grab users can also use GrabPay to make cashless payments at Marriott properties in Singapore starting Q1 of 2021.
• “The breadth of our collaboration reflects our value as a platform of choice in supporting global brands on their digitalization journey in the new normal, and in particular represents a milestone for our fast-growing GrabAds business,” said Russell Cohen, Group Managing Director — Operations, Grab.
• More details on the partnership here.

Know the future

• 500 Startups is running a series of webinars and workshops for its upcoming Future of X UnConference, happening from 10th-20th November.
• Over the course of the event, you’ll get to learn about the latest technologies shaping the world now, in preparation for the future.
• The sessions are 1 hour-long covering the future of physical spaces, finance and wealth, logistics and supply chain, and healthcare.

• Each session focuses on three specific verticals: 
  Hear (insights on the future of the industry) 
  See (showcase of global startups innovating the industry) 
  Think (collective brainstorm of your vision of the future of the industry)
• The sessions will be hosted by 500-backed founders, industry experts, and thought leaders ready to impart knowledge and share their vision for the future.
• Head over to the event page here to secure your seats!

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500 Startups is a venture capital firm on a mission to discover and back the world’s most talented entrepreneurs, help them create successful companies at scale, and build thriving global ecosystems. In Southeast Asia, 500 Startups invests through the pioneering 500 Southeast Asia family of funds. The 500 Southeast Asia funds have backed over 240 companies across multiple sectors from internet to consumer to deep technology. It continues to connect founders with capital, expertise and powerful regional and global networks to help them succeed.

This post is intended solely for general informational or educational purposes only. 500 Startups Management Company, L.L.C. and its affiliates (collectively “500 Startups”) makes no representation as to the accuracy or information in this post and while reasonable steps have been taken to ensure that the information herein is accurate and up-to-date, no liability can be accepted for any error or omissions. All third party links in this post have not been independently verified by 500 Startups and the inclusion of such links should not be interpreted as an endorsement or confirmation of the content within. Information about portfolio companies’ markets, competitors, performance, and fundraising has been provided by those companies’ founders and has not been independently verified. Under no circumstances should any content in this post be construed as investment, legal, tax or accounting advice by 500 Startups, or an offer to provide any investment advisory service with regard to securities by 500 Startups. No content or information in this post should be construed as an offer to sell or solicitation of interest to purchase any securities advised by 500 Startups. Prospective investors considering an investment into any 500 Startups fund should not consider or construe this content as fund marketing material. The views expressed herein are as at the date of this post and are subject to change without notice. One or more 500 Startups fund may have a financial interest in one or more of the companies discussed.