A winning solution
- From 200 applications, 500-backed startup Carnot Innovations has become one of two winners at an innovation challenge launched by developer New World Group, a Hong Kong conglomerate.
- The startup was also awarded for its efforts in sustainability. According to the article, Carnot’s AI-driven smart building technology can help save over 15% in energy costs, detect 90% of hidden faults, and reduce 50% of key operation faults.
- Co-founder Ashish Justin said, “Our innovation can help save over US$30,000 worth of energy on average for a commercial building every year as well as reduce its carbon footprint and protect the environment.”
- Carnot has deployed its solution in 28 buildings in Hong Kong, Singapore, Taiwan, and Thailand. One of the buildings in Hong Kong, for example, recorded energy savings of 12% a year and close to US$40,000 in yearly electricity costs.
- Get the full story here.
- 500-backed drone solutions startup Aarav Unmanned Systems (AUS) has acquired Algopixel, a software solution provider for drone operation management and cloud-based data processing.
- According to the article, the acquisition will ramp up AUS’s efforts in building robust and scalable solutions for sectors such as mining, infrastructure, land records, and precision farming.
- Vipul Singh, co-founder and CEO, said, “Our partnership with Algopixel is part of our playbook to boost the Human Development Index by utilizing robust and impactful end-to-end drone solutions for some very critical sectors globally.
- “We are actively seeking more such partnerships with like-minded companies, investors, and people globally,” he added.
- Read the full article here.
A good trade
- 500-backed fintech startup Stockbit has gained approval from Indonesia’s Financial Services Authority to acquire its partner Mahakarya Artha Sekuritas (MAS), a local brokerage firm.
- According to the article, the startup will rebrand the firm to Stockbit Sekuritas.
- In August earlier this year, both firms announced a partnership to enable new and existing customers of MAS to participate in the Indonesian Stock Exchange through the Stockbit app.
- Read the full story on Tech in Asia.