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Tech in Asia to beef up data division after securing $6.6 million from Hanwha

Media and events company Tech in Asia has raised a US$6.6 million in its round of funding.

The company, which was founded in Singapore in 2010, secured the funding from Korea-based Hanwha Investment & Securities to invest into so-far unspecified research and development within its core businesses. In an announcement made by founder and chief executive officer Willis Wee, the company said it is now looking for data scientists and data analysts to bolster its growing division.

Describing itself as “the online community for Asia’s startup ecosystem”, Tech in Asia is famously backed by Facebook co-founder Eduardo Savarin, who first helped contribute to its Series C funding of US$4 million in 2015 after relocating to Singapore. 

Savarin’s wife Elaine, Walden International, and East Ventures are also listed as major investors in the company’s lasted fundraising.

Speaking about the investment, Wee said: “It is always humbling to meet individuals and organisations who believe in our mission enough to invest in it. We will continue to serve and build Asia’s tech ecosystem and keep improving our products to better serve the community.”

‘Humbling’ – Willis Wee

He added: “Some of you may not know, but behind our media, events, and jobs products is a data warehouse with a treasure trove of data for us to understand and serve users better. We have some ways to go before being near the world’s best (Toutiao), but that is the standard we are aspiring to.”

Hanwha, a Korean conglomerate with $55.5 billion in annual revenue and more than US$110bn worth of assets, began as an explosives company, but has since diversified into retail and financial services.

In 2014,  the conglomerate formed the DreamPlus Alliance with the intention of helping the startup ecosystem in Asia. Following the DreamPlus’ formation, Hanwha teamed up with 11 other accelerators in Asia, to promote start-ups anda demo day in Seoul. 

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