News In Brief

Welcome to our ‘News In Brief’ column in which we digest all the news releases for you in no more than five paragraphs.
Below are snippets of all the media releases we received from April 8 till the end of the week.
This article updates throughout the week.

Honey Secures Record Funding

Sydney, April 9: Honey Insurance, a digital home-insurance provider in Australia, has recently achieved a significant milestone by securing a $108 million Series A funding round, marking the largest of its kind in Australia’s history.
This achievement comes at a time when both the Australian technology sector and the global Insurtech landscape have seen dramatic declines in venture capital investments. The funding round was led by Gallatin Point Capital, a private investment firm specializing in the financial sector, particularly within insurance.
Honey Insurance distinguishes itself by leveraging smart technology to simplify the insurance purchase process and reduce the risk of avoidable home accidents.
The company offers a smart home sensor kit to qualifying customers, enhancing home safety and insurance affordability.
With this funding, Honey plans to triple its revenues, become profitable, and significantly expand its team, while continuing to innovate in product design and customer experience. Honey’s success is attributed to its focus on customer satisfaction, evidenced by its high Net Promoter Score and rapid growth since its launch in June 2021.

Tech Startup Accelerator Opens

Sydney, April 9: Stone & Chalk, alongside KPMG Australia, has launched an invitation for innovative startups to join their Future Technology Program.
Focused on enhancing business performance and productivity through advanced technology, this initiative aims to support early-stage companies amid economic challenges.
Selected startups, operating at Series A or earlier stages and based in Australia, will benefit from a 12-month residency in Sydney, Melbourne, or Adelaide.
The program offers access to KPMG’s expertise and Stone & Chalk’s innovation community, targeting solutions in areas like operational excellence, customer service, AI, and intelligent automation. Applications close on 26 April, with the program starting in July.

Epson Sponsors 15th Annual Pano Awards

Sydney, April 9: Epson has announced the call for entries for the 15th consecutive Epson International Pano Awards, the world’s largest competition celebrating the art of panoramic photography.
This year, Epson Southeast Asia joins Epson Australia as a major sponsor, contributing to a record prize pool of US$50,000, including cash, professional Epson photo printers, and an Epson projector.
The competition, open to both professional and amateur photographers, boasts early-bird entries until 24 June and final submissions by 15 July 2024. With a significant increase in interest, especially from Southeast Asia, the 2023 edition saw 4,414 entries from 1,104 photographers across 102 countries.
The Pano Awards continue to highlight creative excellence in panoramic photography, supported by Epson’s cutting-edge printing and projection technology.

Honey Revolutionizes Insurance

Sydney, April 11: Honey Insurance, an Australian startup, has dramatically changed the home insurance market by integrating smart technology into its services.
Offering a fast, three-minute setup process and utilizing AI, public records, and satellite data for accurate rebuild cost estimations, Honey helps reduce premiums by mitigating common household risks.
The company provides free smart home sensors to eligible customers, detecting threats like fires, leaks, and break-ins, which helps prevent about 50 per cent of potential home accidents. Recently, Honey completed a $108 million Series A funding round, marking it as the third-largest in Australia’s history and a standout achievement during a global downturn in venture capital funding for tech firms.
CEO Richard Joffe emphasized Honey’s commitment to innovation and customer satisfaction, reflected in its high Net Promoter Score of 92, the best in Australia.
This funding success showcases Honey’s potential to reshape Australian home insurance by leveraging cutting-edge technology.

2024 Small Business Stars

Sydney, April 10: The 2024 Australian Small Business Champion Awards celebrated exceptional contributions from the nation’s small businesses during a glamorous two-night event at Sydney’s The Star on April 12-13.
Over 100 small businesses were recognized in front of 2000 attendees, marking the program’s most successful year since its inception in 1999.
Top honors included the Business of the Decade, awarded to Next Level Elevators and Family Dental Care Campbelltown. BareWolf’s Dully Sayed and Leaky Roof’s Justin Vetsavong were named Small Business Champion Entrepreneurs, while the Young Small Business Champion Entrepreneur awards went to Chloe Fischart of Sendable and Sally Lee Tirrell of Amore Tattoo.
Heritage Window Specialists and Nova Team Australia each took home a Business Growth Award.
The awards night, hosted by Jayne Azzopardi and featuring performances by Dami Im and Harrison Craig, underscored the resilience and innovative spirit of Australia’s small business sector amidst economic challenges.

SCIB Secures Awana Contract

Kuching, April 15: Sarawak Consolidated Industries Berhad (SCIB) has enhanced its market position by securing an exclusive contract with Awana JV Suria Saga Sdn. Bhd. for the PPAM Muallim project, following a comprehensive settlement and contractor appointment agreement.
This agreement not only resolves prior disputes but also reinforces SCIB’s financial structure through a structured repayment plan. Ku Chong Hong, SCIB’s Managing Director, stated the agreement as a pivotal development that not only ensures substantial financial receivables but also reaffirms SCIB’s commitment to delivering high-quality housing for public servants.
The company continues to uphold stringent governance and transparency standards in all its project updates and financial dealings.

Vertiv Launches SmartAisle 3

Kuala Lumpur, April 16: Vertiv has unveiled the SmartAisle™ 3, its next-generation micro modular data center now available in Southeast Asia, Australia, and New Zealand.
This advanced system integrates Artificial Intelligence (AI) to enhance operational efficiency and energy management in industries such as banking, healthcare, and government.
Capable of supporting up to 120kW IT load, the SmartAisle™ 3 optimizes data center operations with AI-driven self-learning functions that adjust power use and climate based on real-time conditions, potentially reducing energy costs by up to 20 per cent.
The system includes the Vertiv™ Liebert® APM and CRV, and RDU 501 systems, ensuring robust uninterruptible power and in-row cooling.
For more details on this innovative solution, visit Vertiv.com.

Australia Post Unveils AFL Coins

Sydney, April 17: Australia Post, in collaboration with the AFL and the Royal Australian Mint, has launched a new collection of twenty collectible coins for the 2024 AFL season, available at participating post offices and online. Last year’s series saw Collingwood Magpies fans lead purchases, which included uncirculated $1 coins sold individually for $5 or a complete set with a collector’s folder for $45.
This year’s collection also offers a chance to find limited-edition colored coins among purchases.
The initiative celebrates Aussie Rules’ community spirit and the enduring legacy of Queen Elizabeth II, whose Memorial effigy graces the coins. For more details, visit www.auspost.com.au/aflcoins.

DC Healthcare Expands Further

Kuala Lumpur, April 18: DC Healthcare Holdings Berhad continues its expansion with new openings at KL Publika Shopping Gallery and Johor Bahru Bukit Indah.
The company has launched one Dr. Chong Clinic and one DC Body outlet at each location, enhancing its range of wellness and aesthetic services across Malaysia.
These latest additions, specializing in non-invasive and minimally invasive procedures, mark the group’s growth following successful openings in other major cities.
Dr. Chong Tze Sheng, Managing Director, expressed enthusiasm about meeting increasing client demand and maintaining high standards of care.
With these new facilities, DC Healthcare now operates 17 aesthetic clinics and four DC Body outlets nationwide.