印尼国有电信巨头Telkom的企业风险投资部门MDI Ventures正转向新加坡，以发掘东南亚地区新的投资机会。根据其周二发布的声明，该公司调整了投资逻辑，重点关注人工智能、区块链和数字资产领域。
MDI Ventures, the corporate venture capital arm of Indonesia’s state-owned telecom giant Telkom, is turning to Singapore to tap new investment opportunities in Southeast Asia, with a revamped thesis focused on artificial intelligence, blockchain and digital assets, according to its statement on Tuesday.
根据新战略，MDI将优先投资开发企业级人工智能应用、人工智能基础设施、治理软件、现实世界资产代币化、机构托管以及受监管数字资产基础设施的公司。
Under the new strategy, MDI will prioritise companies building enterprise AI applications, AI infrastructure, governance software, real-world asset tokenisation, institutional custody and regulated digital asset infrastructure.
这一转变标志着MDI的区域重点更加明确。该公司希望识别东南亚各地的科技公司，并通过TelkomGroup的企业客户网络、战略合作伙伴及其他资源，帮助这些公司拓展至印尼市场。
The shift marks a sharper regional focus for MDI, which is looking to identify technology companies across Southeast Asia and help them expand into Indonesia through TelkomGroup’s network of enterprise customers, strategic partners and other resources.
根据该战略，新加坡将成为MDI最初的寻源市场。该公司表示，在截至2025年6月的12个月内，新加坡占东南亚人工智能融资的约57%，期间共有495家人工智能初创公司筹集了13.1亿美元。
Singapore will serve as MDI’s initial sourcing market under the strategy. The firm said the city-state accounted for around 57% of Southeast Asia’s AI funding in the 12 months to June 2025, with 495 AI startups raising $1.31 billion during the period.
MDI指出，新加坡汇聚了一批具有超越新加坡本土发展愿景的区域性公司，而这些公司若能进入印尼更广阔的市场、受监管的领域以及接触印尼的企业客户，将可能从中受益。
For MDI, Singapore provides a pool of regional companies with ambitions beyond the city-state but could benefit from access to Indonesia’s larger market, regulated sectors and enterprise customers, the firm said.
人工智能领域的投资重点正值该行业的融资额持续超越整体风险投资活动之际。MDI援引的数据显示，2025年全球风险资本投资中，人工智能公司占比达61%，吸引了2587亿美元资金。
The focus on AI comes as funding for the sector continues to outpace broader venture activity. MDI cited data showing AI companies accounted for 61% of global venture capital investment in 2025, attracting $258.7 billion.
在东南亚地区，截至2025年6月的12个月内，约有680至700家活跃的人工智能初创公司获得了超过23亿美元的资金，占该地区所有私人融资的约32%。而根据MDI的数据，2025年上半年，东南亚整体私人融资额降至六年低点，仅为18.5亿美元，共涉及229笔交易。
In Southeast Asia, more than $2.3 billion flowed into around 680 to 700 active AI startups in the 12 months to June 2025, representing roughly 32% of all private funding in the region. This came as overall private funding in Southeast Asia fell to a six-year low of $1.85 billion across 229 deals in the first half of 2025, according to MDI’s data.
MDI还在印度尼西亚寻找机会，估计那里约有2，400家人工智能和深度科技初创公司。在论文工作中追踪的336家印度尼西亚人工智能公司中，只有66家筹集了机构资金。
MDI is also looking for opportunities in Indonesia, where it estimates there are around 2,400 AI and deep-tech startups. Of 336 Indonesian AI companies tracked in its thesis work, only 66 have raised institutional funding.
该公司表示，这一差距可能会在“巴哈萨优先”人工智能应用、工作流程自动化、数据治理、合规性、客户参与和特定行业人工智能部署等领域创造机会。
The firm said this gap could create opportunities in areas including “Bahasa-first” AI applications, workflow automation, data governance, compliance, customer engagement and sector-specific AI deployment.
基础设施是投资论点的另一部分。EDI估计，到2028年，印度尼西亚的数据中心管道将达到约1，519兆瓦，而东南亚的云采用率每年增长约20%。
Infrastructure is another part of the investment thesis. MDI estimates Indonesia’s data centre pipeline will reach around 1,519MW by 2028, while cloud adoption across Southeast Asia is growing at about 20% annually.
随着公司将人工智能应用从实验转向生产，MDI预计对人工智能就绪计算、部署支持、网络安全、模型治理和企业集成的需求将会增加。
As companies move AI applications from experimentation into production, MDI expects demand to increase for AI-ready computing, deployment support, cybersecurity, model governance and enterprise integration.
区块链和数字资产构成该战略的第二大支柱。MDI表示，它专注于该行业的机构基础设施，而不是投机性零售应用，包括托管、代币化、支付、结算、合规和受监管的数字资产服务。
Blockchain and digital assets form the second major pillar of the strategy. MDI said it is focusing on the sector’s institutional infrastructure rather than speculative retail applications, including custody, tokenisation, payments, settlement, compliance and regulated digital asset services.
“东南亚的下一波技术增长将由解决真正基础设施和企业问题的公司引领，”Millennium Ventures Singapore投资总监Shannon Lee Chaliangco表示。
“Southeast Asia’s next wave of technology growth will be led by companies that solve real infrastructure and enterprise problems,” said Shannon Lee Chaluangco, investment director at MDI Ventures Singapore.
Millennium Ventures董事Ronaldi表示，修订后的战略旨在将公司的重点缩小到具有既定用例和商业潜力的科技公司。
Ronaldi, director of MDI Ventures, said the revised strategy is intended to narrow the firm’s focus toward technology companies with established use cases and commercial potential.
EDI Ventures战略副总裁阿尔文·埃文斯德（Alvin Evander）表示，该公司认为Web 3也发生了类似的转变，公司从投机性用例转向可以支持机构采用的基础设施。
Alvin Evander, VP of strategy at MDI Ventures, said the firm sees a similar shift taking place in Web3, with companies moving from speculative use cases toward infrastructure that can support institutional adoption.
MDI成立于2015年，已为12个国家的90多家公司提供支持，并通过多个基金管理着约8.3亿美元的承诺资产。其投资组合涵盖金融科技、网络安全、企业软件和数字服务等领域。
Resumed investment Founded in 2015, MDI has backed more than 90 companies across 12 countries and manages around $830 million in committed assets under management through multiple funds. Its portfolio spans sectors including fintech, cybersecurity, enterprise software and digital services.
在重新进行战略审查之前，计量吸入器经历了一个充满挑战的时期。在Telkom对其投资战略和治理流程进行审查后，该公司于2024年暂停了新的投资。TaniHub、Fabelio和Zenius等多家投资组合公司亏损后，审查力度加大。
The renewed strategic review follows a challenging period for MDI. The firm paused new investments in 2024 after Telkom initiated a review of its investment strategy and governance processes. The scrutiny intensified after losses from several portfolio companies, including TaniHub, Fabelio, and Zenius.
随着该工具的投资周期接近尾声，该工具一直在寻求出售其首支基金持有的30多家初创公司的股份，收益旨在将资本返还给投资者并回收到新的投资中。该投资组合包括Finaccel、Cermati、SiCepat、KoinWorks、Qoala、GoCement和Billas等公司的股份。据DealStreetAsia报道，自2024年底以来，这一过程中出现了几位潜在买家。
MDI had been seeking to sell stakes in more than 30 startups held by its debut fund as the vehicle approached the end of its investment cycle, with the proceeds intended to return capital to investors and be recycled into new investments. The portfolio included stakes in companies such as Finaccel, Cermati, SiCepat, KoinWorks, Qoala, GoCement and Billas. Several potential buyers emerged during the process, DealStreetAsia reported, since late 2024.
MDI随后于去年恢复了资本配置，只有两家初创公司：总部位于新加坡的企业软件公司Whale和网络安全公司CYFIRIS。据DealStreetAsia报道，消息人士称，两家公司都在与Telkom整合，以补充该电信集团的核心业务。
MDI subsequently resumed deploying capital last year, just with two startups: Singapore-based enterprise software company Whale and cybersecurity firm CYFIRMA. Sources said both companies are integrating with Telkom, complementing the telecom group’s core businesses, as DealStreetAsia reported.
截至去年年底，EDI记录了19笔退出，其投资组合退出包括Wavecell、Geniee、Whispir、Red Dot Payment、Observer IT、Codapay、Loft Orbital和Sonar Platform，其中大多数退出是通过收购和上市进行的，Telkom 2025年年度报告单独引用。
MDI recorded 19 exits by the end of last year, with its portfolio exits including Wavecell, Geniee, Whispir, Red Dot Payment, Observe IT, Codapay, Loft Orbital, and Sonar Platform, with most exits coming through acquisitions and listings, as cited separately from Telkom’s 2025 annual report.