The Philippine Department of Science and Technology has invested in B2B platform Packworks for its research efforts. It also partners with the Department of Energy to fund projects related to solar PV and eco-friendly fuel.
B2B platform Packworks secures research funding
Packworks, a Philippine-based B2B platform backed by private equity major CVC Capital Partners, has secured 3.5 million pesos (about $60,000) to support its research efforts.
The research funding comes from the Department of Science and Technology (DOST) through the DOST- Philippine Council for Industry, Energy and Emerging Technology Research and Development (PCIEERD) Startup Grant Fund (SGF) Program.
In a statement, DOST said the research funding will support Packwork’s 1.5-million pesos allocation to develop a machine-learning-powered precision marketing model.
The startup aims to offer sari-sari (convenience) stores customised recommendations on sellable items and promotions from partners, DOST said. The AI-powered feature will be launched as an in-app service on Packworks’ Sari.PH Pro app.
Packworks provides a B2B platform that allows sari-sari store owners to become more efficient in managing their business. It started out as a solution for multinational companies in the Philippines to connect with neighbourhood stores in 2018.
In 2022, the startup raised $2 million in its seed funding round co-led by end-to-end logistics group Fast Group and CVC Capital Partners. ADB Ventures, Arise, Techstars, and IdeaSpace Foundation also participated in the round.
DOST-DOE to fund projects related to solar PV, clean fuel
In a separate post, the DOST said it has partnered with the Department of Energy (DOE) to fund projects and ideas that will support the renewable energy sector.
The two government agencies are allocating a total of about 40 million pesos ($69,000) to back a project proposal centered on conducting a market study to assess the volume of key components of solar PV systems in the local market. The allocation also includes 35 million pesos to produce eco-friendly fuel.
“We urge our researchers, engineers, and scientists to submit trailblazing ideas that will bring innovative solution to challenges faced by the renewable energy sector,” said DOST secretary Renato Solidum Jr.