This is an increase from the 19 companies in the 2022 edition.
The Forbes Asia 100 to Watch list spotlights small companies and startups on the rise across Asia-Pacific region. The list is unranked.
"Companies on this year’s Forbes Asia's 100 to Watch list are a study in resilience. With rising interest rates, funding is harder to come by for startups. The companies on this year's list therefore represent those with strong prospects to become success stories," says Justin Doebele, Editor of Forbes Asia.
To qualify for consideration, companies had to be headquartered in the Asia-Pacific region, privately owned, for profit, have no more than US$50 million in its latest annual revenue and have no more than US$100 million in total funding through 7 August 2023.
Making this third edition's list are small companies and startups that are targeting underserved markets or applying new technologies, from generative AI to blood-based cancer diagnostics.
Others include social commerce providers, which help users sell consumer products, and eco-friendly innovations such as the development of insect-based alternative proteins.
Singapore companies on Forbes Asia’s 100 to Watch list
Singapore companies on the list are (in alphabetical order):
Abillion (consumer technology)
Accredify (enterprise technology)
Bot MD (biotechnology & healthcare)
Hotelogix (food & hospitality)
International Payments Identity (enterprise technology)
Kinexcs (biotechnology & healthcare)
Lexagle (enterprise technology)
LionsBot International (enterprise technology)
Lucence (biotechnology & healthcare)
Multiplier (enterprise technology)
Nutrition Technologies (agriculture)
Red Dot Analytics (enterprise technology)
Sourcy (enterprise technology)
Stemly (enterprise technology)
Twoplus Fertility (biotechnology and healthcare)
Unravel Carbon (enterprise technology)
Thirteen countries and territories are represented across 11 categories, including biotechnology and healthcare, e-commerce and retail, and finance. Hong Kong has the next biggest representation with 15 companies, followed by China with 11 and Indonesia, also with 11.
For the complete 100 to Watch list, visit www.forbes.com/100toWatch
100 to Watch list selection
Forbes Asia said it solicited online submissions, and invited accelerators, incubators, SME advocacy organisations, universities, venture capitalists and others to nominate companies as well.
This year's final list were selected from over 550 submissions.
Forbes Asia editors evaluated each submission, looking at metrics such as a positive impact on the region or industry, a track record of strong revenue growth or ability to attract funding, and a persuasive story.
"The editors reserve the right to remove or replace any company or individual included in a list in light of any new information that would disqualify them from inclusion," Forbes added.