Necessity Index

The company universe.

22,217 APAC technology companies, classified against the T1 / T2 Necessities. Cross-referenced against 174 four-market regulations.

NI-01 Universe · Four-market classified dataset

The classified universe sits at 22,217 companies.

Of those, 19,416 trade in the four target markets. 174 four-market regulations frame the Necessities.

Total companies classified

22,217

Four-market subset

19,416

Regulations mapped (global)

725

Four-market regulations

174

Sourcehmm Ventures classified universe BasisCommercial data feeds · last_funding_amount join · four-market filter

NI-02 T1 / T2 screen · Conservative classifier

One in three four-market companies meets the T1/T2 screen.

Conservative T1 / T2 classifier across the four-market universe. T1 = licence-as-barrier. T2 = compliance-demand-as-barrier.

Conservative classifier share

33.5%

Pass the T1 or T2 screen

Necessities-aligned companies

6,505

T1 (licence-as-barrier)

5,556

Sourcehmm Ventures conservative classifier BasisT1 + T2 union · four-market subset
WEB-E Classified universe · Four-step funnel

From 22,217 APAC technology companies to 2,625 seed-stage Necessities-aligned targets.

Geographic filter narrows to four-market base. Conservative classifier applies the T1/T2 test. Stage filter isolates seed-priced rounds.

APAC UNIVERSE
22,217
Pre-filter base
FOUR-MARKET
19,416
Geographic filter
IN THESIS
6,505
T1 + T2 · 33.5%
SEED-STAGE
2,625
Pipeline base
Global universe 22,217 Crunchbase + Dealroom four-market base Four-market companies 19,416 Geographic filter applied In Necessities (T1 + T2) 6,505 Conservative classifier · 33.5% Seed-stage in Necessities 2,625 Stage filter · 13.5% of four-market
Sourcehmm Ventures classified dataset BasisFour-step funnel · Crunchbase + Dealroom four-market base
WEB-G Regulations by market · In-mandate dataset

Australia leads at 47. 147 total across four markets.

In-mandate regulations by market, split between enacted and projected. Australia and Japan lead density; New Zealand smaller but with the highest enacted share.

AUSTRALIA
47
35 enacted · 12 projected
JAPAN
43
33 enacted · 10 projected
SINGAPORE
33
25 enacted · 8 projected
NEW ZEALAND
24
22 enacted · 2 projected
10 20 30 40 50 Australia 47 (35+12) Japan 43 (33+10) Singapore 33 (25+8) New Zealand 24 (22+2) Enacted Projected REGULATIONS IN MANDATE · ENACTED + PROJECTED
Sourcehmm Ventures regulatory dataset Basis147 in-mandate regulations · Four-market scope
WEB-F Companies by Necessity · Cohort view

Biomedical Systems leads at 1,269. Four others between 395 and 581.

Company count by Necessity across the four-market base. T1 + T2 classifier applied. The Biomedical concentration anchors the heal Necessity.

BIOMEDICAL
1,269
Heal · largest cohort
POWER
581
Grid + storage + DER
AUTONOMOUS
561
Move + logistics
FOOD + MATERIALS
900
Eat + supply combined
250 500 750 1,000 1,250 Biomedical Systems 1,269 Power Systems 581 Autonomous Systems 561 Critical Materials & Supply 505 Food Security Systems 395 IN-THESIS COMPANIES · FOUR-MARKET
Sourcehmm Ventures classified dataset BasisCompanies by Necessity · T1 + T2 classifier · Four-market base

Drill in · Per-Necessity profile

Companies in Necessities · T1 / T2 regulation count · share of the four-market Necessities-aligned universe.

  1. Biomedical 38.3%
    In Necessities 1,269
    T1 regs 19
    T2 regs 1
  2. Autonomous 16.9%
    In Necessities 561
    T1 regs 58
    T2 regs 10
  3. Power 17.5%
    In Necessities 581
    T1 regs 22
    T2 regs 8
  4. Food Security 11.9%
    In Necessities 395
    T1 regs 16
    T2 regs 2
  5. Critical Materials 15.3%
    In Necessities 505
    T1 regs 2
    T2 regs 6

NI-06 Detail tables · Per market and per Necessity

Drill-down: regulation, tier, and cohort detail.

Per-market and per-Necessity counts for the four-market universe. Counts are shown by market and Necessity. Per-market companies + regulations + tier breakdown verified against the classified dataset.

Per market

Market Cos Regs T1 T2 Enacted Projected
AU Australia 9,389 56 41 15 43 13
JP Japan 2,995 49 36 13 38 11
NZ New Zealand 2,130 28 25 3 26 2
SG Singapore 4,902 41 35 6 31 10

Per Necessity

Necessity Cohort cos Regs T1 Regs T2
Biomedical Systems 1,269 19 1
Autonomous Systems 561 58 10
Power Systems 581 22 8
Food Security Systems 395 16 2
Critical Materials and Supply Integrity 505 2 6
Sourcehmm Ventures classified dataset + regulatory dataset BasisPer-market + per-Necessity joins · four-market filter

NI-07 Round-size premiums · T1 vs unregulated

Cumulative funding multiple widens to 2.12x by Series D+.

T1 round-size uplift relative to unregulated peers at each stage. The cumulative funding gap is widest by Series D+.

Seed

1.12x

Series A

1.19x

Series C

1.53x

Series D+

1.42x

Cumulative pre-seed

1.09x

Cumulative Series D+

2.12x

Exit-rate multiple

2.22x

13.41% vs 6.03%

Sourcehmm Ventures funding-premium analysis · 2024 four-market deal data BasisT1 / unregulated · last_funding_amount · round-size median

NI-08 The crystallisation window · 2024 to 2030

Thirty-four in-flight regulations. Peak density in 2027.

The period when new rules become active and companies need operational tools to comply. Each market on a different clock.

In-flight regulations 2024 to 2030

34

Peak year

2027

Regulations in peak year

17

View the full calendar →

Sourcehmm Ventures regulatory dataset BasisIn-flight 2024 to 2030 · four-market subset