Tencent commits RMB 100 million to back 13 CarbonX program winners
Chinese tech giant Tencent has announced that it will back the 13 teams that won the first phase of its CarbonX program. These winners were selected from a pool of 30 finalists and over 300 initial applications and will receive a combined total of around RMB 100 million (USD 14 million) in financial support from Tencent.
Launched in March 2023, CarbonX was initiated by Tencent to advance the development of next-generation low-carbon technologies. The program has committed RMB 200 million (USD 28 million) in catalytic funding over the next three years.
The first phase of CarbonX focused on carbon capture, utilization, and storage (CCUS), as well as technology-based carbon removal. A jury of experts from academia, investments, and industry evaluated the participants, selecting winners based on their solutions’ ability to curb emissions from hard-to-abate industries such as steel and cement, mitigate reliance on fossil fuels, and reduce legacy emissions from decades of industrialization.
Tencent did not disclose the specific names of the winning teams but mentioned that their projects explored various innovative solutions. These include using steel slag to capture and store carbon directly from furnace exhaust, converting carbon dioxide into sustainable aviation fuel and valuable chemicals through electrochemical reactions or microorganisms, and employing new approaches to directly capture carbon dioxide from the atmosphere, reducing the cost to less than USD 150 per ton.
Tencent plans to launch a global iteration of the CarbonX program later this year.
Wavemaker Partners leads SGD 10.5 million investment in XSquare
XSquare Technologies, a Singapore-based warehousing automation company, has raised SGD 10.5 million (USD 7.7 million) in a Series A funding round led by Wavemaker Partners, with participation from Seeds Capital (Enterprise Singapore) and Goldbell Corporation.
According to a statement from XSquare, the capital will be used to accelerate regional growth and product development efforts.
Shomvob raises USD 1 million in pre-seed round
Shomvob, a Dhaka-based jobs and networking platform, has raised USD 1 million in a pre-seed funding round led by Singapore-based early-stage venture capital firm Cocoon Capital. The company has also received a grant from the Bill & Melinda Gates Foundation to support job access for low-income women in Bangladesh.
The newly raised capital will support Shomvob’s development of a comprehensive human resources information system (HRIS) that encompasses aspects ranging from recruitment to payroll management, streamlining HR processes, and improving access to job opportunities.
Mighty Jaxx secures USD 11 million in extension to Series A+ round
Mighty Jaxx, a platform that specializes in the creation and distribution of limited edition, pop culture-inspired collectibles, has secured an additional USD 11 million in an extension to its Series A+ funding round, according to Tech in Asia.
This brings the total raised in the round to USD 31 million, following the initial close of USD 20 million in March 2022. Sunova Capital and East Ventures participated in the latest fundraise.
The company stated that the funds will be used to finance purchasing orders from customers but did not disclose the valuation of the final close.
DeepL receives USD 300 million to further AI ambitions
DeepL, a language AI company, has received USD 300 million in a funding round led by Index Ventures, with participation from Iconiq Growth, Teachers’ Venture Growth, as well as existing investors IVP, Atomico, and World Innovation Lab (WiL).
In a statement, DeepL said the investment will accelerate its efforts to break down cross-border communication barriers faced by global businesses, a pervasive issue that AI could help address.
Recent deals completed in China:
- Xisoft, an information and big data services provider focused on the healthcare sector, has raised an undisclosed amount in a Series C funding round. The round was led by Shunwei Capital and saw participation from Saif Partners. —36Kr
- Yunshan Power, a technology company specializing in the R&D and production of large cylindrical batteries, has banked nearly RMB 100 million in angel and pre-Series A funding rounds. The angel round was led by Shunwei Capital, with Fenglin Capital participating, while the pre-Series A round was led by KylinHall Partners and saw participation from Ningbo Haishu Industrial Investment, LR Capital, and Shunwei Capital. —36Kr
- Yunchu New Energy Technology (iBatteryCloud), an energy storage equipment manufacturer, has secured an eight-figure RMB sum in a Series A funding round. The round was led by Qiandao Fund and saw participation from Zhenghai Group. The company will utilize the proceeds for capacity building, technology R&D, and replenishment of working capital. —36Kr
- Seek Wave, a Chongqing-registered semiconductor solutions provider, has raised close to RMB 100 million in a Series A2 round of financing from Yiling Capital and Peakvest, with Huas Capital serving as the sole financial advisor. —36Kr
- Luojia Yiyun Optoelectronic Technology, a Wuhan-based light detection and ranging (LiDAR) technology company, has raised an eight-figure RMB sum in an angel funding round from Decent Capital. Weizhen Capital served as the financial advisor. The company will utilize the funds for product development, technology iteration, and production line optimization. —36Kr
Lazada, Sitara, and more led Tuesday’s headlines:
- Lazada received USD 230 million from its parent company Alibaba. This is Alibaba’s first capital injection in the Southeast Asian e-commerce company this year.
- SEWA Grih Rin (Sitara), an Indian housing finance company, secured INR 6.8 billion (USD 81.5 million) from private equity firm Arpwood Partners, and another INR 250 million (USD 3 million) from its existing investors, including Abler Nordic, Oikocredit, RNT Associates, HDFC Bank, HDFC Life Insurance, Women’s World Banking Asset Management, and Omidyar Network.
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