FB Pixel no scriptDeals in brief: Beppo secures pre-seed funding, Y Combinator invests in Phonely, xAI completes Series B round, and more | KrASIA

Deals in brief: Beppo secures pre-seed funding, Y Combinator invests in Phonely, xAI completes Series B round, and more

Written by Jeff Chay Published on   4 mins read

Bringing you the latest updates on funding deals and activities in the Asia Pacific.

Beppo secures pre-seed funding, acquires JuanTax and five bookkeeping firms

Beppo, a Philippines-based bookkeeping and tax filing platform, has raised an undisclosed sum in a pre-seed funding round led by Wavemaker Partners, with participation from undisclosed angel investors.

The funding has enabled Beppo to acquire JuanTax, an online tax platform accredited by the Bureau of Internal Revenue in the Philippines, as well as five local bookkeeping firms: Tala Buluran and Co. Accounting Firm, MBH Online Accounting and Business Solutions, KJA Compliance and Tax, Konsepto Business Process Solutions, and PayRun.

Utilizing optical character recognition (OCR) software to extract data from receipts and other printed documents, Beppo offers automated accounting and tax compliance services to small and medium enterprises

Beppo also plans to use the capital to expand its presence in the Philippines by forming partnerships with other similar service providers.

Header photo source: Beppo.

Phonely nets USD 500,000 investment from Y Combinator

Phonely, a Melbourne-based startup developing a namesake product meant to operate as an artificial intelligence-powered receptionist, has secured a USD 500,000 investment from US startup accelerator Y Combinator.

Phonely extracts information from clients’ webpages to automatically train a highly personalized voice assistant capable of routing calls, connecting to scheduling software, and integrating with existing knowledge bases.

xAI confirms completion of USD 6 billion Series B round

Following initial reports by various media outlets, xAI, an AI company founded by Elon Musk, has confirmed the completion of a Series B funding round, banking USD 6 billion.

Key investors for this round include Valor Equity Partners, Vy Capital, Andreessen Horowitz, Sequoia Capital, Fidelity Management & Research Company, Saudi Arabian prince Alwaleed Bin Talal, and Kingdom Holding, amongst others.

With this funding, xAI plans to bring its first products to market, build advanced infrastructure, and accelerate technology R&D, building advanced AI systems that are “truthful, competent, and maximally beneficial for humanity.”

New Frontier completes acquisition of HKIOC

TE Asia Healthcare Partners, a private healthcare group headquartered in Singapore, has sold its stake in Hong Kong Integrated Oncology Centre Limited (HKIOC) to NF Nestor Investment Holding Limited (New Frontier).

Founded in 2015, HKIOC is the largest private oncology group in Hong Kong, providing a full range of cancer treatment services including early diagnostics, radiotherapy, systemic treatments, mental health, and other rehabilitation support services.

Through this acquisition, HKIOC’s oncology operations will be integrated into New Frontier’s suite of integrated healthcare services, which includes radiology, pathology, and radiation therapy, among other specialties. —BioSpectrum Asia

Recent deals completed in China:

  • Yochur, a generative AI technology company, has completed a pre-Series A funding round, raising a seven-figure RMB sum from AlphaX Partners and Seven Fund. 36Kr
  • Fetaq, a sports apparel brand, has bagged a seven-figure RMB sum in a seed funding round. The investor details were not disclosed. The company will use the capital for team building, R&D, the construction of a sports science laboratory, and store and channel expansion. 36Kr
  • Cipher Gene, a Beijing-registered biotechnology company specializing in genetic data analytics, has secured RMB 100 million (USD 13.8 million) in a Series C funding round led by JJID, with participation from Zhongxi Fund and some existing shareholders. 36Kr

Latest funding deals in India:

  • Solinas, a Chennai-based developer of robotics and AI-powered solutions for the water pipeline and sanitation industry, has secured an undisclosed amount of investment from the Neev II Fund and Rainmatter Capital. —VCCircle
  • Yali Aerospace, a Thanjavur-based manufacturer of drones for the medical, surveillance, and logistics industries, has secured an undisclosed investment from Zoho. —Inc42
  • Maxvolt Energy, a Noida-based manufacturer of lithium batteries for electric vehicles and solar energy systems, has raised USD 1.5 million from multiple angel investors. —Inc42
  • AbleCredit, a Bengaluru-based fintech startup that utilizes AI in credit underwriting, has raised USD 1.25 million in a seed funding round led by Merak Ventures. The round also saw participation from Venture Catalysts and Helios Holdings. —Inc42
  • Infra.Market, a Thane-based supplier of construction materials, has raised USD 50 million from the Mars Unicorn Fund, a joint venture of Liquidity Group and MUFG. —Entrackr
  • Flam, a Bengaluru-based mixed reality (MR) marketing platform, has raised USD 4.5 million in a pre-Series A funding round from Turbostart, Twin Ventures, Alphatron Capital, along with several angel investors and family offices. —Entrackr
  • Gravity, a banking tech startup headquartered in Mumbai, has raised USD 1 million in pre-Series A funding. The round was led by Kettleborough VC, with participation from several angel investors. —Entrackr

WeSale, LiveIn, Zypp Electric, and more led yesterday’s headlines:

  • WeSale, a Vietnam-based real estate trading platform, secured an undisclosed amount of seed funding from Singapore-based investor Hitseries Capital.
  • LiveIn, a Malaysia-based prop tech company focused on serving the long-stay rental community, raised USD 2.6 million from Korea Investment Partners in an extended pre-Series B funding round.
  • Zypp Electric, an India-based logistics company using electric vehicles for deliveries, raised USD 15 million as part of its Series C funding round.

If there are any news or updates you’d like us to feature, get in touch with us at: [email protected].


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