FB Pixel no scriptDeals in brief: East Ventures and SV Investment start new fund, Good Doctor secures USD 10 million, Sam Altman backs Induced AI, five China deals, and more | KrASIA

Deals in brief: East Ventures and SV Investment start new fund, Good Doctor secures USD 10 million, Sam Altman backs Induced AI, five China deals, and more

Written by Gideon Ng Published on   3 mins read

Bringing you the latest news briefs on fundraising activities in the Asia Pacific.

East Ventures and SV Investment establish new fund to connect the Southeast Asian and Korean venture ecosystems

Southeast Asian venture capital firm East Ventures and Seoul-headquartered counterpart SV Investment has announced the establishment of a new fund with a target of USD 100 million.

The new fund will be managed collaboratively by both entities and aims to open the investment corridor between the Southeast Asian and Korean venture ecosystems, including capital investment, knowledge transfer, and network sharing. It will invest in startups and companies across several industries, including biotechnology, healthcare, mobility, climate tech, media and content, among others.

“We are seeing great potential in Southeast Asia, and believe Indonesia is leading the growth as the largest economy in the region. In that, we are very happy to collaborate with East Ventures, a leading venture capital firm in Indonesia and Southeast Asia. This collaboration will open up a gate for both Korean and Southeast Asian tech startups who have been pushing hard to scale up in the global market, and represent our commitments to support them continuously,” said David Junghun Bang, managing partner at SV Investment.

Good Doctor Technology secures USD 10 million in Series A funding round

The Indonesia-based health tech startup has raised USD 10 million in a Series A funding round. This investment was spearheaded by MDI Ventures, a subsidiary of Telkom Indonesia, and saw the continued support of existing investor Grab.

Good Doctor will use the capital to expand its services across Indonesia after it exited the Thai market in February this year.

The company is serving customers both through its standalone app and as part of GrabHealth, a healthcare solution integrated into the Grab superapp. However, the funding milestone has rejigged the startup’s corporate structure, with MDI Ventures and Grab becoming minority shareholders, concluding the joint venture that included the SoftBank Vision Fund and Chinese conglomerate Ping An. —e27

Induced AI raises USD 2.3 million in seed funding round

The artificial intelligence-based robotic process automation (RPA) startup has secured USD 2.3 million in a seed funding round led by Sam Altman, co-founder of ChatGPT creator OpenAI. This round also saw participation from a roster of investors including Signalfire, Superscrypt, SV Angel, IDEO Colab Ventures, Human Capital, On Deck, and Untitled Ventures. —Tech Funding News

Latest deals in China:

  • Gonda, a Zhejiang-based conductive paste producer, has bagged an eight-figure RMB sum in an angel round. The investor is an undisclosed Chinese photovoltaics company. Gonda will allocate the funds to support its R&D efforts and expand its production capacity. 36Kr
  • DataCanvas, a Beijing-based data science platform has raised RMB 300 million (USD 41.1 million) in a Series D1 funding round. The investors include corporate funds managed by China Electronics Corporation, China Taiping Insurance Group, Zhejiang Orient Holdings, and other AI-focused corporations. People’s Capital and Z&Y Capital also participated in the round. 36Kr
  • Xunsheng, an acoustic AI company, has secured a multimillion-RMB investment following the completion of a pre-Series A+ round of financing. The round was led by the Xi’an Talent Fund and will provide Xunsheng with the funds to develop new products, expand its sales team, establish production testing lines, among other initiatives. 36Kr
  • Arcension, an augmented reality (AR) wearables company, has raised an eight-figure RMB sum in a seed funding round. Contact lens company Moody took part in this round along with investors from the industry. Arcension will use the funds for technology R&D as well as industrialization. 36Kr
  • Deep Green, a plant-based personal care brand, has secured a multimillion-RMB sum of angel investment. Two industrial funds invested in this round, and the funds raised will be used to facilitate Deep Green’s product innovation and marketing activities. 36Kr
Promotional image of Deep Green’s products. Image source: 36Kr.

Alami Group, Aampe, CMCC Global, and more led last week’s headlines:

  • Alami Group, a Jakarta-based Islamic fintech firm, has secured an undisclosed amount of funding in a round led by Intudo Ventures, with participation from East Ventures, AC Ventures, Quona Capital, Golden Gate Ventures, and other investors.
  • Aampe, an app-focused user engagement platform, has raised USD 7.5 million in a pre-Series A funding round led by Matrix Partners India and Peak XV Partners.
  • CMCC Global, a Hong Kong-based crypto venture capital firm, has launched its Titan Fund, a USD 100 million fund aimed at empowering blockchain startups in Hong Kong and Asia.

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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