Elon Musk leads USD 97.4 billion bid for OpenAI’s nonprofit entity
Elon Musk, the CEO of Tesla and SpaceX and chairman of X, is leading a USD 97.4 billion bid to acquire the nonprofit entity that oversees ChatGPT maker OpenAI, according to CNA. The bid is backed by xAI—Musk’s artificial intelligence company—along with Baron Capital Group, Emanuel Capital, and other investors.
Musk, who co-founded OpenAI but departed before its ascent, has repeatedly criticized the company’s shift toward a profit-driven model. His lawsuit against OpenAI, filed last year, argues that the organization has strayed from its original mission of advancing AI for public benefit.
The proposal introduces new complexity to OpenAI’s ongoing fundraising efforts, including discussions with SoftBank Group, which is reportedly considering leading a USD 40 billion round at a USD 300 billion valuation. OpenAI’s board has a fiduciary duty to evaluate Musk’s bid, given its potential impact on the company’s trajectory.
If the acquisition succeeds, xAI and OpenAI could merge. However, financing remains a challenge, with Musk potentially needing to leverage his Tesla stock or SpaceX stake to secure funding.
East Ventures and SV Investment close first round of interregional fund
East Ventures, a leading venture capital firm in Southeast Asia, and SV Investment, a South Korea-based private equity and venture capital firm, have announced the first close of their joint interregional fund.
Backed by the Korea Development Bank (KDB) and a global neobank, the fund will invest in Series A and B tech startups in Southeast Asia and South Korea, writing checks of USD 1–3 million per deal. It aims to bridge the gap between the two regions, helping South Korean startups expand into Southeast Asia and vice versa.
“South Korea will have increasing opportunities to expand into one of the fastest-growing and largest markets, while Southeast Asia will benefit from the adoption of advanced technology from South Korea and drive its economy to [the] next level,” said David Junghun Bang, managing partner at SV Investment.
The fund is expected to reach its final close by mid-2025.
Payd raises USD 400,000 seed extension for EWA platform
Payd, a Malaysian fintech startup, has raised a USD 400,000 seed extension from A2D Ventures, Orbit Startups, and AngelSpark to expand its earned wage access (EWA) platform across Southeast Asia.
Payd enables employees to access wages before payday, helping them avoid high-interest loans. The company reportedly serves over 100,000 employees and partners with major employers such as McDonald’s, Starbucks, KyoChon, and Banyan Tree in Malaysia. Expansion into Thailand is underway.
The fresh capital will support Payd’s market expansion, product development, and deeper penetration into sectors such as hospitality and insurance.
Liquid8 secures pre-seed funding from SPIL Ventures
Liquid8, an Indonesian recommerce startup, has secured an undisclosed pre-seed investment from SPIL Ventures, the venture capital arm of PT Salam Pacific Indonesia Lines (SPIL), according to DealStreetAsia. This marks the startup’s first external funding.
Founded in 2023, Liquid8 focuses on optimizing inventory flow, reducing waste, and generating new economic opportunities through recommerce. The fresh capital will support operational scaling and technology enhancement.
Carsome and JACCS form joint venture to expand automotive financing in Malaysia
Carsome, a Malaysia-based car e-commerce platform, has partnered with Japan Consumer Credit Service (JACCS) through its financing arm, Carsome Capital. As part of the deal, JACCS will acquire a 49% stake in Carsome Capital, while Carsome will retain a 51% majority share.
The joint venture aims to introduce tailored financing solutions for underserved segments in Malaysia. It will also leverage AI-driven credit assessments, strengthen risk governance, and enhance financial sustainability.
Ascentium acquires Links International to expand HR and payroll services across Asia
Ascentium, a Singapore-based business services platform, has acquired Links International, an Asia-focused human resource outsourcing technology provider. The acquisition extends Ascentium’s reach into markets including Japan, South Korea, Thailand, and Macau.
Following the deal, Links’ managing director, Scott Thomson, will lead Ascentium’s HR solutions business. The acquisition is expected to strengthen Ascentium’s service offerings and accelerate its expansion into emerging markets such as India and the UAE.
Venturi Partners invests USD 25 million in footwear brand JQR
Venturi Partners, a consumer-focused investment firm in India and Southeast Asia, has invested USD 25 million in Just Quick Run (JQR), a sports and lifestyle footwear brand.
Founded in 2014, JQR operates in India’s mid-tier footwear market, with vertically integrated manufacturing capabilities and a strong offline retail presence. The investment will support JQR’s omnichannel expansion, including online sales and new product launches.
Bold Care raises USD 5 million in Series A round
Bold Care, a men’s health-focused digital brand, has raised USD 5 million in a Series A funding round from various investors including Rainmatter, MGA Ventures, and AVT Group, among others.
The company plans to use the capital to strengthen its R&D efforts, scale digital distribution, and expand into women’s wellness through a sub-brand.
BII invests INR 4 billion in SBFC Finance
SBFC Finance, an Indian non-banking financial company, has secured INR 4 billion (USD 46.1 million) from British International Investment (BII) to expand credit access for low-income entrepreneurs and women.
The funding will support underserved borrowers, helping them grow their businesses and improve economic stability. SBFC specializes in small-ticket loans.
Recent deals completed in China:
- PAI Technology, a document intelligence company, has secured an undisclosed amount in a new funding round jointly led by Kingsoft Office Software and Shunwei Capital. The company will use the capital for R&D, market expansion, and talent acquisition to further drive innovation in unstructured data processing. —36Kr
- UltraRISC Technology, a CPU chip developer, has raised an eight-figure RMB sum in a Series A1 round of financing led by Hongtai Aplus, with participation from Longding Capital, Sanhe Capital, and other investors. Deep Blue Partners acted as the financial advisor. The funds will be used for the R&D and commercialization of high-performance CPUs based on the RISC-V architecture, targeting applications in edge computing, internet-of-things, industrial control, and cloud computing. —36Kr
- DealRisk, a fintech company focused on financial AI models and measurement engines, has completed its pre-Series A funding round. The investment amount was not disclosed. The round was backed by SBI China and Shanghai SBI-INESA Equity Investment Management, a subsidiary of INESA Group. Founded in 2020, the company specializes in addressing bottlenecks in the financial services industry. —36Kr
- Regend Therapeutics, a biotech firm specializing in regenerative medicine, has secured an eight-figure RMB sum in a Series B+ funding round. FIRHealth Capital was the sole investor. The proceeds will support the clinical development and regulatory approval of its stem cell-based organ regeneration treatments. —36Kr
- StairMed, a neurotechnology firm developing implantable brain-computer interfaces, has closed a RMB 350 million (USD 49 million) Series B funding round. The round was co-led by Qiming Venture Partners, OrbiMed, Lilly Asia Ventures, and other investors. Early-stage backer Source Code Capital participated as a follow-on investor. The capital will be deployed toward clinical trials, next-generation technology R&D, and the establishment of a production facility for medical-grade microelectromechanical systems (MEMS). —36Kr
- AscentStream, the operator of an open-source messaging and streaming platform, has raised tens of millions of RMB in an angel round of financing. Northern Light Venture Capital led the investment, with participation from Huatai Innovation Investment. AscentStream will utilize the funds to expand its community, enhance product development, and accelerate commercialization efforts for its solutions. —36Kr
Syfe, SoftBank, Qeen.ai, and more made recent headlines:
- Syfe, a savings and investment platform in the Asia Pacific, submitted a non-binding indicative offer to acquire Selfwealth, one of Australia’s publicly listed investment platforms, for AUD 65 million (USD 40.8 million) in cash.
- SoftBank Group, Japan’s preeminent global investor, could acquire Ampere Computing, a chip design company backed by Oracle, in a deal that could value Ampere at USD 6.5 billion, including debt.
- Qeen.ai, a Dubai-based provider of agentic AI solutions for e-commerce businesses, raised USD 10 million in a seed funding round led by Prosus Ventures, with participation from Wamda Capital, 10x Founders, and Dara Holdings.
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