FB Pixel no scriptDeals in brief: Elon Musk’s xAI to raise capital at USD 24 billion valuation, Honest Bank and HoneyNaps secure Series B funding, five China deals, and more | KrASIA

Deals in brief: Elon Musk’s xAI to raise capital at USD 24 billion valuation, Honest Bank and HoneyNaps secure Series B funding, five China deals, and more

Written by KrASIA Writers Published on   3 mins read

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

Elon Musk’s xAI set to raise funding at USD 24 billion valuation

xAI, an artificial intelligence company founded by Elon Musk, is reportedly close to raising funding at a USD 24 billion valuation, according to Bloomberg and various other media outlets, citing sources familiar with the matter.

The investors set to participate in this investment include Lightspeed Venture Partners, Andreessen Horowitz, Sequoia Capital, and Tribe Capital. The reports indicate that xAI could raise close to USD 6 billion. However, the Financial Times reported that xAI remains “a few hundred million dollars” short of that target.

Header photo source: Daniel Oberhaus via Flickr.

Honest Bank secures additional USD 2.5 million in Series B funding

Honest Bank, a Singapore-headquartered fintech and financial services company, has secured an additional USD 2.5 million in Series B funding, according to filings accessed by Alternatives.pe.

The sum was reportedly contributed by Rakuten Ventures and Jetha Global, chipping in USD 1.5 million and USD 1 million, respectively. The new investment adds to the USD 19 million investment by Orico in 2023.

HoneyNaps bags USD 11.6 million in Series B round

HoneyNaps, a South Korean company specializing in AI-driven sleep data analytics, has bagged USD 11.6 million following the completion of its Series B funding round. The investors include Korea Industrial Bank, Hi Investment Partners, and Quad Investment Management, among others.

With this funding, HoneyNaps has amassed around USD 16.2 million to date, since it first raised USD 700,000 in seed funding in 2019.

Recent deals completed in China:

  • Lianku, an information technology platform focused on the cold chain industry, has secured an eight-figure RMB sum in a pre-Series A funding round. The round was exclusively invested by Eastern Investment, with Maximum Capital serving as the financial advisor. 36Kr
  • Sitan Technology, a Shenzhen-based micro LED display developer, has snagged an eight-figure RMB sum in a Series B+ funding round. The round was led by Sinic-Tek Intelligent Technology and saw participation from Yuecai Zhongyin Private Equity. It will utilize the funds for market expansion and the mass production of micro LED display chips and to enrich its supply chain. 36Kr
  • WonSec Technology, a network and information security solutions provider, has bagged at least RMB 10 million (USD 1.3 million) in an angel funding round. The round was led by SCGC. 36Kr
  • SciBen Biotech, a biotechnology company based in the Hefei Economic and Technological Development Zone, has secured an eight-figure RMB sum in an angel round of financing. The round was exclusively invested by October Capital. 36Kr
  • PhiGent Robotics, a Beijing-based autonomous driving solutions developer, has raised RMB 30 million in a pre-Series B funding round, led by two industry funds under E-Town Capital’s management. Existing shareholders, including Horizon Robotics, also joined the latest round. —DealStreetAsia

XSquare, Shomvob, Mighty Jaxx, and more led yesterday’s headlines:

  • XSquare Technologies, a Singapore-based warehousing automation company, 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.
  • Shomvob, a Dhaka-based jobs and networking platform, 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.
  • Mighty Jaxx, a platform that specializes in the creation and distribution of limited edition, pop culture-inspired collectibles, secured an additional USD 11 million in an extension to its Series A+ 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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