FB Pixel no scriptDeals in brief: Fikra Ace announces winners of accelerator program, Bayanat and Yahsat to merge into MENA’s space tech giant, multiple China and India deals, and more | KrASIA

Deals in brief: Fikra Ace announces winners of accelerator program, Bayanat and Yahsat to merge into MENA’s space tech giant, multiple China and India deals, and more

Written by KrASIA Writers Published on   6 mins read

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

Fikra Ace announces winners of its 2023 accelerator program

To wrap up the 2023 edition of the Fikra Ace Accelerator program, a demo day was organized on November 9, 2023, by the Securities Commission Malaysia in collaboration with 1337 Ventures and the Malaysia Digital Economy Corporation (MDEC), providing participating startups with an opportunity to showcase their ideas and solutions.

Among the participating startups include:

  • EPC Blockchain is a climate tech startup developing a blockchain-based “green islamic investment” platform.
  • Eversustain is developing an API that will help businesses calculate carbon footprints and improve their understanding of climate impact.
  • Global Psytech is focused on building a credibility scoring system for Islamic finance, social finance, and financial inclusion.
  • GreenArc is integrating its impact measurement system with Islamic capital market products to advocate responsible and impactful financial practices.
  • HalalStocks offers access to Islamic investment portfolios catered to ethical fund managers.
  • Pewarisan is a fintech startup providing solutions for Islamic inheritance planning.
  • Pod is a money management app-based platform that offers content related to financial literacy and related topics.
  • Refundway promises to refund or return purchases directly, quickly, and hassle-free, on behalf of users.
  • Sampul provides tools and services to empower users in preserving their “digital legacies” for loved ones and future generations.
  • W Vault by Wahine Capital is a “digital toolbox” that aims to help users manage their finances securely and easily.

Global Psytech and Pewarisan were announced as the winners of the demo day, securing a cash prize of up to MYR 80,000 (USD 17,100).

Bayanat and Yahsat secure unanimous agreement to merge and form MENA’s “space technology champion”

Bayanat, a provider of artificial intelligence-powered geospatial solutions, and Al Yah Satellite Communications Company (Yahsat), a global satellite operator, have announced that their respective boards of directors have unanimously agreed to recommend to shareholders a merger of both entities. Both Bayanat and Yahsat are headquartered in Abu Dhabi and listed on the Abu Dhabi Securities Exchange (ADX).

The merger has been proposed with the goal of creating an “AI-powered space technology champion in the MENA region” with an implied market capitalization of over AED 15 billion (USD 4.08 billion), based on closing share prices as of December 18, 2023, prior to the announcement.

The proposed deal will be executed through a share swap with Bayanat as the remaining legal entity. Bayanat shareholders will tentatively own around 54% while Yahsat shareholders will hold the remaining 46% of the combined entity, after accounting for stakes to be held by Group 42, the Mubadala Investment Company, and the International Holding Company (IHC). Group 42, Mubadala, and IHC are expected to own approximately 42%, 29%, and 8% of the combined entity respectively.

Kubota leads investment in Xing Mobility

Kubota, a Japanese manufacturer of industrial and agricultural machinery, has been announced as the lead investor of a Series B funding round recently completed by Xing Technology, the holding company of Xing Mobility, a battery technology company.

In a statement released by Xing Mobility, the investment will expedite Kubota’s roadmap toward machinery electrification to promote sustainability in industrial and agricultural operations, while enabling Xing Mobility to fast-track its development of immersion cooling battery systems.

“Kubota’s funding opens up new possibilities for Xing Mobility’s immersion cooling innovations. This investment is a significant step towards unlocking new potentials in agricultural and industrial machinery,” said Matt Cheng, founder and general partner of Cherubic Ventures, an investor in Xing Mobility.

Image of Xing Mobility’s Immersio cell-to-pack battery system.
Image of Xing Mobility’s Immersio cell-to-pack battery system. Image courtesy of Xing Mobility.

Novo Tellus completes third fund with USD 510 million in oversubscribed commitments

The private equity firm has announced the completion of Novo Tellus PE Fund 3, its third fund, after surpassing the initial fundraising target by 36% at its hard cap of USD 510 million in commitments.

All existing institutional investors of Novo Tellus recommitted to the latest fund, joined by new limited partners (LPs) from various parts of the world. Novo Tellus did not disclose the names of the new LPs.

Recent deals completed in China:

  • Lingshi Henmang, a snack brand, has secured around RMB 1.05 billion (USD 148.1 million) in equity funding from Haoxiangni Health Food and Yankershop Food. The two investors contributed RMB 700 million (USD 98.7 million) and RMB 350 million (USD 49.4 million) respectively. 36Kr
  • Digitwin Technologies, a provider of artificial intelligence-powered digital twin solutions, has raised an eight-figure RMB sum in a Series A2 funding round led by KSND Venture Capital. 36Kr
  • Weast Bio, a Suzhou-based biotechnology company specializing in delivery platforms for nucleic acid therapeutics, has received RMB 10 million (USD 1.41 million) in angel funding from Beyond Capital. The funds will be used for marketing and R&D. 36Kr
  • Panacro, a contract research organization focused on pharmaceutical R&D and clinical studies, has secured close to RMB 100 million in a Series B1 funding round. Shenzhen Co-Stone Asset Management led this round with the support of Kinghall Ventures. Probe Capital acted as the financial advisor for this round. 36Kr
  • Huaxia Tebian Intelligent Equipment, a Xiangtan-based developer of power supply systems, has raised a nine-figure RMB sum from Richland Capital and other domestic institutional investors. 36Kr
  • Intelligence Indeed, a provider of AI and robotic process automation (RPA) solutions, has banked close to RMB 200 million (USD 28.2 million) following the completion of its Series C funding round. 36Kr
  • ME Instruments, a Shenzhen-based company specializing in gene sequencing equipment and reagents, has raised close to RMB 100 million (USD 14.1 million) in a Series B++ funding round. The company intends to utilize the funds to build a new production base for its platform in Lianyungang, Jiangsu, and to register, mass produce, and promote its products. 36Kr
  • Reetoo Biotech, a Shenzhen-based developer of AI-powered medical equipment, has secured over RMB 100 million in a Series B2 funding round jointly led by CAS Investment and a well-known domestic investor. Shenzhen Investment Holdings also participated in this round. Reetoo will use the funds primarily to produce, commercialize, and iterate its products. 36Kr
  • Techphant, a Guangzhou-based developer of narrowband internet-of-things systems, has raised close to RMB 200 million (USD 28.2 million) in a Series C funding round led by China’s National Manufacturing Transformation and Upgrading Fund with the support of a fund managed by China Electronics Technology Group Corporation (CETC). Techphant will use the capital for R&D and to commercialize its ultra narrowband products. 36Kr
  • Agibot, a Shanghai-incorporated humanoid robot developer, has completed a Series A3 funding round, raising over RMB 600 million (USD 84.6 million) from various investors including BlueRun Ventures, Casstar, CDH Investments, C Capital, GLV, LuxVisions Innovation, Sanhua Holding Group, Shenzhen Co-stone Asset Management, a Lingang Group-managed fund, and Yinxinggu Capital, among others. Agibot will utilize the capital to commercialize and iterate its products. 36Kr

Latest deals in India:

  • Bhive, a Bengaluru-based co-working space provider, has acquired Praemenio, a product engineering firm, in a deal involving both cash and equity. The financial terms of this deal were not disclosed. —Inc42
  • BatX Energies, a Gurugram-based battery recycling company, has raised USD 5 million in a pre-Series A funding round led by Zephyr Peacock. The round also saw participation from LetsVenture and existing investors including the family office of Mankind Pharma, Excel Industries, and Jito Angel Network. BatX will utilize the funds to scale its recycling solutions and establish a nationwide network. —VCCircle
  • Kapture CX, a Bengaluru-based enterprise solutions provider, has raised USD 4 million from India Alternatives. The newly raised funds will enable Kapture to expand its presence overseas and further develop its product and technology. —VCCircle
  • Peptris Technologies, a Bengaluru-based drug discovery company, has raised USD 1 million in a seed funding round led by Speciale Invest. Peptris intends to use the funds to expedite its discovery programs and create a pipeline of potential drug candidates. —VCCircle
  • HouseEazy, an online marketplace for pre-owned properties, has bagged USD 1 million in a seed funding round led by Antler. The round also saw participation from India Accelerator, AC Ventures, Agility Ventures, Finvolve Ventures, and angel investors including Pirojsha Godrej (Godrej Properties) and Sandeep Aggarwal (Droom). The funds will be used to build the company’s distribution network and enhance its technology. —VCCircle
  • Evolve, a mental health platform, has raised INR 25 million (USD 300,000) in a funding round led by the Indian Angel Network with the support of Rajesh Ranavat and other undisclosed angel investors. Evolve will use the funds for product development, technology enhancements, and to expand its offerings. —VCCircle

Shopee, Biorithm, Blue Planet, and more led yesterday’s headlines:

  • Shopee, one of the leading e-commerce companies in Southeast Asia, bought the local credit arm of Blu, a Brazilian fintech company, after securing preliminary approval from Cade, Brazil’s antitrust regulator.
  • Biorithm, a medtech company specializing in pregnancy care solutions, secured USD 3.5 million in a Series A funding round jointly led by Adaptive Capital Partners and SEEDS Capital (Enterprise Singapore).
  • Blue Planet, a Singapore-based sustainable waste management company, bagged USD 35 million in funding from The Investment Fund for Developing Countries (IFU). The IFU invested in Blue Planet in this deal on behalf of the SDG Fund, which provides catalytic risk mitigations to mobilize private capital.

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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