FB Pixel no scriptDeals in brief: Gentari invests in offshore wind project, TiumBio and Heranova secure funding, multiple China and India deals, and more | KrASIA

Deals in brief: Gentari invests in offshore wind project, TiumBio and Heranova secure funding, multiple China and India deals, and more

Written by KrASIA Writers Published on   7 mins read

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

Gentari invests in the Hai Long offshore wind project

The Petronas-owned energy solutions company, through its subsidiary Gentari International Renewables, has invested in the Hai Long offshore wind project. It acquired a 49% stake in Canada-based Northland Power’s ownership of the project, equivalent to a 29.4% indirect equity interest. Northland retains a 30.6% ownership interest in the project and will continue to lead its progress as a joint venture with Japan-based Mitsui & Co.

The Hai Long project, consisting of two phases, is anticipated to achieve a generating capacity of 1,022 megawatts. Once operational, it will become the largest offshore wind project surrounding the island of Taiwan. The project aims to provide sufficient clean energy to power more than a million households and industrial facilities in Taiwan.

“Bringing Gentari to the forefront of the offshore wind industry is a powerful step [toward] realizing our clean energy ambitions and an important milestone in our commitment to help advance the adoption of renewable energy globally,” said Sushil Purohit, CEO of Gentari.

“Northland is delighted to welcome Gentari as an official long-term partner of the Hai Long offshore wind project. We believe Gentari will add significant value to amplify our impact in this space,” said Mike Crawley, president and CEO of Northland.

TiumBio secures KRW 38.5 billion in equity financing 

The South Korean biopharmaceutical company has announced the sale of approximately 2.32 million shares of its convertible preferred shares to SK Chemicals at a rate of KRW 8,620 (USD 6.6) per share, thereby securing an estimated KRW 20 billion (USD 15.3 million).

Following the issuance of convertible bonds, totaling around KRW 18.5 billion (USD 14.2 million) in October last year, TiumBio presently maintains a cash and liquidable securities reserve of around KRW 40 billion (USD 30.7 million). This financial strength is expected to sustain its operations until 2025 and bolster its ongoing clinical programs.

Heranova Lifesciences raises USD 13.5 million in seed funding

The female-focused health solutions provider has announced the completion of its initial and extended seed funding rounds, raising USD 13.5 million. Among the investors include Pivotal Bioventure Partners China, Sinovation Ventures, Emerging Technology Partners, and Triwise Capital.

Heranova Lifesciences will use the newly raised capital to launch a series of non-invasive endometriosis tests and advance two therapeutic programs for endometriosis and bacterial vaginosis.

Monex Group acquires majority stake in Canada’s 3iQ

The Japanese financial services company has acquired the majority stake in 3iQ Digital Holdings, a Canada-based crypto asset management company. The company did not disclose the financial terms of this deal.

“We’re absolutely thrilled about this incredible opportunity to join forces with Monex Group. […] We’ve always been passionate about bringing regulated, innovative digital asset products to investors worldwide, and now, with Monex Group, we can turbocharge this mission. […] With 3iQ’s expertise in crafting exceptional crypto asset products, we’re poised to bolster Coincheck’s offerings, especially for institutional investors,” ” said Frederick Pye, chairman and CEO of 3iQ.

Recent deals completed in China:

  • UBTech, a Shenzhen-headquartered humanoid robotics company, made its Hong Kong Stock Exchange debut on December 29 with an issue price of HKD 90 (USD 11.5) per share, valuing it at HKD 37.6 billion (USD 4.81 billion).
  • Meihua International Medical Technologies, a Nasdaq-listed provider of disposable medical devices, has entered an agreement with institutional investors to issue and sell an initial USD 6 million tranche in an offering of up to USD 50.5 million of its securities.
  • Dongpin Online, a food cold chain services provider, has raised a nine-figure RMB sum in a Series C funding round led by VisionGain Capital. Bull Capital Partners contributed to this round. The company will utilize the funds for supply chain integrations and enhancements. 36Kr
  • King Young, a Nanjing-based robotics company, has raised close to RMB 100 million (USD 14 million) in a Series A+ funding round jointly led by SCGC and Nanjing Jushi Venture Capital with the support of various investors. The funds will be used primarily for product R&D, team building, and system upgrades. 36Kr
  • Linhuiba, an offline marketing services provider, has secured RMB 50 million (USD 7 million) in Series C+ funding from the Anji Government Industrial Fund. Linhuiba will use the funds to enhance its capabilities. 36Kr
  • Hongxing Innovative Materials, a Shenzhen-based producer of adhesives and chemical additives for the lithium battery industry, has raised an undisclosed amount of strategic financing in a round led by Suzhou Jiarui Capital Management. 36Kr
  • Lanxin Computing, a Shenzhen-based RISC-V processor design company, has banked a nine-figure RMB sum of angel funding. The investors include Nanjing SEI Investment, Tsinghua Holdings Capital, Lenovo Capital and Incubator Group, Future Capital, Koala Fund, Xinchen Capital, and other institutional investors. 36Kr
  • Shalashike, a Guangdong-based food tech company, has bagged RMB 100 million (USD 14 million) in a Series A funding round from Buhuo Ventures. 36Kr
  • Powev Electronic Technology, a Shenzhen-based developer of storage solutions, has secured RMB 200 million (USD 28 million) in Series C funding. It will utilize the funds to construct new manufacturing facilities and for R&D. The names of the investors were not disclosed. 36Kr
  • Olight, a lighting equipment company, has secured an undisclosed amount of strategic financing from Changzhou Hi-tech Investment. It did not disclose the names of the investors. 36Kr
  • Linlu Technology, a Chengdu-based food preparation equipment developer, has raised RMB 5 million (USD 700,000) in angel funding. The company will use the funds for market expansion, product R&D, and team development. 36Kr
  • PVE Cleantech, a provider of electropolished tubing solutions, has bagged over RMB 100 million (USD 14 million) in pre-Series B funding from various investors, including Shenyang Fortune Precision Equipment, GT Capital, Nuo Yan Capital, Shenzhen Co-Stone Asset Management, Huaqiang Capital, and Yunshi Investment Management. Hua Xia Capital acted as the exclusive financial advisor for this round. PVE will utilize the funds for R&D, production capacity expansion, and project delivery. 36Kr
  • Chongchong Biotech, a viral biopesticide development company, has received an eight-figure RMB sum in angel investment from October Capital. It will allocate the funds toward ongoing projects, technology R&D, and the layout of its product pipeline. 36Kr
  • UltraRISC Technology, a Shanghai-based RISC-V processing technology company, has secured close to RMB 100 million (USD 14 million) from CICT and SCGC. DeepBlue Partners acted as the exclusive financial advisor. UltraRISC will use the capital to conduct product R&D and expand its team. 36Kr
  • ShinData, a Beijing-based database cloud platform developer, has closed its Series B1 and B2 funding rounds, securing investments from Bohai Securities and BeFor Capital respectively. 100Summit Partners was the appointed financial advisor. 36Kr
  • Hoenergy Power Technology, a Shanghai-based smart energy solutions provider, has secured an eight-figure RMB sum in Series A+ funding from Puhua Capital with the support of other undisclosed investors. 36Kr
  • Pustar, a Guangdong-based R&D company specializing in adhesives and sealants, has raised over RMB 10 million (USD 1.4 million) in a pre-Series A funding round from Fosun RZ Capital. 36Kr
  • PepBio, a Chengdu-based biotechnology company focused on the development of peptide drugs, has bagged an eight-figure RMB sum in a pre-Series A funding round led by the Sichuan Development Academician Fund. The round also saw the participation of Huaxi Securities. The funds will mainly be used to conduct R&D. 36Kr

Latest deals in India:

  • ProjectX.Cloud, a cloud-based operating system developer, has raised around USD 200,000 from Google Cloud. The company will utilize the funds to enhance its infrastructure as well as develop and scale its products. —VCCircle
  • Cashvisory, a Kolkata-based financial services company, has raised INR 12 million (USD 144,000) in a pre-seed funding round from EvolveX, an angel fund floated by SucSeed Indovation, Ashok Agrawal, Upasana Koul, Deepika Asthana, and other investors. Cashvisory will use the funds to execute its go-to-market strategy and launch its mobile app by the end of H1 2024. —VCCircle
  • Battery Smart, a Gurugram-based battery swapping company that serves primarily two- and three-wheeler electric vehicles, has raised an undisclosed amount of debt funding from Trifecta Capital. The latest round follows a pre-Series B funding round closed by the company several months ago, when it secured USD 33 million from Tiger Global, Blume Ventures, as well as new investors such as The Ecosystem Integrity Fund (EIF) and British International Investment (BII). —VCCircle
  • SkinQ, a Bengaluru-based skincare brand, has raised INR 30 million (USD 360,000) in a seed funding round from Inflection Point Ventures (IPV). The company intends to use the funds for new product launches, R&D, team expansion, and brand building activities. —VCCircle
  • EcoRatings, a sustainability assessment platform, has raised an undisclosed amount of pre-seed funding from EvolveX. It intends to allocate the funds toward the development of its technology stack, improving its frameworks through the integration of artificial intelligence, machine learning, and big data solutions. —VCCircle
  • Pushp, an Indore-based spices brand, has secured INR 1 billion (USD 12 million) from Sixth Sense Ventures. Part of this deal involves the purchase of a stake in Pushp from A91 Partners, an initial institutional investor of the company. —The Economic Times

OpenAI made headlines that closed the year of 2023:

  • OpenAI, the creator of ChatGPT, was reportedly in talks to secure new funding with a valuation target of at least USD 100 billion. Investors engaged in these discussions have requested anonymity as the terms, valuation, and timing of the deal remain unfinalized. This development may differ from previous talks between OpenAI and Abu Dhabi-based G42, which focused on a potential funding range of USD 8–10 billion from G42 for a chipmaking joint venture named Tigris.

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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