FB Pixel no scriptDeals in brief: Jump Crypto backs ZTX to build the metaverse, Jungle Ventures merges with HealthXCapital, and more | KrASIA

Deals in brief: Jump Crypto backs ZTX to build the metaverse, Jungle Ventures merges with HealthXCapital, and more

Written by Gideon Ng Published on   3 mins read

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

The divergence between AI enthusiasm and investment trends

Amidst the chatter about artificial intelligence and its generative offshoot, AI companies should logically be among the prime contenders for investors, mirroring what occurred in the past 12 to 18 months with Web3 and metaverse companies.

Yet, quite the contrary is happening of late. Besides fintech, which is an evergreen industry in Southeast Asia, venture capitalists seem to prefer hedging their bets on technology companies operating in other industries, such as mobility and transportation, healthcare, and e-commerce.

How should we reconcile this disparity between AI enthusiasm and investment? Let us know at: [email protected].

That’s all for this week. If there are any news or updates you’d like us to feature, you can also get in touch with us via the email above.

Jump Crypto leads ZTX’s USD 13 million seed round

The Singapore-based Web3 and metaverse platform has secured USD 13 million in seed funding through a round led by Jump Crypto. The round also drew participation from Collab+Currency, Parataxis, MZ Web3 Fund, Everest Ventures Group, and other investors.

The capital will enable ZTX to leverage its resources and user base to accelerate the adoption of Web3 technology on a global scale. —DealStreetAsia

GIF of a “district” in ZTX’s metaverse. Each “district” offers unique and immersive experiences, and users can unlock special benefits by gaining ownership of district-specific non-fungible tokens. GIF and header photo source: ZTX’s official website.

Beep completes seed round to launch Southeast Asia’s largest EV roaming network

In tandem with the launch of its electric vehicle roaming network, the Singapore-based internet-of-things startup has announced the completion of a seed funding round led by GGV Capital and Wing Vasiksiri. NUS Technology Holdings, SUTD Venture Holdings, XA Network, and multiple angel investors also participated in the round.

Beep will use the funds to enhance technical connectivity across Southeast Asia by expanding its network to Malaysia, Thailand, and other parts of the region. —Vulcan Post

Jungle Ventures merges with HealthXCapital to diversify and expand investment portfolio

The Singapore-based venture capital firm has announced its merger with HealthXCapital, an early-stage venture capital firm specializing in healthcare investments. The merger will incorporate HealthXCapital’s healthcare-related investment expertise into Jungle Ventures, strengthening the new entity’s foothold in Southeast Asia and India.

Photo of Jungle Ventures’ management team. From left to right: Amit Anand (founding partner), David Gowdey (managing partner), and Anurag Srivastava (founding partner). Photo retrieved from KrASIA’s archive.

Sirius Technologies raises USD 18 million in Series A round to enhance enterprise architecture solutions

The Singapore-based enterprise architecture tech startup has secured USD 18 million in a Series A funding round led by venture capital investors Integra Partners and Cento Ventures. —DealStreetAsia

Latest deals completed in China:

  • Knowhy, an industrial tool management company, has raised around RMB 100 million (USD 13.7 million) in a Series A+ round, and will use the funds to invest in R&D, expand its business, and invest in team and brand development. 36Kr
  • InCore Materials, an electronic paste manufacturing company, has secured fresh capital in a pre-Series A round led by Leaguer Capital. Angel investor Northern Light also participated in the round. InCore Materials will use the funds to fuel its R&D and market expansion efforts  36Kr
  • Aspiring, a semiconductor company, has snagged nearly RMB 100 million (USD 13.7 million) in fresh funding via a Series A round, with participation from Xinchao Group, C&D, Tsinghua Innovation Ventures, and other investors. 36Kr
  • Datasea, a Nasdaq-listed digital technology company, has signed a securities purchase agreement with an undisclosed Chinese investor to secure USD 4 million. The agreement priced the shares at USD 1.35 each, representing a 125% premium over the company’s recent share price.

Atome, Guoguang Singsun, and ADASpace led yesterday’s headlines:

  • Atome, a Singapore-based fintech company, has renewed and expanded its USD 100 million debt facility with HSBC Singapore. The funding will support its expansion into the Philippines and other key markets, catering to unbanked and underbanked consumers. The debt facility will also enable Atome to launch new consumer financing products.
  • Guoguang Singsun, a company specializing in advanced tracking technology for intelligent solar plant applications, raised RMB 1 billion (USD 137.4 million) in funding.
  • ADASpace, a provider of commercial satellite operations and AI-driven remote-sensing data services, concluded a Series C funding round led by Hongtai Aplus, securing over RMB 500 million (USD 68.7 million).

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