FB Pixel no scriptDeals in brief: LaunchVic to fund specialized angel networks with new grants, OKX Ventures leads investment in UXLink, nine China and India deals, and more | KrASIA

Deals in brief: LaunchVic to fund specialized angel networks with new grants, OKX Ventures leads investment in UXLink, nine China and India deals, and more

Written by KrASIA Writers Published on   4 mins read

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

LaunchVic introduces new grants to fund specialized angel investment networks

LaunchVic, the Victorian state government’s startup development agency, has introduced a new grant initiative aimed at bolstering specialized angel investment networks with a keen interest in early-stage startups in Victoria.

These grants, valued at up to AUD 300,000 (USD 198,540), are intended to foster the establishment of angel investment groups focusing on specific industry verticals or technology types within the pre-seed and seed investment landscape. The initiative welcomes participation from both domestic and international investors.

OKX Ventures leads investment in UXLink

UXLink, a SocialFi platform that aims to instill the trust users have in real-world relationships into decentralized applications, has raised an undisclosed amount in an investment round led by OKX Ventures.

Kaskade Finance completes pre-seed round

Kaskade Finance, a gamified incentivization layer protocol, has announced the completion of its pre-seed funding round, raising an undisclosed amount of capital.

The company said the round was oversubscribed, with participation from over 40 investors including Marshland, NxGen.xyz, Artemis Capital, Andromeda Capital, Hercules Ventures, 369 Capital, Crypto Oasis Ventures, and a slew of influencers, among others.

Recent deals completed in China:

  • EGNC, a Chengdu-based developer of computer numerical control (CNC) tools and fixtures, has completed a new funding round, raising an undisclosed sum from Changzhou Lizhong Investment Management. It will utilize the funds for R&D, production, and sales expansion, targeting various industries such as automotives, aerospace, and engineering machinery. 36Kr
  • Zenosic, a Nanjing-based semiconductor company specializing in the design and R&D of programmable network chips, has raised RMB 200 million in a Series A2 funding round. Longqiu Capital led this round with the support of Ruiyue Holding Group, Ningmeng Investment, Junsan Capital, Z&Y Capital, Huafang Investment, and other undisclosed investors. The capital will support Zenosic’s R&D and the enhancement of its product offerings, focusing on artificial intelligence, cloud computing, and internet-of-things applications. 36Kr
  • MUCSE, a Wuxi-based security and network solutions provider, has snagged a nine-figure RMB sum in a Series A3 funding round led by Ant Group, with participation from Shang Capital, Yiyuan Aerospace, Longding Capital, Yiling Capital, and Forebright Capital. The company plans to utilize the proceeds to supplement its cash flow during the business expansion phase, expand production capacity, and advance its R&D efforts. 36Kr

Latest funding deals in India:

  • Lohum, a Greater Noida-based sustainable producer of battery materials, has secured a total of USD 54 million in its Series B funding round. The round was led by Singularity Growth, Baring Private Equity, Cactus Venture Partners, and Venture East, among other investors. Lohum will utilize the funds to fuel its market expansion, scale its operations across India, and expand into new energy transitioning markets in North America, Europe, and the MENA region. —Entrackr
  • Sugar.fit, a health tech startup focused on diabetes management, has raised USD 5 million in its ongoing Series A funding round. B Capital is leading the round, with participation from MassMutual Ventures, Tanglin Venture Partners, Endiya Partners, and Cure.Fit. The capital will be used to enhance the startup’s technology stack and product range, expand brand presence, and advance its R&D initiatives.
Photo of Shivtosh Kumar (left) and Madan Somasundaram, co-founders of Sugar.fit.
Photo of Shivtosh Kumar (left) and Madan Somasundaram, co-founders of Sugar.fit. Photo courtesy of Sugar.fit.
  • Freed, a debt relief platform, has raised INR 600 million in a Series A funding round jointly led by Sorin Investments and Multiply Ventures, with participation from Piper Serica and other undisclosed investors. The investment will facilitate the expansion of Freed’s reach and impact. —VCCircle
  • Cureskin, a dermatology-focused consumer healthcare startup, has raised USD 20 million in a Series B round of financing led by HealthQuad, with participation from JSW Ventures, Khosla Ventures, and Sharrp Ventures. The proceeds will support CureSkin in scaling its operations, developing its technology, and enhancing its distribution capabilities. —VCCircle
  • Indicold, a B2B cold chain logistics company, has bagged an undisclosed amount in a pre-Series A funding round from Fundalogical Ventures. The company said it will use the funds to focus on technology development, expanding into new geographies, and hiring new employees. —VCCircle
  • Perfios, a fintech software-as-a-service company, has raised USD 80 million from Teachers’ Venture Growth (TVG) to support its international expansion plans and explore new growth opportunities. —VCCircle

The merger of Shiok Meats and Umami Bioworks, Peak XV’s new fund, DCS’ fundraise, and more led yesterday’s headlines:

  • Singapore-based alternative seafood startups Shiok Meats and Umami Bioworks are pursuing a merger, with the combined entity to operate under the latter’s name and be led by Mihir Pershad, Umami’s current CEO. The Shiok Meats brand will reportedly be retained for potential future use.
  • Peak XV Partners, the venture capital firm formerly known as the Southeast Asia and India arm of Sequoia Capital, is launching a perpetual fund that will be backed by its investment partners and extended team.
  • DCS Card Centre, a Singapore-based financial services provider, secured USD 75 million in asset-backed notes, bringing its total funding for the latest round to roughly USD 300 million, following a USD 225 million fundraise in December 2023.

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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