FB Pixel no scriptDeals in brief: Mesh Bio confirms completion of Series A round, ProcurePro and Alt.Leather secure funding, 16 recent China and India deals, and more | KrASIA

Deals in brief: Mesh Bio confirms completion of Series A round, ProcurePro and Alt.Leather secure funding, 16 recent China and India deals, and more

Written by KrASIA Writers Published on   6 mins read

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

Mesh Bio confirms the completion of USD 3.5 million Series A round

Following initial reports of Mesh Bio, a Singapore-based health tech startup, raising an undisclosed amount of funding in October last year, the startup has released a statement today confirming this milestone.

According to the statement from Mesh Bio, it has raised a total of USD 3.5 million in a Series A funding round led by East Ventures. This round also saw participation from Elev8, Seed Capitals, and the startup’s existing investors.

The capital will enable Mesh Bio to develop digital twin technology applications for chronic disease management and scale the deployment of its solutions across Hong Kong and Southeast Asia, with a primary focus on Indonesia and the Philippines.

Notably, this investment comes three months after Mesh Bio secured regulatory approval and implemented a pilot with public health systems for one of its digital twin technologies in Singapore. In October 2023, it received approval from Singapore’s Health Sciences Authority (HSA) to market its “HealthVector Diabetes” product as a software-as-a-medical device (SaMD). This product is currently being utilized in a pilot at various medical institutions in Singapore for potential clinical adoption.

“Mesh Bio stands out with its leading-edge technology that is set to revolutionize patient care delivery. [Its] innovative approach to harnessing predictive analytics is a gamechanger, enabling more personalized and preventive healthcare services,” said Willson Cuaca, co-founder and managing partner at East Ventures.

ProcurePro raises AUD 6.15 million in funding

ProcurePro, a Brisbane-based construction software startup, has raised AUD 6.15 million (USD 4.06 million) in a funding round led by AirTree Ventures and Saniel Venture. The startup operates a procurement platform with features that ostensibly offer greater efficiency than traditional processes managed using Excel, Word, and email.

The funds raised will support ProcurePro’s mission to address inefficiencies in procurement processes and enhance its impact on project success and profit margins. —Australian Financial Review

Alt.Leather banks AUD 1.1 million in oversubscribed seed round

Alt.Leather, a plant-based leather startup based in Melbourne, has banked AUD 1.1 million (USD 727,200) in seed funding from Wollemi Capital Group, the family investment firm of Tesla chairman Robyn Denholm, and LaunchVic’s Alice Anderson Fund, which is a Victorian government-funded body that backs female-led startups. Other participants in this round include Startmate, the Austin Group, and angel investors.

Tina Funder, founder of Alt.Leather, launched a vegan handbag label LOM Australia in 2022 using cactus and apple leather. The startup is now expanding into the petroleum-based synthetic leather market and developing what it claims to be Australia’s first fully plant-based leather, produced using a combination of waste streams and regenerative plant derivatives.

The funds raised will be utilized by Alt.Leather to file its provisional patent, run small-scale sample production with a range of local brands, and access university-housed advanced equipment and student researchers. —Australian Financial Review

Recent deals completed in China:

  • FlexTouch, a technology company specializing in the production of metal mesh sensors, has secured over RMB 100 million (USD 14.1 million) in a Series B funding round. This round was led by Guoxing Investment and saw participation from other investors. The funds will be utilized for product R&D and to expand FlexTouch’s production capacity. 36Kr
  • Shanghai Advanced NDT Equipment (SANDT), a provider of X-ray solutions, has raised close to RMB 200 million (USD 28.2 million) in funding from Zhongxin Venture Capital, Tianxing Capital, Royal Stars Venture Capital, and Guangyun Fund, among other investors. The capital will primarily support the R&D of SANDT’s new products. 36Kr
  • Hongyuan New Energy Technology, a Hunan-registered producer of phosphate-based cathode materials for batteries, has completed an angel funding round, raising an eight-figure RMB sum from KylinHall Partners and other investors. The funds will be used to procure pilot line equipment. 36Kr
  • Hengrui Technology (also known as Hresys), a Hangzhou-based developer of energy storage systems, has announced that it raised RMB 20 million (USD 2.82 million) in a pre-Series A funding round completed last year. Raystone Capital (RSC) exclusively invested in this round. The capital will mainly be used for business expansion and technology R&D. 36Kr
  • Xreal, an augmented reality technology company previously known as Nreal, has recently secured USD 60 million in strategic financing. The specific investors remain undisclosed at this time. Following this round, Xreal’s total funding has reached USD 300 million, with an estimated valuation of over USD 1 billion. 36Kr
Promotional image of Xreal’s Air 2 Ultra augmented reality glasses.
Promotional image of Xreal’s Air 2 Ultra augmented reality glasses. Image source: 36Kr.
  • Handi Big Data, a Chongqing-registered developer of enterprise big data applications, has completed a Series A2 funding round, bagging an eight-figure RMB sum. Chongqing Science City Investment Holding led this round. Handi will utilize the funds for market promotion, technology enhancements, and team building. 36Kr
  • AI Waves, an AI company that has developed Weaver, a content creation-focused large language model (LLM), has secured an eight-figure RMB sum in a pre-Series A funding round. BlueRun Ventures led this round, with follow-on investments from XHVC, Eric Jing (Ant Financial), Fei Gesheng, and existing shareholder Ofound Angel. 36Kr
  • Oralead Pharma, a Shenzhen-registered biopharmaceutical company, has raised an eight-figure RMB sum in a pre-Series A funding round. Highlight Capital, BrightGene Bio-Medical Technology, and Bioching Capital jointly invested in this round. 36Kr
  • Tsingyun Energy Group, a new energy technology company, has secured nearly RMB 200 million in a Series B funding round led by MultiGo Capital. 36Kr
  • Consilo Hims, a Guangdong-registered biotechnology company focused on developing peptides derived from medicinal plants used in traditional Chinese medicine, has received a seven-figure RMB sum of angel funding from Gaozhang Capital. It will use the funds mainly for product R&D and market promotion. 36Kr
Promotional image of Consilo Hims’ inaugural product named “Xing” in Mandarin Chinese.
Promotional image of Consilo Hims’ inaugural product named “Xing” in Mandarin Chinese. It can be consumed to relieve hangover symptoms. Image source: 36Kr.

Latest funding activities in India:

  • Arzooo, a Bengaluru-based retail tech platform operated by Sterne India, has secured an undisclosed amount in an extended Series B funding round from its existing investors, including SBI Investment, Trifecta Leaders Fund, Tony Xu (Doordash), and 3Lines Venture Capital. With this capital infusion, Arzooo is aiming to enhance its technology infrastructure and improve its operational efficiency. It will also focus on expanding its presence in India. —VCCircle
  • BluSmart, a Gurugram-based electric mobility startup, will receive an investment of up to USD 25 million from Switzerland-headquartered impact investor responsAbility as part of the latter’s USD 500 million Asia-focused climate investment strategy. BluSmart plans to utilize the capital to build large-scale electric vehicle charging “superhubs” and expand its charging infrastructure and ride-hailing network. —VCCircle
  • ClearTrust, a company in the cybersecurity sector, has raised USD 1.9 million in a pre-Series A funding round led by Ideaspring Capital. The round also saw participation from Piper Serica Angel Fund and existing investor Alacrity India. ClearTrust intends to use the funds to expand its operations into North America and invest in R&D. —VCCircle
  • Earthful, a D2C plant-based nutrition brand based in Hyderabad, has secured INR 33 million (USD 396,900) in a pre-seed funding round. The investment comes from Green Ivy Ventures and a group of angel investors, including Abhishek Goyal (Tracxn), Jayant Paleti (Darwinbox), and Brij Bhushan (Magicpin). Earthful plans to deploy the funds for R&D, building an omnichannel presence, and expanding its team. —VCCircle
  • Grow Indigo, a regenerative agriculture startup, has raised USD 8 million as part of a strategic funding round that saw participation from stakeholders Indigo Ag and the Maharashtra Hybrid Seeds Company (Mahyco). The round also saw participation from various angel investors. —Inc42
  • Moms Home, a sustainability-focused startup based in Jaipur, has secured INR 50 million (USD 601,400) in a pre-Series A funding round led by Mistry Ventures. The funding will support Moms Home in enhancing its distribution capabilities, conducting new product launches, and addressing whitespace opportunities in sustainable categories. The startup is also aiming to enhance its offline presence. —Inc42

Krutrim, Elice, SBVA, and more led yesterday’s headlines:

  • Krutrim, an Indian AI startup founded by Ola co-founder Bhavish Aggarwal, raised USD 50 million in funding, valuing the company at USD 1 billion. Matrix Partners India led the funding round, with participation from other undisclosed investors.
  • Elice, a South Korean AI-powered edtech company, secured KRW 20 billion (USD 14.9 million) in a Series C funding round led by Vertex Growth, a growth-stage venture capital fund anchored by Temasek subsidiary Vertex Holdings. Altos Ventures also participated in this round.
  • SoftBank Ventures Asia will rebrand itself as SBVA, marking the change following its acquisition by The Edgeof from SoftBank Group Corporation in June last year. This rebranding coincides with the recent closure of the firm’s 2023 Alpha Korea Fund, boasting a total committed amount of KRW 200 billion (USD 149.6 million), contributed by the Industrial Bank of Korea (as the anchor investor), SBG, Hanwha Life, IBK Industrial Bank, Nexon, and KB Capital, among others.

If there are any news or updates you’d like us to feature, get in touch with us at: [email protected].


Auto loading next article...