Nvidia links up with Tribe and DISG to launch AI accelerator in Singapore
Global chipmaker Nvidia has partnered with Tribe, a tech ecosystem builder, and Digital Industry Singapore (DISG)—a joint office of the Economic Development Board, Enterprise Singapore, and the Infocomm Media Development Authority (IMDA)—to launch a global artificial intelligence startup accelerator in the city-state.
Dubbed the Ignition AI Accelerator, the initiative aims to enhance AI value discovery, create a vibrant ecosystem for AI startups, and push the boundaries of AI capabilities. The accelerator will involve an initial combined investment of USD 3 million and feature a four-month program for up to 15 startups. This program is designed to equip participants with foundational capabilities to launch their AI projects.
Nvidia and Tribe will also collaborate with Enterprise Singapore to provide funding support to qualified AI startups through the Startup SG Tech scheme. Participating startups can expect access to training workshops to enhance their AI-building skills, opportunities to connect with potential investors, and assistance with the IMDA accreditation process, which can qualify them for government projects and large enterprise contracts.
Wavemaker Partners leads Series B investment in Lhoopa
Lhoopa, a Philippines-based prop tech startup, has reportedly made the first close of its Series B funding round, led by Wavemaker Partners, according to regulatory filings accessed by DealStreetAsia.
Merck reaches agreement to acquire EyeBio
Merck, also known as MSD outside the US and Canada, has agreed to acquire EyeBio, a privately held ophthalmology-focused biotechnology company, through one of its subsidiaries.
Under the terms of this agreement, Merck will acquire all outstanding shares of EyeBio for up to USD 3 billion, including an upfront payment of USD 1.3 billion in cash and the remainder in developmental, regulatory, and commercial milestone payments.
This deal is expected to conclude in the third quarter of 2024.
Avelos Therapeutics completes KRW 17 billion Series B round
Avelos Therapeutics, a R&D company focused on the development of novel anti-cancer drugs, has completed a Series B funding round, raising KRW 17 billion (USD 12.3 million).
The investment was led by Stassets Investment, alongside new investors LSK Investment, backers including SV Investment, Mirae Asset Venture Investment, Quad Investment Management, and Timefolio Capital also made financial contributions.
With this funding, Avelos plans to identify Korean research partners and facilitate global technology transfer in 2025. It also intends to list on the Kosdaq stock market after securing two additional clinical-stage substances.
Amazon close to acquiring Times Internet-owned MX Player
US tech giant Amazon is reportedly close to acquiring MX Player, a video streaming platform, from Times Internet, according to Entrackr, citing multiple sources aware of the discussions. The size of the deal is claimed to be around USD 50 million.
The media outlet added that conversations began as early as March 2023 but fell through later that year, before recommencing in February this year. Times Internet acquired MX Player in a USD 140 million deal in January 2018.
Should this acquisition go through, the addition of MX Player will likely strengthen Amazon’s MiniTV offerings in India.
Recent deals completed in China:
- Sengine, a provider of artificial intelligence-powered interior design solutions, has secured an eight-figure RMB sum in an angel funding round. The round was jointly led by Hong Kong X Technology Fund, CWB Capital, and the Chongqing Center for Construction Robotics (CQCRC), with participation from Wanhua Ecological, GoldenHome Living, and Detao Capital. —36Kr
- Conservation of Momentum Green Energy, a Hefei-headquartered provider of materials and components for proton exchange membrane (PEM) electrolyzers, has raised an eight-figure RMB sum of angel funding in a round led by Dangkan Tongchuang Capital, with Yuanhe serving as the exclusive financial advisor. The company will use the proceeds to further its R&D and expand its market reach. —36Kr
Latest funding deals in India:
- Euler Motors, a New Delhi-based commercial electric vehicle manufacturer, has raised INR 2 billion (USD 24 million) in a Series C funding round. The round was led by Piramal Alternatives India Access Fund, with participation from British International Investment (BII) and Blume Ventures. The company will utilize the capital to expand its presence in India and to enhance its servicing infrastructure. —Entrackr
- FarMart, a Gurugram-based food supply platform, has raised INR 240 million (USD 2.8 million) from ResponsAbility Investments. The company will use the funds to build a carbon-efficient food supply chain and leverage ResponsAbility’s expertise to optimize solutions. —Entrackr
- Ultrahuman, a Bengaluru-based wearable tech startup, has raised USD 35 million in a Series B funding round. The round consisted of USD 25 million in equity and USD 10 million in debt, led by Deepinder Goyal, with participation from Blume Ventures, Steadview Capital, Nexus VP, and Alpha Wave. The company will use the funds to further develop its health and fitness platform and expand its market reach. —Entrackr
- DiFacto, a robot automation solutions provider, has secured INR 400 million (USD 5.2 million) from Stakeboat Capital in its Series A funding round. The company, established in 2007 and headquartered in Bengaluru, will use the funds to expand its global operations. —The Economic Times
Beppo, Phonely, xAI, and more led yesterday’s headlines:
- Beppo, a Philippines-based bookkeeping and tax filing platform, raised an undisclosed sum in a pre-seed funding round led by Wavemaker Partners, with participation from angel investors. Beppo is using the proceeds to acquire JuanTax, an online tax platform accredited by the Bureau of Internal Revenue in the Philippines, as well as five local bookkeeping firms.
- Phonely, a Melbourne-based startup developing a namesake product meant to operate as an artificial intelligence-powered receptionist, secured a USD 500,000 investment from US startup accelerator Y Combinator.
- xAI, an AI company founded by Elon Musk, confirmed the completion of a Series B funding round, banking USD 6 billion. Key investors for this round include Valor Equity Partners, Vy Capital, Andreessen Horowitz, Sequoia Capital, Fidelity Management & Research Company, Saudi Arabian prince Alwaleed Bin Talal, and Kingdom Holding, amongst others.
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