FB Pixel no scriptDeals in brief: OpenAI gears up for funding in the Middle East, Geo Energy partners Charged Asia, and more | KrASIA

Deals in brief: OpenAI gears up for funding in the Middle East, Geo Energy partners Charged Asia, and more

Written by Gideon Ng Published on   2 mins read

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

OpenAI is seeking huge financing in the Middle East

According to several Chinese reports, Sam Altman, CEO of American artificial intelligence company OpenAI, traveled to the Middle East to raise funds during the latter half of the year, with a source confirming to Tencent News Deep Web that Altman is aiming to raise no less than USD 100 billion.

This move follows several funding rounds completed by OpenAI earlier this year, which raised tens of billions of dollars. Despite its massive user base, OpenAI is incurring losses due to computing power requirements. Operating ChatGPT, one of OpenAI’s flagship projects, costs approximately USD 700,000 per day, excluding other expenses. —Tencent News Deep Web

Geo Energy partners with Charged Asia in a USD 40 million loan agreement

The Indonesian coal producer has joined forces with Charged Asia, a Singapore-based electric vehicle startup, in a USD 40 million loan agreement facilitated by Geo Electric. The agreement allows for the loan amount, along with accrued interest, to be converted into ordinary shares of the EV company under certain conditions.

The funds will be used to support Charged Asia’s growth in Indonesia and other parts of Southeast Asia as part of its efforts to contribute to the region’s energy transition. —DealStreetAsia

Jianwang Technology closes seed round worth a nine-figure RMB sum

The China-based health tech company has raised around RMB 100 million (USD 13.7 million) in a Series A funding round jointly led by Zhejiang Provincial Energy Group and CDH Investments. The funds will be used to expand the company’s production capacity and support its R&D efforts. 36Kr

Zepto, Mateside, HC Scientific, and more led yesterday’s headlines:

  • Zepto, an Indian quick commerce company, raised USD 200 million in funding, achieving a valuation of USD 1.4 billion. The funding round was led by StepStone Group and Goodwater Capital, with participation from Nexus Venture Partners, Glade Brook Capital, and Lachy Groom. Zepto aims to strengthen its presence in Indian cities with the capital.
  • Mateside, a China-based home rehabilitation medical equipment company, raised nearly RMB 100 million (USD 13.7 million) in its first round of financing. The round was led by Yuanning Investment, with participation from Hengxu Capital and Xiangyu Medical. The funds will support product R&D, supply chain enhancement, and channel expansion.
  • HC Scientific, a China-based biotechnology company, has completed a Series B+ funding round, raising over RMB 300 million (USD 41.1 million). Investors that led the round include Lake Bleu Capital and Guotai Junan Securities, with participation from Eightfold Venture Partners, Legend Capital, LYFE Capital, and other investors. The funds will primarily be allocated by HC Scientific to develop new products, expand into new markets, and acquire talent.

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