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Deals in brief: OpenAI seeks fresh funding at valuation north of USD 100 billion, multiple China and India deals, and more

Written by KrASIA Writers Published on   4 mins read

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

OpenAI is seeking funding at valuation north of USD 100 billion

With the dust settling on the leadership tumult at OpenAI, during which Sam Altman was briefly displaced before being reinstated to the CEO position, the artificial intelligence organization is once again in the spotlight. This comes after a Bloomberg report revealed ongoing discussions within OpenAI to secure fresh funding at a valuation of at least USD 100 billion.

According to the report, potential investors involved in preliminary discussions have requested to remain anonymous, citing that the terms, valuation, and timing of the deal have yet to be finalized and are subject to potential changes.

It’s worth noting that this development may be distinct from earlier discussions between OpenAI and Abu Dhabi-based G42. In those talks, OpenAI was exploring the possibility of raising between USD 8–10 billion from G42 to fund a chipmaking joint venture called Tigris. This follows the October announcement of a partnership between the two entities to collaboratively deliver “cutting-edge AI solutions” to the UAE and regional markets by integrating OpenAI’s capabilities with G42’s infrastructure. Altman highlighted the partnership’s potential to “[lay] the foundation for equitable advancements in generative AI across the globe.”

Photo of Peng Xiao (left), group CEO of G42, and Sam Altman, CEO of OpenAI.
Photo of Peng Xiao (left), group CEO of G42, and Sam Altman, CEO of OpenAI. Photo courtesy of G42.

Recent deals completed in China:

  • Avistone Biotechnology, a Chinese biotechnology company specializing in precision oncology therapeutics, has raised RMB 1 billion (USD 141.5 million) in a Series B funding round jointly led by IDG Capital and CMG-SDIC Capital. Yanchuang Capital, Cathay Capital, and existing investor Bain Capital participated in this round. Lighthouse Capital acted as the financial advisor of this deal. 36Kr
  • Corerain, an  artificial intelligence company, has secured a nine-figure RMB sum in a Series C funding round led by Pro Capital with the support of various investors including CDH Investments. Corerain will utilize the funding for the R&D and implementation of its “custom AI streaming accelerator (CAISA)” chips. 36Kr
  • Midstereo, a Guangzhou-based developer of advanced digital display systems, has banked RMB 70 million in Series A funding from the Shenzhen Jiadao Gongcheng Equity Investment Fund. The company will allocate the capital toward technology R&D, mass production, and team building. 36Kr
  • Toffuture Technology (stylized as “ToFFuture Technology”), a Shanghai-based light detection and ranging (LiDAR) solutions provider, has bagged an eight-figure RMB sum in a pre-Series A funding round from Jolmo and Oriza Seed. True Mind Fund acted as the financial advisor for this round. 36Kr
  • Market Creation Selection, an online investment platform, has raised an undisclosed amount of angel funding from Hongbo Capital. 36Kr
  • Cispoly, a Beijing-based medtech company focused on the production of gynecological tumor detection equipment, has raised over RMB 100 million (USD 14.1 million) in a Series B funding round led by Aramco’s Propserity7 Ventures. Existing investor Sunland Fund participated in this round. Cispoly will utilize the funds for R&D, market expansion, and to expedite product registrations. —Tech in Asia

Latest deals in India:

  • LivNSense, a climate tech company, has bagged USD 2.75 million in a funding round led by Pavestone VC. The company operates an AI-based platform that aims to reduce greenhouse gas emissions by decarbonizing industry value chains. —VCCircle
  • Jumps Auto Industries (JAI), a Gurugram-based automotive component manufacturer, has raised USD 1.45 million from Aavishkar Capital’s ESG First Fund. —VCCircle
  • Entitled Solutions, an employee benefits platform, has raised USD 1.3 million in an extended seed funding round from SIS Limited. The funds will primarily be allocated to product development and expanding its reach through scaling platform partnerships. —VCCircle
  • Escrowpay, an India-based fintech firm, has secured USD 600,000 in an ongoing Series A funding round from its existing investors. It did not disclose the names of the investors. The newly raised sum adds to a total of USD 6.6 million hitherto raised by the company as it targets to close the round at USD 15 million. —VCCircle

APX, LiveIn, Panlin Capital, and more led yesterday’s headlines:

  • APX Solutions, a Thailand-based logistics technology company, secured fresh funding from ADB Ventures to support the launch of its operations in Singapore and Malaysia in 2024. The funding round also saw participation from Orzon Ventures and WV Fund II, and is expected to close in early 2024.
  • LiveIn, a Malaysia-based prop tech company focused on serving the long-stay rental community, raised USD 8.3 million in a funding round jointly led by Wavemaker Partners and InterVest. Other investors that participated in this round include Malaysia Debt Ventures, Jungle Ventures, and CAC Capital.
  • Panlin Capital announced the second close of Hangzhou Panlin Xukang Fund, a venture capital fund focused on medtech, biopharmaceutical, and biotechnology solutions. The fund drew support from a wide range of investors, including over 40% of its existing limited partners (LPs).

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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