FB Pixel no scriptDeals in brief: RayGen and Uncharted secure funding, Temasek and BlackRock close USD 1.4 billion climate fund, Bahrain’s Investcorp teams up with China, and more | KrASIA

Deals in brief: RayGen and Uncharted secure funding, Temasek and BlackRock close USD 1.4 billion climate fund, Bahrain’s Investcorp teams up with China, and more

Written by KrASIA Writers Published on   5 mins read

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

RayGen Resources bags close to USD 33 million in Series D round

RayGen Resources, an Australian solar and storage technology company, has secured close to USD 33 million in a Series D funding round led by SLB, with Breakthrough Victoria also participating.

The company issued USD 20 million and AUD 20 million (USD 13.1 million) of shares to SLB and Breakthrough Victoria, respectively.

According to a statement by RayGen, which manufactures solar cells and develops projects capturing both light and heat energy, the company has also entered into a strategic deployment agreement with SLB. This agreement is aimed at expediting its go-to-market timeline, encompassing international expansion beyond Australia.

Richard Payne, CEO of RayGen, added that the funds will be used to enhance the company’s manufacturing capabilities, ensuring it can provide technology and equipment to other project proponents.

Uncharted raises USD 1.7 million to build the gamification layer of crypto

Uncharted, a GameFi company, has secured USD 1.7 million in a funding round led by Shima Capital, with participation from The Spartan Group, Double Peak Group, Devmons, and 32-Bit Ventures. Uncharted’s angel investors also include the three founders of Immutable, as well as Justin Waldron (Zynga) and Aleksander Larson (Ronin).

According to a statement by Uncharted, the company intends to utilize the funds to expand its GameFi ecosystem. Additionally, the company said that its debut title, Gangster Arena, generated approximately USD 486,000 in its first season. Uncharted plans to launch Gangster Arena 2 while strategizing for future development.

Temasek and BlackRock close USD 1.4 billion climate fund

Decarbonization Partners, a joint venture between Singapore state investor Temasek and global asset manager BlackRock, has closed its fund after securing USD 1.4 billion in commitments from over 30 institutional investors, in addition to commitments from both partners. Investors include Allstate, BBVA, Kirkbi, Mizuho Bank, MUFG Bank, and TotalEnergies, among others.

The amount secured exceeded the fund’s initial fundraising target of USD 1 billion.

Launched in 2022, Decarbonization Partners is focused on investing in companies that can accelerate decarbonization and the transition to a net zero economy. It has already invested in seven companies to date. In February, the fund led a USD 150 million Series B funding round for Antora Energy, a California-based startup focused on developing sustainable heat and power solutions. It has also invested in Asian companies like DST, a Chinese commercial operator of electric vehicle fleets.

Investcorp and CIC initiate USD 1 billion investment platform

Investcorp, a global alternative investment firm founded in Bahrain, has announced the launch of Investcorp Global Horizon in partnership with the sovereign wealth fund China Investment Corporation (CIC).

With a target size of USD 1 billion, Investcorp Global Horizon is a platform that will invest in high-growth companies across Saudi Arabia and other Gulf Cooperation Council (GCC) countries, as well as China. It will specifically focus on companies with “high growth potential” in sectors such as consumer-focused businesses, healthcare, logistics, and business services.

Investcorp Global Horizon will be anchored by institutional and private investors from the GCC, as well as CIC.

“During the past couple of years, we have built several bilateral funds with leading financial institutions to facilitate industrial cooperation between China and major economies in the world. Currently, we are working closely with Investcorp to build a similar bilateral fund to strengthen financial and industrial ties between China and GCC countries,” said Bin Qi, executive vice president and deputy CIO of CIC.

OpenAI Startup Fund closes USD 15 million tranche

The OpenAI Startup Fund, a venture fund related to but separate from OpenAI, has closed a USD 15 million tranche, according to a filing with the US Securities and Exchange Commission accessed by TechCrunch. The capital was contributed in new cash by two unnamed investors.

As of 2023, the fund, which includes an incubator program called Converge, had USD 175 million in commitments and held USD 325 million in gross net asset value. It has backed over a dozen startups to date, including multimedia editing platform Descript, language learning app Speak, and integrated development environment (IDE) platform Anysphere.

In related news, xAI, Elon Musk’s competitor to OpenAI, is raising USD 6 billion on a pre-money valuation of USD 18 million. The deal is expected to give investors a quarter of the company’s shareholding and should close in the next few weeks unless the terms of the deal change. Sequoia Capital, Future Ventures, Valor Equity Partners, and Gigafund are reportedly set to participate in this investment.

Photo from KrASIA’s archive.

Recent deals completed in China:

  • Xinjinbang Technology, a Chengdu-registered chip manufacturer, has secured an undisclosed amount of Series A+ financing from Huaxi Securities and Guosen H&S. 36Kr
  • Shafa Interactive Network Technology, a content e-commerce company, has raised an eight-figure RMB sum of angel funding. The company is also planning to initiate another funding round to support its team expansion and brand development efforts. 36Kr
  • Biyopharma, a biopharmaceutical R&D company specializing in drugs for neurological diseases, has completed an angel round of financing, banking an eight-figure RMB sum. The round was jointly led by Transfar and Tailong VC, with participation from Triwise Capital. The company will use the funds for R&D and the investigational new drug (IND) application of its two migraine drug products. 36Kr
  • Yiduo Technology, a company focused on the development of high strength and precision glass materials, has raised a seven-figure RMB sum of angel funding from Nanhui Capital and Suzhou Angu Venture Capital. The proceeds will be used for factory renovation and equipment procurement. 36Kr
  • KS-V Peptide, a Hefei-based peptide drug discovery company, has completed its Series B funding round, with the investment amount undisclosed. The investors include Anhui Provincial Emerging Industry Investment and Binhu Jiantou. 36Kr

Latest funding deals in India:

  • BankBazaar, a financial products platform, has raised INR 800 million (USD 9.5 million) in an ongoing Series D funding round. The company will deploy the proceeds toward meeting capital requirements, expansion, and growth. —Entrackr
  • CheQ, a Bengaluru-based credit management firm, has raised INR 350 million (USD 4.2 million) in an extended seed funding round. The round saw participation from 3one4 Capital, Venture Highway Fund, Multiply Ventures, and individual investors. The company intends to use the capital raised for growth, expansion, marketing, and general corporate purposes. —Entrackr
  • Lyskraft, a fashion startup that has recently emerged from stealth, has snagged USD 26 million in a seed funding round led by Peak XV Partners, with participation from Prosus, Sofina, and partners of DST Global. Angel investors including Deep Kalra (MakeMyTrip), Rajesh Magow (MakeMyTrip), and Deepinder Goyal (Zomato) also took part in this round. —Entrackr

Anichess, Oclean, Northern Arc, and more led last Friday’s headlines:

  • Anichess, a chess-based online strategy game developed by Animoca Brands in partnership with Chess.com and renowned chess player Magnus Carlsen, secured USD 1.8 million in a funding round jointly led by Sfermion and Amber Group, with participation from Fenbushi Capital, Aspen Digital, SNZ Capital, and other investors.
  • Oclean, a Shenzhen-registered producer of oral care products, secured RMB 100 million (USD 13.8 million) in a Series C funding round. The round was led by the industrial fund of the Yangzhou Hangji High-tech Industrial Development Zone.
  • Northern Arc, a non-banking financial company (NBFC) headquartered in Chennai, has raised a total of USD 80 million in debt and equity funding. Of this amount, USD 40 million was raised in debt from the International Finance Corporation (IFC).

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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