Tencent acquires two ByteDance gaming studios
According to 36Kr, Chinese tech giant Tencent has established a new subsidiary called Saros Network Technology, reportedly formed through the acquisition and merger of Shenzhen Gravity Studio and Jiangnan Studio, two gaming studios previously under ByteDance.
This move follows previous reports of ByteDance looking to divest its gaming business. In November 2023, the company cut hundreds of gaming-related jobs, discontinued projects in development, considered selling its existing gaming titles, and notably wound down Nuverse, one of its prominent gaming brands.
It remains unclear whether existing projects under the acquired studios will continue progressing under the management of Tencent. Meanwhile, ByteDance has yet to identify buyers for VI-Game and MMC Society, two other gaming studios it has reportedly put on the market.
Mitsubishi Corporation invests in Tier IV to double down on autonomous driving technology
Mitsubishi Corporation has announced a strategic investment in Tier IV, an autonomous driving systems developer, through a third-party allotment of shares. The investment aligns with Mitsubishi’s aim of transforming mobility services in the region with self-driving technology. The investment amount was not disclosed.
Prior to the completion of this deal, Mitsubishi and Tier IV had been collaborating on various proof-of-concepts.
Virtus Health backs two healthcare start-ups
Virtus Health, a provider of assisted reproductive services, has backed early-stage healthcare startups NeoGenix Biosciences and 23Strands, according to Australian Financial Review. According to the media outlet, the two startups raised AUD 100,000 (USD 65,180) and AUD 300,000 (USD 195,540) from Virtus Health, respectively.
In addition to cash, both startups will also receive commercialization support, including access to Virtus Health’s experts, clinical trial access, future direct investment, and market access across the investor’s network.
Franca Agresta, head of clinical research at Virtus Health, said the deals were made with the aim of boosting innovation in female-focused health tech.
Param Labs secures investment from Animoca Brands
Param Labs, a gaming infrastructure startup based in the UAE, has secured an undisclosed amount of investment from Hong Kong-based Web3 company Animoca Brands, to accelerate the development of its infrastructure and ecosystem.
The UAE-based startup is behind Kiraverse, a Web3 multiplayer third-person shooter game that offers players the opportunity to earn and trade digital assets such as in-game characters and skins. The startup said Kiraverse is designed to promote digital ownership and user-generated value using Param’s technology.
“We’re excited to invest in and partner with Param Labs to drive Web3 development in MENA and advance the cause of digital property rights in the open metaverse. Both Animoca Brands and Param Labs share a vision to redefine the gaming landscape and the open metaverse by leveraging the power of shared network effects,” said Yat Siu, co-founder and executive chairman of Animoca Brands.
Recent deals completed in China:
- Lightstandard, a Suzhou-based developer of optical computing chips for artificial intelligence applications, has secured close to RMB 100 million (USD 13.9 million) in an extended angel funding round. The round was led by Zhongying Capital, with participation from Step Holdings, Rollstone Capital, and existing investors Langcheng Capital and FreesFund, among others. Rollstone Capital served as the exclusive financial advisor. The company intends to utilize the funds to expand its production capacity and further develop its technology. —36Kr
- Innovision, a Suzhou-based developer specializing in micro LED chip technology, announced the completion of a RMB 100 million pre-Series A2 funding round. Leaguer Capital led this round, with Peakview Capital, Shanhan Fund, and Unity Ventures jointly participating. The company plans to use the capital to establish mass production lines and to continue enhancing its technology. —36Kr
- Starry Gene, a Hefei-based biotechnology company specializing in gene therapeutics and editing technology, has concluded its Series A round of financing, the exact amount of which remains undisclosed. —36Kr
- Ubeesky, a Nanjing-based computer and machine vision technology developer, recently secured nearly RMB 100 million in a Series A funding round. Jolmo Capital led this round, with participation from Top Capital. The company will utilize the funds to expand its network and bolster its delivery capabilities, aiming to provide comprehensive machine vision solutions across various industries. —36Kr
Latest funding deals in India:
- Fluid Analytics, a clean tech startup, has secured USD 1.6 million in an ongoing pre-Series A funding round led by Pravega Ventures. An unnamed angel investor is also participating in this round. Fluid Analytics intends to utilize the capital to expand the deployment of its solutions, with a particular emphasis on the North American market. Based in the US and India, the startup addresses urban water pollution by utilizing data analytics and AI to monitor and analyze water and wastewater infrastructure. —Inc42
- GobbleCube, a Gurugram-based revenue management platform for brands, has raised USD 1.9 million in a seed funding round led by Kae Capital, with participation from CRV and a group of angel investors. GobbleCube plans to use the capital to enhance its product development capacity and design its product marketing strategy, focusing on India, Southeast Asia, and the US. —Inc42
First Move, 9 Lives Interactive, Virtus Medical Group, and more led last Friday’s headlines:
- First Move, an early-stage venture capital firm founded by former Fave executives Joel Noeh and Audra Pakalnyte, has announced its first ten ventures in the Southeast Asian startup scene, including seven companies it added to its portfolio in 2023. These ventures include Collektr, Decube, Evo Commerce, Koppiku, MalaysianPayGap, SaveDay, Scentses + Co, The Giggy Company, Tjufoo, and 3cat.
- 9 Lives Interactive, the Singapore-headquartered outfit behind Nyan Heroes, a cat-themed shooter game, announced the completion of a new funding round, raising USD 3 million. The round was led by Mechanism Capital, with participation from Sfermion, 3Commas Capital, and Momentum 6.
- Virtus Medical Group, a Hong Kong-based private healthcare services provider, completed a new funding round, securing an undisclosed amount of capital from a slew of strategic investors. The round was jointly led by Shanghai Healthcare Capital (SHC), Mitsui & Co, and Shanghai MediTrust Health Technology.
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