Thailand’s APX Solutions snags funding from SBI Ven Capital for Vietnam expansion
APX Solutions, a logistics technology company based in Thailand, has secured an undisclosed amount in fresh investment from Japan’s SBI Ven Capital. The investment came through SBI’s joint fund with NTU Singapore’s NTUitive and South Korea’s Kyobo Securities.
Founded in 2019, APX provides door-to-door cargo transportation services, emphasizing sustainability through its artificial intelligence-based freight management system, Palli.
Following its expansion into Malaysia, Singapore, and Europe in 2024, APX is preparing to broaden its footprint further. With this funding, it plans to expand its digital less-than-truckload (LTL) network into Vietnam by 2025, with the eventual goal of connecting trade flows between Europe, China, and Southeast Asia.
MUFG invests USD 393 million in Mynt
Globe Fintech Innovations (GFI), a leading Philippine mobile payments operator better known as Mynt, is set to receive USD 393 million from the banking arm of Mitsubishi UFJ Financial Group (MUFG), according to a report by Nikkei Asia.
MUFG Bank will acquire nearly 10% of GFI through third-party allotment and purchases from existing shareholders, gaining a seat on GFI’s board to foster deeper cooperation in digital finance.
GFI, which operates the mobile wallet GCash through Mynt, specializes in QR code-based payments and is said to serve a user base of over 60 million. This investment aligns with MUFG’s strategy to expand its digital finance footprint in Asia, leveraging synergies with the Ayala Group, GFI’s largest shareholder.
Canva acquires Leonardo AI for over USD 320 million
Australia’s largest private technology company, Canva, renowned for its platform’s graphic design features, has made its latest acquisition, purchasing Leonardo AI for over USD 320 million, according to Australian Financial Review.
Based in Sydney, Leonardo AI is an AI image generation company founded in 2022, during a time when AI-driven tools were less user-friendly than they are now. However, the subsequent surge in AI interest led to stiffer competition for the Sydney-based outfit, particularly from tech giants like Microsoft and Google.
Canva has been investing in AI for a number of years, starting with its launch of background removal tools in 2019, and subsequently acquiring visual AI company Kaleido in 2021 to bolster the feature. The company later doubled down on AI features in 2023, introducing “Magic Studio,” a full suite of AI-powered products.
According to Canva’s statement, it will integrate Leonardo AI’s technology and its Phoenix foundational model into Magic Studio, enhancing user capabilities in image and video generation. Canva will also continue investing to support Leonardo’s B2B adoption. Leonardo AI’s team of researchers, engineers, and designers are expected to continue developing its platform, now with Canva’s financial backing.
Latest funding deals in India:
- GalaxEye Space, a Bengaluru-based space tech startup, has announced the first close of its ongoing funding round, securing USD 6.5 million. This round was co-led by Mela Ventures and Speciale Invest, with participation from IdeaForge, Rainmatter, Navam Capital, Faad Capital, and Anicut Capital. The funds will be utilized to launch GalaxEye’s first satellite, the “Drishti Mission,” in 2025, and to further develop its multisensor payload technology. —Moneycontrol
- Scimplify, a company specializing in sourcing and manufacturing specialty chemicals, has raised INR 590 million (USD 7 million) in its Series A funding round. The round was led by Omnivore, with participation from 3One4 Capital, Beenext Asia,, and Bertelsmann. The funds will be used to enhance its B2B fulfillment platform and expand its operations. —Entrackr
- Kinetic Green, the electric vehicle manufacturing arm of India’s Kinetic Group, has raised INR 1.68 billion (USD 20 million) from Greater Pacific Capital. The Pune-based company issued 10,100 non-convertible debentures to raise INR 1.01 billion (USD 12 million) and allocated 704,612 preference shares to raise the remaining capital. The proceeds will be utilized for debt repayment, capital expenditure, and sales and marketing efforts. —Entrackr
Slice, Aleta Planet, Otsuka Pharmaceutical, and more led yesterday’s headlines:
- Slice, a fintech startup specializing in travel payments, raised USD 17.5 million in a combined equity and debt funding round. The equity investment of USD 7.5 million was spearheaded by Peak XV Partners, while the debt facility of USD 10 million was provided by Roadnight Capital.
- Aleta Planet, a Singapore-based entity specializing in cross-border payment services for businesses in the Middle East, received an undisclosed investment from National Pulse, a Dubai-based tech-focused firm.
- Otsuka Pharmaceutical, a Japanese pharma company, announced its impending acquisition of Boston-based Jnana Therapeutics. The deal includes an upfront payment of USD 800 million and up to USD 325 million in development and regulatory milestones.
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