FB Pixel no scriptDeals in brief: The Sandbox announces USD 20 million funding, Japan’s Astroscale completes Tokyo IPO, five China deals, and more | KrASIA

Deals in brief: The Sandbox announces USD 20 million funding, Japan’s Astroscale completes Tokyo IPO, five China deals, and more

Written by KrASIA Writers Published on   4 mins read

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

The Sandbox announces USD 20 million funding at USD 1 billion valuation cap

The Sandbox, a user-generated content (UGC) metaverse platform, has raised USD 20 million in convertible promissory notes with a USD 1 billion valuation cap. The funding round was jointly led by Kingsway Capital and Animoca Brands, with participation from LG Tech Ventures and True Global Ventures. Noteholders can convert their notes into equity of Bacasable Global, a subsidiary of The Sandbox, under the same terms as existing preference shares.

The funds will be used to advance The Sandbox’s vision of a decentralized virtual world by updating its Game Maker and VoxEdit 3D editor tools, introducing new social interactions for avatars, expanding gameplay with a new multiplayer rules system, and developing a mobile version of its decentralized metaverse, expected to launch in 2025.

South Korean AI startup Wrtn bags KRW 25 billion

Wrtn Technologies, a South Korean artificial intelligence tech startup, has raised KRW 25 billion (USD 18.1 million) in a pre-Series B funding round led by BRV Capital Management, according to Bloomberg. Other investors that took part include existing backers Capstone Partners, Industrial Bank of Korea, and Z Venture Capital.

Wrtn, pronounced as “written,” was founded in 2021 and has been focused on creating an AI platform for users in South Korea and Japan, aggregating several large language models (LLMs) including OpenAI’s GPT-4, Stable Diffusion 3, and Anthropic’s Claude 3.

Japan’s Astroscale sets USD 153 million target with Tokyo IPO

Astroscale, a Japan-headquartered space tech company, is aiming to raise USD 153 million through its IPO on the Tokyo Stock Exchange’s Growth Market, which involves a global offering of 28.05 million shares of common stock at an initial price of JPY 850 (USD 5.4). The offering values the company at JPY 98.7 billion (USD 6.2 billion).

The company said it intends to use the proceeds primarily for project development and R&D, with a view toward expansion into Southeast Asia and the Middle East in the near future.

Pure Storage invests in Andrew Ng’s LandingAI

LandingAI, a visual AI company founded and led by tech entrepreneur Andrew Ng, has secured an undisclosed amount of investment from advanced data storage platform Pure Storage.

“Enterprises will need solutions to apply generative AI to their data, which will increasingly consist of not just text, but richer image and video data as well,” said Ng. “We are thrilled to partner with Pure Storage to meet this customer need.”

Recent deals completed in China:

  • Hannstar New Energy, a new energy technology company, has raised RMB 130 million (USD 17.9 million) in a pre-Series A funding round from Nanning High Tech Industrial Construction and Development Group, Ever State Capital, Zhundian Investment Group, and Shanghai Jiaotong University Yinyuan Fund. The company will use the funds to expand production capacity, advance technology R&D, and explore new market opportunities. 36Kr
  • Lindmik Pharmaceutical, a Suzhou-headquartered biomedical company, has secured nearly RMB 100 million (USD 13.8 million) in a funding round led by CICC, with Chengming Capital as well as existing investors Fuho Capital and Realharmony Capital also participating. Haoyue Capital acted as the exclusive financial advisor. The funds will support the development, production, and registration of innovative drug formulations, focusing on the commercialization and market promotion of Lindmik’s core products. 36Kr
  • Whale Dynamic, an autonomous driving solutions provider, has completed its Series A funding round, raising tens of millions of RMB. The funds will be used to advance its technology, iterate products, and expand into international markets. 36Kr
  • Eta-Semitech, a company specializing in wide-bandgap semiconductors, has raised an eight-figure RMB sum of Series A funding through its holding company. 36Kr
  • Tianbing Technology (Space Pioneer), a Beijing-registered space tech company, has secured over RMB 1.5 billion (USD 206.9 million) in a Series C+ funding round. It will use the funds to develop its product portfolio, including the launch and mass production of Tianlong-3, a heavy-lift liquid launch vehicle. DealStreetAsia

Mober, iPiD, Botsync, and more led yesterday’s headlines:

  • Mober, a green logistics startup operating in the Philippines, secured PHP 350 million (USD 6 million) from Clime Capital’s South East Asia Clean Energy Facility II (SEACEF II) fund.
  • International Payment Identity (iPiD), a Singapore-based fintech company specializing in global payments infrastructure and payee verification, raised USD 5.3 million in an oversubscribed pre-Series A funding round led by Monk’s Hill Ventures, alongside QED Investors and Quona Capital.
  • Botsync, a Singapore-based developer of integrated automation solutions, completed a USD 5.2 million Series A funding round co-led by Capital 2B and Betatron Venture Group. Additional investors include IvyCap Ventures, AppWorks, and Iterative, among others.

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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