FB Pixel no scriptDeals in brief: Toyota to invest in TSMC’s Japan arm, Incomlend acquires LC Lite, 15 China and India deals, and more | KrASIA

Deals in brief: Toyota to invest in TSMC’s Japan arm, Incomlend acquires LC Lite, 15 China and India deals, 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.

Toyota invests in TSMC’s Japan arm to construct second Kumamoto chip plant

Toyota Motor has announced that it will invest an undisclosed amount in Japan Advanced Semiconductor Manufacturing (JASM), the Japanese subsidiary of Taiwan Semiconductor Manufacturing (TSMC), to fund the construction of a second chip plant in Japan’s Kumamoto prefecture. Existing investors, including Sony and Denso, will also make additional investments into the unit.

TSMC will remain the largest shareholder in JASM following the completion of this deal, owning a 86.5% stake, while Sony, Denso, and Toyota will hold 6%, 5.5%, and 2%, respectively.

According to Nikkei Asia, TSMC said the first plant, which it started building in Kumamoto in April 2022, is scheduled to commence operations this year. The second fab is anticipated to start operating by the end of 2027.

Incomlend acquires LC Lite to reach crypto and fiat investors

The Singapore-based invoice financing marketplace has acquired LC Lite, a blockchain-based trade finance marketplace, for an undisclosed amount. This acquisition will enable Incomlend to operate through a new fintech platform, reaching both crypto and fiat investors in the trade finance sector, in line with its expansion plans into the Middle East. Additionally, the deal will facilitate the integration of Web3 technology into Incomlend’s platform, thus introducing a new asset class.

Both platforms will continue to exist independently, providing investors with access to their respective standalone solutions. Moving forward, the firm intends to incorporate support for stablecoin transactions into its offerings. —e27

OpenAI-backed Ambience Healthcare raises USD 70 million

Ambience Healthcare, the developer of an artificial intelligence-based operating system for healthcare organizations, has raised USD 70 million in a Series B funding round jointly led by Kleiner Perkins and the OpenAI Startup Fund. The round also includes participation from existing investors Andreessen Horowitz and Optum Ventures.

“Healthcare is one of AI’s most promising opportunities to create an outsized positive impact on the world. Ambience Healthcare has built an incredible team to focus on providing a complete ecosystem of products that seamlessly fit into the workflow of practitioners, pushing both AI and medicine forward,” said Brad Lightcap, COO of OpenAI and manager of the OpenAI Startup Fund.

Recent deals completed in China:

  • Feynman Dynamics, a nanomaterials company specializing in the development of carbon-supported noble metal catalysts and other customized applications, has secured over RMB 100 million (USD 14 million) in a pre-Series A round. The round was led by Tianjin Venture Capital, with continued support from GL Ventures and participation from existing investors including Lightspeed China Partners, iAngel, Landstone Capital, Huiwang Capital, and Taiyou Fund. The company will utilize the funds to enhance its solutions. 36Kr
  • Jidian Zhichong, a Guangzhou-registered provider of electric vehicle charging solutions, has raised RMB 15 million (USD 2.1 million) in an angel funding round. The capital will enable the company to accelerate its product R&D, expand market share, enhance partner relationships, and advance the adoption of EV charging infrastructure. 36Kr
  • HugeMed Medical Technical Development, a Shenzhen-registered technology enterprise focused on the R&D, production, and sales of medical equipment, has completed a funding round, securing a nine-figure RMB sum exclusively invested by Qiming Venture Partners. The funds will fuel the commercialization of its single-use endoscopes, R&D of new products, and bolster its production facilities and global marketing efforts. 36Kr
  • Qing Peng Technology, a Shenzhen-registered hydrogen energy systems developer, has secured RMB 10 million of angel funding from a China Merchants Startup Capital-managed fund and Highlight Capital. 36Kr
  • Maxvax Biotechnology, an immunotherapy-focused biotechnology firm based in Chengdu, has completed a Series C financing round worth nearly RMB 300 million (USD 42.1 million), exclusively backed by a SCGC-managed fund. The company will utilize the capital to advance its R&D initiatives, particularly focusing on new vaccines and adjuvants. 36Kr

Latest deals in India:

  • Swirl, a Bengaluru-based provider of video commerce solutions, has raised USD 1.1 million in a seed funding round led by Shastra VC (formerly known as Veda VC). Significant participation came from angel investors from India, the US, and the Middle East. With this funding, Swirl aims to expand its reach to the US and UAE markets while enhancing its product suite by integrating AI to extract contextual insights from videos at scale. The capital will also support the development of an in-video chatbot, offering instant product recommendations and personalized customer experiences.
  • River, an EV manufacturer, has raised USD 40 million in a Series B funding round led by Yamaha. Existing investors Al Futtaim Group, Lowercarbon Capital, Toyota Ventures, and Maniv Mobility also participated in this round. The funds will be utilized to scale its distribution and service networks across the country and further invest in R&D for future product lineups. The company is also planning to expand its presence by establishing more stores across the country.
Photo of Vipin George (left), co-founder and CPO of River, and Aravind Mani, co-founder and CEO of River.
Photo of Vipin George (left), co-founder and CPO of River, and Aravind Mani, co-founder and CEO of River. Photo courtesy of River.
  • GlobalBees, an e-commerce rollup company, has secured INR 1.4 billion (USD 16.8 million) in a debt funding round from Avendus. The funds will be utilized for working capital needs. —Inc42
  • Adventum Student Living (ASL), the operator of edtech platforms UniScholars, UniCreds, and UniAcco, has secured USD 3 million from Brand Capital, the investment arm of The Times of India. —Inc42
  • Oto, an e-commerce and financing platform for two-wheeler vehicles, has raised USD 10 million in a funding round led by GMO Venture Partners. Turbostart, Indian cricketer KL Rahul, and undisclosed family offices also participated in this round. —VCCircle
  • Khyaal, an app-based digital platform for senior citizens, has raised USD 4.2 million in a seed funding round jointly led by 62Ventures, SVQuad, and Inventus Capital. Existing investors Everywhere Ventures, Supermorpheus, and Unpopular Ventures, along with angel investors Glen Tullman, Kanwal Rekhi, Raju Reddy, and Raj-Ann Gill, also participated in this round. The funds will be used to expand the platform’s reach across India, focusing on digital literacy training and tailored financial services for seniors. —VCCircle
Photo of Pritish Nelleri (left), co-founder and COO of Khyaal, and Hemanshu Jain, founder and CEO of Khyaal.
Photo of Pritish Nelleri (left), co-founder and COO of Khyaal, and Hemanshu Jain, founder and CEO of Khyaal. Photo courtesy of Khyaal.
  • Advance Mobility, a Mumbai-headquartered shared mobility startup, has raised USD 2 million in a funding round led by Finvolve, with participation from India Accelerator. The newly raised capital will support the expansion of the startup’s ride-sharing services to other cities in India. —VCCircle
  • Adster, an adtech company, has raised USD 1 million in a seed funding round from WaterBridge Ventures. The company specializes in helping mobile apps and web publishers maximize revenue from ads. —VCCircle
  • Mufin Green Finance, a listed non-banking financial company (NBFC), has raised INR 1.4 billion in a Series B funding round from various family offices. —VCCircle
  • Juspay Technologies, a payments-focused fintech company,  has acquired Y Combinator-backed LotusPay in an all-cash deal. The financial details of this transaction were not disclosed. Juspay intends to integrate LotusPay’s national automated clearing house (NACH) solutions into its existing products to strengthen its banking, financial services, and insurance (BFSI) segment. —VCCircle

CarbonHQ, Oobit, Nio Capital, and more led yesterday’s headlines:

  • CarbonHQ, an early-stage carbon project management platform, secured AUD 600,000 (USD 390,760) in a pre-seed funding round jointly led by Investible’s Climate Tech Fund and Galileo Ventures.
  • Oobit, a mobile crypto payments app, raised USD 25 million in a Series A funding round from the investment arm of Tether, CMCC Global’s Titan Fund, 468 Capital, and Anatoly Takovenko (Solana).
  • Nio Capital, the venture capital arm of Chinese electric vehicle maker Nio, completed its second RMB fund, securing over RMB 3 billion (USD 422.4 million) from RMB guidance funds, national funds, family offices, and listed companies.

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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