FB Pixel no scriptDeals in brief: VinFast merges with Vingroup’s energy arm, SEEDS Capital adds three portfolio companies, multiple China and India deals, and more | KrASIA

Deals in brief: VinFast merges with Vingroup’s energy arm, SEEDS Capital adds three portfolio companies, multiple China and India deals, and more

Written by Gideon Ng Published on   7 mins read

Bringing you the latest news briefs on fundraising activities in the Asia Pacific.

VinFast to merge with Vingroup’s energy arm ahead of fundraising endeavor

The Vietnam-based automotive company has announced its merger with VinES Energy Solutions, the energy arm of parent company Vingroup. This merger was facilitated by Pham Nhat Vuong, chairman of Vingroup, who donated 99.8% of the energy arm’s shares to VinFast.

VinES Energy Solutions specializes in the research, development, and manufacturing of advanced lithium-ion batteries for various mobility and energy storage applications. The company also collaborates with leading battery technology firms. Consequently, this merger is anticipated to boost VinFast’s self-sufficiency in battery technology and enhance its competitiveness in the rapidly growing electric vehicle market.

Notably, this move precedes VinFast’s plan to expand its presence in Southeast Asia. In an interview with Bloomberg, Le Thi Thu Thuy, CEO of VinFast, said that the company aims to commence its expansion in the Indonesian market before raising capital for further expansion.

VinFast, Vietnam’s leading EV manufacturer, reported promising financial results for the latest quarter (Q3 2023). During this quarter, the company delivered more vehicles, secured increased sales, and managed to reduce its loss margins.

Moreover, it is one of several companies competing for a stake in the increasingly competitive EV market, which has become a major area of focus for investors. In the previous quarter alone, EV companies completed at least nine major deals.

SEEDS Capital announces addition of three companies to its portfolio

In a statement released by SEEDS Capital, the investment arm of Enterprise Singapore, the firm announced the addition of three companies to its portfolio, including:

  • Factorem, a Singapore-based digital platform for the procurement of custom manufactured parts in Southeast Asia. SEEDS Capital co-invested in Factorem alongside Blue InCube Ventures.
  • Genetic Design and Manufacturing (GDMC), a Singapore-based genetic medicine development company. SEEDS Capital and NSG Ventures jointly invested in GDMC.
  • Meracle, a medtech company specializing in the development of Whizz, a digital solution that aims to improve the management of respiratory conditions such as asthma. Plug and Play Tech Center also invested in Meracle.

Edge Tutor completes seed funding round

The Singapore-based edtech startup has completed its seed funding round, raising an undisclosed amount of investment. The round was led by MV Partners and Seaborne Capital, and saw the participation of Kaya Founders, Ideaspace, Orvel Ventures, Lorinet Foundation, as well as individual investors Jojo Malolos (PayMongo), Paul Rivera (Kalibrr), and Mark Kooijman (Foxmont).

Edge Tutor is a spin-off from Philippine edtech firm Edukasyon.ph. —Inquirer.net

Xpanceo raises USD 40 million to develop smart contact lenses

The “extended computing” contact lens developer has raised USD 40 million in funding from Hong Kong-based investor Opportunity Venture.

Based in Dubai, Xpanceo focuses on new materials and is currently developing contact lenses that are smart enough to double up as computing devices. This development could lead to a breakthrough in computational systems, moving away from silicon-based processing and toward new approaches by leveraging optoelectronics. —TechCrunch

Kickstart Ventures leads USD 2.15 million investment in RuralNet

The Philippines-based digital insurance platform has raised USD 2.15 million in a seed funding round led by Kickstart Ventures. —DealStreetAsia

Recent deals completed in China:

  • Lotmaxx, a Shenzhen-based 3D printing company, has announced the completion of a pre-Series A+ round it closed in May this year. The company received RMB 10 million (USD 13.6 million) in investment, with Kylinhall Partners serving as the lead investor while Xiaomi, an existing investor, participated. Lotmaxx will utilize the funds for product and technology R&D and to bolster its marketing operations. 36Kr
  • LimX Dynamics, a Shenzhen-headquartered robotics company, has completed two consecutive funding rounds at angel and pre-Series A levels, raising close to RMB 200 million (USD 27.3 million). Stalagnate Capital, Future Capital, and Kinzon Capital participated in the angel financing round, while Vitalbridge led the pre-Series A funding round along with Lenovo Capital’s participation. LimX Dynamics will deploy the funds raised from both rounds toward the implementation of its four-wheeled products and for the R&D of humanoid robotics and embodied intelligence technology. 36Kr
Photo of LimX Dynamics’ flagship product, the W1 four-wheeled robot.
Photo of LimX Dynamics’ flagship product, the W1 four-wheeled robot. Photo source: 36Kr.
  • Weiliangubao Catering Management, a Hunan-based operator of Chinese burger and fast food chain Kenweiting, has raised seed funding from various investors. The amount raised was undisclosed. Weiliangubao will use the funds to expand the number of Kenweiting stores in China, and is aiming to operate at least 50 stores by the end of 2023, and up to 500 stores next year. 36Kr
  • Hanhua Fluid Technology, a Nanjing-based energy and gas management company, has received an undisclosed amount of investment following the completion of a Series A funding round. Taiya Investment Group led the investment while Zhencheng Capital participated in the round. North Beta Capital served as the exclusive financial advisor. 36Kr
  • GoldenEye Cloud, a Shenyang-based network security service provider, has completed a Series B funding round, raising RMB 100 million (USD 13.6 million) from Security Capital and Integrity Technology. It will use the funds to build new products for the network security industry and expand its R&D team. 36Kr
  • Atom Bioscience and Pharmaceutical, a Jiangsu-based biotechnology company, has raised RMB 600 million (USD 82 million) in a Series D funding round led by Kaitai Capital. The company will utilize the fund to complete key clinical studies and support its R&D of innovative drug pipelines for the treatment of inflammation and other diseases. It has raised over RMB 1.2 billion (USD 164.1 million) to date. 36Kr
  • Rongsu Technology, an additive manufacturing equipment company, has raised RMB 10 million (USD 1.36 million) in a pre-Series A funding round led by Unity Ventures. Angel investor Future Capital also participated in the round. Rongsu will use the funds to support its R&D activities and introduce its 3D printing technology to the market. 36Kr
  • Digicarbon, a Beijing-based carbon asset trading platform, has completed its pre-Series A funding round, securing RMB 10 million (USD 1.36 million). The round was led by Spinel Capital, and will provide Digicarbon with the funds to acquire high-quality carbon credit assets, construct a global trading network, and enhance its products. 36Kr

Latest deals in India:

  • Grapevine, a Bengaluru-based social media platform, has completed its seed funding round, raising INR 213.6 million (USD 2.6 million). The round was led by Peak XV Partners (formerly Sequoia India and Southeast Asia) and saw participation from Riverwalk Holdings. Peak XV Partners has acquired 21.55% of Grapevine as part of the deal while 65.17% is retained by the startup’s co-founders, including ESOPs. —Entrackr
  • Freyr Energy, a solar company, has raised INR 580 million (USD 7 million) in a financing round led by EDFI’s Electrification Financing Initiative (ElectriFI). Other investors that participated in the round include the Schneider Electric Energy Access Asia (SEEAA) fund, Lotus Capital, Maybright Ventures, and VT Capital. Freyr Energy will use the funds to build its team, develop its products, and support its marketing efforts. —Entrackr
  • Leucine, a B2B pharmaceutical software-as-a-service company, has raised USD 7 million in a Series A funding round led by Ecolab. Pravega Ventures, Axilor Ventures, Techstars, and other investors also participated in the round. Leucine plans to utilize the funds to expand its team, support its go-to-market efforts, and enhance its artificial intelligence capabilities. —Entrackr
  • Biva Analytics, a business analytics platform, has secured USD 500,000 in a seed funding round led by Equanimity Ventures. The round also saw participation from T-Hub, SucSeed Ventures, WarmUp Ventures, and several angel investors. The platform will deploy the funds toward product development, market expansion, and talent acquisition. —Entrackr
  • P-TAL, a kitchenware and home decor brand, has raised INR 43.3 million (USD 520,000) in a seed funding round led by Titan Capital along with participation from Anicut Capital, Ghazal Alagh (Mamaearth), Sandeep Aggarwal, Vishesh Khurana (Shiprocket), Ashutosh Valani, Priyank Shah, Bala Sarda, Deep Bajaj, Mohit Bajaj, Ashish Tulsian, and Arjun Vaidya. P-TAL will use the funds to build its team and scale its operations. —Entrackr
  • Vivriti Asset Management, a Chennai-based alternative asset management firm, has raised INR 17 billion (USD 204 million) through its three private credit funds. The firm has allocated INR 14 billion (USD 168.1 million) across various sectors including airports, clean energy, roads, financial services, and logistics. These funds, attracting over 570 investors, are targeting a pre-tax annual return of 11–14%, according to Soumendra Ghosh, chief investment officer of Vivriti Asset Management. —Bloomberg
  • Tata Motors, a Mumbai-headquartered automotive manufacturer and a subsidiary of Tata Group, will sell a 9.9% stake in Tata Technologies to US private equity firm TPG and an endowment trust belonging to Ratan Tata, chairman of Tata Trust. The deal values the unit at around USD 2 billion, and will see TPG’s fund TPG Rise Climate secure a 9% stake for INR 14.67 billion (USD 176.22 million) while the Ratan Tata Endowment Foundation will receive the rest for INR 1.47 billion (USD 17.6 million). —Reuters

Amoda, Society Pass, Didi Chuxing, and more led yesterday’s headlines:

  • Amoda, an Indonesian construction technology company, has secured an undisclosed amount of seed funding in a round jointly led by East Ventures and Living Lab Ventures.
  • Society Pass, a Vietnam-based loyalty and data marketing ecosystem, has entered into a structured financing agreement for an equity line of credit with family-owned financial institution Strattners. It will have the right, but not the obligation, to sell to Strattners up to USD 40 million worth of common stock over the next 36 months, subject to certain limitations.
  • Didi Autonomous Driving, the self-driving technology arm of Chinese ride-hailing company Didi Chuxing (also known as Didi Global), has raised USD 149 million from state-affiliated investors including GAC Capital, a subsidiary of Chinese automaker GAC Group, and Guangzhou Development District Investment Group.

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