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Nuevocor has raised USD 45 million in a Series B funding round co-led by Kurma Partners and Angelini Ventures, with participation from EDBI, ClavystBi…

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Nuevocor has raised USD 45 million in a Series B funding round co-led by Kurma Partners and Angelini Ventures, with participation from EDBI, ClavystBio, Boehringer Ingelheim Venture Fund, Highlight Capital, and Seeds Capital. The funding will support clinical development of NVC-001, a gene therapy for LMNA-related cardiomyopathy, with trials set to begin in 2026 across sites in the US and Europe.

<a href="/company/baidu">Baidu’s</a> Apollo unit and Car Inc will roll out autonomous car rentals starting in Q2 2025, beginning in cultural tourism zones. The service will iterate based on user feedback and expand over the next 3–5 years as part of a broader smart mobility push.

Autohome reported RMB 1.45 billion in Q1 2025 revenue, down 10% YoY, as ICE automakers cut back on ad spending. Net income declined to RMB 357 million, while adjusted net income reached RMB 421 million. Growth in user engagement and NEV-related demand helped cushion weaker legacy segments.

<a href="/company/alibaba">Alibaba's</a> Quark app has launched a "deep search" feature that interprets complex queries through reasoning, agent coordination, and web-wide content synthesis. Built on its in-house model, the update aims to reduce user decision costs across scenarios like health, travel, and learning. Image editing tools were also upgraded.

<a href="/company/kuaishou">Kuaishou’s</a> short video GMV rose over 50% in 2024, while the number of buyers shopping across live streams, short videos, and shelf-based channels grew nearly 20%. In Q4 alone, shelf-based product card GMV jumped more than 68% YoY. High-spending buyers and active creators also rose in April, building momentum ahead of its 618 campaign.

Svolt Energy Technology's overseas battery shipments reached 0.77 GWh in April, up 72% YoY and its highest monthly total to date. Cumulative shipments from January to April rose 126% YoY to 2.76 GWh, powering 63,115 vehicles.

Yili Group saw FY2024 revenue reach RMB 115.8 billion as overseas sales of infant formula and ice cream jumped 68% and 13%. The company returned 100.4% of profits to shareholders, marking a new high in dividends and buybacks.

<a href="/company/sea-group">Sea Group</a> has renamed its digital financial services unit, SeaMoney, to Monee, unifying MariBank, SeaBank, and lending services under one brand. Announced alongside the opening of a new headquarters in Singapore, the move signals a broader push for financial inclusion across Southeast Asia and Latin America, supported by expanded capabilities in AI, product, and compliance.

<a href="/company/goto">GoTo</a> has denied reaching any agreement on a merger with <a href="/company/grab">Grab</a>, saying its board is still reviewing options to enhance long-term shareholder value. While the company confirmed it has received offers, it emphasized that no decisions have been made, following media reports of a pending deal.

Dingdong Maicai has partnered with DFI Retail Group to deliver mainland produce to Hong Kong. Select vegetables are already available in Wellcome stores, its online shop, and on Foodpanda. The rollout will expand to other supermarket brands, with a first-year sales target of HKD 100 million.

Auntea Jenny opened 68.5% above its IPO price at HKD 190.6, lifting its market cap to HKD 19.5 billion after a heavily oversubscribed IPO. The tea chain operates more than 9,000 mostly franchised stores across China and ranked fourth nationwide by outlet count as of 2023.

A new model of state capital is taking root in China—one that’s redefining how venture capital works, from funding mechanics to policy alignment.

Beneath the bureaucracy: How state capital made (and remade) China’s venture ecosystem

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Nuevocor raises funding for LMNA therapy trial

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Beneath the bureaucracy: How state capital made (and remade) China’s venture ecosystem

Deals in brief: Wavemaker Impact leads Arysun’s pre-seed round, Nuevocor raises USD 45 million, latest funding deals in China, and more

Southeast Asian VCs move to set startup governance standards