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<h3>Nexmedis raises funding co-led by East Ventures and Forge Ventures</h3>
Nexmedis, an Indonesia-based provider of health information systems (HIS), has raised an undisclosed amount in a funding round co-led by East Ventures and Forge Ventures. The company aims to enhance healthcare operations by integrating artificial intelligence into clinical workflows to improve efficiency and patient outcomes.
Founded in 2023, Nexmedis offers an AI-driven HIS that streamlines administrative tasks, optimizes diagnostics, and automates insurance claims. The company is also developing an AI-powered transcription tool that converts doctor-patient conversations into structured digital records, reducing manual documentation.
The new capital will support Nexmedis’ expansion across Indonesian hospitals and fund the development of new solutions to address regional healthcare challenges.
<h3>KKR acquires stake in Employment Hero from SEEK Investments</h3>
Global investment firm KKR has acquired a stake in Employment Hero, an employment management platform, from SEEK Investments. The financial terms were not disclosed. SEEK Growth Fund remains a significant investor in the company.
Founded in 2014, Sydney-based Employment Hero provides a cloud-native human resources management platform offering payroll, recruitment, and employee engagement solutions for small and medium-sized enterprises worldwide. The company recently expanded through its <a href="https://kr-asia.com/deals-in-brief-endowus-adds-usd-17-5-million-in-round-extension-employment-hero-acquires-humi-recent-china-deals-and-more">acquisition of Canadian employment platform Humi</a>.
KKR’s investment will support Employment Hero’s international expansion and product development strategy. The deal is expected to close in the first quarter of 2025.
<figure id="attachment_145910" aria-describedby="caption-attachment-145910" style="width: 1024px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-large wp-image-145910" src="https://console.kr-asia.com/wp-content/uploads/2023/10/Employment-Hero-Ben-Thompson-Dave-Tong-1024x683.jpg" alt="Photo of Employment Hero’s co-founders Ben Thompson (left) and Dave Tong. Thompson serves as CEO of the company while Tong undertakes the role of CTO." width="1024" height="683" srcset="https://console.kr-asia.com/wp-content/uploads/2023/10/Employment-Hero-Ben-Thompson-Dave-Tong-1024x683.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2023/10/Employment-Hero-Ben-Thompson-Dave-Tong-300x200.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2023/10/Employment-Hero-Ben-Thompson-Dave-Tong-768x512.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2023/10/Employment-Hero-Ben-Thompson-Dave-Tong-1536x1024.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2023/10/Employment-Hero-Ben-Thompson-Dave-Tong.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-145910" class="wp-caption-text">Photo of Employment Hero’s co-founders Ben Thompson (left) and Dave Tong. Thompson serves as CEO of the company while Tong undertakes the role of CTO. Photo from KrASIA’s archive.</figcaption></figure>
<h3>Demuzo raises USD 600,000 in pre-seed funding to launch music investment platform</h3>
Demuzo, an Indonesia-based music technology startup, has secured USD 600,000 in pre-seed funding from angel investors in the finance industry to launch its music investment platform. The platform will allow fans to invest in emerging musicians in exchange for a share of future streaming royalties.
Demuzo connects artists, fans, and labels through a crowdfunding-style model, channeling investment into artist promotion and music production. During its beta phase, more than 10,000 users joined the platform’s waitlist, with an 18% conversion rate to full registration. The company has also partnered with Los Angeles-based Isina Records.
With the fresh capital, Demuzo plans to expand partnerships with artists and labels, enhance its platform, and develop a mobile app. It is also seeking an additional USD 1 million to accelerate growth.
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<h3>Abakkus leads INR 1.75 billion investment in Stelmec</h3>
Stelmec, a Mumbai-based provider of electrical power products and solutions, has raised INR 1.75 billion (USD 20.1 million) in a funding round led by Abakkus Four2Eight Opportunities Fund. Hem Securities acted as the financial advisor for the transaction.
With a legacy spanning over three decades, Stelmec manufactures medium-voltage switchgear and other transmission and distribution products. The company also provides engineering, procurement, and construction (EPC) services for high-voltage substations and power lines.
The investment will support Stelmec’s expansion, enhance its R&amp;D capabilities, and strengthen its market presence domestically and internationally.
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<h3>Finmo, Giftaway, HD, and more made recent headlines:</h3>
<ul>
<li aria-level="1">Finmo, a treasury operating system provider, raised USD 18.5 million in an oversubscribed Series A funding round. The round was co-led by Quona Capital and PayPal Ventures, with participation from Citi Ventures.</li>
<li aria-level="1">Global Incentive Solutions, the parent company of <a href="https://giftaway.ph/">Giftaway</a>, secured AUD 28.5 million (USD 18 million) from Aura Private Equity and co-investors.</li>
<li aria-level="1">HD, a healthcare marketplace in Thailand, reportedly raised USD 7.8 million in equity funding from MSD, SBI Ven Capital, M Venture Partners, FEBE Ventures, and Partech Partners.</li>
</ul>
If there are any news or updates you'd like us to feature, get in touch with us at: <a href="mailto:hello@kr-asia.com">hello@kr-asia.com</a>.
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Deals in brief: Nexmedis raises funding, KKR joins Employment Hero’s cap table, Demuzo secures backing for music investment platform, and more

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Warner Bros picks Shanghai for China’s first Harry Potter Studio Tour

Entertainment

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Mercedes-Benz is stepping up its cost and efficiency measures as it faces mounting performance pressures. Sources have informed 36Kr that the company has made multiple adjustments to its China operations in response.
One major shift is in R&amp;D, where the company is rolling out a new performance evaluation system modeled after objectives and key results (OKRs). This move aims to introduce clearer work assessment criteria for employees. Meanwhile, in production, efforts are underway to optimize assembly lines, including potential consolidation of less efficient production lines.
When 36Kr reached out for comment, Mercedes-Benz China stated that its performance evaluation system remains unchanged. However, the company acknowledged that “necessary adjustments are being made within the Mercedes-Benz China R&amp;D division and Beijing Benz to prepare for a series of new products set to be manufactured at Beijing Benz.”
Mercedes-Benz China has long used a performance evaluation system, with year-end bonuses tied to employee performance. However, an insider noted that the previous system was egalitarian, with minimal bonus differentials—often just a few hundred RMB—and no rigid, quantifiable targets such as quarterly benchmarks. Few employees ever received the lowest performance ratings.
The new evaluation system will first be implemented at Mercedes-Benz’s Shanghai R&amp;D center, which specializes in smart technology, followed by its Beijing R&amp;D center. A source told 36Kr that while the reform aims to enhance efficiency, it may also introduce bottom elimination policies.
On the production side, cost-cutting efforts focus primarily on optimizing the utilization of production lines.
Mercedes-Benz currently operates two factories in Beijing. One of them is the Yizhuang factory which handles long-wheelbase versions of the C-class and E-class sedans, along with the GLC SUV. The plant produced over 400,000 vehicles in 2024. Mercedes-Benz’s upcoming long-wheelbase all-electric CLA will also be manufactured here.
The other is the Shunyi factory, which is responsible for the all-electric EQA, EQB, EQC, and EQE models. The company has also announced plans to manufacture the domestically produced GLE at this facility. However, 2024 production at this plant fell below 100,000 units, and with the high price of the new GLE, volume growth could be a challenge.
As efficiency becomes paramount in the automotive industry, Mercedes-Benz’s extensive product lineup has added cost pressures to its manufacturing strategy. As a result, the company will focus production on high-demand models while consolidating less efficient assembly lines.
Beyond R&amp;D and production, Mercedes-Benz’s sales division has also announced restructuring plans. At an internal meeting in January, the company revealed that it will optimize its dealership network, streamline its retail footprint, and rationalize its product lineup.
Meanwhile, German media reports indicate that Mercedes-Benz is planning up to 20,000 job cuts worldwide.
From its German headquarters to its China operations, across R&amp;D, production, and sales, the automaker has clearly embarked on a comprehensive cost-cutting initiative.
Despite maintaining strong sales figures in 2024, Mercedes-Benz saw a decline compared to the previous year.
In China, Mercedes-Benz sold 714,000 vehicles, including both passenger cars and light commercial vehicles. While this kept the brand among the top three luxury automakers, the figure marked a 6% year-on-year (YoY) decline from 765,000 units in 2023. This is the second consecutive year of declining sales in China.
Globally, Mercedes-Benz sold 1.98 million vehicles in 2024, a 3% YoY drop. While sales grew 9% in the US, they fell 7% in China and 3% in Europe.
Financially, Mercedes-Benz reported a net profit of EUR 7.8 billion (USD 8 billion) in the first three quarters of 2024, reflecting a sharp 31.4% YoY decline. China remains Mercedes-Benz’s largest single market, but declining sales have weighed on global performance and profitability.
Currently, the C-class, E-class, and GLC remain Mercedes-Benz’s bestselling models in China. The long-wheelbase E-class, priced at RMB 447,200 (USD 62,608), recorded 145,000 units sold in 2024.
Mercedes-Benz China’s key upcoming models for the next two years include the long-wheelbase all-electric CLA, slated for 2025, and the domestically produced GLE, set to launch in 2026.
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The all-electric CLA will be the first model built on Mercedes-Benz’s MMA platform, designed to accommodate both combustion and electric powertrains. It will also feature at least Level 2 driver assistance and MB.OS, an upgraded operating system with an enhanced voice assistant.
However, compact coupe-style sedans are not a mainstream preference among Chinese consumers, which could pose challenges for market acceptance.
As for the GLE, its localized production will offer a pricing advantage. However, the current imported GLE is priced at RMB 699,800 (USD 97,972). By comparison, its rival—the BMW X5—became RMB 60,000 (USD 8,400) cheaper after domestic production. Even with a similar price cut, the GLE will likely remain a niche luxury SUV.
36Kr previously reported that Mercedes-Benz plans to introduce a next-generation all-electric platform targeting mid- to large-sized vehicles. However, given the company’s current R&amp;D timeline, these models won’t hit the market for at least another three years.
For now, Mercedes-Benz’s core sales drivers in China remain the C-class, E-class, and GLC. However, Chinese automakers are increasingly challenging these bestselling models. To stay competitive, Mercedes-Benz must sustain sales and preserve its premium brand image while bridging the gap until new product launches.
The cost-cutting measures in China are the first step in preserving capital to fend off competition in the years ahead.
Globally, Mercedes-Benz aims to cut costs by EUR 5 billion (USD 5.4 billion) by 2027, with a target of EUR 2.5 billion (USD 2.7 billion) in savings by 2025.
This is no small feat. As Mercedes-Benz navigates this transformation, cost-cutting and efficiency optimization will define its next two years.
Restructuring a giant is never easy—but Mercedes-Benz seems committed to its new course of action.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3156084059789828">article</a> was written by Xu Caiyu for 36Kr.

Mercedes-Benz tightens its belt as China sales slump

Transportation

Electric Vehicles

Mobility

… hardware and software cost for DiPilot C is under RMB 5,000 (USD 700), significantly lower than third-party suppliers, which charge RMB 6,000–7,000 (USD 840–980).
With potential sales exceeding 5 million units, BYD wields unmatched bargaining power in AI chips, LiDAR, and other core components.
BYD’s smart driving push may appear sudden, but it has been years in the making—backed by clear strategy, relentless execution, and an industrial edge that few can match. The playbook is open, yet the industry still seems caught off guard.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3163409554320133">article</a> was written by Li Anqi for 36Kr.

BYD fires smart driving salvo with 21-model rollout

East Asia

Autonomous Vehicles

Chinese EV makers push for luxury models in Southeast Asia

… preferences are shifting faster than production teams can adapt.
Enlight Media, a studio known for fantasy and comedy, placed a high-stakes bet on Ne Zha 2—and it wasn’t just the work of the production team, but also a matter of timing and luck in capturing the cultural zeitgeist.
A February 5 financial report from Enlight Media estimates that Ne Zha 2 would contribute between RMB 950 million (USD 133 million) and RMB 1.01 billion (USD 141.4 million) in revenue for the company, based on its first seven days of release. Given this trajectory, final earnings are expected to climb even higher.
Meanwhile, Creation of the Gods faces an uncertain future. Director Wuershan previously revealed that the trilogy had a production budget of RMB 2.4 billion (USD 336 million), with an additional RMB 600 million (USD 84 million) spent on marketing, bringing the total investment to RMB 3 billion (USD 420 million).
This means each installment must gross at least RMB 3 billion (USD 420 million) to break even. The first film fell short, earning RMB 2.6 billion (USD 364 million). Now, with the sequel struggling to reach half of that, the fate of the third installment hangs in the balance.
The appetite for fantasy films may have returned—but Creation of the Gods wasn’t ready for it.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3154732183493376">article</a> was written by Wang Yuchan for 36Kr.

Ne Zha 2 claims the crown as China’s Lunar New Year box office breaks records

Skechers released its fourth-quarter and full-year financial results for 2024 on February 7, showing robust growth. The company reported annual revenue of USD 8.97 billion, a 12.1% year-on-year (YoY) increase. On a constant currency basis, revenue reached USD 9.04 billion, up 13%. Net profit for the year stood at USD 640 million.
After adjustments, diluted earnings per share (EPS) came in at USD 4.16, reflecting a 19.2% YoY increase. On a constant currency basis, EPS rose 26.1% to USD 4.40.
Both Skechers' international and domestic US sales grew by 12.1% in 2024. Breaking it down by distribution channel, wholesale revenue increased by 13.2%, while D2C sales grew by 10.7%.
For the fourth quarter of 2024, Skechers posted revenue of USD 2.21 billion, up 12.8% YoY, driven primarily by 18% growth in the US market and 9.8% growth internationally. Quarterly net profit rose 14% to USD 99.3 million.
In terms of business segments, wholesale sales jumped 17.5%, while D2C sales increased by 8.4%. By region, sales was up 14% in the Americas; Europe, the Middle East, and Africa saw a 25% climb; and the Asia Pacific saw a 3% boost.
As of December 31, 2024, Skechers operated 5,296 stores worldwide, including company-owned and franchise locations.
Skechers has set a positive outlook for 2025. The company expects first-quarter revenue to range between USD 2.4 billion and USD 2.43 billion. For the full year, revenue is projected to be between USD 9.7 billion and USD 9.8 billion.
David Weinberg, Skechers' global COO, acknowledged challenges in certain regional markets and logistics but emphasized the company's strong global positioning. “For over three decades, we've upheld our core principles of delivering style, comfort, innovation and quality at an affordable price. We have maintained this commitment while evolving and adapting to meet the needs of our customers and drive global demand,” he said.
Weinberg highlighted Skechers’ ongoing commitment to product innovation. He pointed to the launch of the Skechers cricket shoes in India and a customized Lunar New Year collection for the Chinese market as recent examples. Additionally, the company is expanding its logistics infrastructure, including warehouse expansions in North America, China, and Europe.
Skechers also opened its first experiential athletic concept store in Edmonton, Canada, aiming to enhance the consumer shopping experience.
Willie Tan, CEO of Skechers China, Korea, and Southeast Asia, reaffirmed the company’s China strategy. “Beyond bringing high-quality footwear and apparel to Chinese consumers, we have localized our manufacturing in China,” Tan said. “We will continue to strengthen our operations, R&amp;D, and service capabilities to reward the trust and loyalty of our Chinese consumers.”
Skechers is scaling its presence in China, with its second-phase China logistics center—an investment of over RMB 3 billion (USD 420 million)—reaching its first structural milestone. Tan also revealed that over 90% of Skechers products sold in China are now manufactured locally.
“I remain highly optimistic about China’s growth potential,” Tan said. “I believe China will play a pivotal role in Skechers' journey toward achieving USD 10 billion in annual revenue by 2026.”
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3156618139228936">article</a> was written by Li Xiaoxia for 36Kr.

Skechers posts record revenue in 2024, eyes USD 10 billion milestone

Fashion

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… to the impact for compute demand, and therefore, fears of peak spending on GPUs. We think this view is farthest from the truth and that the announcement [of DeepSeek-V3] is actually very bullish.”
As for Nvidia, many analysts remain bullish, with Citigroup’s Atif Malik reaffirming a buy rating on the stock.
Ultimately, the biggest losers in the wake of DeepSeek’s rise may not be Nvidia, but proprietary AI firms like OpenAI.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3154720611621378">article</a> was written by Song Wanxin for 36Kr.

DeepSeek’s open-source AI roils markets, sending tech stocks into a tailspin

Artificial Intelligence

Deep Tech

Artificial intelligence

On February 6, Chinese game developer Nekcom Games, the studio behind Showa American Story, issued an official statement debunking online rumors that Oneness Labs had acquired a stake in the company and launched a cryptocurrency called $SHOWA based on the game’s IP.
Nekcom clarified that it has never collaborated with Oneness Labs, nor has it authorized any entity or individual to issue virtual currencies or financial products related to Showa American Story.
The controversy arose after Oneness Labs publicly claimed to have acquired a stake in Nekcom and announced the launch of $SHOWA, a cryptocurrency allegedly tied to the game’s IP. In the month following its debut, the token’s market value surged to approximately USD 36 million. However, Nekcom’s official statement firmly refuted these claims, stressing that it has never engaged in any form of partnership or equity transaction with Oneness Labs.
The announcement quickly sparked discussions within the gaming industry. As one of the most anticipated games of 2025, Showa American Story has drawn global attention for its unique fusion of Japanese and American cultural influences and its post-apocalyptic narrative style.
<figure id="attachment_152024" aria-describedby="caption-attachment-152024" style="width: 1024px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-large wp-image-152024" src="https://console.kr-asia.com/wp-content/uploads/2025/02/Nekcom-Games-Showa-American-Story-Desert-1024x576.jpg" alt="" width="1024" height="576" srcset="https://console.kr-asia.com/wp-content/uploads/2025/02/Nekcom-Games-Showa-American-Story-Desert-1024x576.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/02/Nekcom-Games-Showa-American-Story-Desert-300x169.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2025/02/Nekcom-Games-Showa-American-Story-Desert-768x432.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2025/02/Nekcom-Games-Showa-American-Story-Desert-1536x864.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2025/02/Nekcom-Games-Showa-American-Story-Desert-480x270.jpg 480w, https://console.kr-asia.com/wp-content/uploads/2025/02/Nekcom-Games-Showa-American-Story-Desert.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-152024" class="wp-caption-text">In Showa American Story, players will follow Chouko, a teenage girl mysteriously revived in a dystopian US dominated by Japanese culture, as she embarks on a journey of truth and revenge. Image and header image source: Nekcom Games.</figcaption></figure>
Beyond causing unnecessary trouble for Nekcom, the incident highlights broader concerns about unauthorized financialization of game IPs. According to media reports, a veteran in the crypto space noted that leveraging trending topics to promote tokens is a common tactic in the industry. However, this case is notable as the first time a major Chinese gaming IP has been exploited in such a scheme.
Despite Nekcom’s firm denial, Oneness Labs’ affiliated website still features an image labeled as part of a Showa American Story non-fungible token (NFT) project. However, beyond this, no further details are provided.
In the Web3 era, the financialization of game IPs has introduced new fundraising opportunities for developers but has also created legal and ethical risks. In China, virtual currency transactions are considered illegal financial activities, making such models unsuitable for most companies. Nekcom’s statement underscores its commitment to game development and quality craftsmanship, distancing itself from any unauthorized financial activities tied to its IP.
As of publication, both Oneness Labs and Nekcom co-founder Troy Dunniway have issued statements on overseas social media platforms regarding the matter. When contacted by 36Kr for further clarification, Nekcom reaffirmed that its previous statement remains valid and that it is continuing to address the issue.
Past reports have highlighted Dunniway’s extensive industry experience, including roles at Electronic Arts and Microsoft, where he contributed to titles such as Age of Empires, Command &amp; Conquer, and Red Alert. He played a key role in Nekcom’s early development.
However, industry sources suggest that since the announcement of Showa American Story, Dunniway has rarely made public appearances, leading to speculation that he may no longer be actively involved in the studio’s operations.
As Web3 technology continues to evolve, the global gaming industry faces a pressing challenge—leveraging blockchain’s potential while ensuring legal compliance and protecting users from financial risks.
For players, the hope remains that Showa American Story, one of the most highly anticipated Chinese-developed games in recent years, will not be overshadowed by external controversies.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3156265237863173">article</a> was written by Liu Shiwu for 36Kr.

Nekcom shuts down crypto rumors as Showa American Story hype builds

Gaming