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Consumer

Robotics

Fintech

… 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

China

Transportation

Autonomous Vehicles

Electric Vehicles

Mobility

Chinese EV makers push for luxury models in Southeast Asia

Singapore

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

Entertainment

Creative

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

Retail

Consumer Economy

… 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

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

<h3>Finmo raises Series A funding to expand treasury management platform</h3>
Finmo, a treasury operating system provider, has raised USD 18.5 million in an oversubscribed Series A funding round, bringing its total funding to USD 27 million. The round was co-led by Quona Capital and PayPal Ventures, with participation from Citi Ventures.
The company plans to use the fresh capital to accelerate product development, enhance its artificial intelligence capabilities, and expand its global footprint.
Finmo offers a unified platform designed to streamline payment processes, improve cash flow visibility, manage foreign exchange risks, automate treasury tasks, and optimize liquidity management.
<h3>Giftaway secures investment from Aura Private Equity to scale digital rewards platform</h3>
Global Incentive Solutions, the parent company of <a href="https://giftaway.ph/">Giftaway</a>, has secured AUD 28.5 million (USD 18 million) from Aura Private Equity and co-investors. The capital will support Giftaway’s expansion efforts and strengthen its role in driving financial inclusion across Southeast Asia.
Giftaway operates a digital rewards and incentives platform that facilitates digital voucher solutions for customer and employee engagement, with a significant portion of its clientele in the financial sector.
The company intends to use the investment to scale operations, expand its merchant network, and enhance its platform to meet growing regional demand.
<h3>HD raises USD 7.8 million to expand healthcare marketplace in Southeast Asia</h3>
HD, a healthcare marketplace in Thailand, has raised USD 7.8 million in equity funding to enhance its platform and invest further in AI technology, <a href="https://techcrunch.com/2025/02/12/merck-backs-healthcare-marketplace-hd-in-southeast-asia/">TechCrunch</a> reported. The round included participation from MSD, SBI Ven Capital, M Venture Partners, FEBE Ventures, and Partech Partners.
HD operates HDmall, a digital healthcare platform that connects users with hospitals and clinics for surgeries, health checkups, and treatments while offering installment payment options. The platform aggregates medical services to lower costs and improve accessibility.
With this funding, the startup aims to expand its network to 5,000 providers and 600,000 patients by 2025.
HD has also introduced Jib AI, a chatbot trained on healthcare transaction data to enhance patient interactions. Over the next year, the company plans to expand Jib AI’s capabilities to include scheduling, refunds, and AI-powered virtual care while strengthening partnerships with insurance firms, pharmaceutical companies, and employers.
<h3>Hex Trust acquires Byte Trading to expand institutional digital asset services</h3>
Hex Trust, a provider of digital asset financial services, has acquired Byte Trading, bolstering its position as a full-service financial institution for institutional investors.
The acquisition will integrate Byte Trading’s low-latency trading platform into Hex Trust’s regulated infrastructure, enhancing execution and prime services.
Hex Trust plans to continue expanding its capabilities and institutional market reach, with further acquisitions expected throughout 2025.
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<h3>Recent deals completed in China:</h3>
<ul>
<li aria-level="1">Feylyly, a women’s sportswear brand, has raised a seven-figure RMB sum in seed funding from Deju Investment, a fund under X Group. The fresh capital will be used to build out its supply chain, expand distribution channels, and grow its team. Founded in 2022, Feylyly targets women aged 35–45 in first- to third-tier cities and offers apparel, gear, and footwear, among other products. —<a href="https://36kr.com/p/3165064053795329">36Kr</a></li>
<li aria-level="1"><a href="https://www.buddybuzzy.com/#/home">Buddy Buzzy</a>, a mom-and-baby technology brand, has secured a new funding round in the hundreds of millions of RMB. The round was led by a Hangzhou state-owned industrial fund, with participation from existing investor PGA Capital. The capital will support product R&amp;D, ecosystem development, brand expansion, and the construction of a production facility. —<a href="https://36kr.com/p/3160222560803333">36Kr</a></li>
<li aria-level="1"><a href="https://www.linkzill.com/en/">LinkZill</a>, a Hangzhou-based life sciences company, has raised an eight-figure RMB sum in a Series A funding round from Proxima Ventures. The investment will be used to accelerate product delivery and support global expansion. Founded in 2019, LinkZill applies thin-film transistor (TFT) semiconductor technology to DNA synthesis and related applications. —<a href="https://36kr.com/p/3164434036861698">36Kr</a></li>
<li aria-level="1"><a href="https://www.nanosmedical.com/en.html">Nanos Medical</a>, a medtech firm specializing in otolaryngology and craniospinal surgery devices, has closed a funding round, raising over RMB 300 million (USD 42 million). Qiming Venture Partners led the round, with support from Riverhead Capital. Poseidon Hill Capital served as the financial advisor. The company will allocate the funds toward market expansion and product development. —<a href="https://36kr.com/p/3164858080586499">36Kr</a></li>
</ul>
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<h3>ArmourZero, Klook, Tabby, and more made recent headlines:</h3>
<ul>
<li aria-level="1"><a href="https://www.armourzero.com/">ArmourZero</a>, a Malaysia-based cybersecurity company, raised an undisclosed investment from Gobi Partners through its Gobi Dana Impak Ventures (GDIV) fund, backed by Khazanah Nasional Berhad.</li>
<li aria-level="1">Klook, one of Asia Pacific’s leading travel experience platforms, <a href="https://kr-asia.com/klook-raises-usd-100-million-to-fuel-ai-driven-travel-expansion-across-apac">secured USD 100 million in fresh funding</a> led by Vitruvian Partners.</li>
<li aria-level="1">Tabby, a buy now, pay later (BNPL) fintech company, raised USD 160 million in a Series E funding round. The round was co-led by existing investors Blue Pool Capital and Hassana Investment Company, with participation from STV and Wellington Management.</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: Finmo’s Series A round hits oversubscription, Giftaway and HD raise fresh capital, latest China deals, and more

Venture Capital

Private Equity

Investment

Merger &amp; Acquisition

Thailand

Philippines

Hong Kong

Gucci’s downturn extended into the final stretch of 2024, with fourth-quarter revenue falling 24%, closing out a year in which sales at Kering’s flagship brand dropped 23% to EUR 7.7 billion (USD 8 billion). The decline, which has now persisted for four consecutive quarters, has placed significant strain on its parent company.
According to its latest earnings report, Kering’s annual revenue fell 12% to EUR 17.2 billion (USD 17.9 billion), while net profit plunged 62% to EUR 1.1 billion (USD 1.1 billion). Recurring operating profit slid 46%, reaching its lowest level since 2016. Despite deteriorating margins, the company has proposed a EUR 6 (USD 6.2) per share dividend payout, signaling its intent to maintain shareholder returns.
François-Henri Pinault, Kering’s CEO, acknowledged that while the company anticipated challenges in 2024, “things have been even tougher than what [the group] had foreseen” throughout the year.
Gucci, once Kering’s primary growth driver, posted double-digit revenue declines in every quarter of 2024—down 21% in Q1, 20% in Q2, 25% in Q3, and 24% in Q4. The brand’s inability to stabilize its sales trajectory dragged Kering’s overall performance, with total Gucci revenue for 2024 falling to EUR 7.7 billion (USD 8 billion), its lowest in years.
Other Kering brands also struggled. Yves Saint Laurent’s revenue declined 9% to EUR 2.9 billion (USD 3 billion), as slowing demand in the US and a weaker aspirational customer base weighed on sales. Meanwhile, Bottega Veneta bucked the trend, posting a 4% increase in revenue to EUR 1.7 billion (USD 1.8 billion), driven by strong demand for high-end leather goods.
Adding to Kering’s challenges, its stock price plummeted more than 40% over the course of 2024, nearly halving its market value as investors questioned the company’s ability to revive Gucci’s momentum.
Gucci’s prolonged decline prompted a leadership overhaul. Sabato De Sarno, appointed as creative director in 2023, exited the brand earlier this year after failing to reignite consumer demand. His tenure was defined by the introduction of Rosso Ancora, a deep red hue positioned as Gucci’s signature color—a move intended to reinforce the brand’s identity in the market.
Luxury houses often use distinct colors to solidify their image—Hermes has orange, Tiffany has its signature blue—and De Sarno sought to establish Rosso Ancora, a deep red hue, in a similar fashion. Gucci rolled out the initiative with immersive pop-up spaces in China, targeting shoppers in Shanghai, Shenzhen, Chengdu, and Beijing. But the strategy failed to generate lasting traction.
<figure id="attachment_152000" aria-describedby="caption-attachment-152000" style="width: 540px" class="wp-caption aligncenter"><img loading="lazy" decoding="async" class="wp-image-152000" src="https://console.kr-asia.com/wp-content/uploads/2025/02/Gucci-Sabato-De-Sarno-864x1024.jpg" alt="Photo of Sabato De Sarno, former Gucci creative director, who led the introduction of the Rosso Ancora hue." width="540" height="640" srcset="https://console.kr-asia.com/wp-content/uploads/2025/02/Gucci-Sabato-De-Sarno-864x1024.jpg 864w, https://console.kr-asia.com/wp-content/uploads/2025/02/Gucci-Sabato-De-Sarno-253x300.jpg 253w, https://console.kr-asia.com/wp-content/uploads/2025/02/Gucci-Sabato-De-Sarno-768x910.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2025/02/Gucci-Sabato-De-Sarno.jpg 1080w" sizes="(max-width: 540px) 100vw, 540px" /><figcaption id="caption-attachment-152000" class="wp-caption-text">Photo of Sabato De Sarno, former Gucci creative director, who led the introduction of the Rosso Ancora hue. Photo and header photo source: Gucci.</figcaption></figure>
Kering is now setting its sights on a year of stabilization, with muted revenue expectations in the near term. Gucci’s latest handbag launches—the Emblem, Bee, and Blondie collections—have shown early signs of interest, but they have yet to offset declining sales in established lines such as Marmont and Dionysus.
During the earnings call, Pinault made clear that Kering is not seeking “short-term compromises or quick fixes” for Gucci. The brand’s immediate priority is rationalizing its wholesale operations, which includes scaling back its presence in outlet stores and cutting wholesale distribution further this year. The objective is to regain pricing power and exclusivity while reinforcing direct retail sales.
Gucci is also expected to announce a new artistic director in the coming months, marking another phase in its turnaround. But with economic uncertainty weighing on the luxury sector and demand slowing in key markets such as China, Kering faces a difficult balancing act: restoring Gucci’s desirability without undermining its profitability.

Gucci’s new signature is red—and so are its financials as sales bleed

Consumer Services

Europe

… https://console.kr-asia.com/wp-content/uploads/2025/02/AC-Ventures-Australian-Development-Investments-Kinetik-480x270.jpg 480w, https://console.kr-asia.com/wp-content/uploads/2025/02/AC-Ventures-Australian-Development-Investments-Kinetik.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-151995" class="wp-caption-text">Photo courtesy of AC Ventures.</figcaption></figure>
<h3>Atome Financial secures USD 80 million with backing from BlackRock and InnoVen Capital</h3>
Atome Financial, the fintech arm of Advance Intelligence Group, has expanded its senior secured term loan facility to USD 80 million with new commitments from a private credit fund managed by BlackRock and venture debt provider InnoVen Capital. The new tranche builds on the facility’s original USD 80 million funding from EvolutionX Debt Capital in June 2024.
Atome Financial, which operates the BNPL platform Atome and Indonesia’s digital lending platform Kredit Pintar, reported strong growth in 2024, with increases in revenue and gross merchandise value. The company also achieved full-year profitability.
The additional capital will support product expansion, strategic partnerships, and growth across Singapore, Malaysia, the Philippines, and Indonesia.
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<h3>Tabby raises Series E funding ahead of IPO plans</h3>
Tabby, a buy now, pay later (BNPL) fintech company, has raised USD 160 million in a Series E funding round, bringing its valuation to USD 3.3 billion. The round was co-led by existing investors Blue Pool Capital and Hassana Investment Company, with participation from STV and Wellington Management.
The fresh capital will support Tabby’s expansion into digital spending accounts, payments, cards, and money management tools, aligning with Saudi Arabia’s Vision 2030 goal of promoting a cashless economy. The financing also strengthens Tabby’s position as it prepares for an initial public offering.
This funding follows Tabby’s recent acquisition of Tweeq, a Saudi digital wallet startup, expanding its financial services portfolio. The company primarily serves the Middle East and North Africa (MENA) region.
<h3>Saudi’s Neom invests in BCI technology firm Paradromics</h3>
<a href="https://www.paradromics.com/">Paradromics</a>, a brain-computer interface (BCI) technology firm, has received an undisclosed investment from the Neom Investment Fund (NIF), the investment arm of Saudi Arabia’s Neom project. The partnership will accelerate the development of BCI-based therapies aimed at restoring and enhancing neurological function.
As part of the agreement, a research and clinical facility will be established within Neom to focus on healthcare applications for BCI technology. Paradromics’ first application will target restoring communication for individuals with ALS, stroke, and spinal cord injuries. Future applications may address mental health conditions, including mood disorders and chronic pain.
<figure id="attachment_151993" aria-describedby="caption-attachment-151993" style="width: 1024px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-large wp-image-151993" src="https://console.kr-asia.com/wp-content/uploads/2025/02/Paradromics-Cortical-Module-1024x683.jpg" alt="Photo of a cortical module developed by Paradromics. This implantable device is designed to record individual brain signals and translate thoughts into actions." width="1024" height="683" srcset="https://console.kr-asia.com/wp-content/uploads/2025/02/Paradromics-Cortical-Module-1024x683.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/02/Paradromics-Cortical-Module-300x200.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2025/02/Paradromics-Cortical-Module-768x512.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2025/02/Paradromics-Cortical-Module-1536x1024.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2025/02/Paradromics-Cortical-Module.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-151993" class="wp-caption-text">Photo of a cortical module developed by Paradromics. This implantable device is designed to record individual brain signals and translate thoughts into actions. Photo courtesy of Paradromics.</figcaption></figure>
<h3>Hex Trust secures funding in round led by Morgan Creek Digital</h3>
Hex Trust, a digital asset custodian, has secured an undisclosed amount in a funding round led by Morgan Creek Digital, with participation from Injective and other investors. To date, Hex Trust has raised over USD 100 million, and this latest investment sets the stage for its anticipated Series C round later this year.
Founded in 2018, Hex Trust provides licensed custody, staking, markets, and investment solutions to banks, financial institutions, and asset managers. It operates in multiple markets, including Hong Kong, Singapore, Dubai, France, and Italy.
The new funding will be used to expand Hex Trust’s staking and markets businesses, explore acquisitions, and strengthen its institutional digital asset custody solutions.
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<h3>East Ventures, Payd, Carsome, and more made recent headlines:</h3>
<ul>
<li aria-level="1">East Ventures and SV Investment announced the first close of their joint interregional fund, backed by Korea Development Bank (KDB) and an undisclosed global neobank. The fund is expected to reach its final close by mid-2025.</li>
<li aria-level="1">Payd, a Malaysian fintech startup, raised a USD 400,000 seed extension from A2D Ventures, Orbit Startups, and AngelSpark.</li>
<li aria-level="1">Carsome, a Malaysia-based car e-commerce platform, ceded a 49% stake in its financing arm, Carsome Capital, to Japan Consumer Credit Service (JACCS). The deal establishes a joint venture aimed at serving underserved segments in Malaysia, with Carsome retaining a 51% majority share.</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: Gobi Partners backs Malaysia’s ArmourZero, Klook secures USD 100 million, ADI anchors AC Ventures’ climate fund, and more