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… href="https://nextagecorp.com/en">Nextage</a> drew attention with its inventive approach to growing wasabi—a high-demand crop—with specialized containers that make cultivation possible nearly anywhere. Nextage’s goal was to forge partnerships for a global supply chain and walked away with new connections in distribution and logistics.
<figure id="attachment_150759" aria-describedby="caption-attachment-150759" style="width: 720px" class="wp-caption aligncenter"><img loading="lazy" decoding="async" class="wp-image-150759" src="https://console.kr-asia.com/wp-content/uploads/2024/11/Kansai-Startup-Mashups-SWITCH-2024-Nextage-1024x768.jpg" alt="" width="720" height="540" srcset="https://console.kr-asia.com/wp-content/uploads/2024/11/Kansai-Startup-Mashups-SWITCH-2024-Nextage-1024x768.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2024/11/Kansai-Startup-Mashups-SWITCH-2024-Nextage-300x225.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2024/11/Kansai-Startup-Mashups-SWITCH-2024-Nextage-768x576.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2024/11/Kansai-Startup-Mashups-SWITCH-2024-Nextage-1536x1152.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2024/11/Kansai-Startup-Mashups-SWITCH-2024-Nextage.jpg 1920w" sizes="(max-width: 720px) 100vw, 720px" /><figcaption id="caption-attachment-150759" class="wp-caption-text">Photo by 36Kr.</figcaption></figure>
The healthcare startup <a href="https://rimtech.co.jp/">RimTech</a> also stood out, even in an AI-heavy year at SWITCH, where healthcare-focused booths reportedly drew the most traffic. RimTech’s voice-based health monitoring technology captivated visitors with its ability to deliver quick health assessments through a few seconds of speech. The applications are broad, from early warning systems for employee fatigue to workplace safety measures, with plans for expansion across Asia and the Middle East.
For Japan’s startups, global events like SWITCH are crucial platforms to introduce their innovations and foster relationships with an international audience. As Kansai’s startups have shown, building these in-person connections with influential local contacts can be the first step in unlocking new market opportunities and establishing Japan’s role on the world stage.
This article was published in partnership with JETRO and For Startups.

Japan’s startups find new pathways to global markets at SWITCH

Singapore

<h3>SmartBank brings in JPY 4.08 billion for first Series B close</h3>
To expand its foothold in personal finance, Tokyo-based SmartBank, the firm behind the expense management app B/43, has raised JPY 2.93 billion (USD 18.7 million) in its Series B funding round’s initial close.
The round was led by SMBC-GB Growth No. 1 Fund, drawing in participation from Seven Bank, Japan Post’s Spiral Regional Innovation Fund, and prominent players like DBJ Capital and the All Star SaaS Fund.
Debt financing from various Japanese banks added another JPY 1.15 billion (USD 7.4 million), raising the total for the first close to JPY 4.08 billion (USD 26.1 million).
SmartBank has earmarked the fresh capital for organizational growth, talent acquisition, and broadening its reach through marketing initiatives. The company’s next chapter is geared toward enhancing personal finance tools that empower users to navigate rising living costs by offering insights into spending patterns, building financial stability, and cultivating transparency.
<figure id="attachment_150757" aria-describedby="caption-attachment-150757" style="width: 1024px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-large wp-image-150757" src="https://console.kr-asia.com/wp-content/uploads/2024/11/SmartBank-Shota-Horii-1024x576.jpg" alt="Photo of Shota Horii, CEO of SmartBank." width="1024" height="576" srcset="https://console.kr-asia.com/wp-content/uploads/2024/11/SmartBank-Shota-Horii-1024x576.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2024/11/SmartBank-Shota-Horii-300x169.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2024/11/SmartBank-Shota-Horii-768x432.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2024/11/SmartBank-Shota-Horii-480x270.jpg 480w, https://console.kr-asia.com/wp-content/uploads/2024/11/SmartBank-Shota-Horii.jpg 1280w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-150757" class="wp-caption-text">Photo of Shota Horii, CEO of SmartBank. Photo and header photo source: SmartBank.</figcaption></figure>
<h3>Malaysia’s DF Automation and Robotics raises USD 1.85 million</h3>
Malaysia-based <a href="https://www.dfautomation.com/">DF Automation and Robotics</a> (DF Auto), which focuses on autonomous mobile robots, has announced a USD 1.85 million raise in a funding round led by Vynn Capital, according to <a href="https://technode.global/2024/11/15/malaysias-df-automation-robotics-bags-1-85m-funding-round-led-by-vynn-capital/">TechNode Global</a>. The round saw participation from the Malaysian Technology Development Corporation (MTDC), Japan’s Leave a Nest Capital, and equity crowdfunding investors.
DF Auto, founded in 2012, intends to use this capital to scale its reach in Southeast Asia, where it serves clients across Malaysia, Singapore, Thailand, and the Philippines, with a client base expanding into Europe and India. Positioned to address labor demands in the manufacturing industry, DF Auto has clients in sectors ranging from semiconductors and automotive to electronics, food and beverage, and healthcare.
<h3>Turing Space locks in over USD 3 million for digital identity expansion</h3>
In its pursuit to solidify digital identity infrastructure, Turing Space, a firm dedicated to trust tech, closed a funding round of more than USD 3 million led by ProFederal, as reported by <a href="https://e27.co/turing-space-nets-us3m-to-expand-digital-identity-solutions-globally-20241114/">e27</a>.
This capital boost is set to fuel its R&amp;D on cross-border verification solutions and drive the company’s expansion. Alongside product development, Turing Space plans to channel funds into talent acquisition, enhancing user experience as it scales.
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<h3>Recent deals completed in China:</h3>
<ul>
<li aria-level="1"><a href="https://www.matwings.com/en/">Matwings Technology</a>, a Shanghai-based artificial intelligence company, has raised over RMB 100 million (USD 14 million) in a Series A funding round. The round was led by Qiming Venture Partners, with participation from Yonghua Capital, Jingtao Venture Capital, and 3E Bioventures. The funds will support the development of in-house projects and upgrades to its AI-powered protein design technology, originally developed by a Shanghai Jiao Tong University team. —<a href="https://36kr.com/p/3035593781014786">36Kr</a></li>
<li aria-level="1"><a href="http://www.czkj1010.com/">Caizhi Technology</a>, an AI company focused on explainable and traceable AGI applications, has raised tens of millions of RMB in an angel round led by Z Fund (Zhipu Ecosystem Fund), with Peakview Capital participating. Established in 2021, Caizhi Technology is a key participant in China’s national AI initiatives and plans to leverage the funds to accelerate its research on large model applications. —<a href="https://36kr.com/p/3032646930690308">36Kr</a></li>
<li aria-level="1"><a href="https://www.psitfn.com/">Proshare</a>, a developer of advanced nanocomposite membranes, has secured tens of millions of RMB in a Series A funding round led by Wisemen Capital, with Suzhou Sci-tech Innovation Fund also participating. The proceeds will be used to build a new production facility and an automated casting line for high-performance nanofiltration membranes. —<a href="https://36kr.com/p/3028946370881031">36Kr</a></li>
</ul>
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<h3>Dossier, Collektr, Noneaway, and more made recent headlines:</h3>
<ul>
<li aria-level="1">Dossier, a regtech startup headquartered in Singapore, clinched an undisclosed amount in pre-seed funding from nVentures.</li>
<li aria-level="1"><a href="https://collektr.co/">Collektr</a>, a live stream platform dedicated to authenticated collectible sales, raised USD 1.3 million in a pre-Series A funding round led by AC Ventures Malaysia. The round saw support from The Hive Southeast Asia, Creador Foundation, and several angel investors.</li>
<li aria-level="1"><a href="https://noneaway.com/">Noneaway</a>, a proptech venture from the Philippines, secured over USD 1 million in pre-seed funding from investors including Forge Ventures, Wavemaker Partners, Kaya Founders, and Vulpes.</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: Japan’s SmartBank hits first Series B close, Vynn Capital leads investment in DF Auto, latest China deals, and more

Venture Capital

Private Equity

Investment

Merger &amp; Acquisition

Malaysia

China’s coffee competition is brewing with no signs of cooling, as affordable coffee chains keep contending to bolster their market share. Among these are stores run by GoodMe, with sources telling 36Kr that GoodMe’s coffee products are now available in over 2,000 of its stores nationwide—a jump from just 500 of them in September. For GoodMe, which runs close to 9,000 outlets, a second growth curve appears on the horizon.
Mixue Bingcheng’s coffee brand, Lucky Cup, isn’t far behind. On November 4, it launched its 1,000th store in Henan, a leap from 981 just two days prior. Luoyang alone saw 101 new stores by the end of October, a sign that Lucky Cup is gunning for dominance.
This quick growth mirrors Lucky Cup’s overarching strategy. According to Canyan Data, the brand opened 648 new stores in the last six months, an average of over 100 per month. Nationwide, Lucky Cup now operates 4,000 stores—about one-tenth of Mixue’s 38,000-store empire, which includes around 4,000 locations overseas.
Neither GoodMe nor Mixue initially set out to dominate the coffee market. Both brands began with affordable tea drinks in lower-tier markets, where GoodMe’s products typically fall in the RMB 15 (USD 2.1) range, while Mixue keeps prices below RMB 10 (USD 1.4)—a strategy both have carried over to coffee.
GoodMe’s coffee prices range from RMB 8–17 (USD 1.1–2.4), with most items priced between RMB 11–15 (USD 1.5–2.1). The brand uses Swiss-made Schaerer machines, the same as Luckin Coffee. Lucky Cup, however, is sticking to the budget-friendly RMB 5–10 (USD 0.7–1.4) range.
While the core battleground is being waged between Luckin and Cotti Coffee’s RMB 9.9 (USD 1.4) offerings, GoodMe and Mixue have chosen different paths, extending their reach on either side of the price spectrum.
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Initially, Lucky Cup expanded in Henan and the central provinces before ramping up to national coverage. Henan’s recent milestone of 1,000 stores highlights the brand’s strategy: build strong local roots before broadening its footprint. According to Canyan Data, Luckin Coffee had 698 stores in Henan as of October 7.
Henan, with its high population and sizable economy, is an interesting base for Lucky Cup. Despite being the sixth largest province by GDP, it ranks only 25th in per capita GDP. In other words, it’s the perfect market for affordable coffee. Here, budget-conscious consumers are more than ready for a daily coffee ritual that doesn’t break the bank.
Yet, Lucky Cup’s rapid rise hasn’t been without hiccups. Canyan Data notes that the brand opened over 2,800 stores across 2022 and 2023, only to soon face a wave of closures, dialing back its store count to 3,000 by year’s end.
A source close to Lucky Cup said that one reason for the closures was Cotti’s aggressive entry with promotions as low as RMB 1 (USD 0.1) and RMB 8.8 (USD 1.2), which cut directly into Lucky Cup’s sales. A saturated market and the November low season further strained Lucky Cup, making last year’s end a particularly challenging period.
Lucky Cup regained its momentum this year, however, slowly returning to an expansion pace. Initially, the brand set a goal of 4,500 stores by year-end but revised that to 5,000 in a Q4 strategy meeting.
GoodMe’s trajectory has been different. While Mixue committed to coffee early on, GoodMe initially focused on expanding its store count, setting a 10,000-store target. That plan was eventually set aside, with the founder later stating that the brand would not be overly focused on reaching 10,000 locations.
Yet, with coffee rolling out across more stores, GoodMe’s approach has shifted from relentless expansion to increasing per-store revenue, driving coffee sales without additional rental costs. Heytea has similarly taken a more cautious stance, telling partners in a September letter that it would focus on thoughtful growth rather than rapid openings.
Coffee and tea, once separate markets, are now blending as brands introduce crossover drinks like milk tea lattes that drive fierce price competition. With the changing market environment, store expansion and product launches bring new uncertainties.
Even so, coffee’s appeal remains strong. Two brands have already reached the coveted 10,000-store mark: Luckin hit 20,000 stores in July, and Cotti hit 10,000 in October, setting a clear top tier. Among smaller chains, however, none have pulled far ahead, leaving ample room for Lucky Cup and GoodMe to make their mark.
Reflecting on this rapid scaling, a coffee industry entrepreneur told 36Kr that his first significant challenge was when his company scaled up to 400 coffee machines. “Management, supply chain, and R&amp;D all struggled to keep up. But once we reached 1,000 machines, those issues eased.”
For GoodMe, limiting coffee to just 500 stores may have stifled its growth, reducing both advertising reach and its bargaining power with suppliers. The entrepreneur’s takeaway? Going big may be the right move for GoodMe.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3023239084713225">article</a> was written by Yang Yafei for 36Kr.

GoodMe and Lucky Cup drive China’s affordable coffee boom as competition heats up

Coffee

… This ambiguity could limit the model’s applicability in other regions, though early adopters might gain an edge by influencing industry standards.
Beyond RWA, mainland companies expanding from Hong Kong to other international markets face logistical and regulatory obstacles. For fintech companies developing financial-grade applications, these challenges are complex.
Sun Lei, Ant Digital’s vice president and general manager for China business development, highlighted three key challenges in new markets: localizing product features to match cultural norms, tailoring product presentations, and building new partnerships with local developers, distributors, and consultants. Establishing a reliable support network is essential for sustainable expansion.
“Only when these partnerships are established can we fully open up a market. Overcoming these three challenges is essential to replicating our success across regions,” Sun said.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3025644074329603">article</a> was written by Wang Hanyu for 36Kr.

Hong Kong unlocks new path to profit for Chinese firms going global

Fintech

Blockchain

Cryptocurrencies

… items, including trading cards, act as a form of social currency among pan-anime fans, and brands like Kayou are rapidly responding by adapting IPs into card collections. For instance, though My Little Pony first aired in China in 2013 for younger viewers, Kayou launched it as a collectible card series in 2020, attracting fans of all ages.
“When I was younger, it was just IPs like Yu-Gi-Oh,” Caicai said. “Now, we have everything from classic anime to new releases—some just weeks after they debut.” Brands like Kayou have matured to meet this demand, establishing themselves as leaders in the trading card market.
Kayou’s Three Kingdoms series, along with IPs like Naruto, Crayon Shin-chan, Hero Battle, Identity V, Jujutsu Kaisen, Mo Dao Zu Shi, and SpongeBob SquarePants, now represent 12 of the top 20 trading card brands on the Qiandao app. According to Kayou’s prospectus, it held a 71% share of China’s collectible card market in 2022, with the next four companies collectively holding just 5.7%.
The collectible card market appears poised for a boom, mirroring the blind box toy market’s rise four years ago. The Huajing Industry Research Institute forecasts that the global collectible card market, valued at USD 11.13 billion in 2020, will grow to USD 31.26 billion by 2027, marking a 15.9% compound growth rate from 2021–2027.
Pop Mart, a leader in trendy toys, showcases the potential for international expansion. In the first half of 2024, Pop Mart’s overseas revenue, including sales from Hong Kong, Macau, and Taiwan, surged by 259% year-on-year to reach RMB 1.35 billion (USD 189 million).
Pop Mart’s success underscores the importance of high-quality products and IP expertise—an approach Kayou aims to emulate globally. On October 17, Kayou announced a partnership with Hasbro to license the My Little Pony IP worldwide. The collaboration kicked off with a pop-up event, “Pinkie Pie’s Party,” in Shanghai’s Jing’an Joy City, unveiling My Little Pony cards in English and Japanese, with launches planned for Southeast Asia, Japan, and South Korea.
Chinese trading cards are already reaching international markets through e-commerce and resellers. On platforms like X (formerly Twitter) and TikTok, users share reviews of Kayou’s Naruto cards, with thousands of likes and shares.
While trading cards are relatively new in China, North America and Japan have over a century of card culture with robust, established markets. This suggests that Chinese-made cards already face a certain degree of competition overseas.
Quality is therefore essential. For one, IP-based products must meet high manufacturing standards. Kayou has invested in five production bases across Zhejiang and Guangdong and an intelligent card and stationery park in Zhejiang. They employ Manroland automatic printing lines for double-sided card printing, plus advanced techniques like cold stamping, holographic printing, and 3D effect application.
The Transformers series, for example, features four-frame lenticular cards with gold foil, creating a dynamic look that animates the Transformers on each card.
Kayou’s trading cards also serve as a vehicle for Chinese culture abroad. Besides licensing international IPs, the company introduces Chinese IPs to global audiences. Kayou’s Three Kingdoms cards appeared at the Foire de Paris, and its original Hero Battle anime is serialized in both China and Japan.
In July, a unique scene unfolded in front of Paris’s Arc de Triomphe, where Chinese volunteers showcased Baduanjin cards, inviting passersby to try poses from this ancient fitness practice. Tourists joined in, experiencing a slice of Chinese culture.
As global curiosity about Chinese culture grows, these small cards serve as a medium to bridge cultures, inviting international consumers to appreciate the craft, style, and stories behind Chinese IPs.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3017503397438982">article</a> was written by 36Kr Caijing.

China’s collectible card craze: Kayou and major IPs drive a growing market

Entertainment

Creative

<h3>Wavemaker Partners launches USD 30 million Growth Opportunities Fund</h3>
Wavemaker Partners, one of Southeast Asia’s leading venture capital firms, has announced the first close of its inaugural Wavemaker Growth Opportunities Fund, securing USD 30 million.
Backed by limited partners such as QLA Investment and Cercano Management, the fund aims to foster growth for high-potential startups in sectors like enterprise solutions, deep tech, and sustainability. Wavemaker’s new fund zeroes in on startups seeking to scale, focusing its investments on Series B and later rounds to bridge both funding and operational support gaps that can often stymie regional growth trajectories.
In a bid to nurture 8–12 promising ventures, Wavemaker is planning investments of USD 3–8 million per company, targeting enterprises primed for significant regional impact.
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<h3>Dossier clinches pre-seed funding for AI-driven compliance tools</h3>
Dossier, a regtech startup headquartered in Singapore, has clinched an undisclosed amount in pre-seed funding from nVentures, according to reports from <a href="https://e27.co/dossier-secures-funding-to-accelerate-ai-powered-compliance-solutions-for-emerging-markets-20241113/">e27</a>.
Dossier is creating an artificial intelligence system focused on anti-money laundering (AML) and customer screening, aiming to streamline compliance workflows and reduce dependency on multiple vendors. Currently, the startup claims two paying clients and plans to concentrate on tier-three financial institutions in emerging markets.
The funds will primarily go toward team expansion and product development, positioning Dossier to further innovate in a highly regulated landscape.
<h3>Collektr raises USD 1.3 million in pre-Series A round, eyes APAC expansion</h3>
<a href="https://collektr.co/">Collektr</a>, a live stream platform dedicated to authenticated collectible sales, has raised USD 1.3 million in a pre-Series A funding round led by AC Ventures Malaysia, according to <a href="https://e27.co/collektr-bags-us1-3m-to-expand-livestream-collectibles-platform-across-apac-20241113/">e27</a>. The round saw support from The Hive Southeast Asia, Creador Foundation, and several angel investors.
Launched in April 2023, Collektr connects enthusiasts and collectors through live-streamed auctions of authenticated items. With the new capital, Collektr plans to extend its reach into Singapore and fortify partnerships across the Asia Pacific region, hoping to engage a growing collector community in new markets.
<h3>Noneaway raises over USD 1 million to streamline property transactions in the Philippines</h3>
<a href="https://noneaway.com/">Noneaway</a>, a proptech venture from the Philippines, has secured over USD 1 million in pre-seed funding from investors including Forge Ventures, Wavemaker Partners, Kaya Founders, and Vulpes, as reported by <a href="https://www.techinasia.com/pickaroo-co-founder-bets-on-new-startup-to-fight-housing-scams">Tech in Asia</a>.
Founded by former Pickaroo CEO Crystal Lee Gonzalez, Noneaway’s platform tackles issues in real estate like duplicate property listings and fraud risks. Through an AI-driven app, Noneaway offers features like broker verification and a dedicated escrow system aimed at shortening transaction times and increasing transparency in property deals.
Gonzalez likens Noneaway to a “Bumble for real estate,” focused on fostering genuine connections between buyers and brokers. A beta launch is slated for December 2024, with a full rollout expected in early 2025.
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<h3>Vingroup, Intudo, Veracity, and more made recent headlines:</h3>
<ul>
<li aria-level="1">Vingroup, one of Vietnam’s primary conglomerates, pledged an additional VND 35 trillion (USD 1.4 billion) to support its electric vehicle arm, VinFast, through 2026. Pham Nhat Vuong, the founder, has personally committed an additional VND 50 trillion (USD 2 billion) to support VinFast if the company's independent capital-raising efforts do not meet their target.</li>
<li aria-level="1">Intudo Ventures has raised USD 125 million across two funds focused on Indonesia, underscoring a growing belief in the country’s role as a rising economic force in Southeast Asia.</li>
<li aria-level="1"><a href="https://veracitytrustnetwork.com/">Veracity Trust Network</a>, a cybersecurity firm specializing in bot detection, has been awarded a SGD 1 million (USD 747,500) grant from Cyber Security Agency (CSA) of Singapore under its Cybersecurity Co-Innovation and Development Fund.</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: Wavemaker Partners launches USD 30 million growth fund, Dossier clinches pre-seed funding, AC Ventures fuels Collektr’s APAC push, and more

Philippines

As artificial intelligence’s competitive landscape evolves, the second half of the large model race is zeroing in on real-world applications with new depth. The shift is evident across sectors like healthcare, tourism, big data, and urban governance, where specialized AI models are inching closer to commercialization. The industry’s ecosystem is now unmistakably entering a new chapter.
One player stands out. Before the recent AI surge, a small startup named BioMap had already zeroed in on life sciences. Founded in 2020 by Baidu CEO Robin Li and former Baidu Ventures CEO Wei Liu, BioMap launched with a specific aim: to build foundational AI models in life sciences from the ground up.
By 2021, BioMap had developed “xTrimo,” an AI model with over a trillion parameters, touted as the world’s first large-scale multimodal model for life sciences.
BioMap’s approach diverges from the common practice of repurposing language models for biological data. Instead, it targets molecular sequences—amino acids, nucleotides—using transformer architecture to uncover hidden patterns. This enables BioMap to model not just individual proteins but their interactions within cells and broader cellular systems, tackling complex challenges in drug discovery and life sciences research.
In October, BioMap launched its latest model, xTrimo V3, which expands on V2’s achievements. The new model has 2.1 trillion parameters, covering not only proteins but also DNA, RNA, and four other life sciences modalities. With enhanced architecture and new data, xTrimo V3 represents a significant leap forward in BioMap’s foundational model capabilities.
In a media briefing after the conference, BioMap’s CEO Wei Liu, alongside president Yongfu Deng and vice president of technology Xiaoming Zhang, spoke with media outlets, including 36Kr, to outline the startup’s four-year journey and its strategic approach to foundational AI models in life sciences.
<h3>Tackling big questions in life sciences</h3>
This year’s Nobel Prize in Chemistry highlighted the “AI for Science” (AI4S) paradigm, showing how AI-driven research is transforming fields like drug discovery by reducing development cycles and costs. The AI-driven pharmaceutical market, now exceeding RMB 10 billion (USD 1.4 billion), underscores the momentum underway.
BioMap stands out in this crowded space. While many companies focus on enhancing existing drug development workflows, BioMap tackles problems that current data and simulation tools can’t yet solve. “Our goal isn’t a series of one-off technical milestones or academic papers,” Liu told 36Kr. “We’re applying AI to advanced, vertical scenarios in life sciences, creating systematic solutions that often combine multiple AI models.” In doing so, BioMap is tapping into a deep market appetite; pharmaceutical giants spend billions annually on experimental models, creating new ground for AI to replace or extend conventional tools.
Liu envisions AI models capturing 20–30% of drug development budgets in advanced research, bridging gaps in precision and cost-effectiveness that traditional methods miss. As life sciences research shifts toward rational design over natural compound screening, BioMap aligns with an industry on the edge of change.
<h3>Beyond pharmaceuticals: A full-scope life sciences model</h3>
Building foundational AI models for life sciences is just one part of BioMap’s trajectory. To address the demands of commercialization, BioMap initially concentrated on technical breakthroughs. But since late last year, the company has sped up its commercial efforts, underscored by a billion-dollar partnership with Sanofi. This collaboration is unique, focusing not on a specific drug but on BioMap’s foundational model—a rare approach that highlights the increasing value of model-based AI in pharma.
According to Liu, BioMap’s foundational investments have translated into market recognition. The company now serves over 300 clients worldwide, with USD 2 billion in contract value. Its clients include multinational pharmaceutical companies, contract research organizations (CROs), startups, and research institutions.
Beyond drug development, BioMap’s models extend across life sciences. The company supports applications from general protein interactions to cell and gene therapies, synthetic biology, and more. BioMap has recently completed several enzyme generation projects for international clients, and a new partnership with DBN Group will bring agritech and biotech applications to China, focusing on biosynthesis, gene editing, and proteomics.
“Biomanufacturing has been slower to adopt new technology compared to biopharma,” Liu said, “but this lag represents an opportunity for us to introduce transformative technology.” In synthetic biology and biomanufacturing, Liu believes China’s potential could even outpace the US.
Pharmaceutical R&amp;D remains BioMap’s primary focus. With global investment in drug development exceeding USD 1 trillion annually, BioMap’s AI models stand to boost efficiency, paving the way for more targeted treatments in personalized and rare disease medicine.
“Our view is that life sciences AI models are a long-term play,” Liu said. “We prioritize future-oriented goals, targeting research themes that will drive the life sciences industry forward by three to five years. By addressing high-impact, forward-looking challenges, we aim to create social value while also sharing in the economic benefits.”
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3021526813713928">article</a> was written by Wang Fangyu for 36Kr.

BioMap envisions AI as the future of life sciences

China Tech

MedTech

Deep Tech

Biotech

Health Tech

Japan's financial watchdog is looking to put legal curbs in place to prevent foreign cryptocurrency exchanges from taking domestic assets overseas if they collapse, in an effort to protect retail investors.
The Financial Services Agency (FSA) aims to create an "asset retention order" under the legislation governing these exchanges, which would allow it to bar them from transferring assets from Japanese customers out of the country. The idea was discussed on November 7 by a working group under the agency's Financial System Council.
Currently, such orders can be issued only to registered businesses handling financial instruments—a category that does not include companies like the Japanese arm of Binance, the world's largest cryptocurrency exchange operator. All seven cryptocurrency exchanges currently regulated under this legislation are based in Japan.
By closing this loophole, the agency hopes to ensure that in the event a foreign crypto exchange fails, investors can quickly receive the same protections as they would with a domestic company. Currently, the FSA's options in such cases are limited to administrative measures, including improvement or suspension orders, or going through the courts.
The FSA began considering this issue after the 2022 bankruptcy of FTX Trading.
FTX Japan, the exchange's Japanese arm, had been registered as a financial instruments business to handle products such as derivatives, which allowed the regulator to issue a retention order when FTX failed. But concerns were raised that had this not been the case, the exchange could have sent Japanese assets to the U.S. to compensate customers there.
As of September, there were 29 cryptocurrency exchanges registered in Japan. Those based domestically are required to store client assets offline in so-called cold wallets and to manage customers' money in a trust under a legal amendment from 2020.
They are also required to manage client assets separate from their own, like brokerages, meaning there is little concern assets they hold would be moved overseas. The proposed legal update will expand protections for Japanese clients even with exchanges based outside the country.
Japan has implemented more legal restrictions on cryptocurrency compared with the US, Europe and the rest of Asia. Still, more overseas players could enter the market given its size.
This article first appeared on <a tabindex="0" href="https://asia.nikkei.com/Business/Finance/Japan-eyes-customer-safeguards-against-fall-of-foreign-crypto-exchanges" rel="noopener noreferrer" data-token-index="1">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing <a tabindex="0" href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/" rel="noopener noreferrer" data-token-index="3">partnership with Nikkei</a>.

Japan eyes customer safeguards against fall of foreign crypto exchanges

In parallel with TechInnovation 2024, the Kansai Startup Academia Coalition (KSAC) hosted <a href="https://kr-asia.com/meet-japans-brightest-research-minds-at-ksacs-singapore-event-this-october">“Lab to Market: Exploring Kansai's Top Research with KSAC”</a> on October 28, offering Kansai’s top researchers a platform to showcase innovations born in Japan’s tech heartland.
The event aimed to demonstrate that deep tech from Kansai isn’t just ready for the local market but primed for international partnerships, addressing global needs with new solutions. Kansai’s technical expertise and research achievements were in focus, with Singapore—a major tech hub and melting pot for innovation—as the strategic backdrop for fostering these cross-border alliances.
Around 100 attendees, including Singaporean government officials, investors, innovation experts, and Japanese expats, gathered to watch presentations from five standout Kansai research teams.
<figure id="attachment_150728" aria-describedby="caption-attachment-150728" style="width: 1024px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="wp-image-150728 size-large" src="https://console.kr-asia.com/wp-content/uploads/2024/11/KSAC-Event-1024x683.jpg" alt="Photo of the October 28 event hosted by the Kansai Startup Academia Coalition (KSAC) in Singapore. Around 100 attendees joined the event." width="1024" height="683" srcset="https://console.kr-asia.com/wp-content/uploads/2024/11/KSAC-Event-1024x683.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2024/11/KSAC-Event-300x200.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2024/11/KSAC-Event-768x512.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2024/11/KSAC-Event-1536x1024.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2024/11/KSAC-Event.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-150728" class="wp-caption-text">Around 100 attendees joined the October 28 event hosted by the Kansai Startup Academia Coalition (KSAC) in Singapore, gaining insights into some of Kansai’s leading research. Photo and header photo by 36Kr.</figcaption></figure>
Among them was professor Masato Suzuki from Kansai University, who showcased what may be the world’s thinnest hollow needle, inspired by the painless blood-drawing mechanism of mosquitoes. At just 0.09 millimeters in diameter and paired with artificial intelligence-powered vein detection, the needle offers new potential for automated, pain-free blood collection—a pioneering move in medical technology aiming for commercialization.
<figure id="attachment_150727" aria-describedby="caption-attachment-150727" style="width: 1024px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-large wp-image-150727" src="https://console.kr-asia.com/wp-content/uploads/2024/11/KSAC-Event-Masato-Suzuki-1024x683.jpg" alt="Photo of Masato Suzuki, a professor at Kansai University, speaking at the October 28 event organized by KSAC." width="1024" height="683" srcset="https://console.kr-asia.com/wp-content/uploads/2024/11/KSAC-Event-Masato-Suzuki-1024x683.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2024/11/KSAC-Event-Masato-Suzuki-300x200.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2024/11/KSAC-Event-Masato-Suzuki-768x512.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2024/11/KSAC-Event-Masato-Suzuki-1536x1024.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2024/11/KSAC-Event-Masato-Suzuki.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-150727" class="wp-caption-text">Photo of Masato Suzuki, a professor at Kansai University, speaking at the October 28 event organized by KSAC. Suzuki was presenting an ultra-thin hollow needle solution with potential medtech applications. Photo by 36Kr.</figcaption></figure>
Yet, as with much of Japan’s deep tech, commercializing this research comes with challenges. In early talks with investors, concerns about limited safety data have emerged as a barrier to scaling up for broader applications. The response in Singapore echoed some of these reservations but also brought a fresh enthusiasm, especially from healthcare professionals willing to test innovative technologies despite the risks. Researchers from the National University of Singapore and Nanyang Technological University attended, sparking dynamic exchanges with the Kansai scientists.
KSAC’s initiative revealed the growing interest in Kansai’s tech potential beyond Japan, highlighted by feedback from a Singaporean investor who noted that the showcased technologies were unlike anything yet seen locally. This kind of cross-border exposure underscored the event’s significance, providing Kansai researchers and startups with opportunities to expand outside Japan’s borders.
The event also shone a light on Kansai’s promise to tackle global challenges with advanced technology. Building on this momentum, more Kansai companies and researchers are likely to explore international ventures, bringing Japan’s deep tech expertise to the world stage.
This article was published in partnership with the Kansai Startup Academia Coalition (KSAC). KrASIA was an event partner for Lab to Market: Exploring Kansai’s Top Research with KSAC.

Kansai innovators connect with the world at Singapore’s TechInnovation 2024