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<h3>Duke-NUS Medical School launches Live Ventures</h3>
Singapore’s Duke-NUS Medical School has launched Live Ventures, a SGD 20 million (USD 14.8 million) incubation program to commercialize innovative academic research.
Focused on translating scientific breakthroughs into clinical applications, Live Ventures will provide Duke-NUS scientists with essential commercialization expertise and resources. The initiative begins with a pilot project targeting treatments for chronic inflammatory diseases.
The program will pair seasoned entrepreneurs-in-residence with awarded projects to offer mentorship and operational support. With an initial funding tranche of SGD 10 million (USD 7.4 million), Live Ventures will support up to 20 research projects over the next five years, aiding in the formation of spin-offs and strategic investments.
<h3>Zyp Technologies secures USD 1.5 million in pre-Series A round</h3>
<a href="https://www.zyptechnologies.com/">Zyp Technologies</a>, a provider of electric mobility solutions in Pakistan, has secured USD 1.5 million in a pre-Series A funding round led by Shorooq Partners, Zawya reported.
The funds will enable Zyp to launch its solutions in Lahore, Pakistan, including the creation of 60 battery swap stations and the deployment of 1,000 electric two-wheelers over the next 12 months.
This launch aligns with Pakistan’s policy on electric vehicles, aiming for EVs to make up 30% of all vehicles sold locally by 2030. Zyp was among the companies granted licenses for EV manufacturing by the Pakistani government in October 2023.
<h3>Singapore-headquartered Glance in talks to raise USD 250 million</h3>
Glance, a Singapore-headquartered consumer technology company and unconsolidated subsidiary of InMobi Group, is in advanced discussions to raise up to USD 250 million in a funding round led by Google, according to The Business Times.
The capital would help Glance expand its reach, particularly in India. Google, which already backs Glance, is looking to increase its investment in India, a rapidly growing market for mobile technology.
Glance specializes in delivering curated content on mobile device screensavers, and is said to boast over 300 million users globally.
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<h3>Recent deals completed in China:</h3>
<ul>
<li aria-level="1"><a href="https://www.windrose.tech/">Windrose Technology</a>, a developer of electric heavy-duty trucks, will complete a USD 200 million pre-IPO funding round led by Belgium’s Federal Holding and Investment Company (SFPIM). Windrose’s previous investors include HSBC, Goodman Group, HITE Hedge, GSR Ventures, FountainVest, Yunqi Partners, Hefei Innovation Investment, Suzhou New District, and Rokin. The company started its US IPO preparations earlier this year. —<a href="https://36kr.com/p/2874212511699333">36Kr</a></li>
<li aria-level="1">Polycent, a provider of artificial intelligence-based power distribution products, has completed an angel funding round, raising  an eight-figure RMB sum. The round was led by FreesFund. The funds will be used for R&amp;D and market expansion. —<a href="https://www.36kr.com/p/2871378117202308">36Kr</a></li>
<li aria-level="1"><a href="https://waffo.com/">Waffo</a>, a payment platform, has raised over RMB 100 million (USD 13.7 million) from BAI Capital and Gaorong Ventures. The investment will support Waffo’s business expansion in Asia, South America, and Africa. —<a href="https://36kr.com/newsflashes/2874327886025090">36Kr</a></li>
<li aria-level="1"><a href="https://www.amagictech.com/">AmagicTech</a>, a developer of battery management solutions, has completed a Series A+ funding round led by QF Capital, with participation from Sunwoda. —<a href="https://36kr.com/newsflashes/2874317778768257">36Kr</a></li>
</ul>
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<h3>Papaya, BluMaiden, Chitose Bio Evolution, and more led yesterday’s headlines:</h3>
<ul>
<li aria-level="1"><a href="https://www.papaya.co.th/">Papaya</a>, a Thailand-based ordering and payments platform for restaurants, bars, and hotels, raised an undisclosed amount in an equity financing round led by Beenext, with participation from A2D Ventures.</li>
<li aria-level="1">BluMaiden Biosciences, a Singapore-based company specializing in small molecule drug discovery, secured an undisclosed sum in a funding round led by Elev8.vc, with participation from Seeds Capital (Enterprise Singapore).</li>
<li aria-level="1"><a href="https://chitose-bio.com/">Chitose Bio Evolution</a>, a Singapore-based biotechnology firm, announced the issuance of new shares worth JPY 1 billion (USD 6.3 million) through a third-party allotment to Sumitomo Mitsui Banking Corporation (SMBC).</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: Duke-NUS Medical School launches Live Ventures, Zyp secures pre-Series A funding, Glance in talks to raise USD 250 million, and more

Venture Capital

Private Equity

Investment

Merger &amp; Acquisition

Singapore

Southeast Asia

China

Chagee aims to outpace Starbucks in China with new executive hire

Grab, Singapore’s ride-hailing and food delivery giant, has acquired restaurant reservation platform Chope for an undisclosed sum. The acquisition, confirmed by <a href="https://www.channelnewsasia.com/business/grab-acquires-chope-singapore-based-restaurant-reservation-platform-4496416">CNA</a> with both companies on July 22, excludes Chope’s operations in Hong Kong and China but covers its businesses in Singapore, Indonesia, and Thailand. This deal was initially reported by <a href="https://www.businesstimes.com.sg/companies-markets/grab-acquires-local-restaurant-reservation-platform-chope-aims-capture-more-diners-region">The Business Times</a>, citing an internal email to Grab’s employees.
Founded in 2011, Chope is said to have seated over 110 million diners and supported more than 8,000 restaurants across cities like Singapore, Hong Kong, Shanghai, Bangkok, Bali, Phuket, and Jakarta. Despite its extensive network of over 13,000 eateries, Chope has faced financial challenges, with losses growing by 64% in 2022, highlighting the thin margins of its business.
Post-acquisition, the Chope brand, app, and website will continue operating independently. Grab plans to integrate Chope’s booking system into its super app to enhance value for its merchant partners, particularly small and medium enterprises.
Chope’s staff will join Grab’s offices in Singapore, Indonesia, and Thailand within the next few weeks, with no redundancies expected.
The integration of Chope follows Grab’s 2022 acquisition of HungryGoWhere, aimed at further expanding its food and beverage services and becoming the primary source for F&amp;B news as well as a platform for increasing business visibility in Singapore.
Chope's decision to seek acquisition by Grab was driven by the need for sustainable growth in a competitive market. Arif Ziaudeen, Chope's founder, <a href="https://asia.nikkei.com/Business/Business-deals/Grab-to-enter-restaurant-booking-business-through-acquisition">said</a> that the alignment of missions between the two companies in connecting restaurants to diners was a crucial factor in the decision.
In 2021, Ant Group invested USD 15 million in Chope, becoming its major shareholder, though its shareholding status post-acquisition remains unclear.

Grab acquires Chope’s Southeast Asian businesses

Grab

SEA Tech

On-Demand Services

Ride-hailing

Logistics

Food Delivery

Grocery Delivery

Thailand

Indonesia

China’s gaming industry continues to rebound with the approval of 105 new video game titles in July 2024, marking a continuation of the steady flow of approvals that began this year, <a href="https://www.scmp.com/tech/big-tech/article/3271446/beijing-approves-105-video-games-july-including-new-tencent-mihoyo-titles">SCMP</a> reported. The latest batch includes significant titles such as Tencent's Arena Breakout: Infinite and Mihoyo’s Xingbu Gudi.
This momentum follows the largest batch of approvals in 18 months recorded in January 2024, when 115 titles were greenlit. Subsequent months have seen consistent approvals: 111 titles in February, 107 in March, 95 in April, 96 in May, and 104 in June.
The increased number of approvals has had a notable impact on market confidence. According to market intelligence company CNG, first-quarter 2024 revenue for China's gaming market rose 7.6% year-on-year, reaching RMB 72.6 billion (USD 9.9 billion). This comes after the market exceeded RMB 300 billion (USD 41.2 billion) for the first time, <a href="https://www.china-briefing.com/news/chinas-gaming-industry-trends-and-regulatory-outlook-2024/">reaching RMB 302.96 billion (USD 41.6 billion) in 2023</a>—a 13.95% year-on-year increase, according to the China Audio-Video and Digital Publishing Association.
High-profile releases like Tencent's Dungeon &amp; Fighter Mobile have contributed significantly, with the game generating USD 270 million in revenue on the iOS App Store in China since its May 2024 launch. Additionally, upcoming titles like <a href="https://kr-asia.com/game-science-ups-the-ante-with-rmb-268-price-tag-for-black-myth-wukong">Black Myth: Wukong</a>, set for release later this year, have further bolstered market confidence. Developed by Game Science, the game has garnered significant attention for its impressive gameplay and high visual fidelity, and is expected to be one of China's first successful AAA titles.
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This wave of approvals and market recovery comes after a major regulatory shift. In December 2023, a draft regulation proposed capping user spending and banning excessive rewards, leading to a sharp decline in gaming stocks. However, in January 2024, the National Press and Publication Administration (NPPA) retracted this proposal, resulting in a stabilization of the market. This <a href="https://www.scmp.com/tech/policy/article/3249465/chinese-regulators-retract-gaming-rule-proposal-after-stock-market-turmoil">reversal</a> also saw a key official overseeing the gaming market step down, signaling a shift toward easing the previously tough regulatory stance to bolster economic growth.
This wasn't the first time regulatory changes affected China’s gaming market. In July 2021, Chinese regulators stopped approving game monetization licenses, coinciding with the imposition of <a href="https://www.forbes.com/sites/ywang/2023/12/22/china-plans-new-gaming-curbs-in-another-big-blow-to-tech-giants-tencent-netease/">new gaming time limits on under-18s</a>. That freeze lasted close to nine months, almost as long as an <a href="https://kr-asia.com/china-resumes-approving-new-video-games-again-after-a-9-month-hiatus">earlier suspension in 2018</a> during a regulatory overhaul.
With the National Press and Publication Administration (NPPA) continuing to approve new titles at a steady pace, China appears to have adopted a more balanced approach to gaming regulation. This has restored confidence among developers and investors, indicating a positive trajectory for China’s gaming industry.

China’s gaming industry sees steady recovery with July title approvals

Gaming

Creative

From July 4–7, the World Artificial Intelligence Conference (WAIC) took place at the Shanghai World Expo Exhibition and Convention Center, with chip companies emerging as the focal point due to their critical role in artificial intelligence development. While Nvidia was the highlight last year, this year's WAIC showcased significant shifts in the industry.
The conference was organized into three halls: H1, H2, and H3. Notably, about half of the exhibitors in Hall H2 were companies involved in intelligent computing centers and chips, including major players like Huawei, Baidu, Iluvatar Corex, Moore Threads, Biren Technology, Sugon, and Enflame.
However, given the sensitive nature of chip technology, these companies were cautious in their presentations. Instead of showcasing their latest chip products directly, they focused on displaying servers equipped with the chips or demonstrating applications through partners.
WAIC provided a broad overview of the AI industry and its future trends, particularly in computing power. As large AI models split into two camps—one focusing on commercial applications and the other on high-performance parameters—similar polarization is seen in the field of computing power. Chinese chip companies are diverging strategically, with some pursuing high-performance GPUs and others concentrating on practical deployment of large models across various industries, heralding a boom in inference chips.
<h3>The boom of inference chips</h3>
Inference chips were a highlight at WAIC, with several companies reporting significant sales increases. Iluvatar Corex and Enflame Technology representatives mentioned shipping tens of thousands of inference chips since last year, primarily through intelligent computing centers. Baidu also noted that most of its Kunlun chip sales were inference cards, with tens of thousands of units shipped via official and external channels. These inference cards are designed for large model parameters and cloud computing, while other companies are focusing on edge use cases, running large model inferences with smaller, more cost-effective chips suitable for local operations.
An employee from Axera said that, although its small chip can only run models with two billion parameters or less, it offers the advantage of local edge operation, ensuring privacy and significant cost-effectiveness. This chip is widely used in surveillance cameras and other internet-of-things devices and is currently in high demand.
The rise of inference chips has mainly been driven by market dynamics and competition.
With mainstream large models gradually moving toward open-source and model manufacturers slashing prices to capture the market, large models are becoming more widely adopted across various industries. Inference is essentially the process of utilizing large models, thereby requiring substantial support from inference chips. Unlike training scenarios, inference chips cater to diverse industries, presenting vast opportunities.
More importantly, this market remains mostly untapped by Nvidia’s chips. Previously, the industry had been using Nvidia’s RTX 4090 and L20 products for large model inference, but these products have notable drawbacks.
For instance, the RTX 4090 is a consumer-grade graphics card, which Nvidia does not officially allow for large model inference and is currently facing export restrictions. Moreover, Nvidia’s products have limitations such as high power consumption and insufficient memory, which competitors have sought to exploit.
For example, a representative from Iluvatar Corex said that its large model inference server, with 16 cards and 512 gigabytes of memory, matches the cost of Nvidia's RTX 4090 but consumes only one-third of the power. This product has already been integrated into the supply chain of a major model company. New players like ZTE are also entering the inference chip market with innovative business models.
<h3>From cards to clusters</h3>
While inference chips are a booming business, some chip manufacturers are relentlessly pursuing higher computing power. Notably, several Chinese computing power clusters are transitioning from 1,000-card to 10,000-card scales. At this year’s WAIC, Moore Threads introduced Kuae, touted as China’s first 10,000-card intelligent computing cluster solution.
10,000-card clusters have become the standard for pre-training among leading large model manufacturers. OpenAI, Google, and Meta have all achieved clusters of this scale, with OpenAI notably boasting over 50,000 cards.
In China, only a handful of companies, such as ByteDance, are believed to have clusters of such scale, and all are using Nvidia’s products. Additionally, Huawei and Moore Threads are advancing 10,000-card clusters built with their own chips.
It’s worth noting that these clusters are primarily tailored for trillion-parameter AI models. The industry remains divided on their practicality—some are optimistic, while others approach with caution. At WAIC, several chip company representatives voiced concerns over the immense investment required for such large intelligent computing centers. After all, the commercial viability of trillion-parameter models is still largely unproven. Currently, companies are more focused on optimizing clusters with hundreds or, at most, thousands of cards.
Scaling to these levels involves more than just increasing the number of GPUs. It demands higher software requirements, including building a massive system to connect the components, maximizing computing efficiency, and ensuring long-term stability and reliability during model training.
Despite the challenges, there is optimism. Moore Threads founder Zhang Jianzhong said that, since the introduction of scaling laws for large models in 2020, the integration of computing power, algorithms, and data has driven significant performance improvements. This trend is expected to continue.
Moreover, while the Transformer architecture is currently mainstream, emerging architectures like Mamba, RWKV, and RetNet have demonstrated their ability to enhance computational efficiency. In time, these innovations will likely drive demand for higher-performance computing resources.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/2851850589702787">article</a> was written by Qiu Xiaofen for 36Kr.

China’s chipmakers see bifurcation amid rapid AI advancements

Deep Tech

Semiconductors

… Optimus is fitted with fingers that have tactile sensing and 11 degrees of freedom, capable of handling fragile items like eggs. In May, Musk revealed that, by the end of this year, Optimus' dexterous hand freedom will increase to 22 degrees, with actuators placed in the forearm to simulate human work methods.</li>
<li aria-level="1">Figure 01's hand features four fingers and a foldable thumb, with six degrees of freedom, allowing it to open doors and use tools.</li>
<li aria-level="1">Apollo's hand can use single-degree-of-freedom end effectors or different combinations of effectors in addition to a five-finger hand to complete tasks.</li>
<li aria-level="1">UBTech’s Walker S uses self-developed arms that can perform flexible operations and complete heavy-load tasks by changing different end effectors. Its servo drive designed for industrial scenarios enables high-precision position control, allowing Walker S to engage in fine tasks like sorting, inserting, and screwing.</li>
</ul>
Integrating humanoid robots into long-term operations stably demands high levels of technological accumulation from companies. Additionally, automakers have strict requirements for data security and governance. For companies that do not fully develop their technology in-house, outsourcing to third parties can significantly increase the risk of data leaks.
Taking UBTech as an example, as an early entrant in China, it has independently completed the full-stack development of its humanoid robot technology. Addressing the actual needs of industrial scenarios, UBTech has not only mapped out algorithms but also developed core components in-house, continuously iterating technology and optimizing processes to solve real-time feedback issues, ensuring operational stability in real-world scenarios.
From the training work of Walker S in factories, its assembly and quality inspection tasks showcase the integration of perception, hand-eye coordination, positioning and navigation, and gait control technologies with hardware and scenario refinement.
Even smaller companies like Apptronik, with participation from institutions like NASA, have accelerated breakthroughs in bipedal motion, perception, and grasping capabilities, meeting Mercedes-Benz's diverse task requirements.
Mastering specific scenario know-how is also a critical factor affecting the performance of humanoid robots. Currently, humanoid robots are being explored in a highly targeted fashion, requiring companies to have a thorough understanding of a single scenario by collecting sufficient data to accurately grasp the actual needs of the industry.
In this regard, Tesla has a natural advantage. Its automotive factory has become a mature application testing ground for Optimus. Optimus undergoes daily training in a real factory environment, collecting data and continuously improving performance iteratively, closely resembling the process of training human employees.
UBTech formed a joint venture with Miracle Automation, an automaking supply chain company, providing a critical entry point into the field. This makes UBTech one of the few humanoid robot companies that does not produce cars but participates in car manufacturing. The range and depth of its partnerships with car companies are broader and deeper. Currently, UBTech has announced cooperation with three automotive companies, obtaining real-world scenario data for humanoid robots.
Finally, cost control capability is an important factor in commercializing humanoid robots. Ultimately, new technology needs to offer meaningful benefits to encourage user and business adoption.
Localization of the supply chain helps humanoid robot companies achieve cost optimization. Hardware suppliers in China have robust mass production capabilities. The controllers, sensors, and battery systems used in humanoid robots overlap significantly with those in industrial robots and new energy vehicles. By strategically repurposing some pre-existing supply chain resources, the overall cost of humanoid robots can be effectively reduced.
Jiao said that UBTech has increased the localization rate of its core servo drive components from 40% a few years ago to 90–95% today. Domesticization rates for high-power and low-power servo drive components have respectively reached 90% and 95%, significantly reducing the cost of humanoid robots. Currently, the cost of UBTech’s large humanoid robots has dropped to USD 40,000–50,000.
Tesla has not yet announced the cost of Optimus but continues to select supply chains in China. Musk has said before that the aim is to keep the prices of its humanoid robots at around USD 20,000 in the future. Based on industry data, considering cost control requirements, Chinese manufacturers are expected to leverage cost advantages to enter Tesla's supply chain.
Another favorable condition for Chinese manufacturers is that governments in Beijing, Shanghai, Shenzhen, Hangzhou, and other cities are actively promoting collaborations across the humanoid robot industry chain.
For instance, in Beijing, UBTech, Xiaomi, Jingcheng Machinery Electric, and other leading companies established the Beijing Humanoid Robot Innovation Center last year. This center is dedicated to the R&amp;D of key technologies in the industry, creating platforms to promote overall industry development.
Currently, in the Beijing Economic-Technological Development Area, there is not only a concentration of humanoid robot companies like UBTech and Xiaomi but also key component producers like Jingcheng Machinery Electric, Tsino Dynatron, RobStride, and Pixelcore, forming a collaborative ecosystem.
Additionally, automakers consider the qualifications and experience of suppliers when selecting partners, emphasizing whether humanoid robot companies can provide long-term and reliable services. This is because the usage and maintenance cycle of production equipment purchased by automotive factories is usually 3–10 years. Therefore, in choosing partners, whether companies can be relied upon to provide long-term after-sales services is crucial, posing a high threshold for most current humanoid robot startups.
Humanoid robots must ultimately move from the laboratory to real-world scenarios to realize their true value. Industrial scenarios, represented by automotive manufacturing, have presented a pathway for the commercialization of humanoid robots. Although humanoid robots have not officially been integrated, observing the companies that have started applications in this area provides a glimpse into the necessary qualities for commercial application of humanoid robots.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/2855825421027977">article</a> was written by Xiao Xi for 36Kr.

Lab to market: Humanoid robots poised for debut in automaking industry

Artificial Intelligence

<h3>Papaya raises equity financing in Beenext-led round</h3>
<a href="https://www.papaya.co.th/">Papaya</a>, a Thailand-based ordering and payments platform for restaurants, bars, and hotels, has raised an undisclosed amount in an equity financing round led by Beenext, with participation from A2D Ventures.
The company plans to use the new capital to expand into Singapore, enhance its technology infrastructure, and boost marketing efforts to grow its merchant base.
Papaya’s platform offers a seamless digital ordering and payment experience across dine-in, takeaway, and delivery channels. The company claims its solution helps hospitality operators increase sales by 20% on average while reducing staff workload by up to 30%.
Since its launch, Papaya has partnered with several cafes and restaurants across Thailand, including Tim Hortons, Bartels, Fatboy Izakaya, The Commons, Vistro, and Okasan. Previously, the startup raised capital from Global Founders Capital and The MBA Fund.
<h3>BluMaiden Biosciences secures funding from Elev8.vc and Seeds Capital</h3>
BluMaiden Biosciences, a Singapore-based company specializing in small molecule drug discovery, has secured an undisclosed sum in a funding round led by Elev8.vc, with participation from Seeds Capital (Enterprise Singapore).
Leveraging “artificial intelligence-guided computational genetics and chemistry technology,” BluMaiden explores the chemical space within the human body to redefine drug discovery methods.
BluMaiden plans to use the funds to initiate its commercialization strategy, aiming for a significant Series A raise in 2025. Michael Tilman, chairman of BluMaiden, noted that the company has a US-focused commercial plan and has developed initial partnerships with cloud-based tech firms as well as healthcare and life science companies.
<h3>Chitose Bio Evolution secures JPY 1 billion from SMBC</h3>
<a href="https://chitose-bio.com/">Chitose Bio Evolution</a>, a Singapore-based biotechnology firm, has announced the issuance of new shares worth JPY 1 billion (USD 6.3 million) through a third-party allotment to Sumitomo Mitsui Banking Corporation (SMBC).
This investment will be utilized to develop various bioproducts, expand production capacity, and prepare for an IPO on Nasdaq planned for 2027.
To date, Chitose Bio Evolution has raised a total of JPY 4.1 billion (USD 26.1 million), far exceeding its initial target, and aims to raise over JPY 15 billion (USD 95.6 million) by 2025 to strengthen its financial base and lead the bioeconomy.
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<h3>Latest funding deals in India:</h3>
<ul>
<li aria-level="1"><a href="https://www.wisedrive.in/">Wisedrive</a>, a warranty company, has received an undisclosed sum of funding from Rigel Capital. This investment will enable Wisedrive to introduce its warranty offerings to Southeast Asia.</li>
<li aria-level="1"><a href="https://www.incuspaze.com/">Incuspaze</a>, an office and coworking space provider, has raised USD 8 million in its maiden funding round led by the India Inflection Opportunity Fund (IIOF) and other financial institutions.</li>
<li aria-level="1">Stable Money, a fintech startup, has raised close to USD 15 million in a new funding round from RTP Capital, Lightspeed India, and Matrix Partners India.</li>
<li aria-level="1">Slice, a consumer lending and payments startup, has raised INR 650 million (USD 7.7 million) in debt from Neo Markets. This is the second tranche of its USD 30 million debt funding round, following a previous INR 1.7 billion (USD 20.3 million) raise in June 2023.</li>
<li aria-level="1">Lenskart, an eyewear retailer, has raised nearly USD 20 million from its co-founders Peyush Bansal, Neha Bansal, Amit Choudhary, and Sumeet Kapahi. This is the second investment by the co-founders in the last seven months.</li>
<li aria-level="1"><a href="https://newme.asia/">Newme</a>, a fast fashion brand, has raised USD 18 million in its Series A funding round led by Accel, with participation from existing investors including Fireside Ventures and AUM Ventures. Newme plans to use the funds to expand its omnichannel presence and enhance its supply chain technology. The company aims to open 40–50 stores across 20 key cities in the next 12–18 months.</li>
<li aria-level="1"><a href="https://www.freshbus.com/">Fresh Bus</a>, an electric bus service operator, has raised INR 437 million (USD 5.2 million) in its Series A funding round. Maniv Mobility led the round with INR 356.8 million (USD 4.2 million), while the remaining sum was invested by Riverwalk Holdings. FreshBus plans to use the funds to enhance its manufacturing facility and expand its team.</li>
<li aria-level="1"><a href="https://shop.corvi.com/">Corvi LED</a>, a producer of LED light products, has raised USD 8 million in a funding round led by Enam Investments. The funding will enable it to expand into new geographies, diversify its product portfolio, and refine its technological capabilities.</li>
</ul>
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<h3>Kindred Health, Peak Energy, Aereo, and more led last Friday’s headlines:</h3>
<ul>
<li aria-level="1"><a href="https://mykindred.co/">Kindred Health</a>, a female tech company in the Philippines, completed its pre-Series A funding round, raising USD 2.5 million in the first tranche and securing commitments for an additional USD 3 million upon achieving key milestones. This round was led by Integra Partners, with participation from Kaya Founders, KSR Ventures, Ava Zobel Pessina, Pawikan Capital Group, Tenco Capital, and individual investors including Frans Beltran and Micaela Beltran.</li>
<li aria-level="1"><a href="https://www.peakenergy.com/">Peak Energy</a>, a US-based developer of sodium-ion battery technology, raised USD 55 million in a Series A funding round led by Xora Innovation, an early-stage deep tech investment platform run by Singapore state-owned investor Temasek. The round saw participation from Eclipse, TDK Ventures, Lachy Groom, Tishman Speyer, TechEnergy Ventures, Doral Energy-Tech Ventures, and DETV-Scania Invest.</li>
<li aria-level="1"><a href="https://aereo.io/">Aereo</a>, an Indian company specializing in integrated drone solutions, closed a USD 15 million Series B funding round led by 360 One Asset. The round included participation from StartupXseed Ventures and Navam Capital.</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: Thai startup Papaya raises equity financing, Elev8.vc and Seeds Capital invest in BluMaiden, Chitose Bio Evolution secures JPY 1 billion, and more

Japan

India

… has already been completed, funding Cardano-based projects WingRiders and Liqwid Finance.
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<h3>Recent deals completed in China:</h3>
<ul>
<li aria-level="1"><a href="https://www.ronatherapeutics.com/">Rona Therapeutics</a>, a nucleic acid drug R&amp;D enterprise, has completed a USD 35 million Series A+ funding round led by LongRiver Investments, with participation from Zhaode Investment, BioTrack Capital, Zhongqi Capital, and Lilly Asia Ventures. The funds will support the development of its small interfering RNA (siRNA) programs targeting metabolic and central nervous system (CNS) degenerative diseases.</li>
<li aria-level="1"><a href="https://www.baopharma.com/index.html">Bao Pharma</a>, a Shanghai-based biopharmaceutical company specializing in recombinant protein and antibody drugs, has raised a nine-figure RMB sum in a Series C funding round. The round was led by Shanghai Healthcare Capital (SHC), with participation from Shanghai STVC Group, Baoshan SOCI Capital, and existing shareholder Center Laboratories Limited. The funds will be used to advance and commercialize its synthetic biology technology platform. —<a href="https://36kr.com/newsflashes/2868766692594050">36Kr</a></li>
<li aria-level="1"><a href="https://www.gantuai.com/">Gantu Technology</a>, a high-end manufacturing solutions provider, has completed a Series C2 funding round, securing a nine-figure RMB sum from a local government industrial fund and several banks. The funds will be used for technology iteration, product upgrades, and market expansion. —<a href="https://36kr.com/p/2866536150519940">36Kr</a></li>
<li aria-level="1">ZhideBattery, a developer of lithium battery composite materials, has raised a nine-figure RMB sum in a Series D funding round from Shang Qi Capital. The funds will be used to support the company's R&amp;D, production, and sales. —<a href="https://36kr.com/newsflashes/2867603112186240">36Kr</a></li>
<li aria-level="1"><a href="https://www.mymooo.com/">Mymooo</a>, a Shenzhen-based industrial internet and manufacturing service platform, has completed a Series C++ funding round, securing over RMB 100 million (USD 13.7 million). The round was led by Beijing Information Industry Development Fund and an investment fund managed by the Beijing Economic-Technological Development Area. —<a href="https://36kr.com/p/2867523994521986">36Kr</a></li>
<li aria-level="1"><a href="https://www.icleague.com/">ICleague Technology</a>, a Haining-based chip integration company, has secured RMB 3 billion (USD 435 million) in a Series B funding round. The investors include Wuhan Optics Valley Industrial Investment, CMB International, and Puhua Capital. The funds will support the company's development in heterogeneous chip integration to improve functionality and reduce costs. —DealStreetAsia</li>
</ul>
whereRelatedArticle
<h3>Dr Clear Aligners, Amity, Klean, and more led yesterday’s headlines:</h3>
<ul>
<li aria-level="1"><a href="https://www.drclearaligners.sg/en/">Dr Clear Aligners (DCA)</a>, a provider of dental clear aligners in the Asia Pacific region, raised USD 8 million in Series A funding from Insignia Ventures Partners.</li>
<li aria-level="1"><a href="https://www.amitysolutions.com/">Amity Solutions</a>, a Thai AI technology company, completed a USD 60 million Series C funding round alongside its parent company, Amity Corporation. Amity Solutions raised USD 41.6 million, led by Insight Capital, with several new and existing investors participating. Amity Corporation raised USD 18.4 million, led by SMDV, with participation from Gobi Partners and other investors. The financing includes debt structured by AlteriQ Global.</li>
<li aria-level="1">Klean, a cleantech business owned by Janz Technologies, received an investment totaling MYR 2 million (USD 428,680) from Ficus Capital.</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>.

Deals in brief: Kindred Health completes pre-Series A round, Xora Innovation leads investment in Peak Energy, six China deals, and more

Philippines

… significant sums toward vouchers, discounts, and support programs to encourage seller adoption.
Shopee, Lazada, and TikTok are now in a race for the attention of Southeast Asian consumers, with live commerce rapidly growing in the region. Milieu Insight forecasts that, from 2020–2027, around 48% of Southeast Asian consumers will watch live streams at least once a week. Meanwhile, Momentum Works estimates current live commerce penetration at around 30%, highlighting significant room for further growth.
Having solidified its market leadership, Shopee has been implementing drastic cost-cutting measures to help Sea chase profitability, initiating layoffs and transitioning toward in-house logistics fulfillment. However, Shopee ramped up marketing spending again in early 2023, seemingly to counter TikTok Shop’s advances. While this investment helped Shopee defend its market share, it could not withhold TikTok Shop’s momentum, which more than tripled its share from 4.4% to 14.2%. This figure also does not account for Tokopedia’s GMV despite its merger with TikTok’s Indonesia business.
<h3>Don’t just be good, be different and add value</h3>
TikTok Shop’s emergence signals a new phase of competition centered on differentiation rather than just fundamentals, contrasting from the rivalry between Shopee and Lazada. Shopee initially won over consumers by addressing several key considerations: Did enough consumers know about its platform? Did they trust the products from its sellers and brands? And did they feel confident in Shopee’s ability to deliver products reliably?
Shopee’s rise to the top was also aided by strategic execution and a bit of luck. Despite <a href="https://kr-asia.com/for-singapores-shopee-being-late-to-the-e-commerce-game-has-helped-its-rise-in-southeast-asia">starting later</a> than Lazada, Shopee caught up by being shrewd while Lazada grew sluggish from grappling with internal strife, caused by a cultural mismatch between its Chinese and regional executives after Alibaba’s acquisition. For example, to enhance the perceived authenticity and reliability of goods, Shopee launched Shopee Mall in 2017 as a portal dedicated to featuring products from endorsed brands and retailers. Lazada needed an extra year to follow suit with LazMall in 2018.
Shopee also, ironically, borrowed tactics from Lazada’s playbook, such as addressing delivery issues with subsidies. <a href="https://kr-asia.com/heres-how-lazada-lost-its-lead-to-shopee-in-southeast-asia-part-2-of-2">LatePost</a> noted this was an old Lazada tactic that got suspended after Alibaba’s takeover. To tackle expensive deliveries, Shopee offered subsidies while partnering with localized service providers like JNE and J&amp;T Express. This substantial investment paid off. The growth spurred by these subsidies expanded delivery networks, improving speed and lowering long-term costs through economies of scale.
Today, with widespread e-commerce adoption, concerns about platform and seller trustworthiness have diminished, and robust delivery networks ensure timely fulfillment. Consolidation in Southeast Asia’s e-commerce industry is thus likely to hinge on adding value beyond the basics.
Shopee, recognizing it has secured half of the regional market, seems to understand that further advances might be hard to achieve or too costly. Instead, it is focusing on building new growth engines adjacent to e-commerce, such as SeaMoney, which offers financing options for consumers and sellers along with other digital financial services.
Lazada, aligning with Alibaba’s digital transformation, is refining its user experience by integrating new technologies like generative artificial intelligence. Among its latest initiatives is <a href="https://news.microsoft.com/en-sg/2023/05/30/lazada-unveils-lazziechat-the-first-ecommerce-ai-chatbot-of-its-kind-in-se-asia/">LazzieChat</a>, an AI-powered chatbot built on ChatGPT, designed to handle shopping inquiries in a conversational and personalized manner. Pressure to succeed is ramping up for Lazada, with Alibaba having injected massive sums of capital to sustain the business over the past few years and TikTok Shop on the cusp of overtaking.
TikTok Shop's immediate focus is on solidifying its advantage in Indonesia, Southeast Asia’s largest market, where Tokopedia holds a major presence. Following their merger, <a href="https://www.businesstimes.com.sg/startups-tech/startups/tech-in-asia-1tokopedia-tiktok-shop-complete-backend-integration">backend integration</a> was completed by April, with a <a href="https://www.marketing-interactive.com/bytedance-to-cut-jobs-in-id-following-tiktok-and-tokopedia-merger">headcount reduction</a> announced last month. TikTok's strength in content, particularly short videos and live streams, continues to be a significant advantage, supported by TikTok for Business, a suite of advertising and marketing solutions.
Meanwhile, TikTok is exploring other regional opportunities, <a href="https://kr-asia.com/tiktok-breaks-new-ground-in-southeast-asia-with-local-services-pilot">piloting local services</a> in Indonesia and Thailand, as reported by 36Kr this month. It remains to be seen whether this new business will synergize with TikTok Shop if it comes to fruition.

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