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36Kr (EN)

<h3>Novosol bolsters expansion plans with Series B funding</h3>
<a href="https://www.novosol.biz/">Novosol</a>, a Singapore-based mobile advertising platform, has closed its Series B funding round at USD 10 million, securing investments from family offices in Singapore and the UK.
According to a statement by Novosol, the company intends to utilize the newly raised capital to expand into key markets across the Middle East and South Asia, including Vietnam and Thailand, among others.
Additionally, the proceeds will be allocated to advancing the development of moLotus, Novosol’s flagship product, which empowers advertisers to interact with customers through personalized and automated video messages to drive lead and revenue generation.
<h3>Tsubame BHB bags JPY 5.3 billion in Series C round</h3>
<a href="https://tsubame-bhb.co.jp/en">Tsubame BHB</a>, a Japanese ammonia synthesis systems developer, has bagged around JPY 5.3 billion (USD 35.2 million) in a Series C funding round through third-party allocation of shares to both new and existing investors, including Heraeus Group and Yokogawa Electric Corporation.
Established in April 2017, Tsubame is capable of synthesizing ammonia at low temperatures and pressures using what the company claims to be “the world’s first electride catalyst method.” This method can be employed by small ammonia production plants for local applications, reducing carbon emissions through decreased transportation and storage requirements.
With Heraeus’ investment, Tsubame intends to develop its business and strengthen its supply chain, particularly focusing on the European market. Additionally, the newly raised capital will be utilized for R&amp;D targeting further cost reductions in the ammonia production process, contributing to the commercialization of small-scale ammonia production plants in Japan.
<h3>InnoCSR secures funding in Series A round</h3>
<a href="https://www.innocsr.com/">InnoCSR</a>, an Asia-focused consulting firm specializing in social responsibility strategies, has secured an undisclosed amount of funding in a Series A funding round. The round saw participation from ADB Ventures, Garden Impact Fund, and Clarion Newlife Capital.
According to a statement by InnoCSR, the proceeds from this round will be utilized to drive widespread adoption and operation of its “Good Bricks System” in Nepal and across Asia, with plans to launch in India and Pakistan this year. This system utilizes novel technology to produce non-fired bricks, significantly reducing the environmental, economic, and health impacts associated with the manufacturing of traditional fired bricks.
"The Good Bricks System is poised to disrupt South Asia's carbon-intensive brick manufacturing industry, which heavily relies on decades-old processes and technology," said Arsalan Farooquee, a venture capitalist at ADB Ventures.
<h3>Franklin Templeton leads investment in Blockhead</h3>
Blockhead, a digital assets-focused media platform based in Singapore, has secured an undisclosed amount of funding in a round led by Franklin Templeton.
This investment will enable Blockhead to adapt its business model with the introduction of BRN, a research platform designed to complement its existing media offerings.
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<h3>Recent deals completed in China:</h3>
<ul>
<li aria-level="1"><a href="https://www.hdmaterial.cn/en">Doevol Material and Technology</a>, a Ningbo-based technology company specializing in hot isostatic pressing techniques for advanced composite materials, has secured an eight-figure RMB sum in a pre-Series A funding round led by Zheshang Venture Capital (ZSVC). The company will utilize the funds for product R&amp;D and to optimize its sales network. —<a href="https://36kr.com/newsflashes/2659002203044998">36Kr</a></li>
<li aria-level="1"><a href="https://www.pandabubu.com/">Bubu Health Technology (also known as Smart Panda)</a>, a Guangzhou-registered developer of tech-enabled maternity and baby care products, has completed a new strategic investment round, raising an undisclosed sum from a fund managed by Suzhou Nanhui Technology Innovation Institute. Smart Panda will allocate the capital toward promotions and new product development. —<a href="https://36kr.com/p/2657611780570246">36Kr</a></li>
<li aria-level="1"><a href="https://www.haomo.ai/">Haomo.ai</a>, an autonomous driving systems developer, has banked over RMB 100 million (USD 13.9 million) in a Series B1 funding round from Chengdu Wufa Private Equity Fund Management. According to a statement from Haomo.ai, the company intends to utilize the newly raised capital for R&amp;D and to support the Wuhou district of Chengdu, Sichuan, to develop robotic solutions. —<a href="https://36kr.com/p/2658024624210185">36Kr</a></li>
<li aria-level="1"><a href="https://36kr.com/p/2654049104855301">Yuanchuang Zhixing</a>, a smart city solutions provider currently focused on developing unmanned, urban sanitation solutions, has recently bagged an eight-figure RMB sum in a Series A funding round. The company did not disclose the investor details, but said that it will use the proceeds to bolster product development, build its capacity, and support market expansion efforts. —<a href="https://36kr.com/p/2654049104855301">36Kr</a></li>
<li aria-level="1">Swap Space, a Shanghai-headquartered marketing company focused on helping catering businesses boost sales through a commercial platform,  has announced the completion of a Series B+ funding round, securing an eight-figure RMB sum. —<a href="https://36kr.com/p/2656255277300866">36Kr</a></li>
</ul>
<h3>Latest deals in India:</h3>
<ul>
<li aria-level="1"><a href="https://www.varaha.earth/">Varaha</a>, a climate tech startup specializing in nature-based carbon credit generation, has raised USD 8.7 million in a Series A funding round led by RTP Global, with contributions from existing investors Omnivore and Orios. Norinchukin Bank, AgFunder, and the Octave Wellbeing Economy Fund (IMC Pan Asia Alliance Group) also participated in this round.</li>
<li aria-level="1"><a href="https://www.rentomojo.com/">RentoMojo</a>, a Bengaluru-headquartered furniture rental company, has secured an investment of INR 2.1 billion (USD 25.3 million) in its ongoing Series D and D1 funding round. The round is led by the first series of the Edelweiss Discovery Fund, with participation from Chiratae Growth Fund and Magnetic. —Entrackr</li>
<li aria-level="1"><a href="https://www.virohan.com/">Virohan</a>, a healthcare education services provider, has bagged INR 149 million (USD 1.8 million) in an extended pre-Series B funding round led by Blume Ventures. The round also saw participation from Mitsui Sumitomo Insurance

Deals in brief: Novosol, Tsubame BHB, and InnoCSR secure funding, Franklin Templeton leads investment in Blockhead, nine China and India deals, and more

Venture Capital

Angel Investing

Private Equity

Investment

Merger &amp; Acquisition

Singapore

Japan

Korea

India

Funds raised through IPOs in Southeast Asia plunged over 60% in the second half of 2023 from the same period the year before, with companies shying away from listing due to factors such as domestic elections and uncertainty over China's faltering economy.
Data on IPOs in Southeast Asia analyzed by Nikkei in cooperation with US research firm Dealogic showed that a total of USD 1.6 billion was raised in the second half of last year, down 63% from the corresponding time in 2022. The number of IPOs dropped 21% to 71.
Thailand logged the biggest fundraising decline in the region, plummeting 75% to USD 773 million. "There was no big size company to get into the market, especially in the second half year. That is ... a result of delaying in set up the government [following a general election in May 2023], which led investors losing confidence," said Natthapol, an analyst at the Thai unit of Yuanta Securities. The number of IPOs "will depend on the economic situation. If the economy is good, there will be more IPOs in 2024," he said.
Thailand is not the only country in the region where politics has been affecting plans to go public.
A strong "wait-and-see" mood has taken hold among businesses in Indonesia ahead of the nation's presidential election in February, with the number of IPOs in July–December dropping to 31 from 42. The Indonesia Stock Exchange (IDX) expects just over 60 companies to go public in 2024, down from 79 in the whole of 2023. That comes as investors are set to stay on the sidelines until they get some clarity on the next administration's economic policy.
China's slowdown has also been casting a long shadow, with the world's second largest economy a big influence on Southeast Asia, especially for the region's exporters.
Siam Cement Group (SCG), a leading materials conglomerate in Thailand, is holding off on an IPO for its major chemicals subsidiary until further down the road. The offering, slated to raise THB 38.5 billion (USD 1.08 billion) in one of the country's largest ever listings, was originally planned for 2022, but has been delayed in the face of global economic headwinds. CEO Thammasak Sethaudom has said that more time is needed for the move as it would be unprofitable in the current environment.
However, companies related to renewable energy continued carrying out IPOs in the second half of 2023 amid hopes for growth amid steps such as Southeast Asian nations adopting decarbonization targets.
Consumer businesses also willingly raised funds against the backdrop of increased private spending in the wake of the Covid-19 pandemic.
Indonesia's Barito Renewables Energy achieved the biggest IPO during the period. Under the umbrella of Barito Pacific, a major business conglomerate in Indonesia, the company raised around USD 200 million by selling 3% of its outstanding shares.
Barito Renewables operates three geothermal power plants with a combined output of 890,000 kilowatts on the island of Java. The company has also decided to purchase a wind farm on Sulawesi island. With a capacity of 75,000 kilowatts, the site is one of the largest wind power stations in Indonesia.
Barito Renewables has also drawn attention due to a steep rise in its stock price amid hopes for the company's growth. Its market capitalization was IDR 130 trillion (USD 8.23 billion) on the day of its listing, but had soared more than fivefold to IDR 672 trillion (USD 42.5 billion), the third largest on the IDX, as of January 29.
Nusantara Sejahtera Raya, a top movie theater operator in Indonesia, racked up the second largest fundraising. Running more than 200 cinemas across the country at the moment, it aims to use capital raised from the listing to boost the number of screens it has by 60% to 2,000 within a few years.
Thailand was the biggest fundraiser by country, with six of its companies in the top 10 list.
SCG Decor, a major SGC subsidiary producing tiles and bathroom fittings, raised USD 145 million via its IPO, the largest among Thai companies. As Thailand's population is aging and is not expected to increase sharply, SCG Decor plans to use the funds to expand into neighboring countries such as Indonesia and Vietnam.
Elsewhere in Thailand, aviation-related firms pushed ahead with IPOs. Those included Asia Network International, a general sales agent for airlines, while Samart Corp., an information technology and communication company, listed its Samart Aviation Solutions subsidiary, which provides aviation technology in Cambodia.
In Malaysia, which ranked third in terms of both value and number of IPOs, precision instrument maker CPE Technology and 14 other companies went public. "A formidable IPO pipeline is expected in 2024, buoyed by a healthy institutional and retail appetite, especially for consumer and tech or tech-related industries," said Wong Kar Choon, audit partner at Deloitte Malaysia.
Some analysts forecast that the IPO space would improve in 2024 as the global round of interest rate hikes, blamed for falls in emerging companies' stock prices, runs its course. PwC said in a report earlier this year that Southeast Asian IPO markets would "grow and rebound" in 2024, if "the overall macroeconomics stabilize, in particular the interest rate environment."
 This article first appeared on <a tabindex="0" href="https://asia.nikkei.com/Business/Markets/IPO/IPO-fundraising-plunged-in-Thailand-and-Indonesia-in-second-half-of-2023" rel="noopener noreferrer" data-token-index="2">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="4">partnership with Nikkei</a>.

IPO fundraising plunged in Thailand and Indonesia in second half of 2023

Thailand

Indonesia

China's top electric vehicle maker, BYD, launched three passenger models in Indonesia on January 18, making a foray into an economy that is Southeast Asia's largest and is courting such investment through new incentives.
BYD introduced its popular Seal sedan, Atto 3 sports utility vehicle, and Dolphin hatchback for the Indonesian market at a launch ceremony in Jakarta. It has not set prices, with company executives saying it will do so in February.
"Indonesia has consistently become a strategic country for many global companies to enter," Eagle Zhao, who leads BYD in Indonesia, said at the launch. "For BYD, ... Indonesia's vision align[s] with our own."
The vehicles are directly imported from China and run on lithium-iron phosphate batteries, as opposed to nickel-based ones, raising questions as to whether BYD will invest in a manufacturing facility in Indonesia. The country has been wooing the Chinese company, Tesla and other global EV players to invest, dangling its wealth of nickel, a key ingredient in long-range EV batteries, as a lure.
Indonesia recently issued a regulation allowing automakers to sell a certain number of imported electric cars with zero import and luxury taxes. The number is proportional to the carmakers' commitment to developing local production capacity. The related proposals must be submitted by the end of 2025, the production facility must be built by 2026 and production must start at least by 2027 if the carmakers want to benefit from the incentives.
"We are on track to commence the construction of our facilities later this year as planned," Zhao said, adding that BYD is also looking at participating in the country's EV ecosystem development.
The Indonesian government's coordinating minister of economic affairs, Airlangga Hartarto, meanwhile, told the launch via videoconference that BYD will invest USD 1.3 billion in its manufacturing facility with a commitment for production capacity of 150,000 vehicles.
But BYD's Zhao declined to confirm those details, telling reporters to wait for a future announcement.
BYD, which overtook Tesla to become the world's largest EV maker by sales in the final quarter of last year, has already entered Southeast Asian markets including Thailand, Singapore, Malaysia and Vietnam. It has also announced investment plans in some of those countries.
Indonesia's sales of battery electric cars jumped nearly 70% last year to 17,051 vehicles from 10,327 in 2022 and 687 in 2021, according to wholesale data by the Indonesian Automotive Industry Association, or Gaikindo.
Kukuh Kumara, secretary-general of Gaikindo, earlier this week said that the relatively high prices compared with internal combustion cars remain a challenge for further EV penetration in Indonesia.
"EV buyers are mostly not first-time buyers. [They are] the rich with extra money," he said, adding that last year EVs still made up just 1.7% of Indonesia's car sales, totaling about 1 million vehicles.
While Thursday marks BYD's debut in Indonesia's passenger electric car market, it has already sold electric buses through local company VKTR Mobilitas Indonesia, an affiliate of the Bakrie Group. Dozens of BYD buses have been used by the TransJakarta public bus network in the past two years, and VKTR last year said it wanted to sell more of the buses in Indonesia.
Kukuh said the Chinese company has big potential to deepen its market penetration in Indonesia's public transportation. "BYD excels at commercial vehicles," he said. "Big cities [in Indonesia] might potentially look to use EVs for public bus services."
The Indonesian government has been pushing to expand the domestic EV market by subsidizing purchases of both electric two- and four-wheelers. However, major automakers in the country, dominated by Japanese companies, are still hesitant on tapping the EV market.
Japanese automakers account for over 90% of the country's auto sales. But Toyota, Lexus and Nissan combined sold just 799 electric cars in Indonesia last year. South Korea's Hyundai led the segment, selling over 7,400 vehicles last year, followed by China's Wuling with nearly 7,000 vehicles.
A Japanese government official on Tuesday lamented the "declining" market share of Japanese car brands in Indonesia due to their lagging behind in EV sales. "When BYD enters [Indonesia], they could take over the market," the official said.
"In Indonesia, Chinese companies also control the mineral resources business. We have to be careful," he added. "For Japanese automakers, EVs are crucial ... for the Indonesian market. I predict that even [Indonesia's new] president ... will not stop promoting EVs."
 This article first appeared on <a tabindex="0" href="https://asia.nikkei.com/Business/Automobiles/China-s-BYD-debuts-passenger-EVs-in-Indonesia" rel="noopener noreferrer" data-token-index="2">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="4">partnership with Nikkei</a>.

China's BYD debuts passenger EVs in Indonesia

China Tech

Transportation

Electric Vehicles

Mobility

… href="https://sportvot.com/">SportVot</a>, a sports technology startup, has raised INR 94 million (USD 1.1 million) in a pre-Series A funding round led by Omidyar Network India, with participation from Anicut Capital, StartupLynk, Ventana Ventures, and existing investors. The company plans to deploy the newly raised capital toward the enhancement of its tech capabilities and product offerings. —Inc42</li>
<li aria-level="1"><a href="https://aarogyatech.com/">Aarogya Tech</a>, a health tech startup, has raised USD 1.8 million in a seed funding round led by Hasu P Shah (Hersha Hospitality Trust). The funds will be used for product development and talent acquisition. —VCCircle</li>
<li aria-level="1"><a href="https://rupyz.com/">Rupyz</a>, a B2B e-commerce solutions provider, has raised USD 1.2 million in a seed funding round led by Merak Ventures. The round also saw participation from undisclosed angel investors. Rupyz aims to onboard over 3,000 businesses in the next 12–15 months and strengthen its core technological offerings. —VCCircle</li>
<li aria-level="1"><a href="https://www.papapawsome.com/">Papa Pawsome</a>, a pet care brand, has secured USD 400,000 in a seed funding round led by the Indian Angel Network (IAN). —VCCircle</li>
</ul>
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<h3>Pyxis, Gaia EnviroTech, Reazon Holdings, and more led yesterday’s headlines:</h3>
<ul>
<li aria-level="1"><a href="https://www.thepyxis.co/">Pyxis</a>, a Singapore-headquartered maritime electrification startup, raised SGD 4.5 million in a seed funding round jointly led by Motion Ventures and Shift4Good. The oversubscribed round also saw participation from SEEDS Capital (Enterprise Singapore), MarImpact (Transport Capital), ShipsFocus, strategic marine operators as well as local firms including Tian San Shipping, Kim Ann Investments, and LCC Resources.</li>
<li aria-level="1"><a href="https://gaia-envirotech.com/">Gaia EnviroTech</a>, a Victoria-based organic waste management and bioenergy company, received an AUD 4.3 million commitment from the decarbonization fund of RFC Ambrian Funds Management. This deal was closed at the end of January.</li>
<li aria-level="1"><a href="https://reazon.jp/">Reazon Holdings</a>, a Tokyo-based IT company offering advertising, marketing, and food tech solutions, invested an undisclosed amount in VGrowth Development, the Vietnamese subsidiary of <a href="https://validus.sg/">Validus Investment Holdings (Validus Group)</a>.</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: CarbonHQ and Oobit secure funding, Nio Capital completes second RMB fund, 15 other China and India deals, and more

… id="caption-attachment-147583" class="wp-caption-text">WPML users can choose between automatic or customized translations based on their preferences. Screenshot showcasing a page of the setup interface where users can select their preferred translation option. Image courtesy of OnTheGoSystems.</figcaption></figure>
<h3>KR: Are there scenarios where the software is less able to produce consistent, high-quality results? What’s the main cause?</h3>
DJ: This is a good question and an important one. When people explain to us that they are skeptical or nervous about using automatic translations for web content, the main concern is usually related to the quality and accuracy of translations. As we know, automatic translations are not totally perfect, but they can get pretty close to “human level” depending on a number of factors:
<ul>
<li aria-level="1">Ambiguity of content in primary language: It is important to write content in the primary language that is clear and unconfusing to an artificial intelligence-based translation engine. Writing content that contains ambiguous language could result in translations that are inaccurate or out of context.</li>
<li aria-level="1">Technologies of supported translation engines: Most automatic translation services run through DeepL, Google, or Microsoft. So, we are largely dependent on the technological developments of these third parties. Luckily, all of them are already very good and widely used. Use the engine that is most suitable to your needs and set your expectations accordingly.</li>
<li aria-level="1">Additional processing of translations: We have developed our own machine learning models that improve on the automatic translations provided by the abovementioned engines. When our clients receive translations, they have already gone through additional processing to aid with accuracy and general quality.</li>
<li aria-level="1">Glossary and saved terms: The engines above don’t allow you to save certain words that you might want to be translated in a certain way. This could cause frustrations. For example, if you manage content for the automaker Jaguar, you probably don’t want to have that word translated at all because, in this context, it is referencing the brand name and not the animal. Without a mechanism to tell the engine how to handle that term, it will just translate it as it sees fit, which means a lot of additional correction work is needed. We’ve included a ‘glossary’ mechanism in our solution that enables you to save certain terms that should be translated in a specific way, or not translated at all. This will be saved and applied to all future translations for that project.</li>
</ul>
<h3>KR: Is your software compatible with platforms other than WordPress?</h3>
DJ: WPML is not compatible with other content management systems, it is specific to WordPress. The WordPress platform functions in a specific way, and we developed WPML to work as well as possible within that framework (which is largely PHP- and Javascript-based). With this kind of focus, we’ve been able to keep WPML as a market-leading plugin within the WordPress niche for over a decade and we’d never compromise this position by overextending on the project.
However, given our years of experience in this project as well as other major developments, we are now branching outside of the WordPress niche with our new PTC project. This project has an entirely new team that can focus on the specific goals of the project which is to provide “better-than-human” translations to developers who want to translate their software applications for global audiences. For the first time, our WPML technologies will be useful in other contexts.
whereRelatedArticle
<h3>KR: What plans does the company have in Asia this year?</h3>
DJ: From early last year, we started putting significant attention into the Southeast Asian market. Given the radical situations that Asian businesses found themselves in during the Covid-19 pandemic, we noticed the increased need for Asian businesses to maintain and cultivate relationships with Western clients.
Businesses can no longer rely solely on trade shows and in-person events to succeed—they need to be well prepared with their online presence to ensure that they can continue running their operations in spite of any unforeseen external circumstances. With this in mind, we initially did some research into the Chinese market, but we hit a few stumbling blocks especially given that WordPress is not yet popular enough in the region and most prefer to use existing Chinese-made technologies. So, we shifted our focus back to other territories that already know WordPress and have a strong need for reaching a global audience.
Our goal for this year is to work with various types of partners, such as hosting companies, bloggers, and developers, to educate local audiences in these territories about the benefits of WordPress and the advantages of having multilingual content. As part of these efforts, we will be attending WordCamp Asia 2024 in Taipei to network with the local community and work toward these goals. We already have WPML clients in Taiwan, Japan, Malaysia, Vietnam, Thailand, and more that use our software to promote their businesses to international audiences, and we’d love to be able to help even more.

Breaking online language barriers: Dean Jones from OnTheGoSystems discusses the use of technology to craft multilingual websites

Q&amp;A

Indonesia's president slipped into a white VinFast on the weekend, giving the Vietnamese electric vehicle producer its boldest stamp of approval yet to expand to Southeast Asia's biggest economy.
Joko "Jokowi" Widodo's state visit to Vietnam included a factory tour with VinFast CEO Pham Nhat Vuong, who is pushing into Indonesia with manufacturing, ride-hailing, and taxis. Analysts say the move complements nickel-rich Indonesia's own EV roadmap, while offering a possible toehold for the Nasdaq-listed carmaker's broader retail play across the Association of Southeast Asian Nations (ASEAN).
But the new plan for a factory in Indonesia would be VinFast's fourth, in addition to US and Indian plants, even as the main facility in Vietnam operates below capacity. It can produce 250,000 EVs a year, while VinFast delivered 21,342 in the first three quarters of 2023, including at least 7,100 to Vuong's taxi company, GSM.
"It is a right decision as Indonesia is the biggest automobile market in ASEAN and [VinFast] can export their EVs to another nine ASEAN countries as well," Vu Tan Cong, deputy general director of Vietnam Automobile Industry and Trade Consulting, told Nikkei Asia of the expansion.
After Vuong shepherded Jokowi around in a golf cart, VinFast announced a deal with Gojek "to promote the use of EVs among drivers of four-wheel vehicles" using the ride-hailing app in Indonesia. It did not give details, but VinFast made its ride-hailing debut in 2023 when GSM offered its all-VinFast taxi service through Vietnamese ride-hailing platform Be Group, whose drivers also got discounts to buy VinFast EVs.
The Vingroup arm in October said it would spend roughly $200 million on an assembly plant in Indonesia but has upped its investment to at least USD 1.2 billion "over the long term" for a fully-integrated site to manufacture cars and batteries, a spokesman told Nikkei. VinFast made a similar upgrade in the Indian state of Tamil Nadu, with the potential to invest up to USD 2 billion.
It faces heavy competition from Malaysian EV makers Proton and Perodua, in addition to Chinese giants spreading throughout Southeast Asia. A regional EV landscape is starting to take shape as Thailand and Indonesia bid to transition their historic dominance in gasoline-powered cars into the electric age.
"Indonesia wants to take a central position in the EV supply chain and has abundant natural resources for the production of electric vehicles," said Pritesh Samuel, head of business intelligence at Dezan Shira &amp; Associates. "This bodes well for both sides as VinFast seeks to expand its EV manufacturing presence and as Indonesia seeks to become an EV hub."
GSM launched in Vietnam in April, added next-door Vientiane in Laos to its markets and will next head to Indonesia. The EV car and scooter taxi and rental company founded by Vietnam's richest man said on January 13 it will invest USD 900 million in the archipelago nation "in the near future" while also working with Gojek.
VinFast says it uses the taxi affiliate to expose newcomers to its EVs.
"GSM plans to expand its operation into our key international markets," VinFast said in a filing with the US Securities and Exchange Commission on October 31. "This would provide us with a significant opportunity to offer international customers the chance to test drive and experience our vehicles."
This article first appeared on <a tabindex="0" href="https://asia.nikkei.com/Business/Automobiles/VinFast-expands-EVs-to-Indonesia-with-thumbs-up-from-Jokowi" 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>.

VinFast expands EVs to Indonesia with thumbs up from Jokowi

… class="size-large wp-image-147533" src="https://console.kr-asia.com/wp-content/uploads/2024/02/Ditrolic-Energy-Isabella-Pacheco-Valerie-Speth-Tham-Chee-Aun-Michelle-Ong-1024x652.jpg" alt="Photo of representatives from Ditrolic Energy and BlackRock. From left to right: Isabella Pacheco, director of climate infrastructure at BlackRock, Valerie Speth, APAC co-head of climate infrastructure at BlackRock, Tham Chee Aun, founder and group CEO of Ditrolic, and Michelle Ong, executive director at Ditrolic." width="1024" height="652" srcset="https://console.kr-asia.com/wp-content/uploads/2024/02/Ditrolic-Energy-Isabella-Pacheco-Valerie-Speth-Tham-Chee-Aun-Michelle-Ong-1024x652.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2024/02/Ditrolic-Energy-Isabella-Pacheco-Valerie-Speth-Tham-Chee-Aun-Michelle-Ong-300x191.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2024/02/Ditrolic-Energy-Isabella-Pacheco-Valerie-Speth-Tham-Chee-Aun-Michelle-Ong-768x489.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2024/02/Ditrolic-Energy-Isabella-Pacheco-Valerie-Speth-Tham-Chee-Aun-Michelle-Ong.jpg 1080w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-147533" class="wp-caption-text">Photo of representatives from Ditrolic Energy and BlackRock. From left to right: Isabella Pacheco, director of climate infrastructure at BlackRock, Valerie Speth, APAC co-head of climate infrastructure at BlackRock, Tham Chee Aun, founder and group CEO of Ditrolic, and Michelle Ong, executive director at Ditrolic. Photo courtesy of Ditrolic Energy.</figcaption></figure>
<h3>Vietnamese coffee chain Revi reportedly raises funding</h3>
Revi Coffee and Tea (stylized as “Révi”), a Vietnamese tech-enabled coffee chain, has reportedly raised an undisclosed amount of funding from TNB Aura, Touchstone Partners, and AiViet Venture, according to DealStreetAsia.
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<h3>Recent deals completed in China:</h3>
<ul>
<li aria-level="1">Yunding Intelligent Control Technology, a Chengdu-registered company specializing in the development of guidance, navigation, and control (GNC) systems, has raised an undisclosed amount of funding from Hainan Yincheng Information Technology. —<a href="https://36kr.com/newsflashes/2630798733328640">36Kr</a></li>
<li aria-level="1"><a href="https://www.semi-tech.com/en/">Semi-Tech</a>, a Shanghai-headquartered semiconductor company, has completed its Series C+ funding round, securing an undisclosed sum of investment. The round was led by Orinno Capital. —<a href="https://36kr.com/newsflashes/2630789683413253">36Kr</a></li>
<li aria-level="1"><a href="https://ytmicro.com/">Yuntu Semiconductor</a>, a Jiangsu-based semiconductor company, has banked a nine-figure RMB sum in a Series B2 funding round led by the China Structural Reform Fund. The round also saw participation from Wuxi Capital Group. Yuntu will allocate the capital toward R&amp;D and commercialization. —<a href="https://36kr.com/p/2630730205150338">36Kr</a></li>
<li aria-level="1"><a href="https://www.angeljujube.com/#/home">Jujube Health Technology</a>, a provider of digital therapeutics for people with autism, has raised RMB 10 million in an angel round of financing led by QF Capital. Minde Consulting and existing investor Heroad Investments also took part in this round. —<a href="https://36kr.com/p/2629815348624513">36Kr</a></li>
<li aria-level="1">Aero, a developer of smart music instruments, has bagged over RMB 10 million in a pre-Series A funding round led by FreesFund. The company will utilize the funds to expand its line of smart instrument products, conduct R&amp;D, and expedite the mass production and promotion of its products. —<a href="https://36kr.com/p/2615608877652104">36Kr</a></li>
<li aria-level="1"><a href="https://en.wf-hm.com/">Huamei New Material Technology (Huamei Material)</a>, one of China’s earliest manufacturers of silicon carbide ceramic materials, has snagged over RMB 100 million in a funding round led by SparkEdge Capital. Restone Capital, China Fortune-Tech Capital, Runzhang Capital, Hi-Tech Capital, and other institutional investors contributed to this round. —<a href="https://36kr.com/newsflashes/2629628164489480">36Kr</a></li>
<li aria-level="1">Shanghai Spacecom Satellite Technology (SSST), a state-backed space technology company, has raised RMB 6.7 billion in a Series A funding round led by a fund set up by the National Manufacturing Transformation and Upgrading Fund (NMTUF). NMTUF’s backers include China’s finance ministry and state-owned companies such as China Tobacco. SSST will use the capital to construct a low-orbit satellite constellation, according to Reuters.</li>
</ul>
whereRelatedArticle
<h3>Silverstrand Capital, Amber Electric, Ambogen, and more led yesterday’s headlines:</h3>
<ul>
<li aria-level="1"><a href="https://www.silverstrand.capital/">Silverstrand Capital</a>, a Singapore-based family office, invested an undisclosed amount in <a href="https://www.porifera.com/">Porifera</a>, a California-based technology company specializing in the development of forward osmosis membrane solutions.</li>
<li aria-level="1"><a href="https://www.amber.com.au/">Amber Electric</a>, an tech-enabled energy provider based in Australia, has bagged AUD 29 million in capital. This investment was led by New Zealand-listed software company Gentrack with the support of Breakthrough Victoria and Rubio Impact.</li>
<li aria-level="1"><a href="https://anbogen.com/">Anbogen Therapeutics</a>, a biotechnology company specializing in cancer drug development, has completed its Series A funding round, securing USD 12.5 million. The round was led by the China Development Industrial Bank (CDIB), with significant contributions from Taian Venture Capital, Maxpro, and the National Development Fund of Taiwan.</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: Hukumonline, Pintar, and Pixelmon secure funding, Singapore’s GIC invests in Zum, seven China deals, and more

Malaysia

Vietnam

… Fund. This round witnessed participation from LaunchVic, Goodrich Group, Veolia, and angel investor Pitzy Folk. Investible’s Early Stage Fund 2 and its Club Investible syndicate were also contributors.</li>
<li aria-level="1"><a href="https://zorahealth.co/">Zora Health</a>, a startup offering fertility-related programs and services, snagged SGD 1 million (USD 745,700) in funding to launch its integrated fertility care and financing platform in Singapore. With initial backing from Antler, this round saw participation from angel investors including Cheryl Goh (Grab), Prajit Nanu (Nium), Alan Jiang (beam), Lisa Enckell (Antler), and Asa Liden (formerly from Pitch.com).</li>
<li aria-level="1"><a href="https://www.blokid.com/">BlokID</a>, a Vietnam-based developer of blockchain-based privacy protection solutions for the digital advertising industry, has secured USD 1.25 million in a seed funding round jointly led by Ascend Vietnam Ventures and AppWorks.</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: Silverstrand Capital invests in Porifera, Amber Electric and Anbogen secure funding, ten China and India deals, and more

<h3>Investible leads Yume’s AUD 2 million seed round</h3>
<a href="https://www.yumefood.com.au/">Yume</a>, a Melbourne-based startup that mitigates food waste by redistributing surplus food from manufacturers to businesses and charities, has secured AUD 2 million (USD 1.31 million) in a seed funding round led by Investible’s Climate Tech Fund.
This round witnessed participation from both new and existing investors, including LaunchVic, Goodrich Group, Veolia, and angel investor Pitzy Folk. Investible’s Early Stage Fund 2 and its Club Investible syndicate were also contributors.
The newly raised capital positions Yume to solidify its presence in Australia and bolster its technological capabilities in anticipation of international expansion. According to a statement released by the startup, the funding will facilitate a doubling of its headcount by the end of 2024, with 75% of this growth dedicated to its technology and product teams..
Following the completion of this round, Yume has raised a total of AUD 7 million (USD 4.59 million) to date.
“Australia has a food waste problem, in fact, it's a 7.6 million ton problem. The amount of land used to grow wasted food in Australia covers more than 25 million hectares, a landmass larger than the state of Victoria. … Yume was founded to eradicate this problem and our platform has grown rapidly as large food manufacturers have been able to utilize our technology to connect surplus food to Australian businesses and charities, reducing waste and increasing their revenue,” said Katy Barfield, founder and CEO of Yume.
<h3>Zora Health snags SGD 1 million to launch fertility care platform</h3>
<a href="https://zorahealth.co/">Zora Health</a>, a startup offering fertility-related programs and services, has snagged SGD 1 million (USD 745,700) in funding to launch its integrated fertility care and financing platform in Singapore.
With initial backing from Antler, this round saw participation from angel investors including Cheryl Goh (Grab), Prajit Nanu (Nium), Alan Jiang (beam), Lisa Enckell (Antler), and Asa Liden (formerly from Pitch.com).
Zora Health offers a comprehensive ecosystem that seamlessly integrates virtual and in-person consultations, medical concierge services, fertility education workshops for corporations, and fertility financing. The platform's initial services encompass egg freezing, in-vitro fertilization (IVF), fertility testing, and consultation services. In later stages, fertility financing becomes available. Additional offerings comprise programs designed for corporate clients aiming to foster fertility-friendly work environments and facilitate meaningful fertility discussions.
“The fertility treatment landscape is daunting to women and couples seeking fertility care due to the multitude of service options and providers, complicated regulations and confusing pricing structures. Zora Health’s integrated approach addresses these issues head-on, simplifying the process for patients, healthcare providers and corporations in a fragmented market,” said Anna Haotanto, founder and CEO of Zora Health. —e27
<h3>BlokID secures USD 1.25 million in seed round</h3>
<a href="https://www.blokid.com/">BlokID</a>, a Vietnam-based developer of blockchain-based privacy protection solutions for the digital advertising industry, has secured USD 1.25 million in a seed funding round jointly led by Ascend Vietnam Ventures and AppWorks.
The company will utilize the capital to expedite product development, acquire users, and expand into new markets. Its plan is to officially launch by Q2 2024, rolling out Google Analytics plugins and privacy-focused financial identity features for users.
<h3>Antler leads pre-seed funding for 37 startups in Southeast Asia</h3>
<a href="https://www.antler.co/">The Singapore-based early-stage venture capital firm</a> has announced the completion of its latest round of pre-seed investments, committing USD 5.1 million to invest in 37 startups in Southeast Asia. This marks ostensibly the highest number of pre-seed deals completed in a single round in the region and represents Antler’s initial commitment and footprint in Malaysia as part of its strategic partnership with Khazanah Nasional Berhad, the sovereign wealth fund of Malaysia.
According to the statement released by Antler, the 37 startups hail from a diverse range of sectors, including artificial intelligence, B2B software-as-a-service, fintech, and healthcare, among others. The firm emphasized that these investments were made based on its conviction in current regional trends, including the emergence of hyperlocal solutions and Industry 4.0 technologies, as well as the shift toward “verticalized AI.” Notably, this occurs amidst an ongoing hype cycle initiated by the inception of OpenAI’s ChatGPT.
“As a multi-stage investor, we recognize the immense potential of early-stage startups in Southeast Asia. In this dynamic and challenging climate, we are especially drawn to pre-seed investments, particularly in verticalized AI and Industry 4.0 startups that address deep-seated pain points and revolutionize how models and data translate into tangible products,” said Jussi Salovaara, co-founder and managing partner of Antler in Asia.
<h3>South Korea’s Rebellions completes USD 124 million Series B round</h3>
<a href="https://rebellions.ai/">Rebellions</a>, an artificial intelligence chipmaker, has completed its Series B funding round, securing USD 124 million to become what it claims to be South Korea’s most funded semiconductor startup, having raised over USD 200 million to date.
The latest round was led by KT and included participation from a myriad of investors, including KT Cloud and Shinhan Venture Investment, which are both subsidiaries of KT. In addition, Pavilion Capital (Temasek), Koreyla Capital, DGDV, Korea Development Bank, Noh&amp; Partners, KB Securities, KB Investment, SV Investment, Mirae Asset Venture Investment, Mirae Asset capital, IMM Investment, KT Investment, Seoul Techno Holdings (Seoul National University), Oasis PE, Gyeongnam Venture Investment, and SDB Investment also took part in this round.
The newly raised capital will enable Rebellions to acquire talent and expedite the development of Rebel, the company’s next-generation AI chips designed for running large language models (LLMs) with Samsung Electronics.
The company is also gearing up for mass production this year amid plans to expand its customer base both locally and internationally.
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Deals in brief: Yume, Zora Health, and BlokID secure funding, Antler announces pre-seed funding for 37 SEA startups, seven China and India deals, and more