Aug 4, 2023
Technology companies across the Asia Pacific raised approximately USD 1.79 billion in total, based on 24 deals we tracked this week. This excludes eight deals with undisclosed funding amounts.
Among this week’s deals include investments in companies such as Cerebry, Rekosistem, MGA Thermal, and Vuihoc, indicating an uptick in investor interest towards the clean tech and edtech sectors.
In China, the average scale of early-stage deals completed—typically entailing eight to nine-figure sum investments—hints not just at a continuation of inflated valuations that trace back to the Chinese technology boom led by Baidu, Alibaba, and Tencent, also jointly known as China’s BAT triumvirate. It may also imply the gradual maturation of the Chinese tech ecosystem which, by extension, has contributed to the overall growth of the Chinese market.
What other factors do you think are contributing to this valuation differential between China and other parts of the region? Let us know at: [email protected]
That’s all for this week. If there are any news or updates you’d like us to feature, you can also get in touch with us via the email address above.
Thanks for joining us.
ICYMI, these deals headlined this week:
- Genexyz has closed a USD 1 million seed funding round led by East Ventures. The startup operates a platform that enables clients to interact with virtual influencers and “meta-humans”, and plans to use the funds to expand its presence in Southeast Asia and develop new technology to connect with communities and deliver impact for clients.
- HD has raised a significant amount of investment from Vietnam-based FEBE Ventures, and will use the funds to fuel its expansion plan in Vietnam. The health tech startup last raised USD 6 million in January this year.
- Airalo has completed its Series B round, raising USD 60 million. The round was led by e& Capital, and the company will use the funds to grow its community of users, expand its global team, and introduce Airalo Partners, a connectivity solution for businesses and organizations.
- T3 Chuxing has secured RMB 1 billion (USD 139.9 million) in a Series A extension round, led by local investor Hongtai Aplus. The Chinese company will use the funds to expand its user base and for R&D of its autonomous ride-hailing platform. T3 last raised RMB 7.7 billion (USD 1.2 billion) in a Series A round completed in October 2021.
- Halodoc has raised USD 100 million in a Series D funding round led by Astra International. It will use the funds to strengthen digital health literacy in Indonesia and enhance its services.
Cyclone Robotics snags USD 40 million in extended Series C round
The Chinese enterprise artificial intelligence company has completed an extended Series C funding round, raising around USD 40 million from undisclosed investors. Cyclone Robotics will utilize the newly raised funds for R&D, resource integrations, and market expansion.
The newly raised funds adds to its initial Series C round that raised USD 150 million in November 2021, bringing the total amount raised by Cyclone to nearly USD 200 million—the highest funding amount secured to date by a single company in its industry.
Micro Connect secures USD 458 million in Series C round
The Hong Kong-based investment platform has raised USD 458 million in its oversubscribed Series C funding round, with participation from existing investors Sequoia Capital China, Lenovo Capital, Vectr Fintech Partners. and Dara Holdings, as well as new investor Baillie Gifford.
Other investors from Europe, North America, the Middle East and Greater China also participated in the round, including long-only investment managers, private equity and venture funds, university endowments, internet platforms, and consumer retail groups.
Micro Connect will use the funds to enhance the market structure of the Micro Connect Macau Financial Assets Exchange and develop its financial market for micro and small business investing. It has raised a total of USD 578 million across three funding rounds to date, and is now valued at USD 1.7 billion. —South China Morning Post
Terminal 3 closes oversubscribed pre-seed round
The Hong Kong-based Web3 startup has closed an oversubscribed pre-seed funding round with participation from investors including 500 Global, CMCC Global, Consensys Mesh, Bixin Ventures, BlackPine, DWeb3, Hard Yaka, Bored Room Ventures, Mozaik Capital, among others. —Yahoo Finance
MGA Thermal raises around USD 8.2 million in funding
The Australian clean energy company has secured USD 8.2 million in a funding round supported by existing investors including Main Sequence, Varley Holdings, Melt Ventures and New Zealand’s Climate Venture Capital Fund, as well as new investors Pollination Group and Understorey Ventures.
MGA Thermal will use the funds to enable its next phase of growth, including the commissioning of its onsite production line and maintaining its operations until 2024. —TechNode Global
Aug 3, 2023
Genexyz closes USD 1 million seed funding round
The Indonesian startup has closed a USD 1 million seed funding round led by East Ventures, with participation from other investors including Emtek, MDI, Trinity Optima, Massive Music, and returning investor Future Creative Network.
Genexyz operates a platform that enables clients to interact with virtual influencers and “meta-humans”, unlocking a new way for brands to engage with their audiences.
The startup plans to use the funds to expand its presence in Southeast Asia and develop new technology to connect with communities and deliver impact for clients.
Rekosistem secures funding from Skystar Capital and other investors
The Indonesia-based clean tech startup has reportedly secured funding in a new round led by Skystar Capital, with participation from Saratoga Investama and East Ventures. —DealStreetAsia
Mynavi and Coursera lead Unstop’s USD 5 million funding round
The community engagement and hiring platform has raised USD 5 million in its first funding round. The round was led by Japanese recruitment and HR tech company Mynavi Corporation and edtech platform Coursera, and saw participation from other investors including Venture Catalysts, 9Unicorns, and Caret Capital’s Pankaj Bansal.
Unstop will use the funds to grow its global presence with the aim of becoming the largest platform for qualified talent.
Cerebry raises USD 1 million seed funding for APAC expansion
The Singapore-based edtech startup has raised USD 1 million in a seed round led by Vietnam-based venture capital firm Ascend Vietnam Ventures, with participation from other investors including Pentathlon Ventures.
Cerebry will use the funds to expand its reach in the Asia Pacific and expand its artificial intelligence-powered learning platform into new domains like science. —TechNode Global
Aug 2, 2023
Health tech startup HD raises significant investment from FEBE Ventures to fuel Vietnam expansion
The Bangkok-based health tech startup has raised a significant amount of investment from Vietnam-based venture capital firm FEBE Ventures, and will use the funds to fuel its expansion plan in Vietnam.
HD operates the HDmall platform in Indonesia and Thailand, working with healthcare providers to increase the capacity utilization rate of hospital and clinic facilities. It has also recently launched a new elective surgery product, HDcare.
The startup last raised USD 6 million in January earlier this year.
Airalo raises USD 60 million in Series B round
The Singapore-founded eSIM marketplace has completed its Series B round, raising USD 60 million. The round was led by e& Capital and saw participation from Antler Elevate, Liberty Global, Orange, T.Capital, Rakuten Capital, Singtel Innov8, Telefónica Ventures, Surge by Peak XV Partners (formerly Sequoia Capital SEA and India), KPN Ventures, and I2BF Global Ventures.
Airalo will use the funds to grow its community of users, expand its global team, and introduce Airalo Partners, a connectivity solution for businesses and organizations.
Navi Medical Technologies secures USD 2.4 million in fresh funding
The Melbourne-headquartered medtech company has raised USD 2.4 million in a funding round comprising a USD 700,000 lead investment from government-led investment fund Breakthrough Victoria, as well as federal grants from the Australian government.
Navi Medical Technologies will use the funds to complete a clinical trial and obtain FDA approval for a new medical device, Neonav ECG Tip Location System, which could enable faster and safer delivery of life-saving therapies to critically ill newborn and pediatric patients.
1Bstories raises USD 5.5 million to build Vidiofy
The startup has raised USD 5.5 million in a funding round participated by Northstar Group and 47 other investors. It plans to use the funds to accelerate product development, expand its team, and drive the adoption of its newly launched generative AI video tool, Vidiofy.
Beleaf Farms secures USD 6.9 million following completion of Series A round
The Indonesian agritech startup has raised USD 6.9 million in a Series A round led by Alpha JWC Ventures, with participation from other investors including Openspace Ventures and angel investors.
Beleaf Farms will use the funds to expand its presence in Southeast Asia. Currently operating in four countries, including Singapore, it hopes to expand into six more countries by the end of 2024. It also aims to onboard a minimum of 2,000 farmers into its network by 2024. —The Business Times
Plotlogic nabs USD 28 million in Series B funding
The Brisbane-based deeptech mining company has secured AUD 42 million (USD 28 million) in a Series B round led by climate technology investors including US billionaire investor and philanthropist Tom Steyer and his investment partner Katie Hall. The round also saw participation from government-backed deeptech venture capital firm Main Sequence, as well as existing investors Innovation Endeavors, DCVC, Bentley iTwin Ventures, and GRIDS Capital. —Business News Australia
Plerion closes USD 10 million seed round
The Sydney-headquartered cybersecurity startup has raised USD 10 million in a seed round led by Prosus Ventures, with participation from Cercano Management and Atlassian Ventures. Plerion will use the funds for product development, talent acquisition, and go-to-market strategies.
This latest funding follows a USD 4.7 million pre-seed round completed by Plerion in March 2022. —Business News Australia
Over in China, these deals made headlines:
- Jiemeng Intelligence, a Chinese lithium battery manufacturing company, has raised a nine-figure RMB investment in a strategic financing round from investors including but notwithstanding CCB Investment, Han Hui, Industrial Capital, Jinding Capital, Fenghe Capital, Infore Capital, CDH Investments, Jucheng Capital, and CETC Investment Holdings. —36Kr
- Extended reality wearables company LAWK has raised an eight-figure RMB investment in a Series A round led by Guozhong Capital, with InvesTarget reprising its role as the company’s exclusive financial advisor. —36Kr
- PolarisIC, a Shenzhen-headquartered chip design company, has raised an eight-figure RMB investment in a pre-Series A+ round co-led by Guohua Investment, Rivercity Investment, Boyu Fund, and Hongtai Fund. The company’s chips are designed to provide depth sensing and low-light imaging capabilities. —36Kr
- Nuclei, a Chinese processor intellectual property vendor, has raised an undisclosed amount of funding from China Fortune-Innovation Capital, October Capital, and Longding Investment. —36Kr
- Chinese reproductive health and anti-aging products developer Dachao has raised an eight-figure RMB investment in a Series B round led by Swiss financial institution Cedrus Group. —36Kr
Aug 1, 2023
T3 Chuxing raises USD 139.9 million in Series A extension round
The Chinese ride-hailing company has secured RMB 1 billion (USD 139.9 million) in a Series A extension round, led by local investor Hongtai Aplus. T3 Chuxing will use the funds to expand its user base and for R&D of its autonomous ride-hailing platform.
This latest funding follows a RMB 7.7 billion (USD 1.2 billion) Series A round completed by T3 Chuxing in October 2021. —DealStreetAsia
Vuihoc secures USD 6 Million in Series A round
The Vietnam-based edtech company has raised USD 6 million in a Series A round led by TNB Aura, with participation from other investors including Singapore state-owned investor Temasek and Hong Kong-based venture capital fund Aria Group.
Vuihoc intends to use the funds to expand its online education platform and develop its AI-powered features. —e27
Boston Micro Fabrication raises USD 23.7 million in Series D round
The micro-precision 3D printing company has raised RMB 170 million (USD 41.8 million) following the completion of its Series C round. The round was led and participated in by several Chinese investors.
Boston Micro Fabrication last raised RMB 300 million (USD 41.8 million) in Series C funding one year ago, in July 2022. —36Kr
[Updated] Atantares raises USD 14 million across two pre-Series A rounds
The Chinese biotechnology company has recently announced that it has raised RMB 100 million (USD 14 million) following the completion of its pre-Series A and pre-Series A+ rounds.
The pre-Series A round was led by Asia Green Fund, followed by Fosun Health Capital, Frees Fund, Qiming Venture Partners, Next Capital, and NeuX Capital. Alibaba Health was the exclusive investor for the pre-Series A+ round. —TechNode Global
Runchengda raises USD 31.2 million in Series B2 round
The Shenzhen-based smart car charging piles maker has announced the completion of its Series B2 round, raising RMB 224 million (USD 31.2 million) from Pivot Capital, Pingxiang State-owned Assets Management, Suzhou New District Hi-tech Industrial, and existing investor Hongtai Aplus.
Runchengda will use the funds to enhance its competitiveness in the global new energy market, focusing on R&D, new projects, talent acquisition, and more. —STCN
Jul 31, 2023
Animoca Brands to invest USD 30 million in financial app Hi
The Hong Kong-based Web3 financial app and ecosystem is set to secure USD 30 million in funding after signing a memorandum of understanding with blockchain gaming group Animoca Brands.
With this partnership, Animoca Brands will explore integrating its metaverse-based gaming ecosystem with Hi’s services, which include a Web3 finance app and an Ethereum Layer-2 sidechain. —TechNode Global
Halodoc raises USD 100 million in Series D round
The Indonesian health tech platform has raised USD 100 million in a Series D funding round led by Astra International, with returning investors Openspace Ventures and Novo Holdings participating in the round.
Halodoc will use the funds to strengthen digital health literacy in Indonesia and enhance its services including Home Lab and My Insurance.
Sunrate, MirXES, eFishery, and more led last week’s headlines:
- Peak XV Partners led Sunrate’s Series D extension round, providing funds to fuel the platform’s development and expansion plans.
- Web3 cybersecurity startup Zyber 365 has raised USD 100 million from SRAM & MRAM Group via a Series A round and plans to utilize the funds to expand its operations, enhance technological capabilities, and establish a global presence.
- Geely’s Yuan Cheng Auto has completed its Series A round, raising USD 600 million, and will use the funds to support its R&D efforts and strengthen its market position.
- In tandem with its IPO application in Hong Kong, cancer diagnostics company MiRXES has raised USD 50 million in a Series D round, with participation from both new and existing investors.
- Indonesian aquaculture startup eFishery has raised USD 200 million in a Series D round led by 42XFund. It will utilize the funds to expand its farming community and increase the volume of transactions on its platform.