Financial agreements: Atome Financial obtains a debt facility worth up to $100 million, Food Empire receives funding from Ikhlas Capital, and six deals from China, among other transactions.
In the dynamic world of technology, Asia continues to be a hotbed of innovation and investment. Here's a look at some of the recent funding rounds that have taken place in the region.
Dendritic Optical Technology, a Chinese optics company, has successfully completed its Series B funding round, with Guoyuan Securities Financial Holdings, Hefei Hi-tech VC, and Xingtai Capital Management among the participants. The funds secured will be channeled into a special purpose vehicle (SPV) owned by Food Empire Holdings, which aims to hold or possess a portfolio of business operations in Southeast Asia and South Asia.
Atome Financial, a digital financial technology platform, has experienced significant growth in its buy now, pay later (BNPL) business. The company's profitability was evident in a 40% year-on-year surge in GMV to USD 1.5 billion and a 130% year-on-year growth in revenue. The funds raised will be used for the expansion of its regional credit portfolio and the launch of new products such as savings, lending, insurance, and the "Atome Card" in markets including Singapore, Malaysia, the Philippines, and Indonesia.
BioMap, a Beijing-based biological computing startup, has received an undisclosed investment from the Hong Kong Investment Corporation. The proceeds will support BioMap in establishing its biocomputing innovation center and expanding its operations to Hong Kong.
Tiger New Energy, a Bangladeshi clean energy startup, has raised an additional USD 1 million in funding from ADB Ventures, augmenting the USD 2.5 million seed round led by Wavemaker Partners in 2023. The investment will accelerate the deployment of Tiger's battery swapping network across Bangladesh.
Minospace Technology, another Beijing-based startup, has secured RMB 1 billion in a Series C1 financing round. The funds will be used to streamline satellite R&D and production operations.
DreamTech, an artificial intelligence tech startup, has raised an eight-figure RMB sum in angel funding across two rounds. Oriza Seed led the initial investment, with Monad Ventures investing in a subsequent round.
Sectrend, a supply chain software security company, has secured tens of millions of RMB in a pre-Series A++ round of financing. Investors include Firstlight Capital, Vista, Shanghai Weixin, Kunpeng Technology Growth Fund, Shanghai Anyu, and Shanghai Yisu.
Paywatch, an earned wage access service provider, has secured a total of USD 30 million from a mix of equity and credit facilities to bolster its growth. The company that supported Paywatch in its Series A1 funding round is Target Global.
Food Empire Holdings, a Singapore-based multinational food and beverage group, has received USD 40 million from private equity fund Ikhlas Capital. The investment will drive capital expenditures and mergers and acquisitions for Food Empire Holdings.
Okapi Technologies, a fintech startup in the solar financing space, has closed its funding round and officially launched in Malaysia, starting with the residential solar vertical. The round was led by The Radical Fund with participation from angel investors including Lai Chang Wen and Shaun Chong, co-founders of regional logistics unicorn Ninja Van.
Ai Palette, a Singapore-based AI and machine learning startup, has snagged an additional USD 1.45 million in its Series A1 funding round from InnoVen Capital.
Lastly, RaySea, a Hangzhou-based VCSEL company, has completed a new funding round led by its existing shareholders. The funds will be used for commercialization of automotive-grade VCSEL chips and optical chips iteration.
These investments underscore the vibrant tech ecosystem in Asia and the continued interest from investors in backing innovative startups in the region.
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