India has emerged as one of the most active startup hubs in Asia, and especially in South Asia. From Salesforce’s first venture investment in India to a Bollywood actor’s health startup investment, take a look at the week that was in the funding landscape of India’s startup ecosystem. The new [...]
South Asian Genetics Diagnostics, Research, And Data Startup MedGenome Bags US$55M
India-based genomics-driven research and diagnostics startup MedGenome raised US$55 million in a fresh round of funding led by LeapFrog Investments, according to a press release on April 1. Existing investors Sequoia Capital and Sofina also participated in this round.
With the latest funds, MedGenome’s total funding reached $119 million. According to the press report, the latest investment will be used to expand the clinical genomic testing market to Tier II and Tier III cities in India and accelerate the company’s drug discovery programs. MedGenome claims to have completed over 200,000 genomic tests till date.
China’s 4Paradigm Raises US$230M In Its Series C Funding Round
China-based Artificial Intelligence (AI) unicorn 4Paradigm closed its Series C round of financing at a total of US$230 million, according to a company statement on Thursday. With the latest investments, 4Paradigm’s total funding stands at $375.3 million at a $2 billion valuation. New investors like Cisco, Lenovo and China CITIC Bank participated in the round, while Sequoia Capital continues to be the largest external shareholder of the startup.
4Paradigm develops and deploys AI solutions to solve real-world problems in an array of sectors including finance, healthcare, retail, manufacturing, energy, Internet and others. According to International Data Corporation (IDC) Marketplace, 4Paradigm has the highest market share in the machine learning sector in China.
Indonesia’s Agritech Startup TaniHub Group Ropes In US$17M in Series A+ Funding Round
Indonesia-based agritech startup TaniHub raised US$17 million in a Series A+ funding round, co-led by OpenSpace Ventures and Intudo Ventures, according to a company statement on Wednesday. This pushes TaniHub’s total funding to $29 million since 2016. The other investors who participated in this round include UOB Venture Management, Vertex Ventures, BRI Ventures, Tenaya Capital, and Golden Gate Ventures.
The current funding will be used to expand the startup’s services and improve geographical coverage of farmers, customers, and operational improvements. TaniHub announced that it will launch three new automated Packaging and Processing Centres (PPC), including one in Malang, East Java.
“TaniHub focuses on building infrastructure and supply chain, addressing some of the largest challenges in the agriculture sector. We are committed to strengthening our B2B partnerships, including small and medium businesses. We expect more robust growth for this year, and hope we can reach all cities throughout the country by 2022,” said Ivan Arie Sustiawan, Co-Founder and CEO of TaniHub, in the company statement.
Japan’s Digital Banking Startup Kyash Rakes In US$45M
Tokyo-based mobile banking startup Kyash raised US$45 million in a Series C funding round co-led by Greenspring Associates and existing investor Goodwater Capital, according to a statement issued by the company on March 30. With the latest round of financing, the total funding raised by Kyash till date reached $73 million. The startup aims to utilize the latest funding to further Kyash’s overall growth strategy and business domain expansion plans, particularly in the banking sector.
Kargo Technologies, a freight logistics startup based out of Indonesia, has secured a strategic investment of undisclosed amount from Amatil X, Coca Cola Amatil (CCA) Indonesia’s corporate venture capital wing, CCA announced in a statement on March 30. The acquisition is a move towards CCA Indonesia’s larger goal of digitizing its operations.
India’s Unacademy Acquires Elearning Platform Kreatryx
Bengaluru, India-based e-learning platform Unacademy, acquired New Delhi-based online competitive exam prep platform Kreatryx for an undisclosed amount in a cash and stock deal, according to a company statement on March 31. Post-acquisition, Kreatryx will continue to be run independently by Founder Ankit Goyal, under the Unacademy Brands Team, it added.
Without FLK Holdings’ Support, Honestbee Has To Look For New Bailout Investment Or Face Bankruptcy
Honestbee currently owes around US$230 million, and ex-chairman Brian Koo and his companies own almost 90% of the debt. FLK Holdings, Formation Group Fund I, and Formation Group (Cayman) Fund I, all backed by Koo, had agreed to invest $7 million to help Honestbee pay off its debts to other investors. However, they backed out of the deal on March 25 citing the global pandemic situation. On March 26, Singapore court denied Honestbee protection from creditors.
Without the support of Koo and his companies, Honestbee will have to look elsewhere for bailout investment. And if Honestbee is unable to find an investor, it could be facing bankruptcy.
Expara, a Singapore-based venture capital company, is now empowering startups on the defensive against COVID-19. The organization has launched a fully online acceleration program–Expara VirTech Global Accelerator–that focuses exclusively on the economic and social challenges posed by COVID-19. The three-month program will accept 30 companies, and provide funding of up to US$50,000 per team.
Healthtech Acquisitions Bid Against COVID-19
The healthtech industry is working around the clock to take the battle against COVID-19 to a higher level. Find the list of latest healthcare acquisitions here.