A Recap On What Happened This Week: Asian Startup News Overview (September 25th - September 29th)
By: Asia Business Outlook Team | Saturday, 30 September 2023
We are about to reach the end, and this week started with a capital market firm, China Reform Holdings, proposing to raise close to 14 billion USD, which will be invested in emerging industries. The Automotive sector has also secured a massive investment with an aim for biodiesel production, and this will also encourage other potential investors to make a step forward to contribute effectively.
This week, the focus was on Artificial intelligence. The Asian Pacific industry regions have a vast number of AI start-ups. As per the reports, an amount of USD 700 was received, and there is still more to receive in this as the industry is booming, and more than 25% of the businesses have already invested in AI. Kiddicare, a caregiving platform, has secured the preliminary round of funding, which will be utilized for the business expansion.
Kiddocare, Malaysia's on-demand caregiving platform, has announced the successful completion of its Pre-Series A round. According to a statement issued by Kiddocare on Sept 27, the round included strategic investments from prominent investors led by Artem Ventures, as well as participation from Gobi Partners, MSW Ventures Asia Fund X, and ScaleUp Malaysia.
According to the statement, Gobi Partners' participation through the Khazanah Nasional Bhd-backed Gobi Dana Impak Fund (GDIV) highlights Kiddocare's pivotal role in impacting the Malaysian economy and its promising future.
It also stated that this investment positions Kiddocare for accelerated growth and innovation. It stated that the company will use these resources to expand its platform, reach a larger audience, and create new opportunities for women, not only in caregiving but also in various other sectors.
“Central to our mission is the professionalization of caregivers. In an industry that often lacks recognition, we are committed to setting new standards,” said Kiddocare Founder and Chief Executive Officer Nadira Yusoff.
“Through innovative technology, necessary training and certification, career paths, and social safety nets, Kiddocare ensures that caregivers are equipped with the skills, knowledge, and support necessary to provide top-tier care,
"This investment reinforces our resolve to elevate caregiving as a respected and professionalized career of choice," he stated.
Kiddocare is a homegrown childcare services platform that connects parents with verified childcare providers based on their time and location preferences.
The company was founded as an initiative to support working parents by providing them with the gift of freedom and time by connecting them with babysitters to care for their children. Kiddocare also aims to empower women who want to work in childcare as a career or to supplement their income by providing a platform for them to do so.
Enflame, a Chinese artificial intelligence (AI) chip startup backed by tech giant Tencent, announced on Sept 28 that it had raised 20 billion yuan ($2.74 billion) from investors including funds linked to a Shanghai government authority.
The agreement comes as the advancement of generative AI, aided by the success of OpenAI's ChatGPT, increases investor interest in companies developing AI-related infrastructure such as AI chips.
Enflame stated that the latest fundraising was co-led by investors, including a few funds backed by Shanghai International Group, which is controlled by the state asset regulating authority in the Shanghai municipality.
Tencent, which has cooperated with Enflame in developing an AI chip named Zixiao and contributed to the startup's earlier fundraising, also participated in the latest investment round, according to a statement by Enflame.
Tencent Holdings Ltd. is a Shenzhen-based Chinese multinational technology and entertainment conglomerate and holding company. It is one of the world's highest-earning multimedia companies in terms of revenue. Tencent Games, a division of Tencent Interactive Entertainment Group (IEG) focused on game publishing, is also the world's largest company in the video game industry in terms of investments.
Social networks, music, web portals, e-commerce, mobile games, internet services, payment systems, smartphones, and multiplayer online games are among its services. It runs the instant messengers Tencent QQ and WeChat, as well as QQ.com. Tencent Music is also under its control.
Automera, a new Singapore-based biotechnology company, has raised $16 million in Series A funding led by Accelerator Life Science Partners (ALSP) and ClavystBio.
According to a statement issued by Automera on Sept 27, the funding also included participation from Singapore-based global investor EDBI, Xora Innovation, and other unnamed investors. Loong Wang from Automera, Dr. Alice Chen and Thong Q. Le from ALSP, and Dr. Wen Qi Ho from ClavystBio have joined the Board of Directors.
"Automera was founded on the premise that improving health outcomes for people with serious diseases requires new technologies that make it easier, faster, and less expensive to develop safe and effective medicines," said Loong Wang, co-founder and CEO of Automera.