Elev8.vc closes USD 30 million deep tech fund
Elev8.vc, a venture capital firm based in Singapore, has closed a USD 30 million fund targeting early-stage startups. The fund focuses on advancements in artificial intelligence, robotics, medtech, and advanced manufacturing, aligning with its mission to position Singapore as a global hub for technological innovation.
The fund has already backed a range of startups, including Aevice Health, Auristone, CoNEX Healthcare, Equatorial Space, Gush, Kabam Robotics, Moon Technologies, N&E Innovations, and Polybee, along with two other companies currently in stealth mode.
Elev8.vc’s initiative is supported by the Singapore Economic Development Board’s SG Startup Equity Scheme, alongside institutional investors and prominent tech figures, such as YouTube co-founder Steve Chen. The firm plans to invest in 20–30 startups, leveraging its resources and extensive network to provide further support for these ventures.
129Knots raises USD 10 million to address trade finance gaps
129Knots, a fintech company incubated under Singapore EDB’s Corporate Venture Launchpad program, has officially launched with USD 10 million in funding led by Sing Fuels. The platform specializes in asset origination-to-distribution (OTD) technology, transforming supply chains into high-value, investment-grade assets.
The company aims to bridge gaps in trade finance using its proprietary credit engine, Tribal Knots, which employs machine learning to analyze both structured and unstructured data. This technology reveals patterns in buyer behavior, transaction histories, and industry benchmarks, creating deeper insights for stakeholders.
Initially targeting the marine energy transition industry, 129Knots also plans to expand into other high-growth areas. Its suite of solutions includes programmable money, stablecoin-powered transactions, and blockchain-based governance tools.
HongShan acquires majority stake in Marshall Group
HongShan, previously the Chinese investment arm of Sequoia Capital, has acquired a majority stake in Stockholm-based audio equipment maker Marshall Group, according to Reuters. The deal values Marshall at EUR 1.1 billion (USD 1.15 billion).
As part of the transaction, Swedish telecom company Telia sold its 9.6% stake for SEK 1.15 billion (USD 105 million). The Marshall family retains a 20% ownership, while other shareholders, including Altor Equity Partners and Zenith VC, have exited their positions.
Marshall is recognized for its iconic guitar amplifiers and audio devices, with operations spanning numerous markets, including regions like China and the Nordics.
Other deals recently completed in China:
- Zhiqing Nanotech, a quantum dot technology firm founded in 2016, has raised an eight-figure RMB sum in a new funding round. The investment, led by various Guangzhou-based funds, will be allocated to establishing a production line for quantum dot films and advancing micro-display technology. Emerging from the Beijing Institute of Technology, Zhiqing is said to be the first globally to commercialize perovskite quantum dot display products. —36Kr
- Jinke Machine Tools, a company specializing in five-axis machine tools for applications spanning various industries, has raised RMB 50 million (USD 7 million) in a Series A funding round led by the Industrial Machinery Industry Investment Fund. The capital will support Jinke’s expansion in smart manufacturing and bespoke industrial solutions. —36Kr
- Deepwise, a Beijing-based AI healthcare firm, has raised RMB 500 million (USD 70 million) in its largest funding round to date, according to DealStreetAsia. Led by Legend Capital and supported by government-affiliated funds from Hangzhou, the capital will be used to scale AI-powered medical diagnostics, clinical decision-making, and personal health management tools.
Neko Health, Pomelo Group, Nexible, and more made recent headlines:
- Neko Health, a Swedish health tech company co-founded by Spotify CEO Daniel Ek, reportedly raised USD 260 million in a Series B funding round led by Lightspeed Venture Partners.
- Pomelo Group, a B2B fintech company, announced the acquisition of Arrow Checkout, a Singapore-based e-commerce payments platform.
- Nexible Solutions, the developer of sales automation platform Outperform, confirmed the acquisition of a 51% majority stake in its business by Catcha Digital.
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