Home Venture Capital Deals in brief: Semaai, Komunal, and OnCusp secure funding, Etherscan acquires Solscan,...

Deals in brief: Semaai, Komunal, and OnCusp secure funding, Etherscan acquires Solscan, multiple China and India deals, and more

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Semaai raises USD 4.7 million in pre-Series A round

The Indonesian agritech startup has raised USD 4.7 million in a pre-Series A funding round, featuring a mix of debt and equity financing. CyberAgent Capital, a Japan-based early-stage corporate venture capital firm, spearheaded the round, with participation from Sumitomo Corporation Equity Asia, Ruvento, MyAsiaVC, Heracle Ventures, along with existing investors Surge by Peak XV Partners, Accion Venture Lab, and Beenext.

The completion of this round brings Semaai’s total funding to USD 7.6 million, providing capital for the company’s continued growth following substantial increases in revenue and user numbers last year. Semaai intends to utilize the newly raised capital to expand its agronomy advisory service in Central Java through collaborations with fintech institutions, aiming to cover 75% of villages in this region by the end of 2024.

“Agriculture is the third largest contributor to the overall GDP in Indonesia. This certainly shows that the sector has massive opportunities, but unfortunately, it has been run traditionally without significant exposure to any digital adoption. […] We are confident that Semaai will revolutionize the Indonesian agricultural sector through its offline-to-online approach, especially within the agricultural input material supply chain,” said Kevin Wijaya, director of CyberAgent Capital’s Indonesia office.

Photo of Semaai’s co-founders. From left to right: Muhammad Yoga Anindito, Gaurav Batra, and Abishek Gupta.
Photo of Semaai’s co-founders. From left to right: Muhammad Yoga Anindito, Gaurav Batra, and Abishek Gupta. Photo and header photo courtesy of Semaai.

Indonesia’s Komunal secures USD 5.5 million in Series A+ round

The Indonesian fintech company has confirmed the completion of its Series A+ funding round, securing USD 5.5 million. The round was led by Sumitomo Corporation Equity Asia and saw participation from JAFCO Asia, Skystar Capital, Sovereign Capital, and Gobi Partners.

Komunal is dedicated to advancing financial inclusion in Indonesia by digitalizing rural banks, merging funding access with hyperlocal lending to bolster the country’s economic growth.

“We firmly believe that rural bank digitization is pivotal to nurture financial inclusivity in Indonesia. … We will continue to innovate and bring meaningful impacts to Indonesia’s massive population base, especially the underserved yet promising micro, small, and medium enterprises (MSMEs),” said Hendry Lieviant, co-founder and CEO of Komunal.

Photo of Komunal’s team.
Photo of Komunal’s team. Photo courtesy of Komunal.

OnCusp Therapeutics raises USD 100 million in oversubscribed Series A round

The New York-headquartered biopharmaceutical company has raised USD 100 million in an oversubscribed Series A funding round jointly led by Novo Holdings, OrbiMed, and F-Prime Capital. Sofinnova Investments, Catalonia Capital Management, Marshall Wace, Forge Life Science Partners, Blackbird BioVentures, CJNV BioVenture, along with existing investor BioTrack Capital, have also committed to this round.

OnCusp Therapeutics plans to employ the newly acquired capital to advance its preclinical candidates in the pipeline, expand its portfolio, and enhance its team. As part of this development, Karen Hong, a partner in Novo Holdings’ venture investment team, Diyong Xu, principal at OrbiMed, and Chong Xu, partner at F-Prime Capital, will join OnCusp Therapeutics’ board of directors.

OnCusp has an established presence in Shanghai and includes HongShan (formerly known as Sequoia Capital China), Oriza Seed, and AIHC Capital among its list of backers.

Etherscan acquires Solana block explorer Solscan

The Ethereum block explorer and analytics platform has announced its acquisition of Solscan, a platform that enables users to explore and analyze information on the Solana blockchain, including addresses, token and transaction details, as well as APIs, dashboards, and non-fungible token (NFT) metadata.

“[Solscan] has proven [its] expertise over the years by offering detailed insights and analytics. [Its] expertise in making blockchain data accessible and user-friendly also aligns perfectly with our mission at Etherscan,” said Matthew Tan, founder and CEO of Etherscan.

Maya Innovations raises USD 80 million in Series C round

Maya Innovations (formerly known as Voyager Innovations), a Philippines-based fintech startup, has raised USD 80 million in a Series C funding round from various investors including Jumel Holdings, First Pacific Company, PLDT, SIG Venture Capital, and Tencent. The company is most commonly known for Maya (formerly known as PayMaya), a digital payments company. —Tech in Asia

Recent deals completed in China:

  • Microview, a Shenzhen-based high-precision chip packaging equipment manufacturer, has raised an undisclosed amount of investment in a Series A++ funding round led by Qianhai CSSC with the support of Puhua Capital. Profound Capital continued to act as the financial advisor for this round. Microview completed its Series A+ round in October last year, when it secured close to RMB 100 million (USD 14 million) from Haitong Capital and Share Capital. 36Kr
  • Supermag Intelligent Technology, a Suzhou-based magnetic levitation (maglev) technology company, has banked over RMB 100 million following the completion of a Series A funding round jointly led by Qiming Venture Partners, China Fortune-Tech Capital, and Runzhang Venture Capital. Guokai Technology Venture Investment, Oriza Holdings, Oriza Seed, and other investors also took part in this round. Supermag will use the funds for product R&D, marketing, and team building. 36Kr
  • Elite Analytical Instruments, a technology company specializing in high-performance liquid chromatography (HPLC), has raised over RMB 100 million from multiple investors in its inaugural round of financing. 36Kr
  • Neuregen Therapeutics, a Suzhou-based gene therapy drug developer, has bagged an eight-figure RMB sum in a pre-Series A funding round led by Shanghai Science and Technology Investment with the support of various institutional investors. —36Kr
  • Chinabridge Medical Group, a Shenzhen-based technology enterprise specializing in the development of Class III medical devices, has secured over RMB 100 million in a Series E funding round jointly led by China Development Bank Capital and a Hengjian Holding-managed fund. Zhejiang Development Asset Management, Huashi Capital, and other unnamed institutions contributed to this round. 36Kr
  • Kai MedTech, a Shanghai-based developer of vascular intervention medical devices, has raised a nine-figure RMB sum following the completion of its Series C funding round. The round was led by Guoxin Investment. 36Kr
  • Ice Intelligent Healthcare, a Suzhou-based provider of cardiovascular intervention imaging solutions, has secured an eight-figure RMB sum in a pre-Series A+ funding round from Dalton Venture and China Innovative Capital Management. The company will utilize the funds to expedite the R&D, clinical trials, and marketing of its products. 36Kr
  • Brainthink, a Hangzhou-based provider of hardware and software for brain-computer interfaces (BCIs), has secured a seven-figure RMB sum of angel funding from Stream Hill Angels. 36Kr
  • Linstant Polymer Materials, a Ningbo-based medtech company specializing in minimally invasive devices, has raised over RMB 100 million in a funding round led by Haibang Fenghua with the support of the Tongshang Fund. Linstant will use the funds to scale its production capacity, acquire talent, and explore new markets. 36Kr
  • Yunsilicon Technology, a Shanghai-based startup focused on the development of application-specific integrated circuit (ASIC) technology, has completed a new round of financing, securing around RMB 100 million from Shanghai Pudong Innovation Investment Group and Shanghai Zhangke Yaokun Venture Capital. The funds will be allocated toward R&D and technology implementation. 36Kr
  • Focus Star, a Suzhou-based hydrogen technology company, has bagged an eight-figure RMB sum in a Series A+ funding round from Tang Xing Capital. The company will utilize the funds to expand its production capacity and supplement working capital. 36Kr
  • Fluentrop Technology, a Shenzhen-based manufacturer of advanced heat transfer technologies and thermal management solutions, has completed its pre-Series A funding round, banking an eight-figure RMB sum. Essence Capital led the investment with the support of Xingdou Capital and Hongrun Wealth Management. Fluentrop intends to use the funds to enhance its production and delivery capabilities. 36Kr
  • Flagchip Semiconductor, a Suzhou-based provider of system-on-a-chip (SoC) solutions for the automotive industry, has secured a nine-figure RMB sum in a new funding round. The round saw participation from Tsinghua Holdings Capital, SND Financial Holdings, Suzhou SND Group Corporation, Wuxi Guojing, and a CRRC Capital-managed fund. 36Kr

Latest deals in India:

  • Rincell Corporation, a manufacturer of silicon-graphite and lithium manganese iron phosphate (LMFP) batteries, has raised USD 1.2 million in an oversubscribed seed funding round led by NextGen Battery Chem Ventures, which is managed by Sandiip Bhammer, the founder and managing partner of Green Frontier Capital, an India-focused early-stage climate tech investor. Rincell will use the funds to prepare its silicon-graphite batteries for commercial production.
  • PrabhuBhakti, a D2C religious products brand, has raised an undisclosed amount of seed funding in a round led by Prajay Advisors. The company will utilize the capital to expand its product range and target new markets. —VCCircle
  • CureBay, a Chennai-based health tech company, has raised INR 618 million (USD 7.4 million) in an extension to its Series A funding round. The investment was led by existing shareholder Elevar Equity with the support of internal investors including CureBay’s CEO, CTO, and other members of its leadership team. —Entrackr
  • Country Delight, a Gurugram-based dairy and grocery delivery platform, has raised USD 20 million in a Series E funding round led by Temasek with the support of Seviora Capital and existing investor Venturi Partners. Country Delight last raised funds in May 2022, when it received USD 108 million in a Series D round jointly led by Temasek and Venturi Partners. —Entrackr

Mixue, GoodMe, UniFAHS, Silicon Box, and more led last Friday’s headlines:

  • Mixue Bingcheng and GoodMe, two of China’s major bubble tea brands, filed prospectuses for Hong Kong listings on January 2, 2024. This follows ChaPanda’s submission of its IPO application in August last year, making a total of three Chinese beverage retailers seeking to list in Hong Kong over the past five months.
  • UniFAHS, a Thailand-based biotechnology company specializing in phage technology for sustainable agriculture and food safety, raised at least USD 1.4 million in a seed funding round led by A2D Ventures with the support of ADB Ventures and InnoSpace Thailand.
  • Silicon Box, a Singaporean company specializing in semiconductor integration solutions, secured an undisclosed amount of investment from TDK Corporation through TDK Ventures, its subsidiary.

If there are any news or updates you’d like us to feature, get in touch with us at: [email protected].

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