Bringing you the latest updates on funding deals and activities in the Asia Pacific.

Sunseap’s Frank Phuan backs UnaBiz in pre-Series C round

UnaBiz, which provides internet-of-things services at scale, has announced a strategic investment from Frank Phuan, co-founder of Sunseap Group, during its pre-Series C funding round.

UnaBiz said that it plans to leverage the capital to enhance its IoT offerings and advance global ESG objectives.

Phuan, an advocate for renewable energy and sustainability, will join UnaBiz’s board of directors, contributing his expertise in ESG strategies.

This latest investment comes after a tranche backed by Japan’s KDDI Global Innovation Fund 3 and Kyocera Communications System.

Separately, Phuan recently participated in a seed round for MediSun Energy, a company specializing in osmotic energy technology.

Alibaba takes 5% stake in South Korea’s Ably

Alibaba Group has invested KRW 100 billion (USD 70.7 million) for a 5% stake in Ably Corporation, South Korea’s leading female apparel shopping app, according to The Korea Economic Daily.

This funding elevates Ably’s valuation to KRW 3 trillion (USD 2.1 billion), marking it as Korea’s first unicorn in 2024.

Ably plans to allocate the funds toward scaling its transaction volumes and expanding global sales opportunities for Korean fashion sellers.

The platform, already a leader in women’s fashion, also caters to men’s and Japanese fashion markets, boasting millions of monthly active users.

KPay raises USD 55 million in Series A round

KPay Group, a financial management and operations platform, has raised USD 55 million in one of the largest Series A rounds in the global payments sector this year. The funding was led by two growth funds managed by Apis Partners.

The company aims to use the capital to expand into key Asian markets, including Indonesia, the Philippines, and Thailand. KPay also plans to pursue acquisitions, organic growth, and strengthen partnerships with technology and financial institutions.

Playgama raises USD 3 million to boost global HTML5 game development

Playgama, a Dubai-based gaming tech platform for HTML5 developers, has raised USD 3 million in a funding round led by The Open Platform and S16VC, with support from FJ Labs and TON Ventures.

The company plans to use the funds to enhance its platform, which supports developers with tools for multi-platform integration and international game distribution. Playgama also intends to expand its analytics capabilities and explore Web3 gaming partnerships through TON Ventures.

Mimin secures USD 1.5 million for Southeast Asia expansion

Mimin, an Indonesian generative artificial intelligence startup, has secured USD 1.5 million in funding led by Skystar Capital. The round included participation from Urban Gateway Fund, Kopital Ventures, and angel investors, alongside contributions from Salim Group, an existing backer.

The funds will support Mimin’s growth across Southeast Asia, focusing on customer engagement solutions such as AI-powered chatbots and automation tools.

Recent deals completed in China:

• Effyic, an artificial intelligence startup, has secured an eight-figure RMB sum in a funding round led by the Beijing Shijingshan District Modern Innovation Industry Development Fund. The company, which develops smart enterprise applications for industrial use, is now valued at RMB 500 million (USD 70 million). Effyic plans to use the funds to enhance its solutions for production processes. 
• Chauron Technology (formerly Superfuse), a fuse manufacturer for new energy systems, has raised an eight-figure RMB sum in a Series B funding round led by Renfa Investment. The funds will be used for its market expansion, production capacity upgrades, and R&D of advanced products. The company specializes in components for electric vehicles and charging stations, among others. 
• Robot Vision, a vision inspection and measurement equipment provider, has completed a nearly RMB 100 million (USD 14 million) Series A funding round. The investors include Hefei Construction Investment and Hefei Innovation Investment. Proceeds from this round will be used to fund the establishment of a production base in East China and the market promotion of semiconductor inspection tools. 
• Nous Bot, a robotics startup, has been backed with an eight-figure RMB sum in angel funding from Chengwei Capital, K2VC, and Plug and Play China. The capital will help speed up the development and production of actuator modules and planetary roller screws, as well as support the startup’s business expansion and talent acquisition. 
• Naen Automotive Technology, a pan-body electronic systems supplier for the automotive industry, has secured over RMB 100 million in strategic funding, jointly invested by Green Pine Capital Partners and CMB International. The funds will be used to develop solutions for China’s EV industry and to explore localization opportunities for electronic components. 
• Tota, a Nanjing-headquartered smart manufacturing company, has raised hundreds of millions of RMB in a growth funding round led by Lucion Venture Capital. 
• Skylin Technology, a developer of anti-vibration alloy materials, has completed a RMB 70 million (USD 9.8 million) pre-Series A funding round led by Xiaoxiang Capital. The funds will be allocated toward R&D and applications of Skylin’s noise reduction technology in sectors like transportation, aerospace, and precision engineering. 
• Unisic, a precision testing equipment developer, has closed a RMB 200 million (USD 28 million) Series B round of financing led by SDIC Venture Capital, with participation from Riverhead Capital and existing backer Volcanics Venture. The capital will be used to finance R&D of advanced testing solutions for semiconductors, as well as mass production of new products and international expansion. 
• ShallxR, an extended reality tech company, has snagged RMB 40 million (USD 5.6 million) in funding to support its subsidiary Nova in developing next-generation XR motion platforms. The round was led by Anji Botai Investment, with the funds earmarked for supply chain development and product deployment. 

Alibaba’s Trendyol, MUFG, and more made recent headlines:

• Trendyol, Turkey’s largest e-commerce platform, is reportedly exploring a USD 1 billion funding round as it eyes expansion opportunities, with discussions said to remain preliminary.
• Mitsubishi UFJ Financial Group (MUFG) launched a JPY 99.7 billion (USD 663.2 million) tender offer to acquire full ownership of WealthNavi.

#FundingUpdates #AsiaPacificDeals #StartupInvestments #TechFunding #GlobalExpansion