A Recap on What Happened This Week: Asian Startup News Overview (21st August-August 25th)

This week was a sensation in the space-tech industry as India's Chandrayaan 3 landed safely on the moon- a significant achievement for the country and the officials involved. Tech giants Ceo's like Elon Musk, Jeff Bezos, and Sundar Pichai congratulated India on its victory to the moon. And obviously more is yet to come as space giants such as ISRO and other emerging space-tech titans develop technologies for space expedition. Today, Asia is home to some of the most innovative and successful tech startups in the world, not just India. Some of the startups are already shaping global trends and influencing other markets as well as catering to the needs and preferences of the region's online population.

This week we saw a food technology company name Enough  has raised 40 million euros ($43.5 million), attracting investment despite signs that the alternative meat and protein sector is slowing whereas VNG became the first Vietnamese technology company to be listed in the United States as a result of the listing.

Here are some of the Asian Startups that were fortunate this week.

ENOUGH

ENOUGH, a food technology company with partnerships with Unilever and Marks & Spencer, has raised 40 million euros ($43.5 million), attracting investment despite signs that the alternative meat and protein sector is slowing.

ENOUGH, which ferments fungi to produce protein for plant-based chicken, mince, and dairy products, announced that the funding round was led by World Fund and CPT Capital, which was an early investor in Beyond Meat and has a stake in Upside Foods.

Existing investors such as AXA IM Alts and the Olympic Investments company of the Onassis shipping family joined the fund-raising for ENOUGH, which is based in the United Kingdom and the Netherlands.

NGeneBio

MGI, a China-based company dedicated to developing core tools and technology to advance life science, and NGeneBio, a South Korean startup specialising in next-generation sequencing-based diagnostics, have signed a Memorandum of Understanding (MoU) to expand commercial access to NGeneBio's cancer testing products globally.

This strategic collaboration will allow for the integration of NGeneBio's advanced diagnostic assays with MGI's high-throughput sequencing technology, accelerating the development and application of cutting-edge sequencing products in the field of precision medicine and improving patient access to precise diagnostics and personalized treatment options.

Solar AI

Solar AI Technologies' founder, Bolong Chew, says the company wants to make solar energy more accessible in Southeast Asia by offering a rent-to-own model that allows customers to start saving on their energy bills right away. Earth Venture Capital led the $1.5 million seed round, with participation from Undivided Ventures, Investible, and climate-tech angel investor David Pardo.

Solar AI was launched three years ago and incubated through Engie Factory, the venture arm of French utility company Engie Group. Chew, who founded the company along with Gérald Chablowski and Luke Ong, said the team realized that one of the barriers to rooftop solar adoption in Southeast Asia is lack of trust and awareness, since significant upfront costs have led to low adoption. As a result, most people don’t know anyone who has already installed a solar system, despite the rising cost of electricity, and the penetration rate of solar systems is still less than 1%.

Boxs

Boxs, a business-to-business manufacturing platform for interior designers and architects, announced a $1.6 million funding round led by Peak XV's Surge on Aug 22. Titan Capital and the Zetwerk founders also participated in the seed funding round. According to a company statement, the new funds will be used to strengthen Boxs' product offering and expand its manufacturing capabilities.

Interior designers can use Boxs to access a library of modules from which to create designs. The platform allows for the customization of these modules. At every step, prices are calculated with an instant pricing engine for full visibility over costs. According to the statement, designers can also have their designs delivered as fully assembled products, similar to purchasing goods on Ikea. The finished goods are produced using an automated supply chain and delivered assembled in two to three weeks.

VNG Corp

According to a Securities and Exchange Commission filing, Vietnamese internet company VNG Corp has filed for an initial public offering (IPO) in the United States through VNG Ltd. VNG will become the first Vietnamese technology company to be listed in the United States as a result of the listing. VNG stated in the filing that it intended to offer 21.7 million shares at an undisclosed price range.

As per the filing, the IPO proceeds will be used to pay original foreign investors who were direct shareholders of the company, as well as repay outstanding loans.

Tencent, the Chinese social media and gaming giant, and Singapore state investor Temasek are among the company's shareholders.