A Recap on What Happened This Week: Asian Startup News Overview (July 24th -28th July)

Startups in Asia are expanding rapidly as a result of the strong demand generated by the region's economic growth. Today, GSP in emerging Asian economies has increased by 160% over the last decade, while global growth was only 30%, according to international Monetary Fund. Asia has experienced spectacular economic growth over the last 75 years, and it has become a breeding ground for fast-moving, innovative, and competitive businesses. Since 1960, Asia has grown richer faster than any other region of the world, though this growth has not been uniform across the continent. The "Japanese economic miracle" began in the 1950s, and by the late 1980s, there was talk of Japan's economy surpassing that of the United States. The "Asian miracle" followed with the rise of the Four Asian Tigers: Hong Kong, Singapore, South Korea, and Taiwan. These four had made it onto the World Bank's list of high-income economies by the twenty-first century. Today, China, India, Indonesia, Malaysia, Thailand, and Vietnam have recently emerged as growth champions, and there is renewed speculation that the United States will lose its position as the world's largest economy.

As we approach the end of July, we saw several announcements from startups from various regions. For example, Nexeon, a UK battery startup to supply high-energy silicon anode material to Panasonic's newest US plant beginning in 2025, while HK biotech raised $27 million in a series A round.

These are some of the best startups that were fortunate this week.

Nexeon

The companies announced on July 24 that Nexeon, a UK battery startup, will supply high-energy silicon anode material to Panasonic's newest US plant beginning in 2025.

Panasonic battery cells will be able to store more energy and charge faster thanks to the use of silicon-rich anodes, according to the companies. The increased energy density also allows Panasonic to create smaller, lighter packs with comparable range to current battery cells.

The material will be supplied by Nexeon of Abingdon to Panasonic Energy Co's $4 billion De Soto, Kansas plant, which is set to open in early 2025.

Two US startups, Group14 in Woodinville, Washington, and Sila Nanotechnologies in Alameda, California, are among Nexeon's competitors in developing silicon-rich anodes.

Aethir

Aethir, a Singapore-based decentralised cloud infrastructure (DCI) firm, completed its Pre-A funding round on July 26, bringing the total value raised to date to more than $9 million and the company valuation to $150 million.

According to Aethir, the round was led by leading global investors such as Sanctor Capital, Hashkey, Merit Circle, and CitizenX, with additional support from Mirana Ventures, Animoca Brands, Momentum6, Big Brain Holdings, Builder Capital, Tess Ventures, Maelstrom (Arthur Hayes), and many more.

This successful funding round comes on the heels of a previous seed round led by Framework Ventures and Infinity Ventures Crypto.

Aethir stated that the investment demonstrates investors' belief in the company's ability to revolutionise the gaming and artificial intelligence (AI) industries through its DCI.

Sunrate

SUNRATE, a Singapore-based intelligent global payment and treasury management platform, announced July 27 that it has raised an additional Series D (Series D-2) funding round from Sequoia Capital Southeast Asia (now Peak XV Partners).

SUNRATE said in a statement that Prosperity7 Ventures and Softbank Ventures Asia also contributed to the round.

According to the statement, the funding will allow SUNRATE to accelerate its global expansion plans by driving innovative technology development, deepen cutting-edge products and services, hire top industry talent, and explore additional strategic opportunities.

Mirxes Holdings

Mirxes Holding Company Limited, a Singapore-based biotech firm, announced July 25 that it has filed a listing application with The Stock Exchange of Hong Kong Limited following the receipt of $50 million in Series D funding.

According to Mirxes, the Series D funding is anchored by existing and new investors, including Beijing Fupu, in which the Management Committee of Zhejiang Anji Economic Development Zone has an indirect majority stake.

EDB Investments Pte Ltd, wholly owned by the Singapore Economic Development Board, Agency for Science, Technology and Research, Singapore's lead public sector R&D agency for scientific discovery and technological innovation, Mitsui & Co., Ltd., a company listed on various Japanese stock exchanges, and NHH Venture Fund also took part in the round.

HK biotech

Immuno Cure has raised US$12 million as part of its US$27 million series A round. The fundraise was led by the AEF Greater Bay Area Fund, managed by Gobi Partners GBA.

The biotech firm, which is based in the Hong Kong Science Park, will use the new funds to accelerate the development of DNA vaccines and antibodies, as well as prepare for a local IPO.

Founded in 2015, Immuno Cure specializes in immunotherapies for cancers as well as inflammatory and infectious diseases. Immunotherapy is a treatment that activates the body’s immune system to find and destroy cancer cells.