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Technology companies across the Asia Pacific raised approximately USD 1.79 billion in total, based on 24 deals we tracked this week. This excludes eight deals with undisclosed funding amounts.

Among this week's deals include investments in companies such as Cerebry, Rekosistem, MGA Thermal, and Vuihoc, indicating an uptick in investor interest towards the clean tech and edtech sectors.

In China, the average scale of early-stage deals completed—typically entailing eight to nine-figure sum investments—hints not just at a continuation of inflated valuations that trace back to the Chinese technology boom led by Baidu, Alibaba, and Tencent, also jointly known as China’s BAT triumvirate for short. It may also imply the gradual maturation of the Chinese tech ecosystem which, by extension, has contributed to the overall growth of the Chinese market.

That's all for this week. If there are any news or updates you'd like us to feature, do get in touch by replying to this email. Thanks for joining us!

• Micro Connect, a Hong Kong-based investment platform, raised USD 458 million in an oversubscribed Series C funding round. Existing investors like Sequoia Capital China, Lenovo Capital, Vectr Fintech Partners, and Dara Holdings, as well as new investor Baillie Gifford, participated in the round.

• Cyclone Robotics, a Chinese enterprise artificial intelligence company, completed an extended Series C funding round, securing around USD 40 million from undisclosed investors. This additional funding adds to its previous Series C round, bringing the total amount raised to nearly USD 200 million—the highest funding in its industry to date.

• Terminal 3, a Hong Kong-based Web3 startup, successfully closed an oversubscribed pre-seed funding round with participation from multiple investors, including 500 Global, CMCC Global, Consensys Mesh, Bixin Ventures, and more.

• MGA Thermal, an Australian clean energy company, secured USD 8.2 million in funding from existing investors Main Sequence, Varley Holdings, Melt Ventures, and New Zealand’s Climate Venture Capital Fund, as well as new investors Pollination Group and Understorey Ventures.

• Genexyz, an Indonesian startup that creates virtual influencers for brands and companies, closed a USD 1 million seed funding round led by East Ventures. The platform allows clients to interact with virtual influencers and "meta-humans," enabling brands to engage with their audiences in new ways.

• Rekosistem, an Indonesia-based clean tech startup, secured funding in a new round led by Skystar Capital, with participation from Saratoga Investama and East Ventures.

• Unstop, a community engagement and hiring platform, raised USD 5 million in its first funding round, led by Mynavi Corporation and Coursera.

• Cerebry, a Singapore-based edtech startup, raised USD 1 million in a seed round led by Ascend Vietnam Ventures.

• Airalo, a Singapore-founded eSIM marketplace, completed its Series B funding round, raising USD 60 million. The round was led by e& Capital and saw participation from various prominent investors.

• Plotlogic, a Brisbane-based deeptech mining company, secured USD 28 million in a Series B round led by climate technology investors, including US billionaire Tom Steyer and his investment partner Katie Hall.

• HD, a Bangkok-based health tech startup, raised significant investment from FEBE Ventures, a Vietnam-based venture capital firm, to fuel its expansion in Vietnam. 

• In China, notable firms that raised funds include Chinese lithium battery manufacturing company Jiemeng Intelligence, extended reality wearables company LAWK, and chip design company PolarisIC.

• Boston Micro Fabrication, a micro-precision 3D printing company, raised USD 41.8 million in a Series D round led by several Chinese investors.

• Runchengda, a Shenzhen-based smart car charging piles maker, completed its Series B2 round, raising USD 31.2 million from investors including Pivot Capital, Pingxiang State-owned Assets Management, Suzhou New District Hi-tech Industrial, and existing investor Hongtai Aplus.

• T3 Chuxing, a Chinese ride-hailing company, raised USD 139.9 million in a Series A extension round led by local investor Hongtai Aplus.

• Atantares, a Chinese biotechnology company, successfully raised RMB 100 million (USD 14 million) in funding from its pre-Series A and pre-Series A+ rounds. Asia Green Fund led the pre-Series A round, with participation from Fosun Health Capital, Frees Fund, and others. Meanwhile, Alibaba Health was the sole investor in the pre-Series A+ round.

• Animoca Brands, a blockchain gaming group headquartered in Hong Kong, entered into a memorandum of understanding with Hi, a Web3 financial app and ecosystem. As part of the agreement, Animoca Brands will invest USD 30 million in Hi.

• Halodoc, an Indonesian health tech platform, successfully raised USD 100 million in a Series D funding round, led by Astra International, with participation from returning investors Openspace Ventures and Novo Holdings.

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