Deals in brief: SeaTown to invest in Linnovate Partners, South Korea’s DeepX completes Series C round, Tjufoo and Sinbad set to merge, and more

Temasek’s SeaTown to invest USD 40 million in Linnovate Partners

Linnovate Partners, a technology services company serving primarily the alternative investment industry, has announced that it secured a USD 40 million commitment from SeaTown Private Capital Master Fund, a fund managed by SeaTown Holdings, an alternative investment firm owned by Seviora, Temasek’s asset management group.

In a statement by Linnovate, the company said that this capital infusion will enable it to scale its operations, drive innovation, and solidify its strong market position.

Azara AI raises USD 1 million from Iterative VC, Dave McClure, others

Azara AI, a Singapore-based startup, has raised USD 1 million from various investors including Iterative VC, Dave McClure (500 Startups), Yohei Nakajima (Untapped Capital), and angel investors from Meta and Airbnb.

The startup specializes in deploying artificial intelligence agents to optimize diverse business processes, resembling chatbots in functionality, offering solutions across customer service, operations, human resources, and more.

Datarize nets USD 11 million in Series B round

Datarize, a customer relationship management (CRM) marketing solutions provider in South Korea, has wrapped up a Series B funding round, netting USD 11 million. Atinum Investment led the round, with participation from Stonebridge Ventures and Mirae Asset Ventures.

Datarize’s solution automates data collection and analysis, empowering businesses to streamline operations and unveil growth-driving insights. The company has established subsidiaries in markets such as the US and Japan, and has launched services on Shopify’s platform.

South Korea’s DeepX completes Series C round

DeepX, a South Korean AI chipmaker, has completed a Series C funding round, securing USD 80.5 million. The round was led by SkyLake Equity Partners, with participation from BNW Investments, Aju IB, and existing shareholder TimeFolio Asset Management.

The startup specializes in developing on-device semiconductor and computing solutions for multiple sectors, including physical security, robotics, smart mobility, and AI.

Tjufoo and Sinbad to merge and form Horizon Group

Brand aggregator Tjufoo and supply chain platform Sinbad have agreed to merge and form a new entity named Horizon Group, according to reports by Tech in Asia and DailySocial.

The deal is set to finalize in June, with Horizon expected to target the consumer goods industry in Indonesia by leveraging the combined capabilities of Tjufoo and Sinbad. Horizon will be spearheaded by TJ Tham, who had been leading Tjufoo as its co-founder and CEO.

Vietnam-based Pharmacity reportedly raises funding

Pharmacity, a pharmacy chain in Vietnam, has reportedly raised funding from Avenue Capital Group, according to DealStreetAsia.

Mellow Energy completes pre-Series A round

Mellow Energy, a Chinese company specializing in the production of perovskite solar cells, has raised an undisclosed sum in a pre-Series A round of financing.

The round was led by Huajin Capital, with participation from China Merchants Startup Capital and Yonghua Capital. —36Kr

Venturi Partners purchases stake in K12 Techno Services

Venturi Partners, an equity firm investing primarily in India and Southeast Asia, has purchased a 5.12% stake in education service provider K12 Techno Services for INR 2.25 billion (USD 27 million) from Navneet Learning, a subsidiary of Navneet Education.

The deal tapped into Venturi’s USD 180 million maiden fund, and will see the firm join K12 Techno’s cap sheet which includes the likes of Peak XV Partners, Kedaara Capital, Sofina Ventures, as well as Navneet Learning, which will continue to hold shares in the company.

Investing out of its USD 180 million maiden fund, Venturi will join K12 Techno’s existing shareholders, such as Peak XV Partners, Kedaara Capital, Sofina Ventures, and Navneet Learning LLP, to support the management team led by Jai Decosta, CEO of K12 Techno.

Mistral AI expected to raise around USD 600 million

Mistral AI, the French rival of OpenAI and Anthropic, is reportedly nearing a deal to raise around USD 600 million, according to The Wall Street Journal. Completion of this deal is expected to push Mistral’s valuation to USD 6 billion, up from its latest EUR 2 billion valuation as of December 2023.

Existing investors General Catalyst and Lightspeed Venture Partners are anticipated to be among the investors taking part in this funding round.

This potential deal follows a USD 16 million investment by Microsoft in February, which involved a partnership to distribute Mistral’s AI models through its Azure cloud computing platform.

Gapai, Elevarm, Rize, and more led yesterday’s headlines:

• Gapai, an Indonesian startup empowering workers to pursue global careers, secured USD 1 million in a seed funding round led by Wavemaker Partners, with participation from returning investor Antler.
• Elevarm, an Indonesia-based agritech startup, raised USD 2.6 million in a seed funding round led by Insignia Ventures Partners, with participation 500 Global and Gibran Huzaifah (eFishery).
• Rize, a Singapore-based agritech platform focusing on sustainable rice cultivation, completed its USD 14 million Series A funding round, co-led by Breakthrough Energy Ventures, GenZero, Temasek, and Wavemaker Impact.

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