DATA VANTAGE | Biobot Surgical, EnableX, and LeadSquared in focus
Edition #460, 15th April 2025
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Dear Reader,
Surgical robotics firm Biobot Surgical has raised [redacted] through a new allotment of preference shares to existing investors including [redacted], Jia Yu Capital, ZIG Ventures, and several individuals such as Mark Wee Keng Hong, founder and director of Island Hospital.
The fresh injection of capital signals continued investor confidence in Biobot’s robotic development for disease management despite the ongoing funding slowdown across the region.
Notably, this does not appear to be a down round as the company’s price per share increased compared to its previous investment. However, it is unclear if Biobot has closed its round or is still raising more capital.
Prior to the new funding, the Singapore-based company was valued at [redacted] as per DealStreetAsia DATA VANTAGE.
Biobot secured $5.2 million from businessman Tony Tan Choon Keat and long-time backer ZIG Ventures in December 2023, followed by $3.1 million in a Series B round in July 2024.
Biobot, founded in 2007, develops minimally-invasive robotic diagnostic solutions and has been a part of ZIG Ventures, a Singapore-based investment company focusing on healthtech assets, since 2013.
The company provides robotic-assisted biopsy and treatment for prostate cancer, claiming to have completed over 23,000 procedures to date. Its surgical robotic system, Mona Lisa, has been used by surgeons across the US, China, Australia, Europe, and Asia Pacific, with more than 50 units installed globally.
As the sector evolves in the region, deep tech in general has increasingly attracted interest from both domestic and global investors. Several startups developing deep tech have managed to secure investment. This could signal investor confidence in the cross-sector potential of deep tech particularly in healthcare, despite the broader funding slowdown.
SE Asia’s healthtech funding hits rock bottom in 2024
Southeast Asia’s healthtech sector faced significant headwinds in 2024, as both equity deal volume and value experienced a significant decline, according to DealStreetAsia DATA VANTAGE.
Source: DealStreetAsia’s DATA VANTAGE
Our data show that the healthtech sector sealed just one deal in the fourth quarter of 2024. This was secured by Singapore-based biotech firm Sunbird Bio, which closed a $14-million financing round by multiple investors including Eli Lilly and Company and Polaris Partners.
This also marked the lowest quarterly performance in both volume and value since 2020. Dealmaking in the sector peaked during the pandemic in Q2 2021, raising $524 million across 19 deals.
For the full year, healthtech startups in the region raised a total of $139 million from 26 deals, marking the lowest annual performance as well since 2020.
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Other updates from DATA VANTAGE
Singapore-based omnichannel customer engagement platform EnableX posted an impressive 114% revenue growth to [redacted] during the 12-month period ended March 2024 while also managing to slightly narrow its net loss.
Sales automation SaaS platform LeadSquared saw its revenue drop by 32% to [redacted], while net profit fell by a whopping 97% for the 12-month period ended March 2024.
nCinga, a Sri Lanka-based software-as-a-service (SaaS) startup, swung into a loss during the financial year ended March 2024. Meanwhile, its revenue saw a sharp [redacted] decline.
Singapore-headquartered software developer Phasio widened its losses to [redacted] despite achieving an 18x revenue growth during the 12-month financial year ended April 2024.
Singapore-based electric vehicle company Scorpio Electric’s revenue remained stagnant for the 12-month period ended March 2024, while its net loss significantly widened to [redacted].
You’re reading a redacted version of DealStreetAsia’s DATA VANTAGE twice-weekly newsletter. Unlock the full version and gain exclusive insights by subscribing to DATA VANTAGE today! Reach out to us at subs@dealstreetasia.com to upgrade.
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