Data Vantage | BIOBOT Surgical, Sirion, ESQA, Tyme and GDMC in focus
Edition #386, 2 July 2024
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Dear Reader,
Singapore-headquartered surgical robotics firm BIOBOT Surgical received $3.1 million last week from Tony Tan Choon Keat, ZIG Ventures, Jia Yu Capital and other investors.
The capital raised is part of an $18 million Series B round announced in March. BIOBOT aims to use the funds for global expansion, bringing its technology to more patients and healthcare professionals worldwide and further developing its digital surgery infrastructure.
The company offers robotic-assisted biopsy and treatment for prostate cancer and claims to have completed more than 23,000 procedures. Launched in 2017, the company’s surgical robotic system Mona Lisa has been used by surgeons in the US, China, Australia, Europe and Asia Pacific, with more than 50 units installed globally.
Tech’s share of M&A in SE Asia plunges
The share of technology deals in Southeast Asia’s mergers and acquisitions landscape dropped to 43% in 2023, the second lowest level since 2019, according to our latest report.
There appears to be no rebound in sight as tech M&As’ share of the overall pie shrank further to 35% in the first five months of 2024, finds DealStreetAsia — DATA VANTAGE’s SE Asia Tech M&A Review 2024. Amid a macro environment characterised by rising interest rates and geopolitical disruptions, venture-backed companies are likely to remain wary of cross-border transactions.
Share of deal volume — tech versus non-tech
Source: DATA VANTAGE Executives at top investment firms, financial services majors, and leading private companies use DATA VANTAGE to make smarter investment decisions in Asia. (See how)
Other updates from DATA VANTAGE
Contract lifecycle management solutions provider Sirion, formerly known as SirionLabs, has issued shares worth [redacted] million to US-based specialty finance company Hercules Capital due to [redacted].
Singapore-based trade and supply chain financing SaaS platform TASConnect received a capital infusion of $5.4 million last week from its parent SC Ventures, the investment arm of Standard Chartered Bank.
Indonesia-based vegan cosmetics company ESQA has raised fresh funding from Unilever Ventures as part of a Series B round. In 2022, the startup had raised $6 million in Series A funding from Unilever Ventures and East Ventures.
Multi-country digital banking group Tyme has allotted shares worth [redacted] million to Infinity Ventures, and investors in Philippine salary lender SAVii, including VU Venture Partners and YOLO Investments. Tyme and its Philippine subsidiary GoTyme, a joint venture with the Gokongwei Group, acquired all shares in SAVii last week.
Singapore-based biotech company Genetic Design and Manufacturing Corporation (GDMC) has appointed Luke Furler and Tan Kim Han of Quantuma (Singapore) Pte as joint liquidators after an extraordinary general meeting (EGM) last week. In June, the company had filed a notice with ACRA of its inability to continue business due to its liabilities.
Singapore-based private market exchange ADDX’s losses ballooned 2.7 times in the financial year ended December 31, 2023, while its revenue increased by 12%.
Indonesia-based HR tech platform Pintarnya’s revenue surged 8.6 times in the financial year ended December 31, 2023. However, this growth proved to be costly, with its losses nearly doubling during the period.
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