Data Vantage | Durapower, Tricog Health, Juno and Deep Identity collect capital

4 min readFeb 28, 2023

Edition #252, 28 Feb 2023


Dear Reader,

Lithium-ion battery manufacturer Durapower received $50 million in fresh equity funding from Banpu NEXT, a unit of publicly listed Thai energy firm Banpu Public Company Limited, last week.

In addition, Banpu bought shares from Durapower co-founder Lee Wan Tang to increase its stake in the Singapore-based battery maker, which is now valued at $250 million, to 65.1%.

In a disclosure to the Thai stock exchange, Banpu said it has invested $70 million in Durapower, implying its purchase of secondaries was worth $20 million.

Singapore-headquartered Durapower specialises in the design, manufacturing, and integration of lithium battery systems for use in automotive and energy storage systems. It has a presence in 23 countries across the world.

Top shareholders in Durapower


Healthtech company Tricog Health received $5 million last week from Sony Innovation Fund, Japan’s early-stage investor UTEC and Singapore’s deep tech-focused fund SGInnovate. The company’s share price is up 13.4% from its last financing in 2020.

Founded in 2015 by Charit Bhograj, Zainul Charbiwala, Udayan Dasgupta and Abhinav Gujjar, Tricog leverages its medical and technological expertise to provide virtual cardiology services to remote clinics.

Other updates from DATA VANTAGE

Singapore-headquartered crypto bank Juno allotted shares worth $17.04 million last week to ParaFi Capital’s Growth Fund, Hashed, Jump Crypto, Surge and other investors. The startup had announced an $18 million Series A round in October last year and a $3 million seed round in 2020.

AntWorks co-founder Asheesh Mehra made a complete exit from the AI and intelligent automation company last week. He sold his shares to Qatari investor Hamad Jabor J.J. Al-Thani and Japan’s SBI Investment. The transferred shares amount to a 14.7% stake in the company, which was last valued at over $490 million.

Venture capital firm Openspace Ventures trimmed its stake in digital therapeutics company Biofourmis last week. It sold shares worth a 1.5% stake in the Boston-headquartered unicorn to a US-based investor.

Temasek Management Services, a subsidiary of Singapore’s Temasek Holdings, invested another $3.4 million last week in systems integrator Deep Identity, which focuses on identity access management (IAM) solutions.

India-headquartered cloud-based 3D design platform Foyr received $3.3 million last week from early-stage venture fund SRI Capital, Quext Capital and Dubai-based construction firm Rubix Holdings.

Singapore-based embattled fashion marketplace Zilingo has net liabilities of about $328.78 million, its regulatory filings showed. The amount does not include a $40-million loan secured by the company from Varde Partners and Indies Capital. About $29.2 million of the loan remains outstanding as of December 29, 2022.

E-commerce aggregator Una Brands reported a net loss of $3.2 million in its first year of operations as it went on an acquisition spree. The company had cash and cash equivalents of $29.5 million as of December 31, 2021.

Direct-to-consumer fashion platform Love, Bonito more than doubled its net losses in the financial year ended Dec 31, 2021, on account of higher costs and expenses.

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