DATA VANTAGE | Kyberlife, Mito Health raise funds; Cylynx and others report earnings
Edition #454, 20 March 2025
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Singapore-based healthcare e-commerce platform Kyberlife has raised $3 million in an investment round led by 5I Ventures with participation from East Ventures, A2D Ventures, and NUS Alumni Ventures (NAV).
Kyberlife plans to use the fresh capital to fuel regional growth including its expansion to Indonesia. The company will also utilise a part of the funding to connect local healthcare institutions to global suppliers and invest in emerging technologies.
In March 2022, Kyberlife secured an undisclosed amount in a Pre-Series A funding led by PE Global, the PANSAR Group’s venture capital arm, and other industry leaders.
Before the latest funding, Kyberlife had a valuation of [redacted], according to DealStreetAsia DATA VANTAGE.
Kyberlife, founded in 2021, provides an online marketplace connecting healthcare suppliers globally with Southeast Asian institutions. The company claims that its platform has 1.2 million products from over 160 global brands. It says it can reduce procurement time by 40% for research institutions, hospitals, and laboratories by leveraging AI and data analytics.
Kyberlife saw its revenue drop 23% year-on-year for the year ended December 2023. The company’s net loss also widened 39% to $720,000 in the period.
Kyberlife’s earnings
Source: DealStreetAsia’s DATA VANTAGE
US remains the top source of VC capital for SE Asia
Among foreign VC funds with a mandate to fully or partially invest in Southeast Asia, US-based vehicles held the most number of final closes in 2024, finds DealStreetAsia DATA VANTAGE’s latest report SE Asia’s VC Funds: H2 2024 Review.
Four US-based VC firms held final closes last year raising a combined $836 million. This includes Bitkraft Ventures Fund III which secured a final close at $275 million and SOSV V, which raised $306 million in its final close.
Historically, the US has been the largest source of foreign VC capital for Southeast Asia with a total of 36 funds reaching their final close between 2018 and 2024. They collectively mopped up $15.1 billion.
The strong track record reflects the region’s appeal to US investors, driven by its fast-paced digital transformation and growing consumer markets.
Source: DealStreetAsia’s DATA VANTAGE
After the US, Greater China-based VCs held the most final closes among Southeast Asia-focused funds in 2018–24, followed by Japanese VCs.
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Other updates from DATA VANTAGE
Singapore-based healthtech startup Mito Health recently secured an additional seed funding of [redacted], bringing its total funding to [redacted]. The capital will help it build an AI concierge doctor. New investors in the latest financing include Y Combinator, Capital X, XA Network, Kevin Aluwi (co-founder of Gojek), individual investors, and existing investor Forge Ventures.
Cylynx, a Singapore-based fraud detection solutions provider, saw its annual revenue decline 18% to [redacted], as per its financial filings for the year ended February 2024. Despite the drop, the company reduced its net loss by 35% in the period.
Singapore-based mixed reality gaming company Tag Team reported a substantial [redacted] year-on-year surge in net profit for the 12-month period ended April 2024, while its revenue also grew by 24% to $216,000.
Singapore-based AI-driven bus-pooling startup RushOwl posted a significant 190% year-on-year growth in revenue to [redacted] for the 12-month period ended December 2023. Alongside the strong topline, the company also cut its losses by 67% in the period.
Malaysia-based social recruitment platform TribeHired recorded a declining financial performance with revenue falling 14% to [redacted] for the 12-month period ended September 2023. Its net loss also widened by 28% year-on-year.
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