Data Vantage | Lucence, Chalo, PolicyStreet and Janio reveal updates

3 min readMay 23, 2023

Edition #275, 23 May 2023

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Precision oncology company Lucence issued ordinary shares worth over [redacted] million to investors, including Centurion Investment Management, Parkway Holdings, Openspace Ventures, Heliconia Capital and SGInnovate, last week.

The company was founded in 2016 in Singapore by Min-Han Tan as a spin-off from the city-state’s Agency for Science, Technology and Research (A*STAR). With headquarters and laboratories in Singapore and California, it operates commercial offices in Hong Kong and Suzhou.

In February, Lucence became the first Asian company to secure Medicare coverage in the US for its Singapore-developed liquid biopsy panel for advanced-stage cancer therapy selection. Earlier this month, it launched a multi-cancer early detection blood test, which it says can screen for 10 common cancers in one blood draw.

India-based transportation technology startup Chalo received [redacted] million last week from venture capital firm Avataar Ventures. The company’s valuation stands at [redacted] million after the capital infusion.

The investment is part of Chalo’s new $45 million equity funding round led by Avataar. The company has also secured $12 million in debt from Trifecta and Stride Ventures, according to an announcement.

Chalo ties up with local city bus operators across India and provides a range of mobility services, such as bus aggregation, real-time tracking, and digital payments, to commuters.

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Other updates from DATA VANTAGE

Malaysia-based insurtech startup PolicyStreet bagged $15.3 million last week in a Series B round backed by [redacted] and [redacted].

Singapore-based logistics service provider Janio secured fresh funding from Vertex Growth Fund and Vertex Ventures Southeast Asia & India last week.

TabSquare, a Singapore-based restaurant management solutions provider, received $1.82 million last week from parent Delivery Hero.

Singapore-based sustainable paint startup gush allotted preference shares worth [redacted] million last week to SEEDS Capital.

SaaS startup ServiceQuik, the company behind SME business management software ZING, reported a 3.6x revenue growth for the financial year ended Jan 31, 2023. The company’s losses widened by 7.2% during the period.

Indonesia-based hotel chain Artotel posted a [redacted] increase in revenue for the financial year ended Dec 31, 2021. The company also managed to curtail its net loss during the period.

Singapore-based luxury watch marketplace WatchBox reported a 55% revenue growth for the year ended Dec 31, 2022, along with a 24% increase in its net profit.

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