Data Vantage | REDEX, Web3Auth, Biorithm and Silence Laboratories receive fresh capital

Edition #320, 26 October 2023

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Singapore-based sustainable energy solutions provider REDEX secured [redacted] million this week from investors, including SEEDS Capital and Twin Towers Ventures, the investment arm of PETRONAS Ventures.

The firm had earlier bagged [redacted] million from Saudi Aramco Energy Ventures and Saudi Arabia-based diversified conglomerate Abdul Latif Jameel in August. It has since racked up more funding from individual investors.

Founded in 2018, REDEX is the company behind REHash, a blockchain-enabled platform that tracks and certifies transfer of ownership and retirement of Renewable Energy Certificates.

REC, also known as a Green Tag, Renewable Energy Credit, or Tradable Renewable Certificate (TRC), is a market-based instrument that represents the property rights to the environmental, social, and other non-power attributes of renewable electricity generation.

Singapore-based cryptocurrency infrastructure startup Web3Auth, formerly known as Torus, received $5.25 million this week from Peak XV Partners, Union Square Ventures, Hash and other investors.

The company enables Web3 wallets and applications to provide seamless logins to both mainstream and native Web3 users using the social accounts and devices they already own.

Web3Auth had announced a $13 million Series A round led by Peak XV in January last year. The latest capital infusion is understood to be part of the same financing.

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Other updates from DATA VANTAGE

Singapore-based maternal healthcare company Biorithm bagged [redacted] million this week from Adaptive Capital Partners. Founded in 2014, the Nanyang Technological University spinoff seeks to prevent pregnancy complications and stillbirth through predictive and precision medicine.

Cybersecurity firm Silence Laboratories received nearly [redacted] in fresh funding this week from a group of investors, including CoinSwitch Ventures, imToken Ventures and pi Ventures.

Malaysia-based software service provider StoreHub’s losses jumped 69% in the financial year ended December 31, 2022, as its revenue grew by 8%.

Singapore-headquartered plant-based food maker Growthwell’s losses ballooned 4.3x in the financial year ended December 31, 2022.

Singapore-based traveltech company GlobalTix more than tripled its revenue in the twelve months ended March 31, 2023. It also managed to curtail its losses by around 73% during the period.

Latize, a Singapore-based big data startup, reported a 45.6% jump in revenue in the twelve-month period ended March 31, 2023.

India-based blockchain startup KoineArth’s revenue nearly tripled in the year ended March 31, 2023, which helped it trim its losses by around 19% during the period.

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