Data Vantage | SpaceAge Labs, Broom, Sinbad and FundedHere in focus

Edition #412, 03 October 2024

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Dear Reader,

Turing AI Corporation, a subsidiary of US-based water treatment solutions unicorn Gradiant, acquired all shares in Singapore’s SpaceAge Labs, a company specialising in IoT technology for water distribution systems, last week.

As part of the acquisition, Turing also received shares valued at [redacted] million, increasing SpaceAge Labs’s total paid-up capital to [redacted] million.

In July last year, Gradiant had invested $2.7 million in SpaceAge, becoming the company’s largest shareholder.

The US firm has integrated SpaceAge Labs’s hydroEyeAI, a cloud-based AI digital twin technology that provides real-time monitoring of water, wastewater, and stormwater networks through web and mobile dashboards.

The launch of Turing as a separate subsidiary under Gradiant underscores a broader market shift towards AI-driven solutions in the water industry.

The data and information in this newsletter comes from DATA VANTAGE, which tracks regulatory filings to provide you with the latest information on startup fundraising, shareholding and financials. Find out how it can aid you in your decision-making — book a demo today or write to us at subs@dealstreetasia.com

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SE Asia’s IPO spark

Lower interest rates often push startups to speed up their IPO plans, as cheaper capital and increased investor demand make it a favourable time to go public. Southeast Asia, in particular, stands to gain from a weaker US dollar, according to DealStreetAsia’s latest report.

The region’s IPO market has been quieter in 2024 than the previous year. In the first nine months of this year, 93 IPOs were launched across Indonesia, Malaysia, Thailand, the Philippines, and Singapore, raising $2.5 billion — a sharp drop from the 123 IPOs that raised $4.9 billion during the same period in 2023.

Indonesia, Southeast Asia’s largest consumer market, saw a dramatic 90% year-on-year drop in IPO proceeds and a 48% decline in IPO volume in the first nine months of 2024.

While the IDX, with 34 IPOs, has been the most active exchange in Southeast Asia by IPO volume this year, Bursa Malaysia tops the list for IPO funds raised during the period.

Source: EY Global IPO Trends: Q3 2024 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

Broom, an Indonesian B2B platform for used car traders, has raised $25 million in debt and equity financing in a Series A+ round. Its regulatory filings show it has secured [redacted] million in equity funding from Openspace Ventures, Quona Capital, PKSHA Capital, MUFG Innovation Partners, and AC Ventures.

Indonesian B2B commerce company Sinbad has received [redacted] million in new funding and issued shares worth [redacted] million to convertible noteholders, including [redacted] and Central Capital Ventura.

Singapore-based decentralised digital asset exchange DigiFT received $434,059 from its Cayman Islands-based parent company, which had raised a $10.5 million pre-Series A round led by Shanda Group last year.

Starland Axis, a subsidiary of Malaysia’s Luminor Capital, has increased its holding in the Singapore-based crowdfunding platform FundedHere to over [redacted]%.

Playaz4Playaz, a social network platform dedicated to sports and connecting athletes and clubs, received an additional investment worth $170,000 from existing shareholders in the past week.

Food technology startup Kosmode Health has agreed to issue new shares worth [redacted], of which a $15,600 allotment has been made to one investor.

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