Data Vantage | SpaceAge Labs, Lazada, Startale and Kilde pocket funding

Edition #292, 20 July 2023

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Dear *|IF:FNAME|**|FNAME|*,*|ELSE:|*Reader,

Singapore-based Internet of Things (IoT) startup SpaceAge Labs secured [redacted] million this week from a unit of US-based water treatment solutions unicorn Gradiant.

The investment makes Gradiant the largest shareholder in SpaceAge Labs, which provides remote monitoring and IoT solutions to manage distributed water assets, such as drains and decentralised water treatment skids, and other urban infrastructure.

The tech startup had raised $1.25 million in seed funding led by Silicon Solution Partners and SEEDS Capital in March 2022 to launch pilot projects across Singapore, Australia and the US.

Southeast Asian e-commerce major Lazada received $845.44 million from parent company Alibaba this week, according to regulatory filings.

SE Asia is still a red-hot market for e-commerce, thanks to the region’s large young population, increasing internet penetration, and growing middle class. The e-commerce market was valued at $131 billion in 2022, according to Statista.

Lazada, a key player in the regional market, has raised over [redacted] billion from Alibaba this year alone.

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Other updates from DATA VANTAGE

Singapore-based Web3 technology company Startale Labs received $3.5 million from Sony Network Communications last week. The company announced the seed investment in June.

Software developer Phasio allotted preference shares worth [redacted] million last week to investors that include Airtree Ventures, 500 Southeast Asia and Entrepreneur First.

Kilde, a Singapore-based fintech firm, allotted ordinary shares worth [redacted] last week to investors, including Big Sky Capital and Borderless Capital.

Mortgage Master, a mortgage lender specialising in home loans, received $530k from investors this week.

Singapore-based hospitality services provider Mandala Club allotted shares worth [redacted] this week to Sunrise Asia Development and other investors. The firm had also allotted shares worth [redacted] to investors last week.

Philippines-based live-streaming startup Kumu posted $20.8 million in losses for the financial year ended December 31, 2021, per its regulatory filings.

Co-working unicorn JustCo reported a 25% spike in revenue for the financial year ended December 31, 2022. It reduced its losses by over 38%.

Singapore-based cybersecurity startup Sixscape’s revenue nearly doubled in the financial year ended December 31, 2022. The company also managed to curtail its losses by 73% during the period.

Artificial intelligence (AI) healthcare startup UCARE.AI’s revenue slumped 79% in the financial year ended December 31, 2022. The firm also recorded a loss during the period after turning a profit in the previous year.

iPayMy, a Singapore-based fintech startup, posted a revenue growth of 30% in the financial year ended December 31, 2022. The company also managed to reduce its losses by 20% during the period.

Food technology startup KosmodeHealth’s revenue nearly halved in the financial year ended December 31, 2022. The firm also managed to reduce its losses marginally during the period.

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