Asia-Pacific’s small companies and startups on the rise.
O
ur fourth annual Forbes Asia 100 to Watch list showcases small companies and startups in Asia-Pacific that grabbed investors’ attention—and their checkbooks. Collectively, these firms have drawn over $2 billion in total investments to date, with 83 of them raising money since the start of 2023–even as venture capital funding in the region hit a seven-year low last year. Some companies we’ve spotlighted tell a story of steady growth, underscoring that success is not an overnight feat. Others have quickly gained traction to secure a foothold in some of the world’s hottest industries, such as spacetech, biotech and robotics, where a race is on to corner the first-mover advantage.
This varied mix of 100 companies share one common trait: a strong innovative streak. Their offerings range from AI navigation systems for space exploration to cutting-edge cell therapies to advanced healthcare diagnostics. There are fintechs addressing the needs of the unbanked and retailers using digital channels to tap a new generation of consumers. Companies from 16 countries and territories are represented on this year’s list, operating in a total of 10 industries, such as enterprise technology and robotics, finance, and manufacturing and energy. India, a hotbed of startups, has the biggest presence this year with 20 companies, followed by Singapore (15), mainland China (10), Japan (9) and Indonesia (8).
Edited by Rana Wehbe Watson
Assistant editors: John Kang, Catherine Wang and Yue Wang
Research and reporting: Jonathan Burgos, Nicole Chu, Lan Anh Nguyen, Phisanu Phromchanya, Ian Sayson, James Simms, Jennifer Wells and Ardian Wibisono
METHODOLOGY: To select the finalists on the 100 to Watch list, Forbes Asia solicited online submissions, and invited accelerators, incubators, universities, venture capitalists and others to nominate companies as well. To qualify for consideration, companies had to be headquartered in the Asia-Pacific region, be privately owned for-profit ventures, and have no more than $50 million in annual revenue and no more than $100 million in total funding through Aug. 7. Our team evaluated each submission, weighing factors such as impact on and contribution to their industry and region, market fit, promising business model, innovation, track record of consistent revenue growth and the ability to attract funding.
*The editors reserve the right to remove or replace any company or individual included in the list in light of any new information that would disqualify them from inclusion.
Accacia
India
Category: Enterprise Technology & Robotics
Year founded: 2022 • CEO: Annu Talreja
Headquartered in the Indian business hub of Gurugram, near Delhi, Accacia offers a carbon-tracking tool for the real estate industry. Its AI-powered enterprise resource planning system helps developers and infrastructure providers track carbon emissions across different properties. In April, the startup raised $6.5 million in a pre-series A round led by Illuminate Financial, with participation by AC Ventures as well as returning investors Accel and billionaire Eduardo Saverin’s B Capital. Accacia got a head start from its inception when it participated in the GreenTech Accelerator, run by Singapore-based United Overseas Bank.
Advanced Navigation
Australia
Category: Space Technology
Year founded: 2022 • CEO: Chris Shaw
Advanced Navigation was given a A$5.2 million ($3.5 million) grant by the Australian Space Agency last year for its Moon to Mars initiative, which supports space missions beyond the moon’s orbit. The 12-year-old firm specializes in AI-based robotics and navigation technologies in complex environments. For example, its fiber optic gyroscopes are used in robots for independent control and collision avoidance without human guidance. The company’s navigation system, the Boreas X90, can also help space exploration vehicles navigate new terrains. In 2022, it raised A$108 million in a series B funding round led by private equity giant KKR.
Agnikul Cosmos
India
Category: Space Technology
Year founded: 2017 • CEO: Srinath Ravichandran
Cofounded by Srinath Ravichandran and Moin SPM, Agnikul Cosmos develops launch rockets that send spacecraft, satellites and other payloads into space. Its Agnibaan engine, which in Sanskrit means “fire arrow,” is partially cryogenic, using both liquid oxygen and conventional fuel. The firm completed its first successful test launch from Sriharikota on India’s southeastern coast in May. The Chennai-headquartered startup was incubated by the Indian Institute of Technology Madras in 2017. It has raised a total of $42 million to date, including a $26.7 million series B funding round last October from new investors Celesta Capital, Rocketship.vc, Artha Select Fund and Artha Venture Fund, as well as from existing investors Mayfield India, Pi Ventures and Speciale Invest.
AI Medical Service
Japan
Category: Biotechnology & Healthcare
Year founded: 2017 • CEO: Tomohiro Tada
Doctors can analyze gastrointestinal images taken by endoscopes and manage the images in the cloud with the diagnostic support services provided by Tokyo-based AI Medical Service. With offices in the U.S. and Singapore, it has inked research agreements with 100 medical institutions worldwide, and received regulatory approvals in Japan, Singapore and Brazil. AI Medical has raised ¥14.5 billion ($94 million) in mainly equity funding, with some self-financing and government subsidies. Investors include SoftBank Group’s Vision Fund 2, Incubate Fund and Globis Capital Partners.
Airblack
India
Category: Education & Recruitment
Year founded: 2017 • CEO: Videt Jaiswal
Airblack offers online beauty and culinary courses that lead to government-certified diplomas. The Gurugram-based company says it has enrolled 35,000 students from India and the UAE. So far, it has raised over $10 million in funding from investors such as Blume Ventures, Elevation Capital, InfoEdge Ventures as well as the Michael & Susan Dell Foundation.
Aliena
Singapore
Category: Space Technology
Year founded: 2018 • CEO: Mark Lim Jian Wei
Aliena’s flagship engine, called Music (which stands for Multi-Stage Ignition Compact), provides electric propulsion that enables small satellites to operate in very low earth orbits—those at approximately 250 and 350 kilometers in altitude. In March, Aliena raised $5.6 million in a series A funding round led by Wavemaker Partners to expand its existing jet-propulsion test facilities in Singapore and accelerate the global deployment of its engines.
Alyve Health
India
Category: Biotechnology & Healthcare
Year Founded: 2020 • CEO: Shashank Avadhani
Alyve Health says it has signed up 400 Indian companies for its healthcare services that include preparing healthcare plans for employees. It also offers general health services in which its in-house consultants answer questions related to fitness and nutrition. In June, the firm raised $5.5 million in series A financing from investors led by Axilor Ventures, which is backed by software billionaire Senapathy Gopalakrishnan, bringing its total funding close to $6.5 million to date.
Applecrumby
Malaysia
Category: E-commerce & Retail
Year Founded: 2011 • CEO: Sean Tan
Cofounded by husband and wife Sean and Jesmine Tan, Applecrumby sells baby products, including chlorine-free diapers and wipes, with subscription packages for repeat orders. The company sells through TikTok Shop and Shopee and delivers to locations across Southeast Asia as well as mainland China. In March, it raised $4.2 million from VC firm 500 Global.
ArkEdge Space
Japan
Category: Fukuyo Takayoshi
Year Founded: 2018 • CEO: Fukuyo Takayoshi
ArkEdge Space develops nanosatellites weighing as little as three kilograms, operates ground stations and assists in arranging launch services. Its systems can be used for communications, remote sensing, imaging for disaster management and agriculture, and monitoring greenhouse-gas emissions. With two satellites successfully put into orbit, it has raised ¥2.7 billion ($18 million), including from Sparx Innovation for Future and Mitsui Sumitomo Insurance Capital. Last year, Japan’s Ministry of Economy, Trade and Industry awarded it a grant of up to ¥3.5 billion to develop advanced remote-sensing satellites.
Ati Motors
India
Category: Manufacturing & Energy
Year Founded: 2018 • CEO: Saurabh Chandra
The three-wheeled robots developed by Ati Motors are used in factories and warehouses. Branded Sherpa, the robots are capable of tugging trolleys, and thanks to sensors and the company’s AI-based software, can dodge obstacles. In 2023, Ati Motors raised $10.8 million in series A funding from a raft of investors including Blume Ventures, MFV Partners and True Ventures.
Bebest Automotive Electronics
China
Category: Manufacturing & Energy
Year Founded: 2021 • CEO: Liu Xiaohui
Founded by a team of scientists from China’s Tsinghua University, Shanghai-based Bebest Automotive Electronics makes smart chassis braking, steering and suspension systems for vehicles to respond faster to road conditions. Bebest, which says it aims to compete with German manufacturing giant Bosch, has raised more than $50 million in funding from investors including Nio Capital, HongShan (formerly known as Sequoia China) and Meridian Capital.
Bitsensing
South Korea
Category: Enterprise Technology & Robotics
Year Founded: 2018 • CEO: Lee Jae-eun
Uses of Bitsensing’s imaging radar include enabling autonomous driving systems to navigate traffic and detecting accidents in the home. The startup has raised about $46 million, including a $25 million series B round in June 2024. Its backers include car parts maker HL Mando, Life Asset Management, South Korean city gas supplier Samchully’s SCL Investment and Woori Financial Capital.
Bluesheets
Singapore
Category: Enterprise Technology & Robotics
Year Founded: 2020 • CEO: Christian Schneider
Bluesheets develops AI-powered data entry and management tools that companies use to process financial data. It targets the accounting, insurance, banking and logistics industries. In January, the startup raised $6.5 million in a series A funding round led by Illuminate Financial, with participation by Insignia Ventures Partners, Antler Elevate—the emerging growth fund of VC firm Antler—and 1982 Ventures. That brought the four-year-old startup’s total funding to over $12 million.
Botsync
Singapore
Category: Enterprise Technology & Robotics
Year Founded: 2017 • CEO: Rahul Nambiar
Botsync builds mobile robots for use in factories and warehouses to move pallets, shelves and trolleys. The management software is a no-code platform, which allows users to drag-and-drop functions to customize the robots to fit with existing operations. In June, Botsync raised $5.2 million in a series A ROUNDled by Betatron Venture Group and Capital 2B, bringing its total funding to over $8 million.
Caring
South Korea
Category: Biotechnology & Healthcare
Year Founded: 2019 • CEO: Kim Tae-sung
In a country with a rapidly aging population, the elderly-care market is thriving. Seoul-based Caring operates a chain of 45 elderly-care centers across South Korea with plans to add seven more by the end of this year. Additionally, it has 10,000 caregivers on its roster that have been trained to provide in-home services and can also be sent to work in assisted-care facilities. Caring’s ancillary services include selling walking sticks and wheelchairs. The firm has raised $55 million in funding so far, making it the most-funded elderly-care startup in South Korea. It raised 40 billion won ($30 million) in a series B round in February from investors including Ark Impact, IMM Investment, Hyundai Investment Partners, Korea Development Bank and SV Investment.
Cellid
Japan
Category: Enterprise Technology & Robotics
Year Founded: 2016 • CEO: Satoshi Shiraga
Cellid develops and manufactures plastic and glass inserts with an immersive display for lightweight augmented-reality glasses. In May, the company was awarded top honors in the components sector by the Society for Information Display. With offices in Tokyo and Sunnyvale, California, Cellid has raised nearly $22 million in funding, including from Tokyo Electron’s VC arm, TEL Venture Capital, and Seiko- Epson’s VC unit Epson X Investment.
DealCart
Pakistan
Category: E-commerce & Retail
Year Founded: 2022 • CEO: Haider Raza
Karachi-headquartered DealCart operates an online grocery site aimed at Pakistan’s growing middle class. Customers can order fresh fruit and vegetables, snacks, detergents and other sundries. Small grocery stores can also sell on DealCart to tap its customer base. In July, the firm raised $3 million in a seed funding round co-led by Abu Dhabi-based Shorooq Partners and London-based Sturgeon Capital.
Digantara
India
Category: Space Technology
Year Founded: 2018 • CEO: Anirudh Sharma
Spacetech company Digantara is building what it calls a Google Maps for space. Commercial space companies and government agencies subscribe to its software, which tracks the movement of objects including debris and satellites. The company has raised almost $15 million, including a $12 million series A round completed in February from investors such as Aditya Birla Ventures, Peak XV Partners and Kalaari Capital.
By The Numbers
Digivriddhi Technologies
India
Category: Finance
Year Founded: 2019 • CEO: Ragavan Venkatesan
Digivriddhi Technologies is a fintech platform targeting India’s dairy sector, which is the world’s largest by production. The company offers e-payments, insurance and loans to dairy owners overlooked by traditional banks. It also operates an online marketplace for dairy farmers to trade cows. Last year, the company raised $6 million in a series A funding round led by Omidyar Network India. Other backers include InfoEdge Ventures and Omnivore Capital Management.
Ecomobi
Vietnam
Category: E-commerce & Retail
Year Founded: 2016 • CEO: Thanh Truong
Ecomobi touts itself as a bridge between content creators and influencers and global brands, such as Adidas, Kiehl’s and L’Oréal, looking to expand their presence in Southeast Asia. After an initial consultation with Ecomobi, brands can use the platform’s marketing services as well as livestream sales and other events hosted by its influencers. Ecomobi is backed by Daiwa Corporate Investment, GS Retail, Mirae Asset Capital and VinaCapital Ventures.
ecoSPIRITS
Singapore
Category: Manufacturing & Energy
Year Founded: 2020 • CEO: Paul Gabie
To reduce waste from single-use glass bottles, ecoSpirits offers restaurants, bars, hotels and beverage brands its 4.5-liter ecoTOTE container—roughly equivalent to six bottles—that can be cleaned, sanitized and refilled after use. The startup says brands across 28 countries are using its containers, including Absolut Vodka, Havana Club and Smirnoff. The firm raised $10 million in series A funding in 2023 led by New York-based Closed Loop Partners with participation by Proterra Asia, Pavilion Capital, Convivialité Ventures and returning investor Wavemaker Partners.
EF Polymer
India
Category: Agriculture
Year Founded: 2018 • CEO: Narayan Lal Gurjar
Using biodegradable materials such as banana and orange peels, EF Polymer has developed a hydrogel polymer that helps soil retain water, boost crop yields and reduce fertilizer use. The company is led by a team of Indian scientists but also has operations in Japan. In 2023, EF Polymer raised nearly $4 million in series A funding from investors such as Beyond Next Ventures and Okinawa Development Finance Corp.
EggLogics
Hong Kong
Category: Biotechnology & Healthcare
Year Founded: 2018 • CEO: Lee Tin-Lap
EggLogics helps doctors assess the quality of eggs for in vitro fertilization. Currently undergoing clinical trials, its products, including patented cell therapy EggBoost and AI-powered egg assessment platform EggCheck, are meant to enhance egg maturation, fertilization rates and egg quality. Nurtured by Hong Kong Science and Technology Parks’ Incu-Bio program, the startup was founded by Lee, an associate professor at the Chinese University of Hong Kong’s School of Biomedical Sciences.
ElectricPe
India
Category: Manufacturing & Energy
Year Founded: 2021 • CEO: Avinash Sharma
ElectricPe operates an app for people to buy and charge electric two-wheelers. Through the app’s marketplace, customers can compare models, buy from local dealers and view available charging stations in their neighborhood. The Bangalore-based startup also offers a monthly subscription service that allows users unlimited charging at 25,000 charging stations nationwide. In July, ElectricPe closed an $8 million pre-series A funding round from investors including Green Frontier Capital, Blume Ventures and Micelio Fund.
Emerge Group
New Zealand
Category: Finance
Year Founded: 2020 • Co-CEOs: Jamie Jermain, Jovan Pavlicevic
Fintech startup Emerge Group offers digital banking services to small businesses in New Zealand. Using Emerge’s app, companies can quickly open an account, get virtual debit cards for their employees, track expenses and integrate their finances with accounting software. Before Emerge, cofounders Jamie Jermain and Jovan Pavlicevic started a pocket money app called SquareOne to teach Kiwi kids about financial literacy.
EMotorad
India
Category: Manufacturing & Energy
Year Founded: 2020 • CEO: Kunal Gupta
EMotorad makes electric bicycles for the Indian market. The Pune-based startup’s X-Factor model has a range of 40 kilometers per charge and its premium Desire model can last up to 80 kilometers. The company raised $20 million in a series B funding round last November led by Singapore-based Panthera Growth Partners, which included $2.5 million in debt.
enechain
Japan
Category: Manufacturing & Energy
Year Founded: 2019 • CEO: Ryo Nozawa
Tokyo-based enechain is an energy exchange that operates a real-time online marketplace for suppliers and customers. The firm’s eSquare platform is used by 250 companies to hedge against price fluctuations in wholesale electricity and fuel. It also has its own payment support service, eClear. The company has raised ¥6.6 billion ($42 million) from investors including DCM Ventures, Soros Capital Management, JERA and Kansai Electric Power’s K4 Ventures.
Entropik
India
Category: Enterprise Technology & Robotics
Year Founded: 2016 • CEO: Ranjan Kumar
Entropik applies AI to market research. In surveys, calls and video meetings, its software analyzes written responses and also changes in voice tones and facial expressions to get a potentially more accurate reading of consumer interests. Entropik raised $25 million in February from investors led by Bessemer Venture Partners and SIG Venture Capital.
Epigenic Therapeutics
China
Category: Biotechnology & Healthcare
Year Founded: 2021 • CEO: Bob Zhang
Epigenic Therapeutics is developing drugs based on its own gene-editing technologies using AI algorithms. The Shanghai-based company is targeting chronic and other diseases, including Hepatitis B. It’s raised more than $50 million in funding from investors including Qiming Venture Partners and OrbiMed. In July, it started clinical trials in China for a drug to treat high cholesterol.
ESQA Cosmetics
Indonesia
Category: E-commerce & Retail
Year Founded: 2016 • CEO: Cindy Angelina
Childhood friends Cindy Angelina and Kezia Trihatmanto founded ESQA, which claims to be the first vegan cosmetics brand in Indonesia. ESQA now offers a wide range of cosmetics and skincare products that are sold online, as well as through retailers such as Sephora, Sociolla and Watsons. The beauty startup has expanded into Vietnam and Singapore, and is eyeing other Southeast Asian markets. It raised a $6 million series A round in 2022 led by Unilever Ventures and with the participation of East Ventures. ESQA says it became profitable after just two years of operations.
EV Motors Japan
Japan
Category: Manufacturing & Energy
Year Founded: 2019 • CEO: Yuji Sato
The startup based in Kitakyushu city develops and manufactures electric buses and trucks, chargers and renewable energy storage systems. The company says its inverter technology extends battery life by as much as two charge cycles and reduces power consumption by 30%. It has raised ¥6.6 billion ($42 million) in funds to date, including a ¥1.6 billion series D round in March from the likes of Cosmo Energy Group and Incubate Fund.
FancyTech
China
Category: Enterprise Technology & Robotics
Year Founded: 2019 • CEO: William Li
FancyTech offers tools to e-commerce vendors and fashion brands to make marketing videos. After a user uploads product images, the company says its AI platform generates video clips within minutes. Backed by investors including DCM Ventures, GSR Ventures and Unity Asset Management, FancyTech says it has worked with more than 700 brands from luxury to sportswear. In May 2024, it won the grand prize at the 8th LVMH Innovation Award.
FastLabel
Japan
Category: Enterprise Technology & Robotics
Year Founded: 2020 • CEO: Takeshi Suzuki
As AI is only as good as its annotated data, FastLabel helps AI developers label images for algorithms. With over 100 customers including Sony and Mitsubishi Heavy Industries, the company says it can slash costs for the labor-intensive annotation process by 70%. FastLabel has raised ¥1.9 billion ($12 million) in debt and equity funds to date, including from NTT Docomo Ventures and Sony Innovation Fund.
Fluid
Singapore
Category: Finance
Year Founded: 2023 • CEO: Trasy Lou Walsh
Applying a “buy now, pay later” model to B2B commerce, Fluid offers flexible payment options for companies to pay their suppliers. Using the Singapore-based payments startup’s platform, businesses can apply for credit lines and track invoices and payments. In February, Fluid raised $5.2 million in a series A funding led by Insignia Ventures Partners, bringing the one-year-old startup’s total funding to $7 million.
Fyllo
India
Category: Agriculture
Year Founded: 2019 • Co-CEOs: Sudhanshu Rai, Sumit Sheoran
Agritech company Fyllo wants to help Indian farmers boost crop yield with Internet of Things devices that can flag irrigation, fertilizer and pest control issues. Sensors in the field collect humidity, temperature and soil moisture data. In May, the company raised $4 million in fresh funding from investors led by IndiaQuotient and Sidbi Ventures, bringing total funding to $6 million.
GalaXea AI
China
Category: Enterprise Technology & Robotics
Year Founded: 2023 • CEO: Gao Jiyang
Founded by a team including a Tsinghua University assistant professor and a former R&D director for Beijing-based autonomous-driving company Momenta, GalaXea is developing humanoid robots. Its AI technology allows the robots to navigate complex environments and complete tasks such as ferrying goods around industrial parks or working on assembly lines. GalaXea is backed by investors including GSR Ventures, IDG Capital and Chinese search giant Baidu.
Goterra
Australia
Category: Agriculture
Year Founded: 2016 • CEO: Olympia Yarger
Goterra uses insects to transform agricultural byproducts into protein and soil conditioner. Its black soldier fly protein can be used to feed poultry, fish and pets. It currently partners with supermarket chain Woolworths to process food waste generated by stores across Canberra and plans to expand to the U.S. and Singapore. In 2023, the startup raised a pre-series B funding round, on the back of an A$8 million ($5 million) series A funding in 2020 co-led by Tenacious Ventures and Australian billionaire Mike Cannon-Brookes’ Grok Ventures.
Graas
Singapore
Category: Enterprise Technology & Robotics
Year Founded: 2022 • CEO: Prem Bhatia
Singapore-based startup Graas—the name is short for “growth as a service”—uses predictive AI to assist e-commerce businesses. Through Graas’ online platform, users can track order volumes and access data-generated insights related to marketing and inventory management. Founded in 2022, Graas raised $40 million in a series A funding round that year, which it used to acquire Shoptimize, an Indian data specialist, and SELLinALL, an e-commerce startup in Singapore.
Gravel
Indonesia
Category: Construction & Logistics
Year Founded: 2019 • Co-CEOs: Georgi Ferdwindra Putra, Fredy Yanto
Jakarta-based Gravel makes it easy to hire construction workers either on a daily basis or per project. The company also offers maintenance services and sells building materials. It says it has helped with 6,000 projects in 20 Indonesian provinces and some 1.7 million construction workers are listed on the platform. The company has raised a total of $14 million in funding from investors such as NEA and East Ventures.
Great Bay Bio
Hong Kong
Category: Biotechnology & Healthcare
Year Founded: 2019 • CEO: Michael Chen
To speed up the costly and time-consuming process of drug development, Great Bay Bio’s AI-powered software helps drug makers to quickly identify and modify suitable living cells for drug development. The company grows the cells at its 3,000-square-meter R&D center in Dongguan, southern China. Since it was spun off from Hong Kong-listed Uni-Bio Science Group in 2019, Great Bay Bio has raised over $30 million in funding, including a $15 million pre-series B round in 2022. Its investors include Hillhouse’s GL Ventures and Tiger Jade Capital, a private equity firm backed by Chinese billionaire Ye Xiaoping’s clinical research firm Tigermed.
Great Wrap
Australia
Category: Biotechnology & Healthcare
Year Founded: 2019 • Co-CEOs: Julia Kay, Jordy Kay
Great Wrap produces compostable cling wrap for home use and pallet wrap for businesses. The company is backed by VC firm Giant Leap; W23, the venture capital arm of supermarket chain Woolworths; and the investment arm of global restaurant chain Grill’d. In 2022, Great Wrap raised A$24 million ($15 million) in a series A funding round that included A$11 million in equity and in May, it raised A$5 million in follow-up capital.
Hello Clever
Australia
Category: Finance
Year Founded: 2021 • CEO: Caroline Tran
Aussie fintech Hello Clever’s user-friendly “buy-to-earn” model enables shoppers to receive instant cash back on their purchases from registered merchants through its app and payment gateway. It also provides real-time payment settlement to businesses in Australia with no chargeback. In 2022, it raised A$4.5 million ($3 million) in funding led by Vectr Fintech Partners. CEO Caroline Tran was an accountant at marketing firms IPG Mediabrands and WPP.
HitPay
Singapore
Category: Finance
Year Founded: 2016 • CEO: Aditya Haripurkar
HitPay offers easy payment solutions for online and brick-and-mortar businesses. Through HitPay’s software tools, companies can accept credit card and e-wallet payments, and offer “buy now, pay later” packages. The Singapore-based startup has expanded into other countries including Malaysia and Thailand. In May 2022, the Y Combinator alum raised $15.8 million in series A funding led by Tiger Global, with participation by returning investors Global Founders Capital and HOF Capital.
Hungry Hub
Thailand
Category: E-commerce & Retail
Year Founded: 2014 • CEO: Surasit Sachdev
Hungry Hub is an online restaurant booking platform that also lets users view discounts and pay for their meals in advance. Through Hungry Hub, users can search for restaurants by cuisine, location or the type of occasion they’re celebrating. In 2022, Hungry Hub raised an undisclosed amount from Orzon Ventures, a VC firm jointly founded by Thai gas giant OR and 500 Global, in a series A funding round.
iFarmer
Bangladesh
Category: Agriculture
Year Founded: 2019 • CEO: Fahad Ifaz
Agritech startup iFarmer connects Bangladesh’s small farmers with wholesalers, offers advisory services and supplies agricultural inputs such as seeds, pesticides, fertilizers and feed. The startup’s app Sofol has been downloaded over 10,000 times on the Google Play store. In 2022, it raised $2.1 million in a funding round led by IDLC Ventures, with participation by Millville Opportunities.
iMotorbike
Malaysia
Category: E-commerce & Retail
Year Founded: 2016 • CEO: Gil Carmo
Kuala Lumpur-based iMotorbike is an e-commerce platform for buying and selling used motorcycles, which promises reliability with 170-point inspections and easy returns. It operates in Malaysia and Vietnam. The company raised $2.6 million in June 2023 in a series A funding round led by Gobi Partners and Shanghai-based Ondine Capital. Other investors included Malaysia’s state-run Penjana Kapital, Seedstars and U.S.-based Goodwater Capital.
indiagold
India
Category: Finance
Year Founded: 2020 • CEO: Deepak Abbot
Tapping into India’s mania for gold, fintech startup indiagold helps customers buy and sell gold, borrow against their own gold and store the precious metal in insured lockers. Its app has been downloaded over 1 million times from the Google Play store. In 2022, the startup raised a series A funding round of $22 million and investors included Alpha Wave, 3one4 Capital, PayU and Leo Capital.
isBIM
Hong Kong
Category: Construction & Logistics
Year Founded: 2010 • CEO: Elvis Li
IsBIM offers software to the construction industry including design, planning and project management, with offices in Hong Kong, Malaysia and mainland China. The company’s flagship AI product, Jarvis, can assist real-time construction site monitoring and security surveillance. Spun off from Hong Kong-listed C Cheng Holdings, isBIM raised nearly $6 million in October from backers including the startup investment arm of Hong Kong’s MTR Corp. and Gobi Partners GBA.
Jenfi
Singapore
Category: Finance
Year Founded: 2019 • CEO: Jeffrey Liu
Jenfi offers flexible financing for online businesses across Southeast Asia such as e-commerce operators. Under its “growth capital as a service” model, Jenfi disburses loans of up to $1 million in exchange for a fixed percentage of monthly revenue. The non-dilutive capital can be used for marketing campaigns and inventory management. Last May, the startup raised $6.6 million in a pre-series B round led by Headline Asia, bringing the four-year-old Y Combinator graduate’s total equity funding to almost $13 million.
JigSpace
Australia
Category: Enterprise Technology & Robotics
Year Founded: 2016 • CEO: Zac Duff
With Jigspace’s augmented reality (AR) software, users can create their own 3D presentations, called “Jigs,” and share them online. JigSpace’s presentations are also compatible with AR headsets such as the Apple Vision Pro Headquartered in Melbourne, JigSpace offers free and paid subscription plans for individuals and businesses. In July, it announced a A$13 million ($8.7 million) funding round led by Breakthrough Victoria, an Australian state government-backed fund.
K-ID
Singapore
Category: Enterprise Technology & Robotics
Year Founded: 2023 • CEO: Kieran Donovan
helps game developers comply with privacy regulations and make online gaming safer for children and teens. It can detect the age of a game user through various verification methods, after which k-ID automatically configures the game’s settings to age-appropriate content. In June, k-ID announced a $45 million series A funding round from investors, including Andreessen Horowitz and Lightspeed Venture Partners, bringing its total funding to $51 million.
KiwiFibre
New Zealand
Category: Manufacturing & Energy
Year Founded: 2020 • CEO: Benjamin Scales
KiwiFibre develops composite materials using fibers from the harakeke plant, which is indigenous to New Zealand. The company says it’s a sustainable alternative to carbon fiber and fiberglass for sporting goods and industrial applications. Cofounded by two graduates of the University of Canterbury, KiwiFibre was an incubatee of the school’s summer startup program in 2021. Last May, it raised NZ$1.5 million ($900,000) in a pre-seed funding round led by Icehouse Ventures.
LightMetrics
India
Category: Enterprise Technology & Robotics
Year Founded: 2015 • CEO: Soumik Ukil
The Bangalore-based company sells smart dash cams for vehicles that can detect risky driving behavior and generate a voice-based alert. LightMetrics says its products are being used in Australia, Canada, India, Singapore and the U.S., and the data can be stored locally. In 2023, the company raised $8.5 million in series A funding from investors including Beenext and Peak XV.
Lista
Philippines
Category: Finance
Year Founded: 2021 • CEO: Aaron Villegas
Lista offers an app that helps individuals and small businesses in the Philippines manage their finances. Its analytics tool tracks spending habits and cash flow, and users are alerted to upcoming bills. Lista has raised over $5 million in funding and says its app has been downloaded more than 2.5 million times. It gets 75% of its revenue from selling credit scores to consumers while the rest comes from referral fees from financial institutions.
Little Joy
Indonesia
Category: E-commerce & Retail
Year Founded: 2021 • CEO: Clara Carina Lukito
Founded by Clara Carina Lukito and Claudia Sastra (Forbes 30 Under 30 Asia 2023 listers), the company sells supplements to low- and middle-income families that can be mixed with food to add nutrients. Little Joy also offers products for pregnant and breastfeeding mothers. The company, which aspires to reduce malnutrition among Indonesian children, raised a series A funding round last year from investors Prasetia Dwidharma, Atlas Global Kapital and others.
LiveIn
Malaysia
Category: Food & Hospitality
Year Founded: 2015 • CEO: Keek Wen Khai
Catering to young professionals in search of affordable housing in Southeast Asia, LiveIn works with landlords to help them sublet and manage rooms in their properties in Malaysia, Vietnam, Thailand and Indonesia. Operating on a revenue-sharing model, the Kuala Lumpur-headquartered startup raised $8.3 million in a pre-series B funding round last December led by Wavemaker Partners and InterVest, with participation by Malaysia Debt Ventures, Jungle Ventures and CAC Capital. In June, Korea Investment Partners invested an additional $2.6 million.
M Village
Vietnam
Category: Food & Hospitality
Year Founded: 2020 • CEO: Nguyen Hai Ninh
M Village operates more than 30 properties with serviced apartments and rooms across Ho Chi Minh City and Hanoi. Founded during the Covid-19 pandemic, M Village’s accommodations cater mainly to millennial locals in Vietnam seeking a high-end experience at an affordable price. Most guests stay a month or longer. In July, M Village raised a $10 million series B funding round led by travel services platform Trip.com. M Village’s backers also include Simple Tech Investment, Japanese investment fund Genesia Ventures and Access Ventures.
McEasy
Indonesia
Category: Construction & Logistics
Year Founded: 2017 • CEO: Raymond Sutjiono
McEasy helps companies monitor their transportation fleets with software and other tools like cameras, GPS and sensors. Customers include state-owned oil and gas company Pertamina and Jakarta-based logistics company JNE. In June, McEasy raised series A+ funding led by Granite Asia, following an earlier $6.5 million round led by East Ventures in 2022, bringing its total series A funding to $11 million.
Mesh Bio
Singapore
Category: Biotechnology & Healthcare
Year Founded: 2018 • CEO: Andrew Wu
Mesh Bio creates a digital replica—or “twin”—of a patient’s body to gain insight into the potential response to various treatments and therapies for chronic diseases. Mesh Bio is working with hospitals in Singapore to predict the risks of patients developing kidney damage from type 2 diabetes. In January, the company raised $3.5 million in series A funding from investors led by East Ventures.
Mine.is
South Korea
Category: E-commerce & Retail
Year Founded: 2022 • CEO: Kim Hye-sung
Based in label-obsessed South Korea, Mine.is operates secondhand clothing marketplace Charan, where thrifty shoppers can purchase brand-name clothes from Polo Ralph Lauren to Sandro for a fraction of the original price. Mine.is raised a total of 15.4 billion won ($11 million) in funding so far, including a 10-billion-won series A in April from Altos Ventures, SBVA (formerly SoftBank Ventures Asia), Hashed and Delivery Hero Ventures.
Mober
Philippines
Category: Construction & Logistics
Year Founded: 2018 • CEO: Dennis Ng
With its fleet of electric vehicles, Mober helps businesses to meet their sustainability goals in last-mile delivery. The startup aims to have a fleet of 238 electric trucks by early 2025, up from its current 60. Customers include Swedish furniture giant IKEA, global logistics firm Kuehne+Nagel and Philippine foods producer Monde Nissin. Singapore-based Clime Capital invested $6 million in June for the fleet expansion and a 3,000-square-meter charging facility in Pasay City.
MoleculeMind
China
Category: Biotechnology & Healthcare
Year Founded: 2022 • CEO: Xu Jinbo
Founded by computer scientist Xu Jinbo, who teaches at both the University of Chicago and China’s Tsinghua University, MoleculeMind has developed technologies to analyze the structure of proteins, which could potentially help scientists tweak existing proteins or make new ones to develop materials for manufacturing and pharmaceuticals. MoleculeMind has raised funding from investors including HongShan (formerly known as Sequoia China), Cathay Biotech and the venture capital arm of Chinese search giant Baidu.
Morus
Japan
Category: Agriculture
Year Founded: 2021 • CEO: Ryo Sato
After working at a trading outfit and then at a VC firm, Ryo Sato cofounded Morus with Kunihiro Shiomi to develop environmentally sustainable silkworm protein powder to be used in food, feedstock and cosmetics. Last year, investors, including SMBC Venture Capital, DG Daiwa Ventures and ANRI, put in ¥200 million ($1.3 million) in a preseries A round, bringing the total funds raised to date to ¥250 million.
NayaPay
Pakistan
Category: Finance
Year Founded: 2016 • CEO: Danish Ali Lakhani
Fintech startup NayaPay operates a payments processing platform in Pakistan, aiming to help digitalize transactions between consumers and businesses. NayaPay’s app supports an e-wallet, virtual debit card and online payments. For businesses, NayaPay also offers point-of-sale devices that can be installed in stores. The fintech startup raised $13 million in a 2022 seed funding round led by Zayn Capital, MSA Novo and Graph Ventures.
NEU Battery Material
Singapore
Category: Manufacturing & Energy
Year Founded: 2021 • CEO: Bryan Oh
NEU Battery Materials recycles production- grade lithium from waste batteries through its patented electrochemical redox targeting technology. The startup says its method is more environmentally friendly because the process only consumes electricity and water. Last year, it raised $3.7 million in seed funding from Singapore government-backed SGInnovate, climatefocused investor Shift4Good and the corporate venture arm of Singapore-listed taxi operator ComfortDelGro, among others.
Neubility
South Korea
Category: Enterprise Technology & Robotics
Year Founded: 2017 • CEO: Andrew Lee
Neubility’s camera-fitted robots are used for deliveries and security patrols, among other applications. Its customers include food delivery firm Yogiyo and EQT-backed security monitoring company SK Shieldus. Neubility relies on autonomous driving technology and its own software instead of expensive lidar technology. The company raised more than $26 million in funding from investors including Samsung Venture Investment, Kakao Investment, Lotte Ventures, SK Telecom, Hyundai-backed self-driving mobility company 42dot and car parts maker HL Mando.
Neurowyzr
Singapore
Category: Biotechnology & Healthcare
Year Founded: 2019 • CEO: Pang Sze-Yunn
Neurowyzr develops tests to help adults spot and potentially mitigate early cognitive decline. Through a series of online minigames, Neurowyzr’s Digital Brain Function Screen test measures short-term memory, attention and thought flexibility. Last August, it closed its seed funding round led by Jungle Ventures and Peak XV’s Surge, bringing its total to $3.3 million.
Ookuma Diamond Device
Japan
Category: Manufacturing & Energy
Year Founded: 2022 • CEO: Naohisa Hoshikawa
Sapporo-based Ookuma Diamond Device says it has successfully prototyped a diamond semiconductor and will begin constructing a factory at the end of 2024 to expedite its commercialization. These chips, which can handle high temperatures and elevated levels of radiation—such as in space and nuclear plants—are much more efficient than conventional siliconbased chips that rely on cooling systems. To date, Ookuma has raised ¥1.9 billion ($12 million) in funding, including from Coral Capital and Globis Capital Partners.
Orangewood Labs
India
Category: Enterprise Technology & Robotics
Year Founded: 2017 • CEO: Abhinav Das
Orangewood Labs makes affordable industrial robotic arms that can be used to perform tasks such as powder coating and spray painting. Its RoboGPT software allows the robots to respond to voice commands and texts, which reduces configuration time and makes them easier to use in factories. The company has raised $5.4 million in funding from investors including 7percent Ventures, Schox Ventures and Y Combinator.
Paper.id
Indonesia
Category: Enterprise Technology & Robotics
Year Founded: 2018 • CEO: Yosia Sugialam
Jakarta-based Paper.id helps businesses automate their invoicing and payment processes. It is targeting Indonesia’s small and midsized enterprises and claims to have over 600,000 companies as customers. In June, Paper.id. raised a $12 million series B round led by Australian VC firm Square Peg, bringing total funding to over $30 million.
Paywatch
Malaysia
Category: Finance
Year Founded: 2020 • Co-CEOs: Richard Kim, Alex Kim
Paywatch offers employees early access to their wages in Malaysia, South Korea, Indonesia, the Philippines and Hong Kong. Using its app, employees can view their earnings based on their working hours and withdraw money in real time. It also provides employers with HR tools to track employee hours and assign tasks. In June, Paywatch raised a $30 million series A funding round led by VC firm Third Prime, comprising $14 million in equity and $16 million in loans.
PhiGent Robotics
China
Category: Enterprise Technology & Robotics
Year Founded: 2021 • CEO: Shan Yi
PhiGent Robotics says it makes a less expensive vision system for autonomous driving. Its binocular vision-based cameras—hardware that simulates how human eyes work—use software and stereo vision sensors that are cheaper than lidar sensors. It claims major automakers as customers. The company is backed by investors including INCE Capital and Chinese chip maker Horizon Robotics, which have invested a total of $95 million.
Plum
India
Category: Finance
Year Founded: 2019 • CEO: Abhishek Poddar
Plum Benefits Insurance Brokers offers a range of employee insurance policies for Indian companies. It sources products such as group-based healthcare benefits, accident insurance and life insurance, and has a team of in-house doctors to provide telehealth services. In 2021, Plum raised $15.6 million in series A funding from investors led by Tiger Global. Last year, it launched more insurance products for businesses, including policies that cover losses due to cyberattacks.
PopChill
Taiwan
Category: E-commerce & Retail
Year Founded: 2021 • CEO: Andy (Chiachi) Kuo
PopChill is a marketplace for secondhand luxury goods. Products are only delivered to buyers after verifying authenticity and a quality inspection. So far, the company has raised $6.2 million in funding and its investors include Acorn Pacific Ventures, Top Taiwan Venture Capital and 500 Global. PopChill plans to use the money to extend its market reach in Hong Kong and expand into Singapore later this year.
Proglix
Indonesia
Category: Construction & Logistics
Year Founded: 2022 • CEO: Wynn Nathaniel Wijaya
Proglix helps small Indonesian companies procure raw and finished metal materials for construction and other industries. Proglix doesn’t require a minimum order and offers competitive pricing and payment plans. The company was the only Indonesian startup selected for the Y Combinator winter batch in 2023 and managed to raise $1.4 million in seed funding in 2023 from the likes of 500 Global, Number Capital and Magic Fund.
Relevance AI
Australia
Category: Enterprise Technology & Robotics
Year Founded: 2018 • Co-CEOs: Daniel Vassilev, Jacky Koh
Sydney-based Relevance AI is a platform that lets companies automate tasks and workflows without coding. Using templates, they can build AI tools that create email responses and handle data analytics, among other applications. Relevance AI says about 40,000 businesses have tried its products so far. Last December, it raised A$15 million ($10 million) in series A funding from investors including King River Capital and Peak XV Partners.
Roojai
Thailand
Category: Finance
Year Founded: 2016 • CEO: Nicolas Faquet
Headquartered in the Thai port city of Laem Chabang, home to several auto companies, Roojai offers car, health and other insurance products in Thailand and Indonesia. Policyholders can use Roojai’s mobile app to file accident reports and call for roadside assistance. Roojai raised a total of $69 million in funding including $42 million in a series B round in 2023 led by German insurance giant HDI International, with participation from the World Bank group’s International Finance Corp. With the fresh capital, Roojai acquired the Thai division of Hong Kong billionaire Richard Li’s FWD General Insurance.
Rukita
Indonesia
Category: Food & Hospitality
Year Founded: 2019 • CEO: Sabrina Soewatdy
Property management startup Rukita offers affordable rental options, from co-living spaces to serviced apartments, and also helps landlords manage their properties. Rukita claims to be profitable and manages over 1.4 million rooms in major cities across Indonesia. In March, the startup raised $15 million in series B funding from investors including Peak XV’s Surge, Golden Gate Ventures, MPower Partners, BNI Ventures, Openspace Ventures and basketball star Jeremy Lin.
SaladStop! Group
Singapore
Category: Food & Hospitality
Year Founded: 2009 • CEO: Adrien Desbaillets
SaladStop! Group sells meals that appeal to the health-conscious: the SaladStop! brand, grain bowl brand Heybo, sushi takeout line Wooshi and catering service FreshKitchen. Cofounded in 2009 by fatherson duo Daniel and Adrien Desbaillets, the company is also led by Daniel’s daughter Katherine and son-in-law Frantz Braha. It has operations in Singapore, Hong Kong, Indonesia, Vietnam, South Korea and the Philippines, with over 800 employees and 75 outlets. In 2021, SaladStop raised S$12 million ($9 million) in a series B investment round led by Singapore state investment firm Temasek.
Sarvam AI
India
Category: Enterprise Technology & Robotics
Year Founded: 2023 • Cofounders: Vivek Raghavan, Pratyush Kumar
Sarvam AI develops large language models (LLMs), aiming to make generative AI apps more accessible and accurate in India. In February, it announced a collaboration with Microsoft to promote its Indic voice LLM, which will first be available in Hindi before expanding to other Indian languages. Sarvam has raised $41 million and its series A round, completed in December 2023, was led by Lightspeed Venture Partners with participation by Peak XV and Khosla Ventures.
Selex Motors
Vietnam
Category: Manufacturing & Energy
Year Founded: 2018 • CEO: Nguyen Nguyen
Selex Motors makes and sells electric scooters in Vietnam and operates a network of battery-swapping stations, where a drained battery can be changed for a charged one. Its flagship scooter line, Selex Camel, can reach 80 kilometers an hour. In April 2023, Selex Motors raised $3 million in a convertible note from investors including ADB Ventures, energy giant Schneider Electric’s fund Energy Access Asia, Sopoong Ventures and Touchstone Partners.
Simplus
Thailand
Category: E-commerce & Retail
Year Founded: 2021 • CEO: Jack Zhang
Simplus sells small home appliances such as toasters, hair dryers and air fryers to customers across Southeast Asia on e-commerce platforms including TikTok Shop, Shopee and Lazada. Backed by Jakarta-based AC Ventures, the Bangkok-based startup announced that it turned profitable in 2023. Simplus cofounder Jack Zhang was previously CEO of Lazada Thailand. The company is backed by AC Ventures.
Sirius Therapeutics
China
Category: Biotechnology & Healthcare
Year Founded: 2021 • CEO: Ji Qunsheng
Sirius Therapeutics is developing new medicines based on RNAi therapies, which alter RNA in a cell, rendering it harmless. The company has started clinical trials in Australia and China of drugs to treat blood clotting and cardiovascular disorders. The startup has raised close to $100 million in funding from investors including Hankang Capital and OrbiMed. It has offices and research centers in both China and the U.S.
SuperPanther Power Technology
China
Category: Manufacturing & Energy
Year Founded: 2022 • CEO: Liu Chao
As China continues to promote electric vehicles, SuperPanther Power Technology has found its niche: making electric heavy-duty trucks. Thanks to advances in battery technologies, its trucks, called Black Diamond and launched in April, can go up to 500 kilometers on a single charge and reach a speed of 80 kilometers per hour in 24 seconds while carrying 49 tons of goods, according to the company. Jiangsu-based SuperPanther is backed by investors including DT Capital Partners, HongShan (formerly known as Sequoia China) and Shunwei Capital. Its trucks are already on the road in Yulin, helping to transport coal from warehouses to local power plants.
SpotDraft
India
Category: Enterprise Technology & Robotics
Year Founded: 2017 • CEO: Shashank Bijapur
Legal tech startup SpotDraft offers software to help businesses draft contracts more easily. Its Draftmate AI tool can extract key terms from Microsoft Word-based documents and turn them into contracts. Headquartered in Bangalore, the company raised $26 million in series A funding from investors led by tech billionaire Azim Premji’s Premji Invest. The company’s backers also include Prosus Ventures and the 100x Entrepreneur Fund.
SquareX
Singapore
Category: Enterprise Technology & Robotics
Year Founded: 2023 • CEO: Vivek Ramachandran
Cybersecurity startup SquareX offers web browser products that help organizations detect and prevent online attacks against their users. SquareX’s browser extension, which has been downloaded 100,000 times from the Google Chrome web store, can alert users to potentially malicious files and websites, avoiding compromised networks. The startup also offers companies web-based VPN and file isolation tools. In 2023, SquareX raised $6 million in funding from Sequoia Capital India & SEA, now known as Peak XV Partners.
Swap Energi Indonesia
Indonesia
Category: Manufacturing & Energy
Year Founded: 2019 • CEO: Irwan Tjahaja
Jakarta-based Swap Energi is building a charging infrastructure for the country’s electric motorcycles. With its app, customers can quickly locate battery-swapping stations at over 1,500 locations across Indonesia. Early this year, the company raised $22 million in a series A round led by Qiming Venture Partners, following a $7.2 million pre-series A funding in April 2023 and an undisclosed seed funding in 2022.
Tazapay
Singapore
Category: Finance
Year Founded: 2020 • CEO: Rahul Shinghal
Tazapay helps small businesses with cross-border payments. Targeting gaming, e-commerce and travel companies, Tazapay enables online payments for companies in over 170 markets globally. In 2023, the fintech startup raised $16.9 million in a series A funding round led by Sequoia Capital India & SEA Asia (now called Peak XV Partners) with the participation of EscapeVelocity and the PayPal Alumni Fund.
Techtaka
South Korea
Category: E-commerce & Retail
Year Founded: 2020 • CEO: Yang Soo-young
Techtaka operates a software platform called Argo that handles logistics for online sellers. Argo uses AI to analyze shipment patterns to help vendors forecast whether they will have enough stock to fulfill orders. Techtaka raised $18 million in funding so far, including $9.5 million in series B from Altos Ventures in February. CEO Yang Soo-young was the principal software engineer at Coupang and a software engineer at Amazon in Seattle.
TeraWatt Technology
Japan
Category: Manufacturing & Energy
Year Founded: 2019 • CEO: Ken Ogata
With a Ph.D in physics from Oxford University, Ken Ogata cofounded TeraWatt Technology to make rechargeable, lightweight lithium-ion battery cells at a lower cost and with higher power density for electric vehicles, bikes, industrial drones and agricultural equipment. The company, which plans to start production in early 2026, has raised funding including from Temasek, Khosla Ventures, Jafco, Coral Capital and Japanese air conditioning giant Daikin.
Tiger New Energy
Bangladesh
Category: Manufacturing & Energy
Year Founded: 2022 • CEO: Nicole Mao
Tiger New Energy operates a network of over 100 battery-swapping stations for electric vehicles in Bangladesh. It describes its business model as “battery as a service” and its batteries can be used on electric three-wheelers, cars and other vehicles. In June, it raised $1 million from ADB Ventures on the back of a $2.5 million seed round in 2023 led by Wavemaker Partners.
Travel Wallet
South Korea
Category: Finance
Year Founded: 2017 • CEO: Kim Hyung-woo
Travel Wallet is a fintech startup that offers a prepaid travel card in partnership with Visa. TravelPay offers users a competitive exchange rate for spending in more than 40 currencies. Founded by CEO Kim Hyung-woo, a former foreign-exchange trader, Travel Wallet raised 72 billion won ($53 million) in funding, including a $10 million round in June led by Lightspeed Venture Partners. Previous backers include Bass Investment and Dunamu & Partners.
Udeer AI
China
Category: Enterprise Technology & Robotics
Year Founded: 2020 • CEO: Chen Junbo
With offices in both China and Singapore, Udeer AI has developed the Master 2000, a small robot that can be installed on top of forklifts, logistics vehicles and street sweepers to help them automatically navigate their route. Since its launch in early 2023, the plug-andplay robot has helped Udeer AI attract investors such as Sinovation Ventures and the venture capital arm of Chinese search giant Baidu.
Varaha
India
Category: Agriculture
Year Founded: 2022 • CEO: Madhur Jain
Varaha connects companies that have net-zero targets with carbon-neutral agriculture projects. Emission reductions from environmentally friendly cultivation practices, which Varaha estimates through data collection, remote sensing and soil analysis, become carbon credits that companies can buy. Varaha says it has enrolled more than 84,000 farmers who manage a combined 800,000 acres. In February, it raised $8.7 million in funding from investors led by VC firm RTP Global.
Virohan
India
Category: Education & Recruitment
Year Founded: 2018 • CEO: Kunaal Dudeja
Virohan’s goal is to build India’s healthcare industry by training paramedics, clinical assistants and nurses, among others. It partners with universities across India to award diplomas and bachelor degrees in technician courses as well as in hospital administration and optometry. Virohan says it has enrolled more than 8,000 students. The company has raised over $12 million in funding, and its investors include ALES Japan, Blume Ventures and Rebright Partners.
Vuihoc
Vietnam
Category: Education & Recruitment
Year Founded: 2019 • CEO: Lam Do Ngoc
Edtech startup Vuihoc offers online lessons and learning materials in mathematics, English and science, including one-on-one tutoring and small group sessions. In July 2023, the company raised $6 million in a series A funding round led by TNB Aura, with participation by TKG Taekwang, IBK-STIC, Do Ventures, BAce Capital and Vulpes Ventures. The startup’s name is a combination of two Vietnamese words: vui, which means happy, and hoc, which means learn.
Waddle
South Korea
Category: E-commerce & Retail
Year Founded: 2019 • CEO: Jihyuk Park
Waddle is developing a shopping assistant called Gentoo for e-commerce platforms. The conversational assistant—which is powered by multiple large language models, including OpenAI’s GPT—can recommend products from user prompts. Waddle is hoping its assistants can be used by other industries such as insurance. In June, it raised 2 billion won ($1.5 million) in pre-series A funding from Kakao Ventures, Fast Ventures and BonAngels Venture Partners.
WATI
Hong Kong
Category: Enterprise Technology & Robotics
Year Founded: 2020 • CEO: Ken Yeung
Headquartered in Hong Kong but operating mainly in Malaysia and Indonesia, WATI helps businesses better engage with their customers through WhatsApp. WATI, which stands for WhatsApp Team Inbox, offers customer relationship management tools built on WhatsApp’s business platform, including shared inboxes. In 2022, WATI raised a $23 million series B funding round led by Tiger Global, with participation by Sequoia Capital India & Southeast Asia (now known as Peak XV), DST Global Partners and e-commerce giant Shopify.
Yuan Planet
China
Category: Manufacturing & Energy
Year Founded: 2019 • CEO: Li Yang
Yuan Planet is in the car-recycling business. It dismantles used cars and resells parts such as motors and dashboards. The company does most of its business in China but also has a facility in Malaysia that dismantles cars from Europe and the U.S. In late 2023, the company raised series B funding from investors including Gobi Partners and Nio Capital.
Zed
Philippines
Category: Finance
Year Founded: 2020 • CEO: Danielle Cojuangco Abraham
This year Zed became the first neobank in the Philippines to offer a credit card after securing a license from the central bank. Zed says instead of charging interest or annual fees, it will collect a share of network fees that merchants pay with each purchase. In March, the startup raised $6 million in seed funding led by Peter Thiel’s Valar Ventures.
