Purpose Venture Capital Invests in Bioworks to Support R&D and Expansion
Purpose Venture Capital, a Singapore-based early-stage venture capital firm, has invested in Bioworks, a new material creation company based in Kyoto. The exact amount of the investment was not disclosed. The capital infusion will be used by Bioworks for research and development, expanding its product portfolio, and entering new markets both domestically and internationally. Purpose Venture Capital joins other investors, including Lavender Hill Capital and Yagi & Co, in supporting Bioworks’ growth and expansion plans.
Grab Invests SGD 145.1 Million in GXS Bank to Strengthen Digital Banking Services
Grab, the Southeast Asian superapp, has injected SGD 145.1 million (USD 108.9 million) into digital bank GXS Bank. This investment is part of Grab’s series of investments in GXS Bank, and follows previous investments of SGD 75.8 million (USD 56.9 million) and SGD 137 million (USD 102.8 million). The capital infusion aims to strengthen GXS Bank’s digital banking services. Grab and Singtel, a Singapore-listed telecommunications company, are reportedly planning to further invest in GXS Bank, with an additional SGD 229.5 million (USD 172.2 million) earmarked for injection in the third quarter of 2024.
Former Twitter CEO Raises USD 30 Million for New AI Startup
Parag Agrawal, the former CEO of Twitter, has raised around USD 30 million to support his new artificial intelligence startup. The investment was led by Khosla Ventures, with contributions from Index Ventures and First Round Capital. Agrawal’s startup will focus on creating software for large language model (LLM) developers. Agrawal served as CEO of Twitter from November 2021 until October 2022, when he was replaced by Elon Musk.
SK Networks Leads KRW 25 Billion Investment in Upstage for AI Solutions Development
SK Networks, a general trading affiliate of South Korean conglomerate SK Group, will invest KRW 25 billion (USD 19 million) in Upstage, a startup specializing in the development of generative AI solutions. This investment positions SK Networks as the lead investor in Upstage’s Series B funding round. SK Networks plans to leverage its global network to support Upstage’s growth on the international stage. Upstage is known for its development of small-scale language models (LLMs).
Sprout Solutions Acquires JustPayroll’s Philippine Operations to Simplify HR Operations
Sprout Solutions, a Philippine human resource solution provider, has acquired the operations of JustPayroll, a provider of payroll solutions in the Philippines. The acquisition covers all existing local clients and employees of JustPayroll. David Bell, CEO of JustPayroll, stated that the acquisition will simplify its operations in Asia as it focuses on its business process outsourcing (BPO) and professional employer organization (PEO) offerings. Sprout Solutions aims to strengthen its presence in the Philippine market by expanding its portfolio of HR solutions.
Analyst comment
1. Purpose Venture Capital Invests in Bioworks to Support R&D and Expansion.
Positive news. This investment will provide Bioworks with the necessary capital to enhance their research and development capabilities and expand their product portfolio, leading to potential growth in domestic and international markets.
2. Grab Invests SGD 145.1 Million in GXS Bank to Strengthen Digital Banking Services.
Positive news. This investment aims to enhance GXS Bank’s digital banking services, indicating potential improvements in their offerings. Further investments from Grab and Singtel suggest continued support and potential for growth in the future.
3. Former Twitter CEO Raises USD 30 Million for New AI Startup.
Positive news. The substantial investment raised by Parag Agrawal for his new AI startup demonstrates confidence in the venture’s potential success. The focus on developing software for large language models aligns with the current demand for AI technologies.
4. SK Networks Leads KRW 25 Billion Investment in Upstage for AI Solutions Development.
Positive news. SK Networks’ significant investment in Upstage’s Series B funding round highlights confidence in the startup’s potential and their development of generative AI solutions. The support from SK Networks’ global network suggests opportunities for growth on an international scale.
5. Sprout Solutions Acquires JustPayroll’s Philippine Operations to Simplify HR Operations.
Positive news. This acquisition will simplify Sprout Solutions’ operations in the Philippine market and strengthen their presence by expanding their portfolio of HR solutions. It will also allow JustPayroll to focus on their core BPO and PEO offerings.
