No surprise that AI's bagging the bucks

G42, Windrose Technology, Parsons Nutritionals, and more raised funds this week. [Read from your browser]( FOMO Saturday Welcome to Tech in Asia's free Saturday VC newsletter! Get full access to our subscribers-only premium content and other insightful analysis on the big and messy topics of Asia’s tech and startup community by [registering here](.  --------------------------------------------------------------- Hello {NAME} When I saw the funding data for this week’s newsletter, I had to triple-check the figure for this week’s biggest funding round: a whopping US$1.5 billion invested into Emirati AI startup G42 by tech giant Microsoft. I even googled the news and checked a few sources, because it's been a while since this newsletter has seen a number that big (the tech winter sure sucks, eh?) and I had to make sure I wasn’t seeing things. This really emphasizes the incredible interest and excitement around AI, which has so far been one of the few sectors that’s weathering - and honestly, perhaps even thriving in - this storm. AI could be truly transformative, and it could herald a new era of how we understand and interact with technology and the world around us. That’s some exciting stuff. You can find all other important investment deals that happened in the last few days in our [weekly funding news wrap-up](. Let’s dive into the biggest deals that recently took place. -- Stefanie  --------------------------------------------------------------- THE BIGGEST DEALS BY COUNTRY  AE G42, an AI and cloud computing startup from the United Arab Emirates, [has raised US$1.5 billion]( in a strategic investment from Microsoft. CN Windrose Technology, a China-based company that develops zero-emission trucks, has bagged US$110 million in series B money from Goodman Group, Hite Hedge Asset Management, and HSBC. IN Parsons Nutritionals, a manufacturer of fast-moving consumer goods in India, has secured US$83.3 million in a bridge round from Evolvence India, HDFC Mutual Fund, International Finance Corporation, and Lighthouse Funds. KR Upstage is an AI startup in South Korea. It [has received US$72 million]( in series B money from Company K Partners, Hana Ventures, Industrial Bank of Korea, KDB Bank, KT Corporation, and Mirae Asset Venture Investment, among others. JP Sharing Energy is a Japan-based solar energy startup that has raised US$26 million in a series B round. AG Capital, GMO Venture Partners, Hachijuni Capital, K4 Ventures, Mitsubishi UFJ Trust and Banking Corporation, and Mizuho Bank are some of the investors. Here’s the complete list of this week’s funding chart: [108 deals worth over US$2.1 billion](.  ---------------------------------------------------------------  M&As  JP Comp, a foodtech startup from Japan, has been acquired by candy company Uha Mikakuto. The financial details of the deal were not disclosed. IN PokerSaint is an online poker games portal in India. It was acquired by OneVerse, a metaverse and gaming tech startup, for an undisclosed sum.  ---------------------------------------------------------------  STARTUPS THAT ARE RAISING FUNDS Fundraising is hard. To make things slightly easier, we’ve compiled this list of fundraising startups for our subscribers. Do you run a startup that’s raising at the moment or know someone who does? Sign your company up for listing [here.]( SG Humble Code is an AI-powered no-code platform based in Singapore. ID Talentlytica is a talent assessment and analytics platform hailing from Indonesia. TH Spacely AI is a generative AI-enabled enterprise design software that helps interior designers increase their sales, productivity, and scale. You can find the full list of fundraising startups in Asia [over here](.  ---------------------------------------------------------------  BEHIND THE GLASSWALL Fundraising often involves reaching out to multiple contacts, many of whom founders might not have dealt with before. To provide some transparency to this process, we created Glasswall, a platform for founders to give feedback and recommendations on investors. Check out the full list [here](. - ✅︎ “Recently pitched to Saison Capital. Qin En is a sharp investor with an uncanny ability to ask the important questions. He did not waste time going through the mechanical questions of "what's your business model" or "who is your customers". Early in the conversation, he understood our business, and asked pointed questions.” - [Read more]( - ❌ “It might seem like complaining but we didn't get an investment from them. That is fine but for the time and effort that the process took up, it was a complete waste of time. A lot of back and forth, meeting up, several video calls, all of which were filled with question after question and us teaching them.” - [Read more]( - ✅︎ “The team at Appworks is very tuned into the founder's mindset, and well informed about markets and geographies. The overall fundraise process was smooth. The highlight of it was towards the end where we had an hour long session in which ~20 people from the Appworks team interviewed my co-founder and I over Zoom. The questions asked during this session were thought-provoking, consequently requiring reaching deep into our experience and thought processes.” - [Read more](  --------------------------------------------------------------- SAIGON SUMMIT 2024: CHARTING VIETNAM’S TECH FUTURE Unpacking Vietnam’s tech scene Ever wondered how Vietnam's tech scene grew into the powerhouse it is today? The Saigon Summit takes you on a journey through time, exploring key moments that shaped the industry. Hear about VNG's 20-year evolution alongside Vietnam's rise as a tech hub. Discover how VNLife sparked the digital revolution, laying the foundation for a vibrant ecosystem. Explore the potential of the country’s young tech talent pool, including the opportunities and challenges, with Seek. This is just a glimpse into the insights awaiting you at the Saigon Summit. Don't miss out – [grab your ticket now]( before prices go up on April 22! ---------------------------------------------------------------  EVENTS HAPPENING You can also check out a curated list of trending tech events [over here]( and Tech in Asia’s signature events [here](.  [Saigon Summit 2024 : Charting Vietnam’s Tech Future on May 30]( Vietnam's tech scene didn't emerge overnight. Saigon Summit explores key moments with VNG, VNLife, and Seek, offering insights into the digital revolution and the future of Vietnam's tech talent. Don't miss out – [grab your ticket now]( before prices increase on Monday!  [Tech in Asia Conference Kuala Lumpur 2024 : Malaysia on The Rise on July 24-25]( Join us this July for a time of insightful panels, skill-building workshops, and exclusive interviews with top brands. First release tickets are available until tomorrow, April 22nd! Participating companies include AWS, Antler, Google Cloud, Odoo, Sunrate, and more. [Purchase a General Pass for just US$45]( (U.P. US$80) today! [Product Development Conference (Jakarta, 25-26 June 2024)]( In this edition of Tech in Asia’s flagship conference for product talent, get access to keynote presentations, interactive Q&As, and networking opportunities that help you to build, launch, and scale world-class products. Early-bird tickets are gone, but fear not—you can now grab first-release tickets at 50% off! Better yet, bring 2 friends and secure an extra 20% off. [Secure your spot now.]( [Tech in Asia’s Founders Meetup in Singapore on April 24]( Get the secret sauce from esteemed VCs on navigating the tech winter and have exclusive face time with them to find solutions to your funding challenges. Hurry - due to overwhelming demand, we only have a handful of tickets left. [Secure your ticket now before it’s gone!]( [Tech in Asia’s Founders Meetup in Vietnam on May 30]( Founders Meetup is returning to Vietnam as part of the official closing party of Saigon Summit! Unwind and connect with founders, startup leaders, and investors from across the region at this premier networking mixer. Early bird tickets are fully redeemed – [get yours at US$12 now!]( --------------------------------------------------------------- EXCLUSIVE LISTICLES Lists of most active investors in the region [China]( | [India]( | [Indonesia]( | [Japan]( | [Singapore]( | [Southeast Asia]( List of top-funded startups in Asia [China]( | [India]( | [Indonesia]( | [Israel]( | [Japan]( | [Hong Kong]( | [Singapore]( | [South Korea]( | [Vietnam](  ---------------------------------------------------------------  THOUGHTFUL READS  1️⃣ AI and the human potential Learn more about how AI can augment human work and drive greater innovation in [this Masters of Scale podcast]( featuring insights from Intel’s Lama Nachman, a seasoned AI researcher, and Alexandr Wang, the founder of AI startup Scale AI. 2️⃣ A note on Web3 VCs in general still seem wary of investing in Web3, but in Q1 2024, cryptocurrency and blockchain projects saw an uptick in VC funding - which marked the first quarterly rise since Q4 2021. Some investors are placing long-term bets on the “picks and shovels” of Web3, funding projects that focus on the key infrastructure of a decentralized internet. Read more on [Fortune](. 3️⃣ The new normal Smaller venture capital funds are the new normal - the average fund size fell to US$115 million in Q1 2024. It’s a sharp drop from the US$158 million for the entire 2023, and an indicator of how the tough fundraising environment is expected to persist, according to *Venture Capital Journal.” Read more [here](. 4️⃣ The question of China VCs in the US once saw China as the next frontier of exciting tech innovations and startups. However, increased US government scrutiny and an uncertain exit environment have contributed to a steep decline in US investments in China. This [Fast Company piece]( goes deeper into the current state of affairs. 5️⃣ Leading in a crisis What lessons can we learn from leadership in a time of crisis from polar explorer Ernest Shackleton? [This Harvard Business Review podcast]( explores some key lessons that all leaders can take away from his story, such as assembling the right team and the role of empathy.  --------------------------------------------------------------- [ADVERTISE]( | [SUBSCRIBE]( | [HIRE]( | [FIND JOBS]( P.S. Don't miss out on the biggest tech news and analysis. Add newsletter@techinasia.com to your address book, contacts, or safe sender list. Or simply move us into your inbox. Too many emails? Switch to a different frequency or get new content through our [preference center]( or [unsubscribe](. You can also break our hearts and remove yourself from all Tech in Asia emails over [here](  ---------------------------------------------------------------  Tech in Asia’s newsletters are handcrafted daily with love - and sometimes powered by good kopi. Today’s edition was written by Stefanie Yeo. It’s edited by Dhania Putri Sarahtika. Copyright © 2024 Tech in Asia, All rights reserved. 63 Robinson Road, Singapore 068894