In today’s briefing:
- Verifiable digital identity startup Accredify raises strategic funding from Okta Ventures | e27
- Jumbotail nets $18m amid tough B2B ecommerce market
- Singaporean wearables startup SynPhNe bags US$5M for US expansion | e27
- Ai Palette nets US$5.8M to empower CPG brands with real-time insights into consumer trends | e27
- Rider Dome attracts US$2.3M for its AI-powered motorcycle safety solution | e27
Verifiable digital identity startup Accredify raises strategic funding from Okta Ventures | e27
- Accredify, a company that enables firms to create, issue, and manage tamper-proof verifiable credentials in Singapore, has raised an undisclosed strategic investment from US-based Okta Ventures, the investment arm of the independent identity management platform Okta.
- Accredify will integrate Okta’s solutions, such as SSO and MFA, into its product.
- This Series A extension round follows the Singaporean startup’s US$7 million financing in April 2023, co-led by iGlobe Partners and SIG Venture Capital, with participation from Pavilion Capital and Qualgro.
Jumbotail nets $18m amid tough B2B ecommerce market
- B2B ecommerce startups in India and Southeast Asia have been facing challenges in scaling up their businesses after the pandemic.
- In December 2023, Indian unicorn Udaan laid off at least 100 employees after raising US$340 million, while two months earlier, Indonesia-based Ula announced that it was also cutting jobs and transitioning out of its inventory-led FMCG distribution business.
- However, positive news comes from B2B startup Jumbotail, which has raised US$18.2 million in an equity round.
Singaporean wearables startup SynPhNe bags US$5M for US expansion | e27
- SynPhNe (Synergistic Physio-Neuro Platform), a wearable solution designed to treat stroke and other neurology-related disorders, has received US$5 million in a Series A funding round.
- Event Horizon Technologies, an affiliate of the Nadathur Group, is one of the key investors in this round. The Group is the family office of Nadathur Raghavan, co-founder of Indian software giant Infosys.
- This fresh capital will be used by Singapore-based SynPhNe to expand its rehabilitation services, particularly in the US market.
Ai Palette nets US$5.8M to empower CPG brands with real-time insights into consumer trends | e27
- Ai Palette, a Singapore-incorporated startup enabling consumer packaged goods (CPG) companies to create products using AI and machine learning technologies, has bagged US$4 million in equity financing from local VC firm Tin Men Capital.
- This brings the capital raised by the AI startup in the Series A extension round to US$5.8 million.
- With the fresh funds, Ai Palette looks to expand further into the beauty & personal care and nutraceutical categories, which began development in November 2023.
Rider Dome attracts US$2.3M for its AI-powered motorcycle safety solution | e27
- Singapore-based Rider Dome, which specialises in AI-driven safety solutions for motorcycle fleets and riders, has announced the completion of its US$2.3 million seed funding round.
- The investors are local mobility startup investor Goldbell, Radha Rani Holdings Family Office, and undisclosed angels.
- “With the strategic partnership of our investors, Rider Dome not only gains financial support but also taps into a wealth of experience and market understanding within the automotive industry.
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