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Today: May 17, 2024
January 15, 2024
1 min read

Venture Success: Bioworks, GXS Bank receive mega investments and more


TLDR:

  • Purpose Venture Capital has invested in Bioworks, a Singapore-based new material creation company. The investment will be used for R&D, human resources, and the expansion of its product portfolio.
  • Grab has injected SGD 145.1 million (USD 108.9 million) into digital bank GXS Bank, as part of a series of investments by the Southeast Asian superapp into GXS Bank.
  • Former Twitter CEO, Parag Agrawal, has raised around USD 30 million to support his new AI startup, which will focus on creating software for large language model (LLM) developers.
  • SK Networks, a general trading affiliate of SK Group, will invest KRW 25 billion (USD 19 million) in Upstage, a startup specializing in generative AI solutions.
  • Sprout Solutions has acquired the operations of JustPayroll in the Philippines, covering all existing local clients and employees of JustPayroll.

Purpose Venture Capital has invested in Bioworks, a new material creation company based in Singapore. The investment will be used for research and development, human resources, and the expansion of Bioworks’ product portfolio. Other investors in this funding round include Lavender Hill Capital, 18 Salisbury Capital, and Yagi & Co. The exact amount of Purpose Venture Capital’s investment was not disclosed.

Grab, the Southeast Asian superapp, has invested SGD 145.1 million (USD 108.9 million) in GXS Bank, a digital bank jointly owned by Grab and Singtel. Grab’s injection of funds into GXS Bank is part of a series of investments. Grab had previously invested SGD 75.8 million (USD 56.9 million) in April 2023 and SGD 137 million (USD 102.8 million) in July 2023. Grab and Singtel are reportedly planning to invest an additional SGD 229.5 million (USD 172.2 million) in GXS Bank in Q3 2024.

Parag Agrawal, the former CEO of Twitter (now known as X), has raised around USD 30 million for his new AI 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 developers of large language models (LLMs). Agrawal served as the CEO of Twitter from November 2021 until October 2022, when he was replaced by Elon Musk. Twitter was subsequently rebranded as X.

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 generative AI solutions. SK Networks will become the lead investor in Upstage’s Series B funding round. Upstage is known for its development of small-scale LLMs.

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. JustPayroll made the decision to exit the Philippine market and focus on its business process outsourcing and professional employer organization offerings.

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