Recent Deals in APAC – 2 June

Looking for the latest information on cleantech deals? Find insight on recent innovation developments here.

Agriculture & Food

GOOD Meat, manufacturer of cellular protein for cultured meat products, raised $170 million in a growth equity round from UBS O’Connor, Graphene Ventures and K3 Ventures. GOOD Meat is a spinoff from alternative protein company Eat Just, who manufactures plant-based egg products. GOOD Meat will become a subsidiary of Eat Just as a result of the transaction and is the first company in the world to sell cultivated meat products to consumers in Singapore.

Energy & Power

eleXsys Energy, provider of solar and wind energy network services that allow a two-way flow of electricity on grids, raised $900,000 from Angel Investment Network as part of a larger Series A round. eleXsys had previously raised $5.1 million from undisclosed investors in early May and will use the combined funding to further invest in their technology and extend their reach globally. The technology behind eleXsys Energy provides a solution to the problem of voltage volatility, allowing network operators to deliver safe and stable electricity to customers.

Materials & Chemicals

Bota Bio, developer of platform strains and fermentation processes for microbial production of industrial compounds, received an undisclosed sum from BASF Venture Capital (BVC) in a Series A round in March. The funding strengthens Bota Bio’s potential for innovation in Asian markets and will be used to expand their development and production capabilities. Bota Bio is developing a biotechnology platform, using living cells and enzymes, to enable sustainable production of high-value products for industrial applications, such as sweeteners, vitamins, and crop protection products.

Resources & Environment

Axelspace, developer and operator of a microsatellite constellation for earth observation, raised $24 million in a growth equity round led by SPARX Innovation for the Future, the venture arm of Japanese hedge fund, Sparx Group. Other investors included Space Frontier Fund, Sumitomo Mitsui Trust Investment, Japan Post Capital, Mitsubishi UFJ Capital, and Global Brain Corporation. The funding will allow Axelspace to launch five additional optical microsatellites in 2023, bringing Axelspace’s earth observation satellite total to ten.

Transportation & Logistics

YunQuNa, provider of global smart logistics platform, raised $100 million in growth equity from Source Code Capital and other undisclosed investors. YunQuNa will use the funding to expand their logistics network by constructing dozens of new logistics centers across major countries and regions in the next two years. This expansion will also increase YunQuNa’s presence in existing markets, such as Mexico, Brazil, Japan, the United States, Vietnam, Thailand, and Singapore. YunQuNa uses e-commerce, big data, and AI to provide clients with a full-service international freight container shipping platform.