FusionAP raises pre-seed funding to build advanced packaging platform
FusionAP, a Malaysia-based semiconductor packaging company, has raised USD 2 million in a pre-seed funding round co-led by Vertex Ventures Southeast Asia & India and Southern Capital Group.
Founded by former Intel and TSMC executives, FusionAP is building an outsourced semiconductor assembly and test platform focused on advanced 2.5D, 3D, and other next-generation packaging technologies. The company is led by founder and CEO Ooi Teng Chow, who previously helped build Intel’s advanced packaging operations in Malaysia, and co-founder Peter Chavart, former general manager of disaggregation manufacturing operations at Intel.
FusionAP will use the capital for engineering and process integration, R&D, IP development, and pilot production capacity. The company is also eligible for a matching research grant from the Malaysia Science Endowment initiative under the Ministry of Science, Technology and Innovation.
Pluang banks Series C funding from MUFG Innovation Partners
Pluang, an Indonesia-based investment platform, has raised around USD 10 million in Series C funding led by MUFG Innovation Partners, according to Tech in Asia. Existing investors, including Square Peg and Accel, also participated.
Founded in 2019, Pluang offers access to gold, US stocks, crypto, exchange-traded funds, options, mutual funds, and Indonesian stocks. The company said it currently serves more than 13 million registered users and provides access to over 2,000 assets.
Pluang plans to keep most of the fresh capital in reserve, with potential uses including acquisitions or overseas expansion, though neither is being actively pursued. More immediately, the partnership with MUFG is expected to support future collaborations and strengthen customer trust.
Pluang generated USD 30 million in group revenue last year, more than doubling year-on-year. It also entered the Philippines in June 2025 through a regulatory sandbox, with a broader launch targeted for next year.
SeaX Ventures invests in US-based Melazyme
Melazyme, a precision fermentation company, has raised USD 2 million in seed funding led by Thailand-based SeaX Ventures, with participation from Stellaris Venture Partners and Plug and Play Ventures.
Founded in 2025, Melazyme is based in Utah and develops high-performance functional biomolecules using a patent-pending fermentation platform. Its current focus molecules include melanin and brazzein, a naturally sweet protein with food and beverage applications.
The company will use the funds for platform development, production scale-up, and early commercial deployment across consumer, industrial, and environmental markets. Its melanin work targets applications in cosmetics, UV protection, functional coatings, advanced materials, filtration, heavy metal remediation, and rare earth recovery.
SeaX Ventures said Melazyme is targeting molecules where fermentation can deliver immediate, differentiated value across multiple markets.
Fasset raises USD 51 million in Series B funding
Fasset, a stablecoin-powered banking and investment platform, has raised USD 51 million in Series B funding from SBI Group, Arz Portfoy, Investcorp, and family offices.
The company said it provides Shariah-compliant financial services for emerging markets, using stablecoins and tokenized real-world assets to support cross-border payments, remittances, and access to investment products. Its platform spans more than 50 banking corridors and targets users across Asia, Africa, and the Americas.
Fasset will use the proceeds to expand its regulated financial infrastructure, enter new markets, and grow its retail, business, and private banking teams. It also plans to develop new products in lending, banking for small businesses, and trade finance.
The round comes as stablecoins gain traction as payment and settlement rails, especially in markets where cross-border banking remains costly or fragmented.
InCred Capital to acquire S Cube Capital
InCred Capital, the wealth and asset management arm of InCred Group, has agreed to acquire S Cube Capital, a Singapore-based fund management firm. The deal remains subject to regulatory approvals.
S Cube Capital focuses on fixed income and alternative investments. Through the acquisition, InCred aims to strengthen its offshore product suite and global alternatives platform.
S Cube’s co-founders, Hemant Mishr and Balaji Swaminathan, will join InCred Global Wealth as joint vice chairmen of the global asset management business, alongside key members of the S Cube team.
Tencent Music completes acquisition of Ximalaya
Tencent Music Entertainment, or TME, has completed its acquisition of Ximalaya, making the online audio platform a wholly owned subsidiary.
The deal was completed on May 18, pursuant to a merger agreement first announced in June 2025. Under the terms of the transaction, Ximalaya shareholders and participants in its employee stock ownership plans had their equity securities canceled in exchange for merger consideration comprising up to USD 1.26 billion in cash and up to 175.3 million TME Class A ordinary shares, subject to applicable adjustments.
Ximalaya operates one of China’s well-known online audio platforms, covering podcasts, audiobooks, radio-style programs, and user-generated audio content. TME, which operates music and audio entertainment services in China, is expected to integrate Ximalaya into its broader content and platform ecosystem following the close.
The transaction gives TME full ownership of Ximalaya as competition tightens across China’s digital audio, music streaming, and content subscription markets.
Recent deals completed in China:
- SportVision, a sports technology company, has completed an angel plus funding round led by GL Ventures. Qianheng Capital served as the financial advisor. The company will use the funds for technology development, product mass production, and market expansion. SportVision is developing artificial intelligence-powered sports coaching systems and plans to launch a new tennis training camera. —36Kr
- AstronStone, a Chinese commercial space company, has raised RMB 500 million (USD 73.4 million) in a Series A round co-led by Gaorong Ventures and Kunlun Capital. Participants include C&D Emerging Industry Equity Investment, Blue Lake Capital, Highlight Capital, Orient Securities, Zhentai Capital, Glacier Capital China, and others. Existing backers, including GL Ventures, Shenzhen Co-Stone Asset Management, Fibonacci VC, and Zhisheng Ruiying, also reinvested. The funds will support rocket assembly and testing, reusable recovery technology validation, production capacity expansion, and team building. —36Kr
- Rhythmic Beat, a tech-driven cultural tourism services company founded in 2025, has raised over RMB 10 million (USD 1.5 million) in a new funding round led by Skyworks. The round values the company at several hundred million RMB. The company offers an AI-powered travel concierge for concertgoers, integrating ticketing, accommodation, transportation, dining, and merchandise services into customized travel plans. —36Kr
- Yujia Power Technology, a developer of aviation electric propulsion systems, has completed two consecutive angel extension rounds, raising an eight-figure RMB sum in total. Investors include Yihua Investment, Oriza Holdings, Changzhou High-Speed Railway Town, and CJL Holdings. The funds will be used for R&D, talent recruitment, and production line expansion. —36Kr
- PhotonCore, a photonic computing chip startup, has raised an eight-figure RMB sum in an angel round co-led by Suzhou Xinyang Fund, Aistar Ventures, and Peakview Capital, with participation from Kaiyuan Venture Capital. Founded in 2024, PhotonCore develops optoelectronic integrated computing chips. Its team has backgrounds in integrated circuits, optics, algorithms, and semiconductors. —36Kr
- Fangshi Robotics, a robotics developer, has raised nearly RMB 100 million (USD 14.7 million) in a Series A round jointly invested by Beijing E-Town, Hangfa Fund, and other institutions. The company will use the capital to iterate its products, strengthen production and delivery capabilities, and build its overseas market system. Fangshi Robotics mainly develops embodied intelligence and AI solutions for building and construction use cases. —36Kr
- Entropy Intelligence Technology, a robotics startup, has raised a seven-figure USD sum in a seed round from Monad Ventures. The company was founded by researchers with backgrounds in AI, theoretical physics, and micro drone systems. It is developing Flyer O1, described as a flying robot designed for household spaces. —36Kr
JustCo, Konvy, Wenti Labs, and others made recent headlines:
- JustCo, a flexible workspace operator, is preparing for a mainboard listing on the Singapore Exchange and lodged a preliminary prospectus with the Monetary Authority of Singapore on May 7. Details including the offering size, pricing, and valuation have not been disclosed.
- Konvy, a Thailand-based omnichannel beauty and personal care platform, raised USD 22 million in a Series B round led by Cool Japan Fund, with participation from existing investor Insignia Ventures Partners.
- Wenti Labs, a Singapore-based startup building an AI operating system for construction teams, raised a pre-seed round led by Zacua Ventures, with participation from Aurum Investments and Feedback Ventures.
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Note: RMB figures are converted to USD at rates of RMB 6.81 = USD 1 based on estimates as of May 19, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.