Level3AI raises USD 13 million in Lightspeed-led seed round
Level3AI, a Singapore-based artificial intelligence startup, has raised USD 13 million in seed funding in a round led by Lightspeed. The round also includes participation from Beenext, 500 Global, Sovereign’s Capital, and Goodwater Capital.
Founded in 2024, Level3AI develops AI agents designed to handle full-cycle customer engagement across voice, email, and chat. The company positions its platform as an outcome-driven alternative to traditional chatbots, targeting improvements in metrics such as customer satisfaction and conversion rates.
The funding will support R&D and expansion across key Asia Pacific markets. Level3AI said its AI agents have been adopted by enterprise clients including Carousell and Carsome, among others.
UangCermat raises USD 26 million to expand payroll-linked lending in Indonesia
UangCermat, an Indonesia-based fintech platform, has secured USD 26 million in total financing, comprising a USD 6.4 million Series A equity round and a USD 20 million structured credit facility.
The equity round was co-led by Cocoon Capital, NP Consulting, and IFP Securities. The credit facility was provided by US-based private credit firm SixPoint Capital.
Founded in 2019, UangCermat operates a payroll-linked, short-tenor lending model serving underbanked blue-collar workers across Indonesia, with a concentration in manufacturing and outsourcing. It also offers fintech-as-a-service infrastructure to regulated financial institutions seeking to digitize payroll-based consumer credit and collections workflows.
UangCermat said the equity capital will be used to strengthen governance, compliance, and technology capabilities. The receivables-backed credit facility will be deployed to support loan portfolio growth under what the company described as conservative underwriting standards and independent third-party monitoring.
Airwallex acquires South Korea’s Paynuri to secure local licenses
Airwallex has acquired Paynuri, a South Korea-based company that holds licenses for payment gateway services, prepaid electronic payment instruments, and foreign exchange operations. Financial terms were not disclosed.
The acquisition will allow Airwallex to launch licensed financial services in South Korea, supporting local companies with overseas expansion while enabling global businesses to operate more seamlessly in the market. Initial offerings will include global business accounts and payment acquiring, with additional services planned later this year.
Airwallex said the acquisition strengthens its licensed footprint across major APAC markets, following its recent Series G round, which valued the company at USD 8 billion.
Toku completes IPO on SGX Catalist
Toku, a Singapore-incorporated provider of customer experience solutions, has raised SGD 16.25 million (USD 12.8 million) through its IPO on the SGX Catalist board. The public offer was 31.9 times subscribed, making it the first IPO on SGX this year.
Institutional investors in the offering include Lion Global Investors, Amova Asset Management Asia, Asdew Acquisitions, and Ginko-AGT Global Growth Fund. Toku listed at an invitation price of SGD 0.25 per share, giving it a post-IPO market capitalization of approximately SGD 142.6 million (USD 107.8 million).
The company said the proceeds will be used to scale its AI-powered customer experience platform globally, deepen technology capabilities, and pursue partnerships and acquisitions as it expands beyond its APAC base.
Tokio Marine takes minority stake in insurtech firm Igloo
Tokio Marine has invested USD 5 million to acquire a minority stake in Singapore-based insurtech firm Igloo, according to FinTech Global, which cited filings with Singapore’s Accounting and Corporate Regulatory Authority.
The investment gives the Japanese insurer a 1.65% stake, acquired through 493,984 shares at USD 10.12 per share.
Founded in 2016, Igloo operates across eight Southeast Asian markets and provides embedded insurance products distributed through digital platforms. The company has also expanded into climate resilience insurance, offering data-driven coverage for risks such as floods, fires, and extreme weather events.
The investment will support Igloo’s regional expansion, with a focus on Indonesia, where Tokio Marine is increasing its emphasis on digital-first and embedded insurance offerings.
Epic Angels leads pre-Series A investment in Pakistan’s Neem
Neem, a Pakistan-based payments infrastructure provider, has raised an undisclosed amount in a pre-Series A round led by Epic Angels. The round includes participation from DNI Group, Hi2 Global, and AKD, alongside returning seed investors SparkLabs Ventures, Outrun Ventures, Arif Habib, and MyAsiaVC.
Neem offers a single-API platform that enables collections, disbursements, and branded wallets for businesses of varying sizes. The company began commercial operations in January 2025 and currently supports B2B customers across sectors including logistics, insurance, healthcare, e-commerce, and agriculture.
The funds will be used to scale Neem’s infrastructure, strengthen cybersecurity and data protection, expand partnerships, and accelerate customer onboarding.
Recent deals completed in China:
- TuringQ, a Shanghai-based photonic quantum computing company, has raised an eight-figure RMB sum in a Series B round. Investors include Sichuan Industrial Revitalization & Development Investment Fund, Shenzhen Investment Holdings, Fosun, and SenseTime. The company plans to use the proceeds to advance quantum computer R&D, strengthen core technologies, expand its research team, and accelerate commercialization of its quantum-classical integrated computing centers. —36Kr
- DeepWay, a heavy-duty truck manufacturer, has completed an RMB 1.177 billion (USD 164.8 million) pre-IPO round led by Puhua Capital. Additional investors include ABC Impact, Sunwoda, Qianhai Haotian, Hantang Real Estate, Linyi Guoke, Changxing Chuangqiang Fund, Shandong State-owned Assets Investment Holdings, Lenovo Capital, the Greater Bay Area Fund, Vlight Capital, and Hongshan Fund. Founded in 2020, DeepWay counts Baidu as a key shareholder and has launched three electric truck models, positioning it as a key partner for Baidu’s commercial vehicle driving assistance efforts. —36Kr
- Shunjing Technology, a Shanghai-based supplier of particle beam source components, has raised an eight-figure RMB sum in a Series A round led by Fortera Capital, with participation from Langcheng Capital and SCGC. The funds will be used for new product development and capacity expansion. —36Kr
- Yanhe Solar, a perovskite solar technology company, has secured nearly RMB 100 million (USD 14 million) in a Series A1 round from CAS Investment Management and Hatchip Capital. The funding will support production line construction at its Hunan base, advance core perovskite cell technologies, and support international expansion. The company focuses on consumer-grade perovskite photovoltaic modules and equipment, with products already integrated into supply chains in more than 50 countries, according to the company. —36Kr
- Juyi Technology, an AI-enabled manufacturing and sales automation company, has raised close to RMB 10 million (USD 1.4 million) in a pre-Series A round from Juntu Capital. The proceeds will be used for technology upgrades and domestic expansion. —36Kr
- Kolaneco, a developer of biodegradable plastics, has closed an angel round totaling an eight-figure RMB sum. Investors include Jinqiao Fund, BBCA Biochemical, and returning backer KylinHall Partners. The funds will support product development, capacity expansion, and commercialization. —36Kr
- Noumena, a marketing technology company, has raised an eight-figure RMB sum in a pre-Series A round from Lion Partners Capital, Baidu’s investment arm, and existing investor Eminence Ventures. The company said the funding will be used to further develop its agentic AI-powered “growth intelligence” system, designed to extract consumer insights from social content data. —36Kr
Spun, Zeya, Grab, and more made recent headlines:
- Spun, a Jakarta-based startup building artificial intelligence-enabled visa infrastructure, raised USD 1.8 million in a seed round led by Genesia Ventures, with participation from Antler, Spiral Ventures, Iterative, Kopital Ventures, and angel investor Kum Hong Siew.
- Zeya Health, a Singapore-based health tech startup, raised USD 575,000 in pre-seed funding from Antler and a group of angel investors.
- Grab Holdings, operator of the eponymous superapp, acquired Infermove, a China-based startup specializing in autonomous delivery robots. Financial terms were not disclosed.
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