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Welcome to another edition of 🔍 Startup Researcher - Asia Pacific, your essential digest delivering the latest news and premium insights on startups and venture capital across the region 🌏️ 

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📰 Important News

• Korean AI chipmaker FuriosaAI rejected Meta's $800 million acquisition offer, opting to remain independent and focus on growth.

• India’s government is aiming to create 5,000 unicorns by boosting support for startups, encouraging job creation, and promoting innovation.

• Ant Group has reduced AI costs by 20% using Chinese chips from Alibaba and Huawei, achieving results similar to Nvidia hardware.

• Vietnam has approved Starlink for a trial offering internet services, with a cap of 600,000 subscribers until 2030, and no foreign ownership restrictions.

• StrongRoom AI has gone into administration due to insolvency concerns despite being valued at $70 million two weeks ago.

💸 Top Funding Rounds

• Ruichao Dingke Group closed a $140 million Series A round led by Kangqiao Capital to accelerate R&D and production of treatments for chronic diseases.

• TARS raised $120 million in funding from investors including Lanchi Ventures and Qiming Venture, to advance AI-driven robotics and autonomous systems.

• Caddi secured $26.66 million in a Series C extension led by Atomico and $34 million in long-term debt financing to fuel growth and innovation.

• Smallcase raised $50 million in a Series D round to diversify its investment products and enhance partnerships with financial institutions.

• WorksMate raised $2.7 million in Series B funding to enhance its construction worker matching platform and expand services to foreign workers.

💰️ Notable Exits

• Indian SaaS firm JungleWorks has acquired a majority stake in AI-powered sales platform Outplay for $14 million to boost sales automation tools.

• Catcha Digital acquired a 92.5% stake in banking software firm Theta Service Partner for $7.9 million, expanding into the banking software sector.

• PayU has acquired a 43.5% stake in Mindgate Solutions, enhancing its presence in India’s digital payments sector and supporting global expansion.

• Indian B2B ecommerce firm Jumbotail is acquiring SC Ventures’ Solv India to expand its food and grocery ecommerce offerings.

• Japanese crypto exchange Coinbook has been fully acquired by BACKSEAT Co., Ltd., focusing on Web3 development and blockchain expansion.

🏦 About Investors

• Qiming Venture Partners is aiming to raise $800 million, possibly up to $1 billion, for a new fund amid growing AI interest in China.

• Singularity AMC has secured $210.4 million in commitments for its Growth Opportunities Fund II, surpassing its original target.

• 2am VC has launched its second fund to invest in 30 Indian startups, focusing on consumer tech, fintech, AI, and global SaaS.

• Hyderabad-based venture capital firm Pavestone Capital is set to launch its second fund within 12 to 18 months, targeting a corpus of $200-250 million.

• Dutch aquaculture investor Aqua-Spark, the largest shareholder in eFishery, has raised $320 million from US investors for its venture capital fund.

🚀 Startup of the Week

Introducing our Startup of the Week 🏆

TARS

TARS, a Chinese startup specializing in embodied AI, has raised $120 million in angel funding to advance its AI-driven robotics and autonomous systems. The funding round was co-led by Lanchi Ventures and Qiming Venture Partners, with participation from several other investors. Founded in February 2025 and based in Shanghai, TARS plans to use the funds for research and development, focusing on training AI models and expanding its technology for applications in smart manufacturing and intelligent logistics.

💼 Investor of the Week

Introducing our Investor of the Week 🏆

Qiming Venture Partners

Qiming Venture Partners, a China-based venture capital firm founded in 2006 by Gary Rieschel and Duane Kuang, is seeking to raise $800 million for a new fund, potentially reaching $1 billion, amid a surge of interest in AI startups in China. The firm, with a history of raising $9.5 billion and backing major companies like Meituan, Xiaomi, and others, has seen 12% of its 580 portfolio companies go public. Specializing in Technology, Internet, and Healthcare sectors, Qiming has a strong presence in the Technology and Consumer industries, positioning itself as a key player in the evolving Chinese startup ecosystem.

🤑 Opportunity Radar

Call for Applications: Y Combinator’s Summer 2025 Batch

Apply to Y Combinator’s Summer 2025 Batch by May 13, 2025, to accelerate your startup journey with one of the world’s most prestigious accelerators. The program runs from June to September in San Francisco, featuring in-person meetups, mentorship from experienced YC partners, and access to YC’s powerful alumni network. Selected startups receive $500,000 in funding immediately upon acceptance and benefit from exclusive investor connections. Don’t miss this chance to join a thriving community of founders—apply today!