Asia news roundup: M17 scraps beleaguered IPO, PatSnap raises $38m, and more

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A look at today’s Asia news.

Media and entertainment

M17 scraps IPO, raises US$35 million from private investors instead (Singapore, Taiwan). M17 Entertainment, which was born out of the merger of Taiwan’s 17 Media and Singapore’s Paktor, was hoping to raise US$115 in an initial public offering on NYSE. It later scaled down to US$60 million after it failed to reach the target. Concerns were raised about its slow user growth and its ability to scale. The company will remain private after raising US$35 million in private funding from existing investors like Infinity Venture Partners, Majuven, and Convergence Ventures. (TechCrunch)

Enterprise software and services

Patent intelligence firm snaps up US$38 million from Sequoia and Xiaomi founder (Singapore). PatSnap, a provider of patent and research services, has raised US$38 million in a series D round lead by Sequoia and Shunwei Capital, a fund by Xiaomi boss Lei Jun. Investment firm Qualgro also participated. The Singapore- and London-based startup will use the funding to open new offices and to expand its range of products, which includes software for research and development. It opened a research and development center in the city-state last year. (TechCrunch)

Transportation

Grab in talks with Didi Chuxing to explore self-driving cars (Singapore, China). The Southeast Asian ride-hailer is exploring partnership opportunities in self-driving car tech with its Chinese counterpart and investor Didi Chuxing, according to Grab president Ming Maa. Grab has previously run pilots in autonomous driving with Singapore-US firm Nutonomy. Toyota, which yesterday announced a US$1 billion investment in Grab, has its own self-driving car aspirations. (KrAsia)

Ofo claims to reach US$15 million for its B2B business (China). The bike-sharing firm says it has achieved more than US$15 million in revenue for its B2B business, which allows clients to place their ads on its bicycles. The service was launched in May as a way to bring in some extra revenue amid tough competition in the bike-sharing space, and Ofo claims it’s already profitable. However, some cities in China like Shanghai and Beijing have banned ads on bikes. (TechNode)

Marketing and advertising

AI marketing startup nabs seed funding to expand in Southeast Asia (Singapore). Affable has raised US$747,000 in seed funding from Decacorn Capital and SGInnovate through the Startup SG government initiative. The company, which uses artificial intelligence to help brands manage social media marketing campaigns and discover influencers, is an alum of startup builder Entrepreneur First’s (EF) second Singapore cohort. EF participated in the round, along with angel network Bansea. (e27)

Robotics and drones

Drone analytics startup secures US$10 million in series A round joined by Sequoia China (Australia). Propeller Aero, which specializes in drone analytics for construction sites, has raised the money from a round led by Blackbird Ventures and joined by new investor Sequoia China. Existing investors like Accel and Costanoa Ventures also participated. The startup, which recently opened a US office, will use the funding to staff up and expand to new markets. (e27)

Internet

Zomato to sprinkle US$15 million on ‘shadow kitchen’ online platform (India). The Indian restaurant search and discovery firm has pledged to invest in Loyal Hospitality, a startup that helps restaurants expand operations without having to build their own kitchen facilities through its “shadow kitchen” concept. Zomato will shut down its own similar “cloud kitchen” offering. So far, a tranche of US$5 million has been paid out to Loyal Hospitality. (Inc42)

Property and real estate

WeWork looking to raise funding at US$35 billion valuation, according to SoftBank exec (US). The Japanese conglomerate’s Rajeev Misra said during an event in London that WeWork is raising more funding at a valuation of US$35 billion. The co-working dynamo has raised over US$8 billion in external funding to date, with SoftBank putting in US$4.4 billion. It also raised US$702 million through debt financing. The startup is currently opening multiple locations in Singapore and Indonesia. (Bloomberg)

Sequoia-backed interior design startup nets US$3.5 million to grab more customers (India). HomeLane secured the funding from Brand Capital, the investment arm of media firm Bennett, Coleman and Co. The startup will use the funding to expand its business and attract more customers. It has raised a total of US$68 million to date from investors like Accel Partners and Sequoia Capital. (DealStreetAsia)

Blockchain and cryptocurrencies

JD.com plans to issue asset-backed securities on the blockchain (China). The Chinese ecommerce giant wants to tap blockchain technology to issue asset-backed securities. The tech will be used in JD Finance’s IOU product, which provides credit and installments services. JD previously announced it would launch a blockchain-as-a-service platform, as well as use the tech to track meat supply. (CoinTelegraph)

See: Previous Asia tech news roundups