More Asia startups in frontier tech have bagged funding. HYPERLAB, a Malaysian company, announced it secured a commercialisation grant from PlaTCOM Ventures. Meanwhile, Chinese IoT firm Tuya has raised a Series B round.
HYPERLAB receives commercialisation grant from PlaTCOM Ventures
HYPERLAB, an artificial intelligence (AI) startup, has secured an undisclosed grant from PlaTCOM Ventures Sdn Bhd, the Malaysian national technology commercialisation platform.
The financing was made under High Impact Programme 2 (HIP2), one of the six such programmes of the SME Masterplan 2012-2020 of SME Corp.
HYPERLAB uses natural language processing and AI to enhance the way businesses communicate with their customers. It is working with major firms in Malaysia and Singapore such as Maxis, U Mobile, Hong Leong Bank and Cerebos to develop cognitive virtual agents that can understand English, Bahasa Malaysia and Chinese.
The startup said the grant by PlaTCOM will allow it to improve its natural language understanding capabilities to support more Southeast Asian languages.
Prior to this financing, HYPERLAB had raised a $500,000 seed funding round when it was still in stealth mode.
PlaTCOM offers grants of up to RM1.2 million ($283,000) to each company.
The platform was approved for implementation in December 2013 by the National SME Development Council of Malaysia and the Governance Council of Agensi Inovasi Malaysia.
Tuya raises hundred millions of RMB in funding
Chinese IoT solutions provider Tuya Inc has reportedly secured hundreds of millions of Chinese yuan in its Series B fundraising round.
Investors include China International Capital Co Ltd, Oriental Fortune Capital, New Enterprise Associates, and Quadrille Capital, according to China Money Network.
Founded by Jerry Wang, a founding executive of AliYun, Alibaba’s cloud division, and a group of veterans from Chinese tech giants Alibaba, Baidu and Haier Electronics, Tuya offers smart home appliance like light bulb and air conditioner which can be controlled via its cloud platform.
The company is based in Hangzhou and has offices in Shenzhen, Hong Kong and Silicon Valley.
The IoT industry in China exceeded RMB930 billion ($142 million) in output value in 2016, compared to RMB170 billion in 2009. The sector is growing rapidly with a CAGR of over 25 per cent, local authorities said recently.