Asia Digest: FPT invests in US-based Intertec; India’s Axio Biosolutions raises $6m

Vietnam-based technology group FPT’s subsidiary FPT Software has made an investment in US-based Intertec International, while Boston and Bengaluru-based medical device firm Axio Biosolutions has raised $6 million in Series B2 round.

FPT Software invests in Intertec International 

FPT Software, a subsidiary of Vietnam’s earliest tech group FPT, has invested an undisclosed amount in US-based IT services provider Intertec International to strengthen FPT’s North American nearshore delivery capabilities.

FPT Software said in a statement that the deal has given it access to Intertec’s nearshore technology delivery centres in Costa Rica and Colombia to tap into the Latin American market.

“Though the US is our focused market, investing in nearby destinations like Costa Rica and Colombia offers up to 30% cost savings while still ensuring time-zone, language, and cultural alignment. We will also be gaining access to a highly-skilled IT workforce,” said FPT Americas CEO Dang Tran Phuong.

Prior to this investment, FPT Software has established 22 development centres spanning the Americas, Europe and Asia Pacific to improve its responsiveness and help its customers realise their speed-to-market goals.

The company aims to become a billion-dollar IT and digital transformation services provider by 2024. It has more than $513 million in revenue and 18,000 employees in 26 countries, according to the statement.

Founded in 2002 and headquartered in Phoenix, Arizona, Intertec operates offices across the US, UK, and Nearshore Technology Centres in Costa Rica and Colombia. The firm provides technology solutions and services to Fortune 500 and mid-size companies in a variety of vertical markets.

Axio Biosolutions bags $6m led by India’s TrueScale Capital

Boston and Bengaluru-based medical device firm Axio Biosolutions has raised $6 million in a Series B2 round led by TrueScale Capital, a growth-stage venture capital firm in India.

The round is joined by existing investors Omidyar Network India, University of California – Ratan Tata Fund, and American VC firm Accel.

Sameer Nath, managing partner at TrueScale Capital, will join Axio’s board of directors. Nath said in a statement that this is first investment by TrueScale Capital.

With the latest capital injection, Axio Biosolutions has to date raised over $20 million. The company will use the fresh funding to build out its commercial presence in the US and EU, as well as strengthen its India operations.

Axio Biosolutions uses biomaterial-based technology to develop hemostatic and advanced wound care products to serve a $12 billion market where decades-old products are still in use. Its products are being used in India, Europe and more than 40 other countries.

“We have plans to explore new markets and introduce additional products. This Series B2 raise advances these plans, helping us to grow in developed markets and expand our roster of regulatorily approved products,” said Leo Mavely, founder and CEO of Axio Biosolutions.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.