Animoca Brands has injected strategic funding into Abu Dhabi-based gaming infrastructure firm Param Labs, while Sinagrt Materials Technologies and Simnova have bagged nearly $28 million each in funding.
Animoca Brands boosts MENA footprint with Param acquisition
Animoca Brands, a Hong Kong-based gaming software firm and Web3 investment powerhouse, has injected strategic funding into Abu Dhabi-based gaming infrastructure firm Param Labs, without disclosing the financial details, according to a release on Thursday.
Alongside the investment, Animoca Brands will help Param Labs accelerate its go-to-market strategy and refine the video game developer’s blockchain and token economy design.
The funding signifies Animoca’s further expansion in the Middle East and North Africa (MENA) region, after securing $50 million of investment from Saudi Arabia’s NEOM Investment Fund in October 2023.
Most recently, the firm also signed an MoU with King Abdulaziz City for Science and Technology (KACST), an independent governmental entity tasked with fostering the advancement of science and technology, to further advance Web3 and the gaming ecosystem in the Kingdom of Saudi Arabia (KSA).
The partnership includes plans to set up a physical Web3 hub in Riyadh to incubate firms in the sphere, per an earlier announcement.
Sinagrt Materials Technologies seals Series C round
Sinagrt Materials Technologies, which engages in the production of superalloys, has secured 200 million yuan ($27.8 million) in a Series C funding round led by a fund under the control of state-owned aerospace manufacturer Aero Engine Corporation of China.
The round saw the participation of SPIC Industrial Fund Management, Shenzhen Capital Group, Guoding Capital, China Capital Management, Tengye Ventures, and BCT Capital, according to a company release.
Founded in 2012, the Suqian-based firm previously snapped “several tens of millions yuan” in a Series B round led by Suqian City Industrial Development Fund in April 2022.
Youshan Capital leads Simnova’s Series A+ round
Simnova, a clinical stage biotech company that develops therapy for cancer treatment, has secured 200 million yuan ($27.8 million) in a Series A+ funding round. The round saw the participation of Oriza Seed and PagodaTree Partners, among others, according to a company release.
Founded in 2019, the firm spun off from Hong Kong-listed branded generic pharmaceuticals maker Simcere Pharmaceutical Group in 2021 to become an independent company.
