Greater China Digest: Circle picks up stake in CYBAVO; Grace Laser bags funding

Greater China Digest: Circle picks up stake in CYBAVO; Grace Laser bags funding

Taipei, Taiwan. Photo by Louis Cheng on Unsplash

Circle has picked up a stake in Taiwan’s CYBAVO from Singapore’s ADDX while while laser equipment maker Grace Laser has snapped almost $28 million in a funding round.

Circle acquires ADDX’s stake in CYBAVO

Singaporean private market exchange ADDX has sold its stake in Taiwan-based CYBAVO to crypto finance company Circle, the parent company of USD Coin, according to a company announcement.

CYBAVO is an infrastructure-as-a-service platform that provides digital asset custody technology and security services to enterprise customers, such as fintech service providers, cryptocurrency exchanges, and NFT marketplaces. Circle’s agreement to acquire CYBAVO was finalised in July.

ADDX was a pre-Series A investor in CYBAVO in August 2021 when it raised $4 million in a round co-led by global venture capital firm 500 Startups, Taiwan’s H&D Asset Management Company, and New Economy Ventures.

Founded in 2018 by cybersecurity veterans in Taiwan, CYBAVO’s core product, the CYBAVO VAULT, helps institutions secure and manage their digital assets. CYBAVO’s solution has been used to secure more than 4 million transactions worth over $35 billion, according to the statement.

ADDX, founded in 2017, is a private market exchange that uses blockchain and smart contract technology to tokenise private market investments such as private equity, hedge funds, venture capital, and bonds.

Grace Laser snaps almost $28m 

Grace Laser Technology has notched 200 million yuan ($27.9) in a funding round led by China Development Manufacturing Transform Fund and SDIC, one of China’s largest state-owned investment holding companies.

The Beijing-based firm will leverage the proceeds in R&D as well as to ramp up cash reserves in a bid to prepare for its IPO plan in the future, the firm said in the statement.

Founded in August 2014, Grace Laser develops and produces laser equipment that can be applicable across industrial, medical, and scientific settings. Its laser equipment has been sold across South Korea, Japan, Singapore, and Israel, among other areas and countries, the firm claimed.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter

You have 3 free stories remaining for the month. Register to continue reading our content