Asia Digest: Quantifeed raises Series C; PhiGent raises $30M Series A; Prenetics shares crash

Photo by Andrew Neel on Unsplash

Hong Kong-based Quantifeed raises Series C funding round while Beijing-based PhiGent Robotics snags a $30-million Series A. Prenetics, Hong Kong’s first unicorn, has lost more than one-third of its value since listing on the Nasdaq this week.

Quantifeed raises Series C

Quantifeed, a Hong Kong-based digital wealth management solutions provider for financial institutions, has announced its Series C funding round led by HSBC Asset Management’s (HSBC AM’s) alternative investments business, HSBC Alternatives.

Daiwa PI Partners and current shareholders, including global asset manager Franklin Templeton and global investment firm LUN Partners Group, also joined the round, exhibiting strong confidence in the company.

The company will use the funds to strengthen its solutions for advisors, portfolio managers and end-customers. As part of its expansion plans, Quantifeed will accelerate talent acquisition across the Asia-Pacific region, particularly Japan and Southeast Asia.

Headquartered in Hong Kong with a global presence in SingaporeAustraliaJapan and India, Quantifeed offers personalised wealth management services to banks, insurers, brokers and wealth planners.

HSBC Asset Management is the investment management business of the HSBC Group.

HSBC Asset Management’s Venture Capital proposition provides investors with early-stage exposure to emerging sectors that have the potential to create considerable financial and environmental value over the next few years.

PhiGent Robotics raises $30m Series A

Beijing-based autonomous driving solutions provider PhiGent Robotics has raised a $30-million Series A round led by Ince Capital.

Existing shareholders Atypical Ventures, 5Y Capital and GSR Ventures increased their investments in the round.

The money will be mainly used for technology development, mass production implementation and wider commercial deployment.

Founded in August 2021, PhiGent has already closed three funding rounds. 5Y Capital led a pre-Series A in October last year, which was by followed an angel round led by Atypical in August.

In March this year, Chinese autonomous driving systems developer Zongmu Technology closed over 1 billion yuan ($157.1 million) in a Series E round of financing.

Prenetics shares slide after Nasdaq debut

Biotech company Prenetics, Hong Kong’s first unicorn, has lost more than one-third of its value since listing on the Nasdaq this week.

The company was listed on the US stock exchange on May 18, following a merger with blank-cheque company Artisan Acquisition Corp. Prenetics has reached an enterprise value of $1.25 billion in the transaction.

Shares in the company closed at $5.10 in New York on Thursday, down 40% from a high of $8.50 on its US trading debut on Wednesday.

Prenetics, whose coronavirus tests helped the English Premier League play through the pandemic, was founded in 2014 as a genetics and DNA testing firm with operations across 10 countries.

It develops consumer genetic testing and early colorectal cancer screening, COVID-19 testing, rapid point of care and at-home diagnostic testing, as well as medical genetic testing solutions.

Backed by strategic investors such as Chinese e-commerce giant Alibaba Group and US insurer Prudential, Prenetics has developed the Circle HealthPod, a small device that allows people to take $20 disposable COVID-19 tests and receive lab-quality diagnostics in about 20 minutes.

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