SG Dealbook: AEvice, TEE International raise funding; Allied Technologies backs 8TPS

Supertrees at Gardens by the Bay in Singapore.

AEvice has raised $416,000 in capital through FundedHere, TEE International has secured $15 million from Pierfront Capital and Allied Technologies is investing $10 million in 8TPS.

AEvice Health raises $416k

Equity crowdfinance platform FundedHere has raised S$516,000 ($416,761) for local startup AEvice Health (AEvice) in an oversubscribed 30-day campaign that exceeded its original target of S$450,000 ($334,269). The campaign was funded by 11 investors – nine accredited investors, one professional investor and one institutional investor – on FundedHere’s platform led by Kelvin Chan, who contributed S$200,200.

Including AEvice, FundedHere has helped 17 companies raise S$6.7 million in funding to date.

Founded in 2016 as a Nanyang Technology University (NTU) spin-off, AEvice has developed a wearable device and companion mobile app to help detect early signs of an asthma attack. When placed on a child’s chest, the device detects and monitors symptoms such as wheezing and excessive coughing. It then alerts caregivers and uploads the data to the cloud for doctors to use when designing treatment programmes.

The device is slated for a 2019 launch and has an estimated price of $199 per unit. It is patented in Singapore and filed in the U.S. by NTU Associate Professor Ser Wee, AEvice’s co-founder. The company claims it has achieved 85 per cent accuracy in pre-clinical trials with 29 patients.

Adrian Ang, Co-Founder and CEO of AEvice, said: “Current methods of asthma diagnosis lack standardisation and rely mainly on patients’ oral accounts. Our solution offers data-driven testing which will enable earlier medical intervention, significant cost savings and improved quality of life for patients.”

TEE International secures $15m from Temasek-backed Pierfront Capital

SGX-listed TEE International, a regional engineering company with business interests in real estate and infrastructure, has secured a $15 million (S$20.2 million) investment from Temasek’s Pierfront Capital Mezzanine Fund.

Pierfront Capital is an independent investment company that offers junior debt, mezzanine and structured financing solutions in capital-intensive businesses across a wide range of sectors, including infrastructure, energy, transportation, telecommunications and logistics. It concentrates on growth capital for asset and corporation acquisition, refinancing, and project expansion.

The firm plans to explore the expansion of its wastewater treatment plant business in Thailand, while its first hybrid thermal power plant in Iligan, Philippines is expected to be commissioned and start operations in H2 2018.

CK Phua, Group CEO and Managing Director of TEE, said, “With new capital being pumped in, we are excited to see our infrastructure business scale to new heights in the upcoming years.”

Allied Technologies invests $10m into 8TPS

Allied Technologies is investing $10 million (S$12.5 million) into 8travelplay Intelligence & Technology (8TPS), a Chinese firm in the business of providing payment and technology solutions to the corporate travel market. This will see Allied Technologies subscribe to ordinary shares in 8TPS and non-redeemable convertible loan notes issued by it.

Of the proceeds, $2.5 million will finance the subscription of ordinary shares representing 10 per cent of the total enlarged issued share capital of 8TPS. Another $7.5 million will fund the subscription of the Loan Notes, which shall be convertible to ordinary shares in 8TPS representing 15 per cent of its total enlarged issued share capital.

This proposed investment is part of a proposed diversification of Allied Technologies’ business operations, which will see it enter the technology and services sectors, as well as enter China’s growing corporate travel market through its strategic partnership with 8TPS.

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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.