Author: Michael Tan

SoftBank Ventures Korea is now SoftBank Ventures Asia

SoftBank Ventures Asia, which will be renamed from SoftBank Ventures Korea, will increase early stage investments globally with an emphasis on Asia. SoftBank Ventures Asia is the early-stage investment vehicle of the SoftBank Group and will act as the bridge to the SoftBank ecosystem by sourcing and funding the best startups and entrepreneurs.

Currently operating teams in Seoul, Beijing, San Francisco, and Tel Aviv, SoftBank Ventures Asia is now looking to expand its presence by opening offices and hiring investment professionals in Singapore and Shanghai.

“I am excited by the opportunity to enhance our presence in the early stage and look forward to backing passionate entrepreneurs with the boldest, most life-changing ideas. Our vision is to support promising young entrepreneurs by offering unparalleled access to SoftBank’s community, resources, and network,” said JP Lee, CEO and Managing Partner of SoftBank Ventures Asia. “SoftBank Ventures Asia invests to accelerate the Information Revolution and is increasingly interested in the application of artificial intelligence across different industries.”

SoftBank Ventures Asia is a wholly-owned subsidiary of SoftBank Group Corp. and was established as SoftBank Ventures Korea in 2000. While initially focused on the Korean market, starting in 2011 it has expanded to make investments in startups globally. With over US$1.1B under management, SoftBank Ventures Asia has invested in over 250 companies across 10 countries with a focus on AI, IoT, and robotics startups.

Notable investments globally include Tokopedia, the leading technology company in Indonesia focused on commerce, logistics, payments and financial services; Mythic, a fast-growing AI chip company based in Silicon Valley; Hyperconnect, operator of video communication service “Azar” with over 200M downloads across 230 countries; and SNOW China, an augmented reality camera app that is #1 in terms of users in Asia.

“The SoftBank Ventures Asia team first invested in Tokopedia in 2013 and were an early believer in our mission to democratize commerce through technology. They have been supportive shareholders and partners, and we continue to build a close relationship with them,” said William Tanuwijaya, CEO and Co-Founder of Tokopedia.

The new name is effective immediately and SoftBank Ventures Asia is already actively investing in the US, China, EU, Israel, Southeast Asia, and Korea. – AsiaPEVC.com

Also Read:
SoftBank Vision Fund Leads $400m Funding in Biotech Firm Relay Therapeutics
SoftBank Ventures Korea Co-Leads $20M Series C in Gauss Surgical

 

Philippines: Jollibee Takes 100% Ownership of US Burger Chain Smashburger

Philippine-based Jollibee Foods Corporation (JFC), the largest Asian food service company, announced that it has completely acquired US burger chain Smashburger by acquiring the 15 percent stake it does not own in SJBF LLC, the parent company the entities comprising the Smashburger business for $10 million.

Jollibee paid Smashburger Master LLC in cash through its wholly-owned subsidiary Bee Good! Inc (BGI), according to its disclosure to the Philippine Stock Exchange.

Bee Good! Inc previously held 85-per cent stake in the burger chain after acquiring an additional 45-per cent stake for $100 million, paid in cash, last February.

Smashburger has 351 stores, mostly in the US, and has presence in Canada, Costa Rica, Egypt, El Salvador, Kuwait, Panama, Saudi Arabia, and the United Kingdom. It accounts for 7 per cent of JFC’s consolidated system-wide sales.

JFC further disclosed that it will inject more capital into the Smashburger business by converting $80 million loan held by Bee Good! Inc on Smashburger into equity before the end of this year in order to strongly support its growth in 2019 and in the years ahead.

“We look forward to the development of Smashburger into a very strong brand and business in the United States,” said JFC chairman Tony Tan Caktiong.

Additionally, JFC disclosed that Smashburger co-founder and chief executive officer Thomas Ryan will remain as the CEO of the burger chain. He has also been appointed JFC’s chief product development advisor effective immediately.

JFC’s country head for North America, Jose A. Minana, will also assume additional responsibility as president of Smashburger. His new responsibilities include introducing JFC’s business management system into Smashburger and prepare it for a strong sustained growth in the US.

The consolidation of Smashburger into JFC increases the Philippine-headquartered fast-food chain’s worldwide store network by 365 stores to a total of 4,162. This also expands JFC’s geographical presence from 16 countries to 21 adding Costa Rica, Egypt, El Salvador, United Kingdom (England and Scotland), and Panama. – AsiaPEVC.com

Also Read:
Philippines: Cebu Pacific To Acquire Five Airbus A320neo
Philippines: Pilmico Acquires Singapore’s Gold Coin for $334m

SoftBank Ventures Korea Co-Leads $20M Series C in Gauss Surgical

SoftBank Ventures Korea, the global early-stage venture capital arm of SoftBank Group, has co-led the $20-million Series C funding round in Silicon Valley-based AI healthcare technology firm Gauss Surgical.

Also co-leading the round is Northwell Health, with LS Polaris Innovation Fund and seven other leading US health systems chipping in.

The proceeds of the round will be used to accelerate the adoption of its Triton platform in hospitals and to develop new AI-driven applications for the operating room.

The company’s flagship product, Triton, monitors surgical blood loss in real time using digital imaging and machine learning on the iPad.

It has received de novo approval from the U.S. Food and Drug Administration and a European CE mark. It is in increasingly widespread use in hospitals across the United States; so far, Triton has been adopted by 50 hospitals which perform more than 200,000 infant deliveries each year.

Over the last 15 years, preventable maternal deaths and harmful postpartum health complications for mothers have increased precipitously in the U.S. due to undetected hemorrhaging, particularly in cesarean deliveries.

According to a recent study of 2,781 caesarean section patients published in the American Journal of Perinatology, implementing Triton was associated with significant increases in recognition of maternal hemorrhage and significant decreases in blood product transfusions and hospital length of stay.

“The practical application of AI in hospitals will be a major growth driver in the medical technology industry, especially in addressing high-cost, high-impact unmet clinical needs,” said Siddarth Satish, founder and Chief Executive Officer of Gauss. “We are pleased to be strategically aligned with investors who bring significant operational experience both in AI-enabled services and in healthcare as we scale our platform.”

Also Read: SoftBank’s Vision Fund Leads $121m Funding in Camera Firm Light

The investors contributing to the Series C funding include the LS Polaris Innovation Fund of Polaris Partners, a Boston-based venture capital firm with more than $4.3 billion under management. It also includes the strategic venture arms of several leading healthcare systems including UNC/REX Healthcare, OSF Healthcare, Providence Healthcare, Orlando Health, Spectrum Health, Mount Sinai Health System, and the Memorial Hermann Health System.

“As a leader in the AI-driven healthcare technology field, Gauss is profoundly altering the delivery model for medical devices and services in hospitals. We are excited to back the company and its founder’s vision to fundamentally transform the way operating and delivery rooms work,” said J.P. Lee, CEO and managing director of SoftBank Ventures Korea. – AsiaPEVC.com

Singapore: TPG Capital Asia Acquires Quest Laboratories

TPG Capital Asia, the Asian investment platform of global alternative asset firm TPG, announced that it has completed its acquisition of Quest Laboratories Pte Ltd, one of the leading independent, private medical laboratories in Singapore.

The acquisition forms part of TPG’s A$279 million (S$279 million) purchase of Healthscope Limited’s Asian pathology laboratories in Singapore, Malaysia and Vietnam. In Singapore and Vietnam, these laboratories operate under the brand “Quest Laboratories”, while in Malaysia, they are known as “Gribbles Pathology”.

“We are pleased to complete the acquisition of this premier laboratory-of-choice to private healthcare practitioners and patients in Singapore. The healthcare sector is one of TPG’s key investment areas and we look forward to leveraging Quest’s core competencies to grow our pathology business across Southeast Asia,” Richard Seow, TPG Senior Advisor and incoming Chairman of Quest Laboratories, said.

Quest Laboratories is the first full-service private laboratory to be dually accredited by the College of American Pathologists and the Singapore Accreditation Council.

The company serves specialist doctors, general practitioners, as well as integrated healthcare providers with a full suite of laboratory tests.

Its main laboratory in Singapore, which spans over 25,000 square feet, has the largest fully automated sample management system in Singapore with the capability to provide consistently accurate and reliable results.

Quest’s satellite laboratories located in Paragon Medical, Thomson Medical Centre and Novena Medical service the key private hospitals, medical centres and specialist clinics.

In Vietnam, Quest Laboratories operates two laboratories in Ho Chi Minh City in a women’s and children’s private hospital and in the central urban district.

TPG’s investment in Quest Laboratories builds on the firm’s strong healthcare foundation in Asia and across the globe. It is also a result of the firm’s global interest in the sector, accompanied by deep expertise and geographical exposure, having invested across a range of businesses—from pharmaceutical companies to healthcare services.

Also Read: Singapore: Cloud Inventory Firm TradeGecko Secures $10M

Investments in Asia have included Manipal Hospitals in India, United Family Healthcare in China, Novotech and Healthscope in Australia, and the Jetanin Institute for Assisted Reproduction in Thailand.

TPG’s latest investment in Quest Laboratories comes alongside its investments in businesses that are headquartered out of Singapore including PropertyGuru, TE Asia Healthcare, and Parkway Holdings (now part of IHH Healthcare). – AsiaPEVC.com

Philippines: Cebu Pacific To Acquire Five Airbus A320neo

Listed Philippine carrier Cebu Pacific continues to ramp-up its fleet with the confirmed addition of five Airbus A320neo (new engine option) aircraft.

Deliveries of the aircraft will commence in the first half of 2019 and will be completed within the same year.

The five additional A320neo aircraft is on top of its order of two more A321ceo, 32 Airbus A321neo, and six ATR 72-600 aircraft, which are scheduled for delivery between 2018 and 2022. The additional aircraft will be used to support the carrier’s expansion plans.

“We see expansion opportunities in new markets, as well as pent-up demand in areas where we currently operate. The introduction of the first new generation, fuel-efficient A320neo aircraft to the Philippine market will help us to further strengthen our position in the Philippines and allow us to further pursue expansion of our international route network. From this year until 2022, we are adding an average of nine new aircraft per year to our fleet,” said Alexander Lao, Vice President for Commercial Planning of Cebu Pacific.

“With higher seat capacity and much greater fuel efficiency, the A320neo will enable us to fly further and more economically. It’s the perfect addition to our fleet, allowing us to offer even more compelling fares to more passengers.”

The single-aisle A320neo aircraft for Cebu Pacific will be equipped with the Pratt & Whitney PurePower PW1100G-JM geared turbofan, the aircraft has a maximum range of 6,300 kilometers but burns up to 20% less fuel.

Cebu Pacific will acquire the five aircraft via an Operating Lease Agreement signed with Avolon Aerospace Leasing Limited, one of the largest aircraft leasing companies in the world.

This is second lease agreement between Cebu Pacific and the Dublin-based Avolon following the placement of three Airbus A330-300 aircraft with the carrier.

Also Read: Philippines: Pilmico Acquires Singapore’s Gold Coin for $334m

Cebu Pacific has one of the youngest fleets in the world, with a total of 67 aircraft with an average age of 4.8 years.

The CEB fleet is comprised of 36 Airbus A320, five Airbus A321CEO (Current Engine Option), and eight Airbus A330; as well as a fleet of eight ATR 72-500 and ten ATR 72-600 aircraft, operated by subsidiary Cebgo.

Singapore’s Radiflow Bags $18M from ST Engineering

Radiflow, a provider of industrial cybersecurity solutions for critical infrastructure, announced that it has raised an $18-million investment round led by ST Engineering Ventures, the Corporate Venture Capital unit of ST Engineering.

Radiflow’s existing investors, led by Zohar Zisapel, also participated in this investment round.

Radiflow provides cybersecurity solutions for industrial control systems (ICS) and Supervisory control and data acquisition (SCADA) networks.

The company has been one of the pioneers in this market and has been growing rapidly with more than 50 customers worldwide, including Tier 1 critical infrastructure operators in the United States and Europe, and endorsements from leading US national labs and consultants.

Radiflow’s wide product portfolio, which consists of risk assessment, threat detection and secure remote access tools with unique in-depth industrial asset visibility, anomaly detection and distributed architecture, offers extensive use cases and applications for protecting ICS and SCADA networks.

The cybersecurity risks to the conservative industrial market have been recently highlighted with both focused attacks, such as the Triton case, and IT-based attacks, including the cryptocurrency mining malware attack that Radiflow’s iSID system detected at a waste-water facility.

Radiflow is addressing these challenges with its advanced industrial cybersecurity solutions and its rapidly expanding technology partner ecosystem, which includes recently announced collaboration with Palo Alto Networks and RSA, to ease field deployments and ensure compliance with the new regulations, including NERC CIP and the EU NIS Directive.

Radiflow reports that the company is experiencing strong demand for its industrial cybersecurity solutions across all critical infrastructure sectors and has more than doubled the sales of its threat detection tools and services over the past year.

Radiflow will use the investment proceeds to extend its sales network to support the growing market demand, strengthen its brand globally and continue developing its innovative solutions to meet the evolving customer needs.

The investment and partnership enables ST Engineering to access Radiflow’s detection and prevention tools, which has been integrated with its Rail Command, Control and Communications (C3) Systems (SCADA) – in this instant the rail supervisory control and data acquisition (SCADA) system.

The combining of these two technologies has resulted in the development of the region’s first end-to-end cybersecurity solution for the rail transport industry.

“This investment in Radiflow demonstrates ST Engineering’s focus in identifying startups with global best-in-class technologies for collaboration opportunities. The access to our established business networks and channels will help these companies to expand and accelerate the scope of their growth, developing solutions that will benefit our global customers,” said Low Ka Hoe, Chief Strategy Officer at ST Engineering.

“The collaboration between ST Engineering and Radiflow will enable us to introduce our solutions to new customers and territories, while this new investment will facilitate us to expand our market traction and accelerate the next stage of our growth,” commented Ilan Barda, CEO of Radiflow.