Deals of the week: GIC backs life sciences company, biotech Engine Biosciences gets S$57m

THESE South-east Asian tech deals made headlines in the past week:

1. Esco Lifesciences raises US$200 million ahead of potential listing

The Singapore-based company, which supplies life sciences tools for the healthcare industry, got backing from GIC in its Series A round, according to a source.

The funding was led by US-based healthcare investment firm Vivo Capital and Denmark-based life science investor Novo Holdings, the venture arm of Novo Nordisk Foundation.

The company is preparing to go public in Hong Kong in the coming months, said a person familiar with the matter, after its latest round valued it at over US$800 million post-money.

2. S$57 million fuel for Engine Biosciences

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The Series A round was led by US-based healthcare-focused venture capital firm Polaris Partners. Other investors include Invus Group and existing backers EDBI and Baidu Ventures.

Engine Biosciences applies machine learning and large-scale biology testing to discover precision medicine-based therapies for cancer and other diseases.

New funds will be used to expand its portfolio of precision oncology therapeutics, prepare for its first clinical programmes, and scale its proprietary technology platform.

3. Breathonix raising US$5 million

The Singapore-based startup has gotten provisional authorisation in Singapore for its 60-second Covid-19 breath test and is raising a Series A round to fuel growth.

Funds will be used to build up its research and development pipeline for other diseases, such as lung cancer and tuberculosis, as well as hiring talent including sales staff and research engineers.

Officially set up in 2019, Breathonix is a spin-off company from the National University of Singapore (NUS).

4. Eezee closes pre-Series A round led by Wavemaker Partners

The Singapore-based startup has raised an undisclosed sum from Wavemaker and other investors including January Capital and Pags Group, the family office of Bain Capital’s Stephen Pagliuca.

Eezee also obtained an undisclosed debt facility from Polaris, the strategic partnerships arm of Goldbell Financial Services. The company is building an online marketplace for businesses to compare suppliers and order products.

5. GIC-backed Klarna seeking new funds at close to US$50 billion valuation

The Swedish payments firm is close to raising a new round of funding from investors including SoftBank, three sources told Reuters.

This is expected to be Klarna's final private round before the fintech giant, Europe's most valuable startup, sets the stage for a blockbuster stock market listing, two of the sources said.