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Kindrik Partners advises Illuminate Financial on bluesheets series A investment
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Kindrik Partners advised VC firm Illuminate Financial on its investment in Singapore-based AI-driven data processing and automation company bluesheets. Illuminate led the US$6.5 million series A round. Other returning investors included Insignia Ventures Partners, Antler Elevate, and 1982 Ventures.
Illuminate invests in B2B fintech and enterprise software companies that build solutions for the financial services industry. Backed by global financial institutions such as Citi, JP Morgan, Barclays, Jefferies, Singapore Exchange Group, and BNY Mellon, Illuminate uses its extensive network and industry knowledge to help their portfolio companies achieve their full potential in addition to providing capital.
bluesheets offers AI-driven data processing and workflow automation software that helps businesses digitise and automate their bookkeeping processes. It plans to use the funds to further enhance its AI capabilities and accelerate growth in key APAC markets, including Singapore, Thailand, ANZ, and Hong Kong.
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We’re happy to have advised Singapore-based synthetic data company Betterdata on an oversubscribed seed round of $1.65 million, led by Investible.
The company was founded in 2021 by Dr. Uzair Javaid and Kevin Yee and allows clients to share data faster and more securely in compliance with stricter data privacy regulations being introduced around the world. Betterdata uses generative AI to convert real data into synthetic data that looks, feels, and behaves like real datasets. These synthetic datasets retain the structure and correlations of the original data while eliminating the privacy and security concerns that come with holding and sharing sensitive data.
Betterdata plans to use the funding to publicly launch its product, hire more staff as the company scales, and improve its technology stack, with the aim of providing support for single-table, multi-table, and time-series datasets. The company also plans to expand across the Asia-Pacific region over the next two years.
Kindrik Partners advised Singapore-based startup Green Li-ion on its recent USD20.5 million pre-B funding round. The round was led by TRIREC, followed by investors including Banpu NEXT and Equinor Ventures.
Green Li-ion was founded in 2020 by Leon Farrant and Reza Katal to develop technology capable of recycling lithium-ion batteries and is now a leading developer of battery recycling technology. The company has developed modular units capable of recycling spent batteries into cathode material that can be used in the production of new batteries. Each unit is able to process 4-6 metric tons of spent batteries per day, the equivalent of 20 EV batteries or 70,000 iPhones.
The funding will help the company scale its manufacturing capacity in order to deliver 50 modular units per year. The first commercial operation is slated to start production in the first half of 2023 in Oklahoma, USA.
