DiMuto, an agrifood startup based in Singapore, secured $5.9 million in its Series A funding round while South Korean legal AI translation company Bering Lab raised $2.3 million in fresh funding.
SG agrifood startup DiMuto raises $5.9m
Singapore-based agrifood startup DiMuto has announced raising a total of $5.9 million in its Series A funding round led by agritech-focused venture investor The Yield Lab Asia Pacific.
The startup said it will use the fresh capital to expand into key markets, particularly in Latin America and the US, and fast-track the enhancement of its digital ecosystem.
The funding round, which followed DiMuto’s $2.35 million fundraising in 2021, was also backed by SiS Cloud Global Tech Fund 8, Gold Sceptre Limited, Dave Chen, SEEDS Capital, SGInnovate, and PT Great Giant Pineapple.
Founded by Gary Loh, DiMuto uses technology to create and connect a sustainable, global agri trade ecosystem. The startup plans to broaden its marketplace arm and venture into greenhouse-based agriculture and climate-adaptive varietal development.
According to DealStreetAsia DATA VANTAGE, DiMuto posted $0.35 million in revenues last year and $1.25 million in after-tax losses.
S Korean startup Bering Lab bags $2.3m funding
Bering Lab, a legal AI translation company based in South Korea, has announced raising 3 billion won (about $2.3 million) in its pre-Series A funding round led by SBVA (formerly SoftBank Ventures).
The round was also participated by The MBA Fund, a US venture capital firm established by graduates of Harvard, Standford, and Wharton Business School.
The startup plans to expand into the global market and enhance the platform’s user experience. Bering Lab said it already has clients in 15 markets, including the US, Hong Kong, Singapore, and Japan.
It also considers expanding its services beyond legal and patent translations to various fields, including finance and IT.
In 2023, Bering Lab became the first South Korean startup to win the grand prize at the Huawei Cloud Startup Ignite Competition, earning $0.13 million in cloud credits and other support.
