GIC, Singapore’s sovereign wealth fund, and Guotai Junan International, a Chinese securities firm have partnered to acquire a minority stake in MioTech, a Hong Kong-based startup that uses AI to provide useful data to asset managers and investors in Asia.
Although Jason Tu, co-founder and CEO of MioTech, did not speak on the specifics of the agreement, he stated that the deal is very much larger than the firm’s past three funding rounds.
With this new capital injection, the firm will expand its product offerings and also hire more hands. MioTech is not yet profitable but has already attracted the attention of top agencies and investors, including Moody’s Investors Service and Hong Kong billionaire Li Ka-Shing’s Horizon Ventures.
“We’ve had rapid growth in the past year,” Tu said. “This investment secures our plans to turn into a full-fledged sustainable ESG tech platform. Besides our financial services business, which is growing rapidly, we are now pushing with products for corporate customers and an app in China for individuals.”
This reinvented platform will help clients aggregate and report their ESG data across subsidiaries and investments. Its energy management system will also make it easier for corporations to measure and regulate their carbon footprint.
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