Daily Briefing: ProfilePrint raises 7-figure USD pre-series A funding; iSTOX launches unicorn fund

And J. Safra Sarasin to buy BMO’s private banking business in Singapore.

From e27:

ProfilePrint, a Singapore-based Artificial Intelligence food ingredient analysis platform, announced today that it closed a 7-figure USD pre-Series A funding round.

Participating investors include Enterprise Singapore’s investment arm SEEDS Capital, Glocalink Singapore, Leave-a-Nest Singapore and BP de Silva Group, as well as other unnamed strategic investors.

The fresh financing will be used to bankroll developments of ProfilePrint’s patented technology, develop analysis solutions on its SaaS platform and expand its team.

Co-founded in 2018 by Alan Lai and Rehan Amarasuriya, ProfilePrint has developed a technology to combine parameters and data into a digital fingerprint that predicts the quality profile of a food sample “within seconds”.

The SaaS startup claims this is possible through the utilisation of technologies such as AI on a cloud-based platform with a portable analyser.

Read more here.

From DealStreetAsia:

iSTOX, a Singapore-based blockchain-powered digitised securities platform, has launched a unicorn fund in digitised securities from ICHAM Unicorn Opportunity Fund, according to a media report.

The fund aims to make investments in unicorns by acquiring equity from current shareholders in the secondary market. It targets a diversified portfolio of late-stage, highly valuable unicorns based in Asia, Europe and the US.

ICHAM Unicorn Opportunity Fund will focus on companies or initiatives with a proper business model and a clear path to sustainable growth. Besides, the companies will need to have a disruptive impact in their sectors, as well as visibility of an exit in two to three years.

Read more here.

From DealStreetAsia:

Swiss-Brazilian private bank J. Safra Sarasin has reached an agreement to acquire Bank of Montreal’s (BMO) private banking business in Singapore and Hong Kong for an undisclosed valuation, according to a press announcement on Wednesday.

The acquisition is expected to be completed in the first half of 2021, subject to regulatory approvals.

J. Safra Sarasin will acquire the private banking business through an asset purchase agreement. The transaction includes clients and their experienced relationship management teams.

The acquisition was made as BMO’s well-diversified and attractive client base of Ultra High Net Worth Individuals is considered a right fit in J. Safra Sarasin’s private banking business.

Read more here.