Deals in brief: Podium nets Series A1 funding, Gyges Labs backed to redefine wearables, xAI raises USD 5 billion, and more

Podium nets SGD 20.4 million to digitally transform the construction industry

Podium, a Singapore-based platform for industrialized construction, has netted SGD 20.4 million (USD 15.1 million) in a Series A1 funding round led by Autodesk, with contributions from Schindler and Lendlease. This funding underscores confidence in Podium’s ability to address inefficiencies in the construction industry while driving sustainability.

Podium’s software-as-a-service platform streamlines the design-to-supply process, automating workflows and integrating supplier-defined components in real time. The result? Optimized designs that align with cost, sustainability, and buildability targets.

The funds will fuel Podium’s expansion in Singapore and Australia, where collaborations with developers and government agencies are underway.

Gyges Labs to redefine wearables with pre-Series A funding led by GSR Ventures

Gyges Labs has completed a pre-Series A funding round led by GSR Ventures, netting an eight-figure RMB sum, according to 36Kr. The round also included participation from Hao Chen, founder of Shokz, and NYX Ventures.

Founded in 2022, Gyges Lab is registered in Singapore and is focused on redefining wearable technology with its proprietary DigiWindow system, which miniaturizes optical modules to millimeter scales. This innovation enables smart glasses to retain the appearance of conventional eyewear while addressing common optical challenges like light leakage and distortion.

The founding team brings extensive expertise. CEO Jieyang Jia, a Stanford alumnus, previously led R&D at Silicon Valley startups and co-founded Adaps Photonics. CTO Zheng Lu contributed to Apple’s Vision Pro development, and chief scientist Siyuan Qi, an artificial intelligence expert, gained experience at Google.

Gyges Labs plans to debut its flagship AI-powered smart glasses, developed in collaboration with Moody, at CES in January 2025. The company envisions these glasses as a “second brain” to enhance productivity and daily life.

The new funding will support scaling DigiWindow technology and broadening its applications, such as real-time notifications and language translation.

xAI raises USD 5 billion to advance Grok chatbot and AI cluster expansion

Elon Musk’s AI venture xAI has reportedly raised USD 5 billion in a funding round, according to WSJ. The round, valuing xAI at USD 50 billion—more than double the valuation earlier this year—attracted investments from the Qatar Investment Authority, Valor Equity Partners, Sequoia Capital, and Andreessen Horowitz.

The funds will be used to acquire 100,000 additional Nvidia chips and expand the capacity of xAI’s Memphis data center.

The company is positioning its flagship chatbot, Grok, to attract enterprise clients, having already gained traction with premium subscribers on X (formerly Twitter). Grok 3.0, touted by Musk as “the world’s most powerful AI by every metric,” is slated for launch in December.

Observers are closely monitoring xAI’s efforts to challenge established competitors like Google and OpenAI as it leverages its resources in an increasingly competitive AI landscape.

Tuya partners with 65 Equity Partners for global expansion

Tuya, a cloud platform provider, has brought 65 Equity Partners—a subsidiary of Temasek—on board as a strategic investor. The firm acquired a 13% stake in Tuya from New Enterprise Associates (NEA).

Founded in 2014, Tuya has built a developer community of over one million and collaborates with brands, original equipment manufacturers (OEMs), and software vendors.

The company intends to use the funds to expand in Southeast Asia and is considering a listing on the Singapore Exchange (SGX).

NEA remains a significant shareholder, continuing its long-term support as Tuya targets emerging markets for further growth.

Other deals completed in China: Oneteam, Locad, Atome, and more made recent headlines:

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