Singapore’s Staple has raised $4 million in a pre-Series A funding round from Wavemaker Partners, while infrastructure investor Global Infrastructure Partners (GIP) has shelved plans to buy an up to 49% stake in MMC Port Holdings, Malaysia’s biggest port operator.
Singapore’s Staple raises $4m from Wavemaker Partners
Singapore-based innovator in AI-driven document processing solutions Staple has announced the closure of a $4 million pre-Series A funding round led by Wavemaker Partners. DealStreetAsia had reported in March about the company’s fundraising plans based on its filings to ACRA.
The proceeds from this funding round will enable Staple to expedite its global market expansion efforts, further refine its cutting-edge AI technology, and extend its suite of document processing solutions, it said.
Founded in 2018 in Singapore, Staple offers a comprehensive platform that leverages AI to bridge the gap between physical documents and digital workflows, facilitating seamless data management across a plethora of industries with 200 languages.
GIP freezes plan to buy stake in Malaysian port operator: report
Global Infrastructure Partners (GIP) has shelved plans to buy an up to 49% stake in MMC Port Holdings, Malaysia’s biggest port operator, per a Bloomberg report.
After completing due diligence on MMC Port Holdings, the New York-based investment firm couldn’t reach an agreement on a price, sources told the portal.
In January, Reuters reported that GIP was in talks to buy MMC Port Holdings, in a deal potentially valued at around 30 billion ringgit ($6.4 billion). Founded in 2006, New York-based GIP manages more than $100 billion in assets and has a portfolio including Britain’s Gatwick airport, the Port of Melbourne and major offshore wind projects.
MMC Port, part of conglomerate MMC Corp., operates seven ports in Malaysia—Port of Tanjung Pelepas, Johor Port, Northport, Penang Port, Tanjung Bruas Port, SPT Services and Andaman Port, according to its website.