ur fourth annual Forbes Asia 100 to Watch list showcases small companies and startups in Asia-Pacific that grabbed investors’ attention—and their checkbooks. Collectively, these firms have drawn over $2 billion in total investments to date, with 83 of them raising money since the start of 2023–even as venture capital funding in the region hit a seven-year low last year. Some companies we’ve spotlighted tell a story of steady growth, underscoring that success is not an overnight feat. Others have quickly gained traction to secure a foothold in some of the world’s hottest industries, such as spacetech, biotech and robotics, where a race is on to corner the first-mover advantage.

This varied mix of 100 companies share one common trait: a strong innovative streak. Their offerings range from AI navigation systems for space exploration to cutting-edge cell therapies to advanced healthcare diagnostics. There are fintechs addressing the needs of the unbanked and retailers using digital channels to tap a new generation of consumers. Companies from 16 countries and territories are represented on this year’s list, operating in a total of 10 industries, such as enterprise technology and robotics, finance, and manufacturing and energy. India, a hotbed of startups, has the biggest presence this year with 20 companies, followed by Singapore (15), mainland China (10), Japan (9) and Indonesia (8).

Edited by Rana Wehbe Watson

Assistant editors: John Kang, Catherine Wang and Yue Wang

Research and reporting: Jonathan Burgos, Nicole Chu, Lan Anh Nguyen, Phisanu Phromchanya, Ian Sayson, James Simms, Jennifer Wells and Ardian Wibisono

Annu Talreja, Founder & CEO of Accacia.

Headquartered in the Indian business hub of Gurugram, near Delhi, Accacia offers a carbon-tracking tool for the real estate industry. Its AI-powered enterprise resource planning system helps developers and infrastructure providers track carbon emissions across different properties. In April, the startup raised $6.5 million in a pre-series A round led by Illuminate Financial, with participation by AC Ventures as well as returning investors Accel and billionaire Eduardo Saverin’s B Capital. Accacia got a head start from its inception when it participated in the GreenTech Accelerator, run by Singapore-based United Overseas Bank.

Chris Shaw, Cofounder and CEO of Advanced Navigation.

Advanced Navigation was given a A$5.2 million ($3.5 million) grant by the Australian Space Agency last year for its Moon to Mars initiative, which supports space missions beyond the moon’s orbit. The 12-year-old firm specializes in AI-based robotics and navigation technologies in complex environments. For example, its fiber optic gyroscopes are used in robots for independent control and collision avoidance without human guidance. The company’s navigation system, the Boreas X90, can also help space exploration vehicles navigate new terrains. In 2022, it raised A$108 million in a series B funding round led by private equity giant KKR.

From left: Moin SPM and Srinath Ravichandran, cofounders of Agnikul Cosmos.

Cofounded by Srinath Ravichandran and Moin SPM, Agnikul Cosmos develops launch rockets that send spacecraft, satellites and other payloads into space. Its Agnibaan engine, which in Sanskrit means “fire arrow,” is partially cryogenic, using both liquid oxygen and conventional fuel. The firm completed its first successful test launch from Sriharikota on India’s southeastern coast in May. The Chennai-headquartered startup was incubated by the Indian Institute of Technology Madras in 2017. It has raised a total of $42 million to date, including a $26.7 million series B funding round last October from new investors Celesta Capital, Rocketship.vc, Artha Select Fund and Artha Venture Fund, as well as from existing investors Mayfield India, Pi Ventures and Speciale Invest.

Tomohiro Tada, CEO of AI Medical Service.

Doctors can analyze gastrointestinal images taken by endoscopes and manage the images in the cloud with the diagnostic support services provided by Tokyo-based AI Medical Service. With offices in the U.S. and Singapore, it has inked research agreements with 100 medical institutions worldwide, and received regulatory approvals in Japan, Singapore and Brazil. AI Medical has raised ¥14.5 billion ($94 million) in mainly equity funding, with some self-financing and government subsidies. Investors include SoftBank Group’s Vision Fund 2, Incubate Fund and Globis Capital Partners.

Airblack offers online beauty and culinary courses that lead to government-certified diplomas. The Gurugram-based company says it has enrolled 35,000 students from India and the UAE. So far, it has raised over $10 million in funding from investors such as Blume Ventures, Elevation Capital, InfoEdge Ventures as well as the Michael & Susan Dell Foundation.

Aliena’s flagship engine, called Music (which stands for Multi-Stage Ignition Compact), provides electric propulsion that enables small satellites to operate in very low earth orbits—those at approximately 250 and 350 kilometers in altitude. In March, Aliena raised $5.6 million in a series A funding round led by Wavemaker Partners to expand its existing jet-propulsion test facilities in Singapore and accelerate the global deployment of its engines.

Alyve Health says it has signed up 400 Indian companies for its healthcare services that include preparing healthcare plans for employees. It also offers general health services in which its in-house consultants answer questions related to fitness and nutrition. In June, the firm raised $5.5 million in series A financing from investors led by Axilor Ventures, which is backed by software billionaire Senapathy Gopalakrishnan, bringing its total funding close to $6.5 million to date.

Cofounded by husband and wife Sean and Jesmine Tan, Applecrumby sells baby products, including chlorine-free diapers and wipes, with subscription packages for repeat orders. The company sells through TikTok Shop and Shopee and delivers to locations across Southeast Asia as well as mainland China. In March, it raised $4.2 million from VC firm 500 Global.

ArkEdge Space develops nanosatellites weighing as little as three kilograms, operates ground stations and assists in arranging launch services. Its systems can be used for communications, remote sensing, imaging for disaster management and agriculture, and monitoring greenhouse-gas emissions. With two satellites successfully put into orbit, it has raised ¥2.7 billion ($18 million), including from Sparx Innovation for Future and Mitsui Sumitomo Insurance Capital. Last year, Japan’s Ministry of Economy, Trade and Industry awarded it a grant of up to ¥3.5 billion to develop advanced remote-sensing satellites.

The three-wheeled robots developed by Ati Motors are used in factories and warehouses. Branded Sherpa, the robots are capable of tugging trolleys, and thanks to sensors and the company’s AI-based software, can dodge obstacles. In 2023, Ati Motors raised $10.8 million in series A funding from a raft of investors including Blume Ventures, MFV Partners and True Ventures.

Founded by a team of scientists from China’s Tsinghua University, Shanghai-based Bebest Automotive Electronics makes smart chassis braking, steering and suspension systems for vehicles to respond faster to road conditions. Bebest, which says it aims to compete with German manufacturing giant Bosch, has raised more than $50 million in funding from investors including Nio Capital, HongShan (formerly known as Sequoia China) and Meridian Capital.

Uses of Bitsensing’s imaging radar include enabling autonomous driving systems to navigate traffic and detecting accidents in the home. The startup has raised about $46 million, including a $25 million series B round in June 2024. Its backers include car parts maker HL Mando, Life Asset Management, South Korean city gas supplier Samchully’s SCL Investment and Woori Financial Capital.

Bluesheets develops AI-powered data entry and management tools that companies use to process financial data. It targets the accounting, insurance, banking and logistics industries. In January, the startup raised $6.5 million in a series A funding round led by Illuminate Financial, with participation by Insignia Ventures Partners, Antler Elevate—the emerging growth fund of VC firm Antler—and 1982 Ventures. That brought the four-year-old startup’s total funding to over $12 million.

Botsync builds mobile robots for use in factories and warehouses to move pallets, shelves and trolleys. The management software is a no-code platform, which allows users to drag-and-drop functions to customize the robots to fit with existing operations. In June, Botsync raised $5.2 million in a series A ROUNDled by Betatron Venture Group and Capital 2B, bringing its total funding to over $8 million.

Kim Tae-sung, CEO of Caring.

In a country with a rapidly aging population, the elderly-care market is thriving. Seoul-based Caring operates a chain of 45 elderly-care centers across South Korea with plans to add seven more by the end of this year. Additionally, it has 10,000 caregivers on its roster that have been trained to provide in-home services and can also be sent to work in assisted-care facilities. Caring’s ancillary services include selling walking sticks and wheelchairs. The firm has raised $55 million in funding so far, making it the most-funded elderly-care startup in South Korea. It raised 40 billion won ($30 million) in a series B round in February from investors including Ark Impact, IMM Investment, Hyundai Investment Partners, Korea Development Bank and SV Investment.

Cellid develops and manufactures plastic and glass inserts with an immersive display for lightweight augmented-reality glasses. In May, the company was awarded top honors in the components sector by the Society for Information Display. With offices in Tokyo and Sunnyvale, California, Cellid has raised nearly $22 million in funding, including from Tokyo Electron’s VC arm, TEL Venture Capital, and Seiko- Epson’s VC unit Epson X Investment.

Karachi-headquartered DealCart operates an online grocery site aimed at Pakistan’s growing middle class. Customers can order fresh fruit and vegetables, snacks, detergents and other sundries. Small grocery stores can also sell on DealCart to tap its customer base. In July, the firm raised $3 million in a seed funding round co-led by Abu Dhabi-based Shorooq Partners and London-based Sturgeon Capital.

Spacetech company Digantara is building what it calls a Google Maps for space. Commercial space companies and government agencies subscribe to its software, which tracks the movement of objects including debris and satellites. The company has raised almost $15 million, including a $12 million series A round completed in February from investors such as Aditya Birla Ventures, Peak XV Partners and Kalaari Capital.

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Digivriddhi Technologies is a fintech platform targeting India’s dairy sector, which is the world’s largest by production. The company offers e-payments, insurance and loans to dairy owners overlooked by traditional banks. It also operates an online marketplace for dairy farmers to trade cows. Last year, the company raised $6 million in a series A funding round led by Omidyar Network India. Other backers include InfoEdge Ventures and Omnivore Capital Management.

Ecomobi touts itself as a bridge between content creators and influencers and global brands, such as Adidas, Kiehl’s and L’Oréal, looking to expand their presence in Southeast Asia. After an initial consultation with Ecomobi, brands can use the platform’s marketing services as well as livestream sales and other events hosted by its influencers. Ecomobi is backed by Daiwa Corporate Investment, GS Retail, Mirae Asset Capital and VinaCapital Ventures.

To reduce waste from single-use glass bottles, ecoSpirits offers restaurants, bars, hotels and beverage brands its 4.5-liter ecoTOTE container—roughly equivalent to six bottles—that can be cleaned, sanitized........

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