Asia Funding Weekly：RWA 流动性和稳定币支付吸引新资金，AI 资本持续涌入大型模型、计算资产和具身智能团队

Weekly Funding Signal

RWA liquidity infrastructure and stablecoin payment rails anchored deal flow, while AI capital poured relentlessly into large models, compute assets, and embodied intelligence teams.

Key Deals

Builder to Watch

• DATA Network: The former Story Protocol has secured a $30 million commitment from Sui Foundation and is becoming the network's native AI data protocol. Its independent chain will be decommissioned, with existing DATA tokens migrating 1:1 to Sui. By anchoring AI data provenance directly into a Layer 1 controlled by an Asian-founded ecosystem, the move creates a high-conviction regional bet on Web3-native AI infrastructure. The transition also tests whether protocol-level integration can outcompete standalone AI data chains.
• Fission: Fission is attacking one of tokenization's most stubborn frictions: secondary market exit. Institutions holding tokenized private credit or equity can currently wait roughly 200 days to sell; Fission collapses that to 90 seconds by connecting digital wallets and charging a fee for instant liquidity. Its customer base spans hedge funds, crypto organizations, and stablecoin issuers, giving it direct exposure to the fastest-growing corner of institutional RWA demand. With backing from Pantera and Circle Ventures, it sits at the intersection of capital efficiency and real-world asset distribution that Asian and global funds are watching closely.

Also Noted

• Spout: Raised a $2 million strategic round backed by Draper Dragon, Taisu Ventures, and Bering Waters, among others. The tokenized US equities lending platform lets users borrow USDC at a fixed 50% loan-to-value ratio without paying interest, earning yield instead from covered call premiums.
• DeepSeek: The Chinese large model developer is reportedly expanding its new financing round from RMB 50 billion to roughly RMB 100 billion, with a pre-money valuation around RMB 500 billion. New investors include mostly industrial backers such as Shixi Capital, SMIC Capital, CPE Yuanfeng, Legend Capital, and Geely.
• Wuwen Xinqiong: Completed a RMB 2.3 billion Series C round that pushed its cumulative funding above RMB 4.3 billion. Tencent, Baidu, Lenovo, HongShan China, Qiming Venture Partners, and Shunwei Capital participated as the company pursues a confidential Hong Kong IPO filing.
• SWI Group: Closed an €800 million equity raise to convert former Bitcoin mining facilities into AI data center infrastructure after taking control of FTX-backed miner Genesis Digital Assets.
• Euler Wanxiang: Raised several hundred million RMB in an angel+ round led by Cheng Yuanxiang Fund, Xinneng Venture Capital, Xizhou International, Topband, and Hony Capital. Founded by former Huawei "Genius Youth" and Huawei embodied intelligence lead Zhou Shunbo, the company is building a Real-world RSI system for home service robots.
• Zhiyuan Innovation: Reportedly raising RMB 1 billion to 1.5 billion at a valuation near RMB 50 billion, a move that could delay its planned Hong Kong IPO into next year.
• Winverse AI: DeepSeek plans to lead a seed round worth tens of millions of dollars in this stealth robotics AI startup founded by a former top Tencent AI scientist. Meituan-backed Long-Z Investments also participated, giving the company a post-money valuation around $400 million.
• AIsa: Tether and HIVEN joined as strategic investors in an extension round, lifting total funding above $9 million. The enterprise AI agent infrastructure company counts Alibaba, Tribe Capital, Sumitomo Corporation, Draper Associates, and Saison Capital among existing backers.
• IPX: Completed a $4 million seed round at a $125 million valuation led by Bitsurge Holdings. The Miami-based IP tokenization platform is built on Base and plans to launch its IPXOS, IPX Exchange, and native token in November 2026.

Capital Flow

• Tokenized asset liquidity and settlement platforms attracted consecutive checks, signaling that investors now care less about issuance volume and more about exit velocity and atomic settlement.
• Stablecoin issuers moved beyond remittance narratives, backing compliance infrastructure, OTC rails, and custody services that can extend dollar-denominated settlement into underbanked regional markets.
• The strongest Asia capital flows centered on Chinese AI infrastructure and embodied intelligence, with Taiwan-based hardware backers, Hong Kong IPO preparations, and corporate venture arms from Tencent, Baidu, Lenovo, and Geely all active in the same funding window.

PANews View

Asia's capital is bifurcating into two distinct strategies: crypto investors are financing the plumbing that makes tokenized assets tradable, while AI backers are placing increasingly concentrated bets on compute infrastructure and robotics. The bigger signal is the rise of industrial investors — Geely, Pegatron, ADATA — moving alongside traditional VCs, suggesting the next phase of AI funding will be judged by physical deployment rather than model benchmarks. The missing piece remains cross-border connectivity: stablecoin rails are deepening in Latin America and Asia separately, but few deals yet link the two regions into a single settlement corridor.