Forbes Asia’s ‘100 to Watch’ – 10 Emerging Companies You Should Follow

Forbes Asia has unveiled the fourth annual edition of its ‘100 to Watch’ list, highlighting emerging small companies and startups from the Asia-Pacific region. Here are the top 10 companies to keep an eye on:

1. Accacia (India)

Based in Gurugram, Accacia offers a carbon-tracking tool for the real estate sector. Its AI-powered ERP system enables developers and infrastructure providers to monitor carbon emissions across properties.

The startup secured $6.5 million in a pre-series A round in April, led by Illuminate Financial, with participation from AC Ventures and existing investors, including Accel and billionaire Eduardo Saverin’s B Capital. Accacia benefited early on from participating in the GreenTech Accelerator, managed by Singapore-based United Overseas Bank.

2. Advanced Navigation (Australia)

Advanced Navigation received a A$5.2 million ($3.5 million) grant from the Australian Space Agency last year for its Moon to Mars initiative, supporting space missions beyond the moon. Specializing in AI-based robotics and navigation technologies, the 12-year-old firm uses fiber optic gyroscopes in robots for autonomous control and collision avoidance.

Its Boreas X90 navigation system aids space exploration vehicles in navigating new terrains. The company raised A$108 million in a series B funding round in 2022, led by private equity giant KKR.

3. Agnikul Cosmos (India)

Agnikul Cosmos, co-founded by Srinath Ravichandran and Moin SPM, develops launch rockets for sending spacecraft, satellites, and other payloads into space. Its Agnibaan engine, partially cryogenic and using liquid oxygen and conventional fuel, successfully launched from Sriharikota in May.

The Chennai-based startup, incubated by IIT Madras in 2017, has raised $42 million to date, including a $26.7 million series B round in October from new and existing investors.

4. AI Medical Service (Japan)

Tokyo-based AI Medical Service offers diagnostic support services that allow doctors to analyze and manage gastrointestinal images taken by endoscopes via the cloud. With global offices and research agreements with 100 medical institutions worldwide, the company has received regulatory approvals in Japan, Singapore, and Brazil.

AI Medical has raised ¥14.5 billion ($94 million) through equity funding, self-financing, and government subsidies, with investors including SoftBank’s Vision Fund 2.

5. Airblack (India)

Airblack offers online beauty and culinary courses that culminate in government-certified diplomas. Based in Gurugram, the company has enrolled 35,000 students from India and the UAE. It has secured over $10 million in funding from investors such as Blume Ventures, Elevation Capital, InfoEdge Ventures, and the Michael & Susan Dell Foundation.

6. Aliena (Singapore)

Aliena’s Music engine (Multi-Stage Ignition Compact) provides electric propulsion, enabling small satellites to operate in very low Earth orbits. In March, the company raised $5.6 million in a series A round led by Wavemaker Partners to expand its jet-propulsion test facilities in Singapore and accelerate global deployment.

7. Alyve Health (India)

Alyve Health has signed up 400 Indian companies for its employee healthcare services, which include health plans and general health consultations on fitness and nutrition. In June, the firm raised $5.5 million in series A funding led by Axilor Ventures, bringing its total funding close to $6.5 million.

8. Applecrumby (Malaysia)

Applecrumby, co-founded by Sean and Jesmine Tan, sells baby products like chlorine-free diapers and wipes with subscription options. The company operates on platforms like TikTok Shop and Shopee, delivering across Southeast Asia and mainland China. In March, Applecrumby raised $4.2 million from VC firm 500 Global.

9. ArkEdge Space (Japan)

ArkEdge Space develops nanosatellites, operates ground stations, and offers launch services for applications in communications, remote sensing, and more. With two satellites in orbit, the company has raised ¥2.7 billion ($18 million) from investors, including Sparx Innovation for Future and Mitsui Sumitomo Insurance Capital.

Last year, Japan’s Ministry of Economy, Trade and Industry awarded it up to ¥3.5 billion to develop advanced remote-sensing satellites.

10. Ati Motors (India)

Ati Motors develops three-wheeled robots branded Sherpa, used in factories and warehouses for tasks like tugging trolleys. Equipped with sensors and AI software, these robots can avoid obstacles autonomously.

In 2023, Ati Motors raised $10.8 million in series A funding from investors including Blume Ventures, MFV Partners, and True Ventures.

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