Singapore state investor Temasek has participated in the $135-million funding for UK-based PhysicsX, while Japanese shipping major NYK Line is acquiring a payments platform for seafarers.
Temasek backs $135m funding in PhysicsX
Singapore state investor Temasek has backed the $135-million Series B financing round of PhysicsX, a UK-based AI company focused on transforming engineering and advanced manufacturing, according to an announcement.
The round was led by Atomico and also backed by Siemens, Applied Materials, July Fund, and returning backers including General Catalyst, NGP, Radius Capital, Standard Investments, and Allen & Co.
PhysicsX said it will use the new capital to support its global expansion and accelerate the industrial adoption of its AI-driven engineering platform, according to the announcement.
Co-founded by former Formula 1 engineers Robin Tuluie and Jacomo Corbo, the company is building a new software stack to apply artificial intelligence across the full engineering lifecycle, from simulation to production.
Japan’s NYK Line acquiring payment platform Kadmos
Japanese shipping giant Nippon Yusen Kabushiki Kaisha (NYK Line) is reportedly acquiring Kadmos, a Germany-based salary payment platform for seafarers, for an undisclosed amount.
The acquisition aligns with NYK Line’s strategy to expand its financial services platform, MarCoPay, which was launched in the Philippines in 2019. Kadmos will strengthen its fintech footprint in the global maritime sector, the company said.
MarCoPay offers loans and insurance to Filipino seafarers. It also holds an electronic money issuer licence from the Philippine central bank. The transaction, which is expected to close in the coming weeks, will allow NYK to scale MarCoPay beyond the Philippines.
Kadmos, on the other hand, is said to expand its service offering to include cross-border business payments and corporate card solutions.
