Summary:
The Forbes Asia 100 to Watch 2025 list highlights 100 promising startups in the Asia-Pacific region, showcasing innovation in sectors like AI, biotech, and green tech.
These companies have collectively raised nearly $3 billion in funding, with India leading the count with 18 entries, followed by Singapore and Japan.
Key sectors include biotechnology and healthcare (18 companies), enterprise technology and robotics (16 companies), and fast-rising areas like spacetech and sustainable energy.
Notable startups feature AI-powered solutions, such as waste sorting robots, healthcare monitoring, and digital business tools, driving regional economic growth and technological advancement.
The selection process involved rigorous evaluation based on impact, innovation, and funding, with companies required to have under $50 million in revenue and $100 million in total funding.
Asia-Pacific’s small companies and startups on the rise
Our fifth annual Forbes Asia 100 to Watch list provides a window into the vibrant world of startups and small companies in the Asia-Pacific region. It’s a constantly evolving ecosystem, increasingly focusing on AI and deep tech to innovate and thrive.
The promising news is that VC funding in the region, which had fallen to a ten-year low at the end of 2024, has seen an uptick in some countries this year. According to a recent KPMG report, India, Japan, and Singapore are drawing more risk capital, a trend this compendium reflects. A total of 16 countries and territories are represented, with India leading with 18 companies, followed by Singapore and Japan (14 each), China (9), Indonesia and South Korea (8 each), and Australia (7).
Investors favor fast-rising sectors such as biotechnology, spacetech, and green tech, and our list is well-populated by companies in those fields—from enterprises developing gene-editing therapies for cancer treatments to those producing new anode material for lithium-ion batteries or building novel propulsion systems for spacecraft. They are grouped under ten industry categories, with the largest cohort (18) in biotechnology and healthcare, followed by enterprise technology and robotics (16). Overall, the 100 companies have drawn nearly $3 billion in funding to date, compared with $2 billion raised by last year’s group.
Methodology
To select the finalists, Forbes Asia solicited online submissions and invited accelerators, incubators, universities, venture capitalists, and others to nominate companies. Qualifying companies had to be headquartered in the Asia-Pacific region, privately owned for-profit ventures, with no more than $50 million in annual revenue and no more than $100 million in total funding through Aug. 15. Evaluations weighed factors like impact, market fit, innovation, and funding ability.
Featured Startups
- Aetech (South Korea, Energy & Green Tech): Developed an AI-powered robot for waste sorting, raising over $13 million and eyeing expansion.
- Aether Fuels (Singapore, Energy & Green Tech): Converts waste into sustainable fuels, with over $40 million raised and agreements with major airlines.
- AI Hay (Vietnam, Consumer Technology): A Vietnamese chatbot app for students, raising $18 million total.
- Blinq (Australia, Consumer Technology): Digital business card platform with 2.5 million users, raised $25 million.
- Cloudphysician (India, Biotechnology & Healthcare): AI-based ICU monitoring software, raised $10.5 million and monitors over 2,000 beds.
- GalaxEye (India, Space Technology): Developing observation satellites, raised $14.5 million.
- Hnry (New Zealand, Finance): Accounting platform for the self-employed, raised $22.7 million and expanded to the UK.
- Pathao (Bangladesh, Consumer Technology): Multi-service app with over 6 million downloads, raised over $50 million.
- Sicona Battery Technologies (Australia, Energy & Green Tech): Produces advanced anode materials, raised $32 million.
- WatchTowr (Singapore, Enterprise Technology & Robotics): Cybersecurity startup raised $29 million.
This list showcases the diversity and innovation across the region, with companies making strides in technology, sustainability, and healthcare.
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