Financing Weekly Report | Fission Completes $10 Million Series A Financing Led by Pantera Capital; DeepSeek Plans to Raise Approximately 100 Billion Yuan in New Financing

Highlights of This Issue

Last week, financing in the cryptocurrency industry focused on RWA liquidity infrastructure and stablecoin payment sectors. According to incomplete statistics from PANews, there were 6 financing events in the global blockchain industry last week (from October 12 to October 18), with a total funding scale exceeding $54 million. The overview is as follows:

• Tokenized fund liquidity startup Fission announced the completion of $10 million in Series A financing, led by Pantera Capital;
• Sui Foundation invested $30 million in the AI data protocol DATA Network (formerly Story Protocol);
• Tokenized asset settlement platform Multiliquid completed $8 million in financing, led by Polychain;
• Stablecoin issuer Tether announced an investment in the seed round financing of Latin American financial infrastructure company EFY Finance to promote the application of USD₮ and USA₮ in institutional fields.

In the AI industry, DeepSeek plans to raise approximately 100 billion yuan in its new round of financing, with a pre-investment valuation of about 500 billion yuan; AI infrastructure company Wuyuan Xinqiong completed 2.3 billion yuan in Series C financing, while SWI Group is pushing the transformation of its original Bitcoin mining site into an AI data center through an 800 million euro equity financing, demonstrating continued capital investment in model research and development, computing power services, and the transformation of existing energy infrastructure.

In the field of embodied intelligence, it is reported that Zhiyuan is advancing new financing of 1 to 1.5 billion yuan with an estimated valuation of about 500 billion yuan. Euler Wanshang completed several hundred million yuan in angel round + financing, and DeepSeek also plans to lead a multi-million dollar seed round for the robotics AI startup Winverse AI, with a post-investment valuation expected to be around $400 million.

Cryptocurrency Financing

RWA

++ Tokenized Fund Liquidity Company Fission Completes $10 Million Series A Financing, Led by Pantera Capital ++

Tokenized fund liquidity startup Fission announced the completion of $10 million in Series A financing, led by Pantera Capital, with participation from Circle Ventures, Borderless Capital, and Ari Rubenstein. The financing was completed in September 2026. The platform allows investors to compress the tokenized fund share sale process, which originally took about 200 days, to within 90 seconds by connecting digital wallets, thus achieving instant liquidity through fee collection. Its main clients are institutional investors, including hedge funds, crypto organizations, and stablecoin issuers holding tokenized private credit or equity.

++ Tokenized Asset Settlement Platform Multiliquid Completes $8 Million Financing, Led by Polychain ++

The developer of the tokenized asset settlement platform Multiliquid, Uniform Labs, has raised a total of $8 million in seed and pre-seed financing, with the latest seed round led by Polychain and participation from Strobe Ventures, CMT Digital, Metalayer Ventures, Generative Ventures, and Circle Ventures. Multiliquid supports institutions in converting between tokenized assets and stablecoins through a single atomic transaction and is currently deployed on Ethereum and Solana.

Tokenized US Stock Platform Spout Completes $2 Million Strategic Round Financing, with Participation from Anchorage and Others

Tokenized US stock collateral lending platform Spout announced the completion of $2 million in strategic round financing, with investors including Draper Dragon, Anchorage, Flow Traders, Taisu Ventures, Vessel VC, Solayer Labs, 2Square Capital, Bering Waters, Solana Labs, Solana co-founder Toly, and former CFTC chairman Chris Giancarlo. According to the product mechanism disclosed by Spout, users can collateralize tokenized US stocks to borrow USDC at a fixed loan-to-value ratio of 50%, with no interest charged to borrowers during the loan period. The income for lenders comes from the premiums generated by selling covered call options on the aforementioned collateral weekly, rather than the borrowing rate paid by borrowers.

Stablecoin Payments

++ Tether Invests in EFY Finance to Accelerate USD₮ Implementation in Latin American Institutional Payment Scenarios ++

Stablecoin issuer Tether announced an investment in the seed round financing of Latin American financial infrastructure company EFY Finance to promote the application of USD₮ and USA₮ in institutional fields. Tether stated that this investment aims to strengthen the connection between stablecoins and the traditional financial system, supporting EFY Finance in developing cross-border payment, account services, and digital asset custody infrastructure based on stablecoins.

Tether CEO Paolo Ardoino stated that several regions in Latin America are facing inflation and capital control pressures, and dollar stablecoins are becoming tools for obtaining dollar liquidity, while compliant infrastructure and bank connections are key to expanding applications. EFY Finance currently provides deposit/withdrawal services for USD₮ and USA₮, over-the-counter (OTC) trading, wallet, and payment card services, covering local settlement channels in more than 12 currencies and 17 countries. The company has obtained a digital asset service provider license in El Salvador and serves over 25,000 individual and corporate accounts.

Web3+AI

++ Sui Foundation Invests $30 Million in DATA Network, Protocol to Migrate to Sui Blockchain ++

Sui Foundation invested $30 million in the AI data protocol DATA Network (formerly Story Protocol). The protocol will migrate to the Sui blockchain, becoming its native protocol, while its independent chain will be deactivated. Existing DATA tokens will be migrated to the Sui network at a 1:1 ratio. Before the migration is completed, the existing DATA Network will continue to operate.

Web3 Applications

Intellectual Property Platform IPX Completes $4 Million Seed Round, Valuation at $125 Million

Intellectual property tokenization platform IPX announced the completion of $4 million in seed round financing, with a valuation of $125 million. This round was led by Bitsurge Holdings, with participation from YICIPX Holdings Family Office and a group of strategic investors. The company is headquartered in Miami, Florida, and the founder and CEO is Brendan McCafferty.

IPX's products are built on Base and include an intellectual property agent operating system, a tokenization issuance platform, and IPX Exchange, allowing creators to complete tokenization, advertising, monetization, and distribution within the same system. It plans to launch IPXOS, IPX Exchange, and the native token IPX on November 15, 2026, and states that this financing marks the beginning of a series of updates leading to that date, with technology, partners, and the first original project news released almost weekly thereafter.

FinTech

++ Ramp Completes New Round of Financing of $1.85 Billion at a Valuation of $60 Billion ++

Ramp co-founder Eric Glyman announced that the company has completed a new round of financing of $1.85 billion, reaching a valuation of $60 billion. This round was co-led by Dragoneer Investment Group, Thrive Capital, Founders Fund, Sands Capital, and Avenir Growth. This financing comes just four months after the last round in June, which raised $750 million at a valuation of $44 billion.

++ Previous News ++, the financial platform Ramp, serving over 70,000 enterprises, has launched stablecoins on Solana, allowing companies to hold USDC or USDT in accounts and achieve cross-border payments through existing bridges and accounting processes.

Selected AI Financing

Models & Infrastructure

++ DeepSeek to Complete 100 Billion Yuan Financing ++

According to reports from financial magazines citing multiple participants in the transaction, large model company DeepSeek is expected to complete its latest round of financing soon, with the financing amount increased from the previously planned 50 billion yuan to approximately 100 billion yuan. This is DeepSeek's second round of financing, with the planned financing amount doubling in less than half a month. Among them, the proposed investment amounts from new and old shareholders are approximately equal. The doubling of the financing scale has not affected the overall valuation, and DeepSeek's pre-investment valuation remains around 500 billion yuan. New investors in this round include Stone Creek Capital, SMIC, CPE Yuanfeng, Junlian Capital, Geely, and others, mainly industrial investors.

++ SWI Group Completes 800 Million Euro Financing to Accelerate the Transformation of Bitcoin Mining Sites into AI Computing Infrastructure ++

SWI Group has completed 800 million euros (approximately $895 million) in financing to expand its AI infrastructure business. Previously, the company had obtained control of the Bitcoin mining company Genesis Digital Assets, supported by FTX.

SWI Group stated that it will transform some Bitcoin mining facilities suitable for high-performance computing (HPC) for AI workload deployment. This layout marks the company's transition from traditional crypto mining business to AI computing infrastructure. As AI computing demand continues to grow, more Bitcoin mining companies are exploring the migration of existing power, data centers, and hardware resources to AI computing scenarios.

++ AI Native Infrastructure Wuyuan Xinqiong Completes 2.3 Billion Yuan Series C Financing, Cumulative Financing Exceeds 4.3 Billion Yuan ++

AI native infrastructure company Wuyuan Xinqiong has completed 2.3 billion yuan (approximately $344.2 million) in Series C financing, with a cumulative financing amount exceeding 4.3 billion yuan (approximately $643.6 million). Financial investment institutions including Hangzhou High-tech Jin Investment, Social Security Zhongguancun Fund, Zhuhai Technology Industry Group, Xuhui Capital, Tencent, Baidu, Lenovo, as well as Sequoia China, Qiming Venture Partners, and Shunwei Capital participated. Earlier in early October, the company submitted an IPO application to the Hong Kong Stock Exchange confidentially, planning to raise several hundred million dollars, with the earliest listing expected in the first half of 2027.

++ AI Computing Operator KONST Completes $30 Million Series B Financing, Led by ADATA Technology ++

AI computing operator KONST announced the completion of $30 million in Series B financing, led by ADATA Technology, with strategic participation from M Mobility, Pegatron Venture Capital, and others. The new funds will be used to expand the construction of AI data centers and accelerate the Token factory strategy.

AI Applications & Agents

++ Nvidia-backed AI Pharmaceutical Company Iambic Raises $150 Million in US IPO ++

AI pharmaceutical company Iambic Therapeutics, backed by Nvidia, issued approximately 9.38 million shares at $16 per share, raising $150 million in the US IPO, with the pricing at the median of the $15 to $17 range, corresponding to a market value of approximately $758 million. The company is expected to begin trading on NASDAQ on October 15 under the code IAM, with the funds advancing three early-stage cancer candidate drugs. ARK and Druckenmiller's family office have expressed interest in subscribing up to $60 million in total.

AIsa Completes Seed Round Expansion Financing, with Tether and HIVEN Joining as Strategic Investors

Enterprise AI agent infrastructure company AIsa announced the completion of seed round expansion financing, with stablecoin issuer Tether and HIVEN joining as strategic investors. This round brings its cumulative financing amount to over $9 million. Tether and HIVEN's participation adds to the existing investor lineup, including Alibaba, Tribe Capital, Sumitomo Corporation, Draper Associates, and Saison Capital.

AIsa founder and CEO Jordan Liu stated that the company will build infrastructure to support AI agents in global discovery, access, and payment resources. AIsa's network integrates resource discovery, access, and transactions, connecting enterprise AI agents with external data, AI search, models, APIs, software tools, and industry services, while providing permission management, usage measurement, billing, and settlement.

Physical AI

++ Embodied Intelligence Company Euler Wanshang Completes Several Hundred Million Yuan Angel Round + Financing ++

Euler Wanshang recently completed several hundred million yuan in angel round + financing, with joint investments from Chengyuanxiang Fund, Xinneng Venture Capital, Xizhou International, Tuobang Co., Ltd., and Hongyi Investment, with Zhi Guan Capital serving as the exclusive financial advisor. The company was founded by Zhou Shunbo, the original "genius boy" of Huawei and the first employee in Huawei's embodied intelligence division. Established for more than half a year, it is building a Real-world RSI system for home service robots and has released phase results UniWAM, exploring ways to enable robots to continuously improve through real-world feedback.

++ Zhiyuan Initiates New Financing with a Valuation of 500 Billion Yuan, IPO Delayed ++

Embodied intelligence unicorn company Zhiyuan Innovation has recently initiated a new round of financing, with an amount of approximately 1 to 1.5 billion yuan. This round of financing is nearing completion, with the latest valuation at approximately 500 billion yuan. In July 2026, Zhiyuan announced the initiation of preparations for a Hong Kong stock listing, at which time investors stated that Zhiyuan was expected to list as early as August, targeting a valuation of 40 to 50 billion Hong Kong dollars. According to the relevant requirements of the Hong Kong Stock Exchange, if a company applying for listing completes new financing after submitting the application and before listing, it must wait 120 days after the financing is completed to list, unless a special exemption is obtained. The aforementioned investors stated that this new round of financing means that Zhiyuan will not be able to complete its IPO within this year. Regarding the new financing, valuation, and IPO progress, Zhiyuan's relevant person in charge stated that there is no response at this time.

++ DeepSeek Plans to Lead Investment in Former Tencent AI Scientist's Startup Project, Winverse AI Valuation May Reach $400 Million ++

AI research institution DeepSeek plans to lead the seed round financing of robotics AI startup Winverse AI, with an investment scale of several tens of millions of dollars. Sources say that Winverse AI was founded by a top AI scientist from Tencent and is currently in stealth mode. In addition to DeepSeek, investors such as Long-Z Investments, an investment institution under Meituan, are also participating in this round of financing, with the company's valuation expected to be around $400 million after the investment.

DeepSeek will use part of its capital from over $12 billion in financing to support this investment, betting on the rapidly developing field of artificial intelligence and robotics technology. This investment shows that DeepSeek's layout direction is extending from large language models to the field of embodied intelligence. As AI model capabilities develop towards real-world interaction and robot control, robotics AI has become a new focus of industry competition.

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