Lion X Ventures

Lion X Ventures Research

Investment Thesis

Lion X Ventures is a Singapore-based venture capital fund focused on accelerating digital innovation across Southeast Asia and Northeast Asia. Founded in September 2022 and licensed by the Monetary Authority of Singapore (MAS) as a Capital Markets Services licensee, the firm operates from OCBC Centre in Singapore and maintains a deep strategic partnership with OCBC Bank, one of Southeast Asia's largest financial institutions.

The fund's core thesis is that the convergence of artificial intelligence, semiconductors, and digital infrastructure is reshaping industries across Asia, and that the most transformative companies of the next decade will emerge from the region. Lion X Ventures seeks to back category-defining founders building in AI, deep tech, med-tech, fintech, and digital infrastructure — sectors where the firm has strong domain expertise, operator networks, and institutional advantages through OCBC.

A key differentiator is the "Go-to-SEA" model: by co-investing alongside OCBC's ecosystem, Lion X Ventures provides portfolio companies with access to enterprise customers, banking relationships, and clear exit pathways via M&A and IPO readiness — a path exemplified by SkyeChip's 2026 IPO on Bursa Malaysia.

Stage Focus

Lion X Ventures targets growth-stage investments in the Series A through Series C range, focused on companies with demonstrated product-market fit, strong market fundamentals, and ambition to scale across Southeast Asia and beyond. The firm's portfolio page explicitly describes this as "Series A - C • Early-Growth Stage • Strong Market Fundamentals."

Check Size

Based on disclosed investment activity, typical check sizes appear to range from approximately $2M to $20M+, with the firm having co-led AWAK Technologies' Series B round ($20M+). Specific per-check sizes are not publicly disclosed. Confidence in this range is moderate.

Lead Tendency

Lion X Ventures actively leads or co-leads investment rounds. The firm co-led AWAK Technologies' $20M+ Series B alongside Vickers Venture Partners and Advanced MedTech, demonstrating its capacity and willingness to anchor growth rounds. The OCBC partnership also positions them to facilitate introductions and syndication with strategic co-investors.

Geographic Focus

The firm invests across four core regional markets:

• Singapore: Global financial and innovation hub; focus areas include AI/ML, greentech, biotech, semiconductors, and robotics. Identified as SEA's #1 startup funding hub with strong IP protection.
• Malaysia: Rising tech and manufacturing power; focus on semiconductors, data centres, and financial inclusion innovations.
• Indonesia: Innovation and consumer powerhouse with 200M+ internet users; fintech, gaming, and renewable energy.
• South Korea: Technology titan with 4.8% R&D-to-GDP ratio; strength in semiconductors, AI/ML, healthcare technologies, and entertainment.

Hong Kong and Greater China are also active investment markets based on current portfolio composition (Calm Car, DCG, G70 Capital).

Sector Focus

Lion X Ventures maintains a technology-forward mandate spanning multiple sectors:

• Semiconductors and Hardware: AI chips, custom chip design, advanced compute; exemplified by SkyeChip (Malaysia) and Rebellions (South Korea)
• Healthcare and Med-Tech: Patient-centric medical devices, portable diagnostics, digital health; Vivance (Singapore) and AWAK Technologies (Singapore)
• Fintech and Banking AI: Earned wage access, AI-driven banking software, wealth management; Setlary (Malaysia), Dyna AI (Singapore), G70 Capital (Hong Kong)
• Enterprise AI and Software: AI-as-a-Service platforms, AIGC tools, autonomous systems; Dyna AI and DCG
• EdTech: Online learning super-apps; Ruangguru (Indonesia)
• Regulatory Technology: Digital tax, e-invoicing, compliance solutions; Regtech Cloud (Singapore)
• Autonomous Systems and ADAS: Computer vision-based autonomous driving; Calm Car (Hong Kong)
• AI Video Generation: Consumer and enterprise video content creation; PixVerse AI (Singapore, Alibaba-backed unicorn)

Recent Activity

Lion X Ventures has been actively deploying capital with several notable recent events:

• March 2026: Announced co-management with Empyrean Sky Partners (ESP) of a $200M Global Technology Fund targeting AI, robotics, and advanced manufacturing. The $90M first close was described as the fastest first close of 2026.
• May 2026: Portfolio company SkyeChip completed its IPO on Bursa Malaysia's main market, becoming Malaysia's first chip design company to list; shares opened at MYR 3.50, 4x the IPO price of MYR 0.88.
• December 2025: Participated in Setlary's strategic investment round valuing the Malaysian earned wage access fintech at RM100M, with up to $25M in additional funding capacity from CapBay.
• AWAK Technologies: Co-led a $20M+ Series B for portable peritoneal dialysis device alongside Vickers Venture Partners, Advanced MedTech, and Eckuity Capital.
• Dyna.Ai: Invested in Singapore-based enterprise AI platform's Series A.
• PixVerse AI: Portfolio company joined the unicorn ranks after its Series C backed by Alibaba.

Portfolio Highlights

The current portfolio spans 12 companies across SEA and NE Asia:

• SkyeChip (Malaysia): First Malaysian chip design company on Bursa Malaysia's main market (IPO May 2026); specializes in semiconductor IP and custom AI chip design
• Rebellions (South Korea): High-performance AI chips for data centers and edge computing
• PixVerse AI (Singapore): AI video generation unicorn backed by Alibaba; allows real-time, high-quality video from text or images
• Ruangguru (Indonesia): Indonesia's largest EdTech platform with online/offline tutoring, video lessons, and courses
• Dyna AI (Singapore): AI-as-a-Service platform delivering agentic solutions for regulated financial services
• AWAK Technologies (Singapore): Portable peritoneal dialysis system targeting in-home kidney care
• Calm Car (Hong Kong): Vision-based ADAS and auto-parking solutions for autonomous vehicles
• Setlary (Malaysia): Earned Wage Access fintech enabling employees to withdraw earned wages before payday
• Vivance (Singapore): Portable, patient-centric renal medical device technologies
• Regtech Cloud (Singapore): Digital tax and regulatory technology, specializing in e-invoicing and compliance
• DCG (Hong Kong): AIGC solutions provider; BOOKSGPT model transforms content creation and monetization
• G70 Capital (Hong Kong): Multi-family office for ~70 wealthy Asian and Middle Eastern families, co-founded by Pansy Ho and Li Ning

Team

• Irene Guo, CEO / Investment Committee: Founding Managing Partner of Lion Partners Capital and Managing Partner of Lion X Ventures. CFA holder with 20+ years of equity investment experience, formerly with OCBC Bank's Investment Department for 15+ years. Led investments in Yusys Technologies, Brandmax, DaoCloud, and Esign. Also referenced as co-CEO in investment announcements.
• Daniel Kwan, Investment Committee: Global Head of Mezzanine Capital Unit (Private Equity and Special Opportunities) at OCBC Bank; responsible for OCBC's PE and VC investments in Greater China and Southeast Asia. Nearly 30 years in corporate banking and investment; led OCBC's investments in GoJek and Nanofilm.
• Steve Dai, Investment Committee: Industry Management Partner of Lion Partners Capital; Director and Executive VP of Beijing Yusys Technologies. 20+ years in investment banking and financial management. Former Senior Manager at UBS Investment Bank M&A Department and VP/CFO of Beijing Taihong Investment.
• Wi Lex Tan, VP Investments: Prior experience at Disruptive VC (later-stage tech) and Tikehau/SPRIM (TKSI) medical investment team. Has participated in investments including Carsome, ByteDance, Line Man, Akulaku, Toss, and LingoAce.
• Dan Ge, VP Investments: Additional member of the investment team.

Decision Process

Lion X Ventures operates with a formal Investment Committee structure comprising three IC members (Irene Guo, Daniel Kwan, Steve Dai), suggesting decisions are made through a committee process. The OCBC relationship adds an institutional governance overlay to investment decisions.

OCBC Partnership

A key differentiator is the firm's deep integration with OCBC Bank, one of Southeast Asia's leading financial institutions. Lion X Ventures is described as OCBC's technology venture investment partner. This relationship provides portfolio companies with access to enterprise customers, capital pathways, and exit routes facilitated by OCBC's regional banking infrastructure. The Go-to-SEA model is the practical embodiment of this: founders get regional market access, enterprise sales introductions, and M&A/IPO pathways alongside venture capital.