Forbes Asia released its fifth annual 100 to Watch list, spotlighting small companies and startups across 16 countries and territories in the Asia-Pacific region. Led by India with 18 selected enterprises, the 2025 compendium highlights a distinct market pivot toward artificial intelligence, biotechnology, and green tech as venture capital activity shows signs of recovery.
Venture Capital Shifts and Regional Distribution in the Asia-Pacific Ecosystem
The latest compilation arrives against a complex macroeconomic backdrop. Despite that contraction, specific markets including India, Japan, and Singapore have drawn renewed risk capital.
India leads the 2025 cohort with 18 companies. Singapore and Japan follow closely with 14 selections each. China accounts for 9 entries, while Indonesia and South Korea each contribute 8 companies. Australia rounds out the major national distributions on the list with 7 entries.
Investors are increasingly directing capital toward specialized sectors. Biotechnology, space technology, and green tech dominate the roster. Companies span diverse innovations, ranging from gene-editing therapies targeting cancer to novel anode materials for lithium-ion batteries and advanced propulsion systems for spacecraft. In total, the 100 featured enterprises have collectively drawn nearly $3 billion in funding to date, marking an increase from the $2 billion raised by the previous year’s group.
Methodology and Category Breakdown
To qualify for the Forbes Asia 100 to Watch list, candidates were required to be headquartered in the Asia-Pacific region, structured as privately owned for-profit ventures, and hold no more than $50 million in annual revenue alongside a maximum of $100 million in total funding through August 15. The evaluation process involved reviewing online submissions alongside nominations solicited from accelerators, incubators, universities, and venture capitalists.
The research team evaluated submissions based on market fit, business model viability, innovation potential, consistent revenue growth, and capacity to attract funding. The resulting 100 companies are organized across ten distinct industry categories:
- Biotechnology and Healthcare: 18 companies
- Enterprise Technology and Robotics: 16 companies
- Energy and Green Tech: Prominently represented by firms such as South Korea’s Aetech
- Industry and Manufacturing: Featuring innovators like Japan’s Aeterlink
Pioneering Startups in Green Tech and Wireless Power
Among the standout firms featured in the energy and green tech category is South Korean startup Aetech. Founded in 2020 and led by CEO Taehyung Park, the company developed Atron—an AI-powered waste-sorting robot designed to double recycling efficiency. Aetech has raised over $13 million, including backing from GS Ventures, the venture capital arm of South Korea’s GS Group. The firm has deployed roughly 20 units across domestic waste management facilities, logistics centers, and industrial complexes, and is currently eyeing expansion into Australia, Singapore, and Vietnam. Aetech earned a bronze medal in the manufacturing and logistics production process innovation category at the 2025 Edison Awards.
In the industry and manufacturing category, Tokyo-based Aeterlink applies wireless power transfer technologies originating from Stanford University. Led by CEO Ryo Iwasa, the company builds systems utilized in factory automation and building management. Its wireless temperature sensors for air conditioning units direct cooled air where required. Aeterlink has raised ¥6.8 billion ($46 million) in equity, debt, and grants from institutional investors including Jafco Group, Sparx’s Mirai Creation Fund, and Mizuho Capital, bolstered by a ¥3.9 billion Series B funding round finalized in February.
