UltraGreen.ai is a leading global producer of the Indocyanine Green (“ICG”) surgical dye, which is a near-infrared fluorescent imaging agent administered to aid real-time visualization and intraoperative decisions during surgical procedures. ICG is the most widely used fluorescent agent in Fluorescent Guided Surgeries (“FGS”). UltraGreen.ai operates an AI-based data quantification platform to enhance decision making in FGS and offers a complementary camera system. Incorporated in Singapore, UltraGreen.ai sells its ICG product to over 80 countries worldwide including key markets in the US and Europe.

Who we partnered with

As the anchor investor, 65 Equity Partners will work alongside UltraGreen.ai’s Chief Executive Officer, Ravinder Sajwan, and his senior management team to support UltraGreen.ai in its next phase of growth.

What attracted us to the business

UltraGreen.ai is the global leader in a fast-growing FGS market, with a diverse range of ICG applications unlocking growth opportunities across different medical fields. We are excited to be invested in such a high-quality business with strong fundamentals and look forward to supporting UltraGreen.ai’s continued expansion into new markets and applications.

Website: https://ultragreen.ai/

Tuya Inc. (NYSE: TUYA; HKEX: 2391) is a global leading cloud platform service provider with a mission to build a smart solutions developer ecosystem and enable everything to be smart. Tuya has pioneered a purpose-built cloud developer platform with cloud and generative AI capabilities that delivers a full suite of offerings, including Platform-as-a-Service (PaaS), Software-as-a-Service (SaaS), and smart solutions for developers of smart device, commercial applications, and industries. Through its cloud developer platform, Tuya has activated a vibrant global developer community of brands, OEMs, AI agents, system integrators and independent software vendors to collectively strive for smart solutions ecosystem embodying the principles of green and low-carbon, security, high efficiency, agility, and openness.

Who we partnered with

As a shareholder of Tuya, 65 Equity Partners will support the Tuya management team in the company’s next phase of growth. The Asia-Pacific region, particularly Southeast Asia, represents an enormous opportunity for Tuya as it is a fast-growing emerging market. 65 Equity Partners will work with Tuya on its international expansion strategy and a potential future additional listing on the SGX.

What attracted us to the business 

Tuya is the leading third-party Platform-as-a-Service (PaaS) company within the Business-to-business (B2B) consumer Internet of Things (IoT) sector globally. Given its established developer community, well-built product offerings and strong R&D capabilities, it is at the forefront of development and innovation in the IoT value chain, a sector with attractive long-term tailwinds.

Company Website

https://ir.tuya.com/overview/default.aspx

AvePoint is a market-leading global provider of a cloud-native software platform that optimizes SaaS operations and secures collaboration for Microsoft, Google, Salesforce, and other productivity platforms. The company modernizes customers’ digital workplaces through both SaaS and on-premise software solutions for enterprises, mid-market, SMB (small and medium businesses), and government customers worldwide. AvePoint’s global channel partner program includes service providers, value-added resellers, and systems integrators, with their solutions available in cloud marketplaces. It is one of the largest independent software vendors within the Microsoft ecosystem.

Who we partnered with

As a shareholder of AvePoint, 65 Equity Partners will continue to support the AvePoint management team in the company’s next phase of growth, including the completion of its successful dual listing on the Singapore Exchange on 19 September 2025 under the symbol AVP. AvePoint’s SGX listing complements its established presence on Nasdaq, where the company initially went public in 2021 under the ticker AVPT. 

65 Equity Partners also led as the largest anchor investor, ultimately investing US$50 million in the SGX offering event.

What attracted us to the business

AvePoint is a leading global player in the sizable and growing data security, governance and resilience market. AvePoint is well-positioned to strengthen its leadership in this space with its robust product offerings, high-quality sales coverage, and strong integration and deployment capabilities to serve tomorrow’s businesses with increasingly complex needs.

Website: https://www.avepoint.com/

ShopBack is Asia-Pacific’s leading shopping and rewards platform, serving over 35 million shoppers across ten markets while powering more than half a billion shopping trips and over US$3.5 billion in annual sales for over 10,000 online and in-store merchant partners. ShopBack offers a more rewarding shopping experience to users, while helping brands and retailers increase outreach and engage shoppers. More recently, ShopBack launched ShopBack Pay and PayLater, extending the platform’s offerings into financial services, providing shoppers with more convenient payment options.

Who we partnered with

65 Equity Partners is working with ShopBack’s co-founders Mr. Henry Chan and Mr. Joel Leong to strengthen the company’s position in Asia-Pacific and continue its growth trajectory.

What attracted us to the business

Since its inception in 2014, ShopBack has grown to become the leading shopping rewards platform in its operating markets. With product solutions ranging from shopping discovery, rewards, to payments, ShopBack provides a strong value proposition to consumers and merchants and aims to own a consumers’ entire shopping experience. The company is well-positioned to continue its growth trajectory on the back of positive tailwinds from the robust consumer trends in Asia-Pacific as well as new product launches.

Our value creation strategy

We aim to leverage on our network and work closely with the ShopBack team to support their growth plans and build on their capabilities to be a public listed company with strong corporate governance and focus.

Website: https://www.shopback.sg/