According to a recent LinkedIn post from Covenant, the firm served as legal advisor to Level3AI on a US$13 million seed funding round. The post indicates the deal was led by Director Pei Tong Ng, who heads the firm’s Mergers & Acquisitions and Capital Markets practice.
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The funding was reportedly anchored by global venture capital firm Lightspeed, with participation from BEENEXT, 500 Global, Sovereign’s Capital and Goodwater Capital. The LinkedIn post describes Level3AI as a Singapore-based enterprise AI startup with a growing portfolio of regional brand clients.
According to the post, Level3AI plans to use the seed capital for strategic expansion across the Asia-Pacific market and for continued R&D on its proprietary AI agents. For Covenant, involvement in a sizable early-stage AI financing suggests ongoing traction in venture, technology and cross-border capital markets mandates.
While individual deal fees are not disclosed, consistent participation in such transactions could support Covenant’s revenue pipeline and strengthen its positioning in high-growth sectors like AI and enterprise software. The engagement may also enhance the firm’s visibility among global venture investors active in the region, potentially leading to further advisory opportunities.