Singapore-based logistics startup Moovaz has secured an undisclosed Series A investment from government-owned Deep Tech investor SGInnovate, and Supply Chain Angels (SCAngels).
“Besides the need for ‘patient’ capital, there are various unique technical, structural and cultural barriers that these startups have to overcome. It takes years, not just a few deals, to go through the cycle to get the real experience and make the right judgement calls.” — said Hsien-Hui Tong, Head of Venture Investing at SGInnovate
Cybersecurity startup Right-Hand has raised US$1 million in a seed funding round led by Singapore-based early-stage venture capital fund Atlas Ventures, it said on Thursday. Other investors include Singapore government-owned Deep Tech investor SGInnovate, and tech company builder Entrepreneur First.
UNL, an Amsterdam-based smart addressing platform for navigation and location-based services, has raised $2 million in seed funding to build the “Internet of Places” and bring the rest of the world’s population into the digital economy. The round was co-led by fellow Dutch company HERE Technologies, which specialises in mapping and location solutions, and Elev8.vc, a Singapore-based Deep Tech VC fund. Other investors include Singapore’s SGInnovate, Amsterdam-based Venturerock and the US-headquartered SOSV.
Deep technology has the potential to solve the world’s biggest societal issues. This has not gone unnoticed by nations – Singapore, for example, has injected an additional S$300 million into its Startup SG Equity scheme in its recent Budget 2020 announcement, to support the commercialisation of startups whose businesses are based on innovative research.
On 18 February 2020, the Singapore government announced the budget allocation for the year. One of the highlights of the budget was the S$300 million (US$215 million) additional funds set aside to support startups in the Deep Tech sector. The government noted the larger investment and longer gestation period required by Deep Tech investments as the reason why the sector was given special attention in this budget.