Xinhua Net published an interview with Steve Leonard, founding CEO of SGInnovate, where he shared that AI would be able to solve some of the big problems the world has. According to him, AI should be viewed as a set of tools which are both inevitable and important. Steve pointed out that while there’s a lot of technology focussed on consumer convenience, he believed that we need to be utilising tools such as AI to deal with hard problems and life or death problems. To that end, SGInnovate has invested in one Australian deep tech company, See-Mode, which uses computer vision and AI tools to run a series of models that gives us new insights and helps us know more accurately the people we have to keep a special eye on or to provide a different level of care for. Steve added that Australia is moving forward and has the opportunity to be a significant leader in AI technology.
Australian Financial Review published an article based on an interview with SGInnovate’s Founding CEO, Steve Leonard, who is in Australia this week meeting with Victorian state government officials and local Deep Tech startups, setting up networks down under to help support local scientists looking to commercialise research so they can do business with Singapore. While Steve doesn’t disclose the size of SGInnovate’s fund, the organisation has deployed AU$42 million in capital into about 65 investments since its launch, which has gone on to raise another AU$458 million. Because most of the companies SGInnovate backs are pre-revenue and usually don’t have a business plan, the team bases the investment decisions on the personalities and experience of the founders. “Talking far-edge, Deep Tech, it’s about as deep as you can get. We have no idea if it’s going to be successful or not, we can’t sit down and calculate the probabilities, but we believe in the founders… and if they’re right it will be something we’re sitting down chatting about in 10 years,” he said. Two Deep Tech startups with presence in the Australia market that SGInnovate has backed are computer vision company See-Mode, and non-chemical water purification company Hydroleap.
Holmes Report reported that the impact of AI on communications will be discussed at the 2019 Asia-Pacific IN2 Innovation Summit, which will take place in Singapore on 12 September. According to a recent Deloitte survey, 76 percent of executives said they expected AI to “substantially transform” their companies within three years. Vic Sithanasan, chief growth officer at AI startup Hyperlab, will be joined by SGInnovate deputy director of communications Grace Chiang and BCW Asia-Pacific digital innovation head Joe Peng, for a session focusing on how AI is changing the way humans communicate, and the role that communications practitioners must play in the adoption of this technology.
AIDA Technologies, a startup that uses Machine Learning to generate insights that help financial services companies make decisions, announced today that it has raised a Series A round from Mastercard, Kuok Ventures (belonging to the Kuok Group), and Singapore government-linked SGInnovate.
Jumpstart Magazine published an article on the deep tech trends to look out for in 2019, from an investment perspective. According to Hsien-Hui, while deep tech has become a hot topic in recent years, investors should remain careful about separating the wheat from the chaff.
- AI as a specialised problem-solver: 2019 will be the year for AI companies that are narrowly focused on specific processes to solve industry pain points to win big in the market, such as AIDA and Taiger. AI startup that identifies their target audience as everyone usually means that their revenue will likely be highly skewed on the service side, making them unable to scale and an unattractive investment to VCs.