Latest News In Innovation - SGInnovate
 

Keep up to date with the latest news in innovation – from Singapore to the world.

  • MPA investing $650k in 13 start-ups to solve maritime challenges

    MPA investing $650k in 13 start-ups to solve maritime challenges

    The Straits Times Online reported that the Maritime and Port Authority of Singapore (MPA) is investing $650,000 in seed funding for tech startups to develop innovative solutions to address key maritime challenges in Singapore. 13 out of the 17 tech startups from the Smart Port Challenge 2018 will each receive $50,000 in seed funding from MPA, as their solutions were close to reaching the market. The money will be used to support prototype development, test-bed solutions and further develop the prototype after gathering feedback from the industry. Separately, 12 startups were also given the opportunity to pitch their solutions to VCs at the inaugural Mixer and Pitch Session, held as part of the Singapore Maritime Technology Conference 2019. VCs which attended the session included EV Growth, SGInnovate and TNB Ventures.

    Topics: Investments

  • Mastercard, Kuok Ventures, SGInnovate invest in AI startup

    Mastercard, Kuok Ventures, SGInnovate invest in AI startup

    Tech in Asia reported that Singapore-based AI and predictive analytics provider AIDA Technologies announced that it has raised an undisclosed sum in a Series A round from Mastercard, Kuok Ventures and SGInnovate. The investment will support AIDA’s deepening penetration into existing markets and expansion into North Asia, especially Hong Kong and Japan. Last June, SGInnovate had also made an undisclosed investment in AIDA Technologies.

    Topics: A.I., Startups, Investments

  • Singapore-based Cleantech start-up Sensorflow raises US$2.7m in funding round

    Singapore-based Cleantech start-up Sensorflow raises US$2.7m in funding round

    The Straits Times Online reported that Singapore-based cleantech firm SensorFlow has raised US$2.7 million in series A funding led by private investor Pierre Lorinet, along with contributions from existing investor, Singapore-based Cocoon Capital. Cocoon Capital led the startup's initial seed funding round in 2018, with SGInnovate and SparkLabs adding support through the Entrepreneur First accelerator programme. The startup aims to provide Asian hotels with a smart wireless Internet of Things solution to monitor, analyse and automate hotel room environments with the aim of optimising energy efficiency and enhancing guest experience. Wireless sensors are used to collect real-time data and AI to automate decision-making. Sensorflow said that its solutions have delivered up to 30 percent in energy savings and up to a 40 percent reduction in maintenance costs.

    Topics: Startups, Investments

  • Singapore must grow deep-tech start-ups: Expert

    Singapore must grow deep-tech start-ups: Expert

    The Straits Times Online reported that according to Dr Wong Poh Kam, director of NUS Entrepreneurship Centre, while there was not enough government funding in supporting deep tech startups in Singapore, the launch of SGInnovate marks a step towards the right direction. SGInnovate was launched to help develop niche areas that require deep technical expertise and plays a vital role in helping deep tech startups grow into globally successful companies. Addressing a panel at the seventh Asian Entrepreneurship Award (AEA), Dr Wong said that more investment in higher-risk sectors working on deep technology will be required for Singapore’s startup scene to mature and develop critical expertise. He also believes that too much government money is going into supporting very general startups, which could be bad because too much easy money spoils the market with too many startups that might not deserve funding. The AEA is a Japanese startup pitch contest in Kashiwa-no-ha smart city, which first started in 2012. In 2017, the second-prize winner was ViSenze, a Singapore startup providing AI-based visual search and image recognition services.

    Topics: Startups, Investments

  •  Day of German Unity Special : The Business of Tomorrow

    Day of German Unity Special : The Business of Tomorrow

    SGC Business Magazine published an editorial contribution by Steve Leonard on the startup landscape in Singapore. Steve highlighted that while Singapore is helping drive some of ASEAN’s booming digital economy, most startups in Singapore are building businesses around consumer-facing technology. He emphasised the importance for Singapore to create startups that pursue ‘deep tech’ products and how SGInnovate was formed to tackle the challenges faced by these startups such as the lack of investment, the scarcity of talent and the long gestation period for commercialisation.

    Topics: Startups, Investments

  • Exclusive: Singapore's Affable raises seed funding round led by Snap Inc. investor Decacorn Capital

    Exclusive: Singapore's Affable raises seed funding round led by Snap Inc. investor Decacorn Capital

    e27 reported that Singapore-based influencer marketing platform Affable announced that it has raised S$1 million in seed funding round led by Decacorn Capital. The funding round also includes the participation of SGInnovate through its Startup SG Equity scheme, making Affable the first startup to get funded under the scheme, which aims to “stimulate and accelerate” private investments into local startups with intellectual property and global market potential. Affable uses AI to identify authentic micro-influencers, allowing brands and marketing agencies to engage with relevant influencers and analyse their marketing campaigns.

    Topics: A.I., Startups, Investments

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