Singapore moves into deep tech and is investing in transformational technologies. SGInnovate Founding CEO Steve Leonard looks into how Singapore seeks to navigate these uncharted waters.
Web Biotechnology Pte Ltd (WEB, the "Company"), specializing in Cloud-based Remote and Personalized Wearable ECG monitoring today announced a Pre-series A financing round from Singapore-based SGInnovate.
WEB produces the Spyder ECG, the World's first medical grade ECG wearable that transmits continuously through a smartphone to a Cloud Database. Artificial Intelligence (AI) is then applied to the data to analyze ECG rhythm abnormalities in real-time. Its unique 24/7 "always on" system allows continuous patient ECG data transmission from anywhere in the world with a connected smartphone. Physicians can remotely log in securely into the database and report findings to patients from another connected device.
SGInnovate today announced that it has appointed 17 co-investors under the Startup SG Equity scheme that will collectively identify and co-invest with it in early-stage deep tech startups. The criteria will see them invest in areas prioritised in Singapore’s Research, Innovation and Enterprise 2020 Plan or RIE2020, such as Artificial Intelligence (AI) and Blockchain.
SGInnovate is managing a portion of the fund under this scheme, which is aimed at accelerating the growth of deep tech startups. The total value for investments that would be made alongside these co-investors could potentially reach up to S$80 million ($59.1 million) over the next four years.
Beyond the capital infusion, SGInnovate expects startup ventures under this scheme to “benefit from the strategic and management guidance provided by SGInnovate and the co-investors” “Deep technology startups typically have a longer roadmap for development and commercialization, and this may discourage some private sector VCs whose LPs expect shorter-term returns,” said Steve Leonard, Founding CEO, SGInnovate.
SGInnovate says it would be renovating the 25,000 sf co-working space BASH at Block 79 to be more aligned with its three new focus areas. SGInnovate, which started in 2016, says it would intensify its focus on artificial intelligence (AI), blockchain, and medical technology — areas identified by the government-backed private enterprise to have a major impact on most industries. There will be more private rooms in the new BASH as some AI-based startups may be dealing with confidential data.
Today SGInnovate announced its ‘Deep Tech Nexus’ Strategy as a direct result of experiences and insights gained in its first year of operation. The Deep Tech Nexus represents SGInnovate’s commitment to add tangible value to the Singapore deep tech startup ecosystem in two key areas – Human Capital and Investment Capital. Three technology areas have been selected for focus during 2018: Artificial Intelligence, Blockchain and MedTech.
SGinnovate, which focuses on tech-intensive, research-driven product companies, will also intensify its efforts in artificial intelligence (AI), which it identified as a transformational technology that will impact most industries.
Deep tech encompasses such technology given that it is based on radical engineering or scientific breakthroughs.
SGinnovate's aims were announced yesterday as part of a new "Deep Tech Nexus" strategy to further strengthen Singapore's deep-tech start-up ecosystem in 2018.
One goal is to make direct investments in at least 20 early-stage, deep-tech start-ups founded here.