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.
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.
Deal Street Asia reported that MedTech startup, See-Mode Technologies, has raised US$1 million in seed financing, led by Singapore-based Cocoon Capital. Also injecting funds are SGInnovate, Blackbird Ventures and a group of angel investors. The company is working on a suite of medical software that analyses routinely collected medical images such as ultrasound, MRI and CT scan images, using a combination of cutting-edge AI and computational modelling techniques. The software will be developed as a cloud-based solution which clinicians can use to securely analyse medical images and obtain predictive data on a patient's stroke risk.
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.
Fintechnews Singapore published an article with a 2018 info-map of the AI startups in Singapore. The Singapore government has been proactive in their efforts in AI, with MAS announcing a US$27 million grant for the technology in the previous year. Aside from the MAS, SGInnovate has also been seen doubling down on AI with their investments into deep tech startups. The article highlights several AI startups in Singapore that are active in the fintech and finance space, with SGInnovate portfolio companies AIDA and Evie being mentioned.
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.