Latest News In Innovation | SGInnovate

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

    Latest News in Deep Tech – from Singapore to The World.

  • Deep Tech Startups Struggle to Raise Funds Despite SE Asian Venture Capital Rush

    Deal Street Asia featured an article based on interviews with industry experts and startup founders, including responses from an email interview with Pang Heng Soon, Head of Venture Building at SGInnovate, on the funding struggles that Southeast Asian Deep Tech startups are facing. Although the region is awash with venture money, Deep Tech startups are seeing little of it. To illustrate the laggard of Deep Tech startup growth, the article featured a graph from the SGInnovate Insights paper, “Deep Tech Investments: Realising the potential”, showing that the percentage of Deep Tech startups continue to hover around 5-6 percent for the last 15 years. Heng Soon highlighted that while there are strong and consistent investments from the public sectors in areas like AI, MedTech, Quantum Computing and agrifood tech, he wishes to see a better rate of investments from the VC community. Meanwhile, the lack of risk-on investing among VCs is being filled up by the Singapore Government. Rohit Jha, CEO and co-founder of Transcelestial, said that government-backed agencies like Enterprise SG have shown themselves willing to take early bets. He added that seed investors should lead the rounds, which will make the biggest difference for a Deep Tech company trying to get off the ground.

    Topics: Investments, Startups

  • Creating an Innovation Culture - Singapore’s Not-So-Secret Formula to Becoming A Regional Tech Hub

    SCMP featured an article on how Singapore has transformed itself into a regional tech hub. According to Minister for Communications and Information S. Iswaran, the transformation of Singapore is thanks to “enabling conditions”, such as business-friendly policies, a coordinated approach between IHLs with private companies to provide a trained workforce, and a high quality of life to attract globally-mobile entrepreneurs and top-grade talent who can call anywhere home. Singapore has also shifted its focus from a knowledge-based economy in the early 2000s to a focus on deep tech. As part of Singapore’s move into deep tech, the government slated S$19 billion as investment capital to build the country into a global R&D hub, and in 2016 set up SGInnovate to nurture deep tech startups in the country. In March, an additional S$500 million was set aside to expand investments into AI, national supercomputing and robotics programmes, as well as cell therapy and food technology. Today, there is also a deep pool of private capital willing to back startups. Thanks to the government’s matching and co-financing schemes, early VC funds were attracted to Singapore, and that pool of capital is now well-placed to invest in the multibillion-dollar Southeast Asia market.

    Topics: Investments, Startups

  • Temasek Joint Venture to Invest Nearly $70m in Supply Chain Startups

    Singapore Business Review reported that Reefknot Investments, a Singapore-based joint venture between Temasek, and the transport and logistics company Kuehne + Nagel, plans to invest $69.15m on supply chain and logistics tech startups globally. The firm is looking to support the growth of series A and series B stage startups in particular by providing market and resource access and guidance. Apart from Temasek and Kuehne + Nagel, Reefknot is also working with global Asian-based investors EDBI, SGInnovate, Atlantic Bridge, Vertex Ventures, PSA unBoXed, Unilever Foundry and NUS Enterprise.

    Topics: Investments, Startups

  • Austrade Introduces 3 Startups Joining Its 9th Cohort in Singapore, Getting Ready for Southeasts Asia Expansion

    e27 reported that The Australian Trade and Investment Commission (Austrade) has announced the ninth cohort of its Australian Landing Pad in Singapore. Partnering with SGInnovate, Austrade seeks to recreate the success of the pad in graduating 38 startups that are now doing business in Indonesia, Malaysia, the Philippines, and Vietnam. The Australian Landing Pad in Singapore aims to bring scaleup opportunities to startups; in which it prided itself in bringing its startups to receive over US$17 million in follow-on funding. The Landing Pad programme provides market-ready startups and scaleup with potential for growth a cost-effective option to land and expand into global innovation hubs around the world such as San Francisco, Tel Aviv, Shanghai, Berlin, and Singapore.

    Topics: Investments, Startups

  • Deep Tech Dominates Startup Landscape

    Singapore Business Review reported that venture capitalists are looking to inject more funding into Deep Tech as the government strengthens its support system amidst a global tech shift. Deep Tech startups covering AI, BioTech, HealthTech and IoT dominated the eighth edition of Singapore Business Review’s hottest startups list with automotive marketplace Carro topping the list. It is followed by biotech startup RWDC and AI solutions provider AnyMind. Ramesh Raghavan, vice chairman of Business Angel Network of Southeast Asia (BANSEA), noted that HealthTech startups show a huge opportunity although FinTech still remains a huge focus for Singaporean investors, given Singapore’s status as a financial hub. The continued focus on FinTech firms is also being driven by government support, in particular, SGInnovate launched a financing scheme that will invest up to $80m over four years into tech-related verticals, in partnership with co-investment partners such as Golden Gate Ventures, Monk’s Hill Ventures, and Wavemaker Partners.

    Topics: Investments, Startups

  • Old Money, Young Talent A Potent Mix to Take Singapore's Deep Tech Scene Forward: Panellists

    The Business Times published an article from a deep tech investing panel based on the launch of the SGInnovate Insights paper ‘Deep Tech Investments: Realising the Potential’. Moderated by Kenneth Lim, deputy news editor of The Business Times, the panel featured deep tech entrepreneurs Dr Sinuhe Arroyo, chief executive of AI startup TAIGER; Dr Tan Geok Leng, chief executive of startup AIDA Technologies and David Toh, deputy director of venture building at SGInnovate. Mr Toh highlighted that family offices are increasingly warming up to the idea of investing in deep tech, because they have acknowledged that technology will disrupt the current industries. A pertinent challenge for the ecosystem is in attracting young talents that have both deep technical expertise as well as business acumen. Noting that it could be difficult to convert a scientist into an entrepreneur, Dr Tan suggested that it could be easier to match a scientist CTO with an entrepreneur CEO. Dr Arroyo also observed that the younger generation has the tendency to look for jobs that give them a sense of purpose, what impact they could have on the company and who they work alongside. Startups will need to give these talents “something meaningful” to work towards, instead of just a “badge of honour” they gain by landing prestigious roles in Facebook or Google.

    Topics: Investments, Startups