The Business Times Online reported that Singapore-based Adtech startup Pencil has raised S$1.5 million through a seed round led by early-stage VC firm Wavemaker Partners, together with SGInnovate and Entrepreneur First. The funds will be used to expand engineering and customer teams, grow proprietary datasets and extend patent-pending technology. The funding came as Pencil launched its first enterprise product, Studio, which relies on AI to help generate personalised advertising content at scale. The goal is to use machine learning and experimentation to create effective targeted ad content without being overly invasive.
The Business Times reported on the announcement from SGInnovate's appointment of five additional co-investors under the Startup SG Equity scheme. This scheme, part of the Startup SG initiative by Enterprise Singapore, aims to accelerate private investment into innovative, Singapore-based tech startups with intellectual property and global market potential. The newly appointed partners are ST Engineering Ventures, Elev8.VC, Golden Gate Ventures (together with its blockchain fund, LuneX Ventures), GREE Ventures and Verge Capital Management. Curated through a stringent process based on their investment track record, financial strength, management team capabilities, as well as adequacy of facilities and resources, they will co-invest with SGInnovate in early-stage deep tech startups in fields such as AI and MedTech, as well as providing strategic and management guidance to help early-stage deep tech startups grow their business and expand into new markets. These five new partners join 17 other SGInnovate co-investors that were first announced in December 2017. To date, SGInnovate and its partners have completed 22 co-investment deals, and collectively invested more than S$52 million under the scheme. A seed investment into Merkle Science, led by LuneX Ventures, was one of these deals, and the first to be completed with a newly-appointed co-investor.
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 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.
Business Insider published a media release on the PRISM Awards 2019, which saw IN.FOM clinching the Outstanding PR Consultancy of the Year award at the Institute of Public Relations of Singapore (IPRS)’s 15th PRISM Awards. Steve Leonard, Founding CEO of SGInnovate, was awarded the Outstanding PR Champion. In addition, SGInnovate took home two additional awards for Outstanding Overall Corporate Reputation Programme (Singapore) and Outstanding B2B Campaign (Singapore).
HR Asia republished the blog post by SGInnovate on “International Women’s Day 2019 – Bridging the Gender Gap in STEM”. The blog post featured comments from five female deep tech startup founders, where they shared their thoughts on gender diversity in the deep tech startup industry.