UNL, an Amsterdam-based smart addressing platform for navigation and location-based services, has raised $2 million in seed funding to build the “Internet of Places” and bring the rest of the world’s population into the digital economy. The round was co-led by fellow Dutch company HERE Technologies, which specialises in mapping and location solutions, and Elev8.vc, a Singapore-based Deep Tech VC fund. Other investors include Singapore’s SGInnovate, Amsterdam-based Venturerock and the US-headquartered SOSV.
Deep technology has the potential to solve the world’s biggest societal issues. This has not gone unnoticed by nations – Singapore, for example, has injected an additional S$300 million into its Startup SG Equity scheme in its recent Budget 2020 announcement, to support the commercialisation of startups whose businesses are based on innovative research.
On 18 February 2020, the Singapore government announced the budget allocation for the year. One of the highlights of the budget was the S$300 million (US$215 million) additional funds set aside to support startups in the Deep Tech sector. The government noted the larger investment and longer gestation period required by Deep Tech investments as the reason why the sector was given special attention in this budget.
Eureka AI, an AI enterprise software company, announced that it has raised US$20 million in a Series B funding round co-led by Apis Partners, Gobi Partners, the Riyad Taqnia Fund, and MEC Ventures. SGInnovate, GDP Ventures, Pacific Bridge, and Cianna Capital also participated in the round. They join existing investors in the company that include SoftBank, PPF Home Credit, and East Ventures.
SINGAPORE - Talent retention is the biggest talent-related challenge facing Singapore's science and technology industry, a new local survey showed.
Topics: SGInnovate Insights
Deal Street Asia reported on a panel discussion at the recently concluded Indonesia PE-VC Summit 2020 in Jakarta which kicked off with the question: “What is deep tech?”. The panel included Tong Hsien-Hui, Head of Venture Investing at SGInnovate; Pamitra Wineka, Co-Founder and President, TaniHub; and Norazli Mohamad Nor, Senior Vice President, Investments, Xeraya Capital. During the discussion, they addressed the approaches to making deep tech investments more returns focused and how the dial had moved on the sector’s ability to attract funding. The panel agreed that one of the big stumbling blocks in the industry was a lack of understanding or agreement on a common definition around deep tech, as well as confusion among VC funds who tended to jump on trends and apply them to general technology companies instead. Hsien-Hui emphasised that while SGInnovate had a longer returns horizon than many funds, it was well defined. He explained, “We build a landscape around a specific technology, look at the investment pathways and invest in companies that are stages along that path.”