The state-owned deep-tech development company, SGInnovate, has struck deals with five, new co-investors for its Startup SG Equity scheme, a part of Enterprise Singapore’s Startup SG initiative meant to encourage more investment in Singaporean tech startups.
The new, thoroughly vetted partners of SGInnovate include Elev8.VC, ST Engineering Ventures, Verge Capital Management, GREE Ventures, and Golden Gate Ventures along with its blockchain fund LuneX Ventures. The state-run development firm disclosed that the five enterprises were chosen based on their investment track record, financial strength, management team capabilities, as well as the adequacy of their facilities and resources.
SGInnovate, along with its new partners, is ready to venture into different fields of deep-tech startups, such as AI technology and medical technology, which are top priorities under Singapore’s Research, Innovation, and Enterprise (RIE) 2020 Plan.
With its expertise reinforced by the private sector, SGInnovate is equipped with greater capacity across several domains to open up a path of collaboration with scientific enterprises in establishing deep-tech startups based in the Southeast Asian city-state.
Elev8.VC’s Managing Director Aditya Mathur said, “Singapore is a thriving ecosystem for technology as South-east Asia enters its second phase of building startups that use innovative engineering to solve big problems. As a B2B deep tech-focused fund, Elev8.VC is thrilled to partner with SGInnovate to be part of this exciting phase of disruptive companies.”
ST Engineering — a global technology, defense, and engineering group specializing in the aerospace, electronics, land systems, and marine sectors — stressed that it will contribute to ensuring that startups gain access to the business ecosystems, networks, and distribution channels, as well as technology and resources, that they need to thrive.
With the five, newly appointed partners — combined with 17 other existing co-investors signed since 2017 — SGInnovate has the war chest it needs to spearhead a mission to help early-stage, deep-tech startups expand their businesses into global markets.
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