Elev8.vc, a prominent venture capital firm in Singapore, has announced closing a US$$30 million fund aimed at propelling deeptech innovation within Southeast Asia.
The US$30 million fund has garnered backing from institutional investors, corporate partners, family offices, and experienced founders, including YouTube founder Steve Chen, Circles.Life founder Abhishek Gupta, and AppWorks.
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The corporate investment arm of the Singapore Economic Development Board, EDBI, has joined as a strategic partner through the SG Startup Equity (SSGE) scheme. This collaboration aims to accelerate private sector investment into local deep tech startups for their global expansion from Singapore.
This new deeptech fund will support early-stage deeptech startups across various sectors, including artificial intelligence (AI), medtech, robotics, and advanced manufacturing.
The venture capital firm aims to back 20 to 30 high-potential deeptech startups, providing them with capital and strategic resources to accelerate their growth. Elev8.vc will utilise its network across Asia, Europe, and North America to connect these companies to global markets, talent, and further investment opportunities. This strategic support aims to further establish Singapore as a thriving centre for deeptech innovation.
The fund has already invested in a diverse range of companies, including Aevice, Auristone, CoNEX, Equatorial Space, Gush, KABAM Robotics, Moon Technologies, N&E Innovations, and Polybee, as well as two companies operating in stealth mode. These startups are working on technologies ranging from space exploration to sustainable materials and AI.
Also Read: Funding deeptech: Balancing potential and complexity in the search for capital
According to Elev8.vc founder and MD Aditya Mathur, deeptech founders face distinct challenges due to complex sales, development processes, and the need for significant technical expertise. This fund intends to support founders who are translating scientific discoveries into commercially viable solutions that tackle global challenges.
Elev8.vc is working with research institutions, government agencies, and corporate partners in Singapore to create a robust ecosystem that supports the success of deep tech startups.
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