Dear reader,
Singapore’s decision to inject US$332 million into deeptech startups through the Startup SG Equity scheme is a bold, forward-looking move that demonstrates its commitment to nurturing high-tech innovation.
Deeptech ventures—known for their groundbreaking research in areas like AI, quantum computing, and biotech—often face significant funding challenges due to high upfront costs and extended timeframes to profitability.
By expanding the scheme to cover early-growth-stage companies and raising government investment caps, Singapore is strategically addressing these hurdles, creating a more supportive landscape for startups to thrive.
The additional initiatives announced at SWITCH 2024 underscore Singapore’s ambition to be a global innovation hub. New programs like StageOne will help local and international startups leverage Singapore as a launchpad, while the expanded Global Innovation Alliance (GIA) network, particularly with new nodes in Amsterdam and Eindhoven, opens the door to the European market for Singaporean tech firms.
Furthermore, the government’s focus on open innovation challenges, especially in AI and sustainability, highlights its drive to tackle pressing global issues through tech.
These moves not only solidify Singapore’s status as an attractive destination for venture capital but also as a key player in global deeptech ecosystems poised for transformative impact.
Sainul,
Editor.
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NEWS & VIEWS
Singapore to inject US$332M into deeptech startup scheme
This comes amid a “slight decline” year on year in the total VC raised by Singapore-based startups so far this year – the figure stood at US$4B across close to 370 deals.
Vingroup’s new venture arm to invest US$50M in SEA tech firms
Named VinVentures, the fund is set to disburse US$50 million in the next three to five years, focusing on investments in early-stage companies in sectors such as AI, semiconductors, and cloud computing.
Khazanah launches national fund-of-funds to boost VC ecosystem
Khazanah Managing Director Amirul Feisal Wan Zahir said that through this catalytic initiative, Jelawang Capital will continue to grow Malaysian fund managers while crowding in regional fund managers with expertise and capital.
Supermom lands US$14M funding to connect brands with 10M+ parents across SEA
Granite Asia, AC Ventures, and Hearst Ventures are the investors; Supermom is an AI consumer data platform that uses the power of the mom community to provide learning opportunities and recommendations on products and services.
KXVC introduces KX Horizon to boost AI, Web3, deeptech innovations in SEA
KX Horizon will provide an expert mentorship network, strategic consultation, and access to funding sources for participating startups; This initiative seeks to attract visionary founders, investors, and partners to collaborate within the programme.
Borong, Maybank launch Malayasia’s first digital halal marketplace Salaam Market
The platform provides a digital marketplace for sourcing Halal-certified products at competitive prices, directly linking SMEs with suppliers.
Vietnam EV maker VinFast officially launches in the Middle East
VinFast, together with its partner Al Tayer Motors, officially opened its first dealership in the UAE, located in the downtown area of Dubai; The VF 8 model will be sold in the Middle Eastern market.
Indian fintech Slice seals bank merger
The merger transforms the Bengaluru-based startup into a banking entity; Slice, which gained prominence by issuing credit card-like products, will maintain its existing digital payment and lending services.
FEATURES & INTERVIEWS
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THOUGHT LEADERSHIP
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The post Ecosystem Roundup: Singapore’s US$332M fund to boost deeptech innovation | Vingroup arm to invest US$50M in SEA tech firms | Supermom raises US$14M appeared first on e27.