“Besides the need for ‘patient’ capital, there are various unique technical, structural and cultural barriers that these startups have to overcome. It takes years, not just a few deals, to go through the cycle to get the real experience and make the right judgement calls.” — said Hsien-Hui Tong, Head of Venture Investing at SGInnovate
Singapore-based logistics startup Moovaz has secured an undisclosed Series A investment from government-owned Deep Tech investor SGInnovate, and Supply Chain Angels (SCAngels).
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