At the recently concluded Indonesia PE-VC Summit 2020 in Jakarta, industry experts addressed the approaches to make investments in the space more returns focused and how the dial had moved on the sector’s ability to attract funding. 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.
Following the media statement disseminated, Deal Street Asia published an article on Founding CEO Steve Leonard’s impending departure from SGInnovate in May.
Since capital investment ultimately faces diminishing returns, the source of sustained growth comes from indigenous innovation. In recent years, the Government has placed more emphasis on nurturing start-ups, through the creation of various grants, loans and co-investment funds investing in accelerators and Singapore-based companies with high growth potential, and the creation of SGInnovate, an organisation dedicated to helping deep tech start-ups grow.
MoneyFM 89.3 interviewed with SGInnovate Founding CEO Steve Leonard, on how Deep Tech has helped the world so far and what we can expect from it in 2020. Steve started off by rounding up how technology has evolved in 2019, noting that the year is a tipping point where AI became more widely discussed and how SGInnovate is allaying the concerns that people have with it. While convenience-oriented tech is good, the world is facing tough challenges that Deep Tech can help address.
Speaking to media in Frankfurt at the end of her five-day state visit to Germany which focused on education and the workforce, Madam Halimah noted how the deep involvement of German companies is critical for the success of the country's dual education system.
Asia Fruit reported that SGInnovate has invested in Singapore-based supply chain traceability platform DiMuto to help them drive further international expansion into markets such as Europe and Latin America in the next few months. Gary Loh, founder and chairman of DiMuto said that the investment will help the company to capitalise on its global growth momentum. To date, DiMuto has tagged more than 30m fruits and tracked and traced over US$100m worth of agri-food trades. It currently has a presence in seven countries including the US, China, Thailand, Australia and Mexico.