IBS Intelligence reported that Tribe Accelerator has facilitated the fundraising of $15.7 million, raising its total funding to $28 million for startups across the world. Tribe Accelerator has expressed intentions of propelling government partnerships with countries to promote development through technology, with Ng Yi Ming, Managing Partner of Tribe Accelerator sharing that it is necessary to help fuel up the current ecosystem. According to Hsien Hui Tong, Head of Venture Investing at SGInnovate, which is one of the partners for Tribe, the partnership will allow SGInnovate to get closer to the action and support the promising startups through investments and venture building efforts.
Yahoo! Finance published a press release from Experian which announced that the inaugural Asia Pacific edition of its Vision Conference would be coming to Singapore in 2020. Experian’s Vision conference in North America has helped to connect business leaders to innovative ideas and solutions which help them target new markets, grow customer bases and reduce fraud. Vision 2020 APAC will shine a spotlight on major shifts which are reshaping the region and the significant growth opportunity that lies with the application of data assets today, to enable the provision of better services. The speaker line-up features some 50 industry experts and leaders including Steve Leonard, founding CEO of SGInnovate.
Tech in Asia reported that Singapore-based healthtech startup Lucence has raised US$20 million in a series A round led by global healthcare provider IHH Healthcare, with participation from SGInnovate and Heliconia Capital, amongst others. Lucence, which is a spinoff from A*Star in 2016, uses liquid biopsy, a blood-based technology that’s less invasive than tissue biopsies, to help clinicians analyse a tumour and make treatment decisions. The new funds will enable the company to reach more patients across Asia and North America, and the company is planning to embark on new prospective clinical studies to evaluate its technology for early detection of multiple cancers.
Singapore Business Review reported that MAS has joined a consortium of financial industry partners to introduce Veritas, a framework promoting the adoption of AI and Data Analytics (AIDA)-driven solutions. The framework will enable financial institutions to evaluate their AIDA-driven solutions against the principles of fairness, ethics, accountability and transparency (FEAT). Veritas will comprise of open source tools that can be applied to different business lines, such as retail banking and corporate finance, and in different markets. The platform will focus on use cases in three areas, customer marketing, risk scoring and fraud detection for a start. The Veritas consortium is currently made up of 17 members, comprising MAS, SGInnovate, EY and 14 other financial institutions.
Purdue Exponent featured an article on Starship Technologies’ robots, which roamed the campus of Purdue University delivering snacks, drinks and meals to buildings and outdoor locations. Henry Harris-Burland, Vice President of Marketing of Starship Technologies, shared that the robots use computer vision, sensor fusion and machine learning to travel autonomously on sidewalks and while the technology is advanced, they do sometimes get stuck at busy intersections or crowded streets, which is when human operators take over. According to Mr Harris-Buland, the company plans to launch the robots on 100 college campuses in the next 24 months and continue to provide a great delivery service for students, staff and faculty.
The Business Times Online reported that according to ESG, venture investors have poured S$13.4 billion into local startups in the first three quarters of 2019, a 36 percent increase from 2018. Government efforts spurred deal-making activity, such as the Startup SG Equity scheme, where the government makes co-investments with the private sector into startups in nascent industries. For instance, SEEDS Capital and SGInnovate, both administrators of Startup SG Equity, invested in 56 deals in the first three quarters of 2019. Amid global megatrends such as ageing, urbanisation and climate change, more VC firms are paying attention to deep tech, with S$416.4 million being put into deep tech deals, specifically in advanced manufacturing, urban solutions and sustainability and healthcare and biomedical sciences, marking a 25 percent increase YoY. Committed to growing the deep tech investment scene, ESG and MAS have started conducting deal-making sessions called Deal Fridays, which has seen the generation of over 200 leads through the 15 sessions to date.