SGInnovate backs three deep tech startups, partners with local top universities
The investment arm of Singapores’s government, SGInnovate, announced that it has invested in three deep-tech startups, which are Horizon Quantum Computing, Involt, and Portcast. The investments are said to be a part of its efforts to support the ecosystem in the city-state, as reported by Deal Street Asia.
Horizon Quantum Computing specializes in developing tools for software engineers to build quantum-enhanced applications.
Involt’s technology involves the building of new energy storage cells to reduce carbon reliance.
Portcast focuses on building digital solutions to help logistics companies predict global cargo flows and will launch in 2019.
SGInnovate also announced that it has forged apprenticeship collaborations with four local universities; Nanyang Technological University (NTU), National University of Singapore (NUS), Singapore Management University (SMU), and the Singapore University of Technology and Design (SUTD).
SGInnivate brings the four universities into a collaboration under its first deep tech apprenticeship programme, where the universities will utilise the capabilities-building opportunities.
“SGInnovate believes it can develop Singapore’s deep tech ecosystem by helping technical founders build investible deep tech startups,” said Steve Leonard, founding CEO of SGInnovate.
SGInnovate has invested in 45 deep tech startups and claimed to have built a network of over 50 local and international partners to grow the ecosystem.
Freshly two months ago, SGInnovate made investments in three other startups, ranging from a deep tech healthcare AI startup, energy building efficiency, to anti money laundering automation.
“We believe that the new investments we have made represent new actions around investment capital and human capital that are both the critical ingredients needed to build great deep tech startups hub in the country,” said Leonard noting the Deep Tech Nexus strategy the company deploys.
Deep-tech ecosystem has been high on the Singapore government’s list as it promotes initiatives such as the US$18.18 million worth of commitment to help the launch of 250 deep-tech startups in the next five years.