Singapore Powers Up Deep Tech: $440M Investment to Drive Global Innovation Partnerships

Singapore is bolstering its deep tech ecosystem with an additional $440 million investment through the Startup SG Equity scheme, bringing total government funding to over $1 billion.

Announced by Deputy Prime Minister Heng Swee Keat at Switch 2024, this boost aims to attract venture capital for high-tech start-ups, raising the cap on government equity from $8 million to $12 million per start-up. “Deep tech ventures need ‘patient capital’ with a longer timeline to mature,” said DPM Heng, emphasizing Singapore’s position as a financial hub. Initiatives like Stage One, a collaborative platform for local and global start-ups launching in 2025, and the expansion of the Global Innovation Alliance (GIA) network to the Netherlands, will further connect Singapore-based firms with international markets.

Switch 2024 also features industry-targeted challenges, such as the AI, Nordic, and Sustainability Open Innovation Challenges, which connect local start-ups with major corporations like Shell, Electrolux, and GlobalFoundries to co-develop solutions in AI, sustainability, and advanced manufacturing. These initiatives, supported by $2.5 million in committed funds, are designed to fuel growth, innovation, and cross-border collaboration for Singapore’s tech ecosystem. Dr. Mark Lim of space tech start-up Aliena praised the scheme, noting its impact in scaling his company’s production globally. DPM Heng noted, “These partnerships are pivotal for fostering an innovation-rich environment, sparking solutions that make a meaningful impact.”

Article by Timothy Goh for The Straits Times. Read more here or in the PDF below.

S’pore adds another $440m in investment to boost growth of deep tech start-ups _ The Strai.

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