SEEDS Capital, the investment arm of Enterprise Singapore (ESG) and six co- investment partners will back maritime tech startups in Singapore with $50 million, Sea Trade Maritime has reported.
The partners that co- invested are Schultz Group’s capital arm Innoport, Kuok Singapore’s venture capital unit KSL Maritime Ventures, PSA unboXed, Rainmaking, ShipsFocus-Quest Ventures, and TecPier.
Each partner will help the start-ups expedite their commercialisation of solutions.
For example, Innoport will allow start-ups to run pilot tests within Schulte Group’s units while PSA unboXed could deploy solutions in PSA International’s operations. KSL Maritime Ventures will focus on renewables, fintech and vessel technologies.
In addition, ShipsFocus-Quest Ventures will work with startups to scale development of technology that meets the needs and addresses challenges in the maritime sector. It will focus on solutions broadly in digitalisation, sustainability and deeptech for maritime commerce. Meanwhile, TecPier will partner with startups developing smart, data-driven solutions to transform global shipping. This includes improving efficiency and transparency in areas such as ship operations and maintenance, port management, and supply chains.
The recent capital injection is part of an initiative supported by the Maritime and Port Authority of Singapore.
SEEDS Capital aims to drive the growth of the maritime sector through technology and innovation. Strengthening the capability of the sector will in turn enhance the resilience of key economic pillars such as the logistics, manufacturing, and wholesale trade sectors which are reliant on smooth and efficient global supply chain routes.
Mr. Ted Tan, Chairman of SEEDS Capital and Deputy Chief Executive Officer of Enterprise Singapore said, “As a global hub for trade and connectivity, we have continually leveraged technology and innovation to develop and facilitate efficient, resilient and secured trade flows. The COVID-19 pandemic has underscored the need to accelerate the transformation of our industries. We look forward to working closely with our six co-investment partners to harness their expertise and networks to further strengthen Singapore’s innovation and startup ecosystem.”
The joint investments will be able to back 50 promising Singaporean startups altogether.
Ms. Tan Beng Tee, MPA’s Assistant Chief Executive (Development) said, “The COVID-19 pandemic has disrupted many business operations and global supply chains. Maritime technology startups will play an important role in accelerating digitalisation and innovation efforts to prepare the maritime industry for a new normal. The combined resources of the six co-investment partners will help catalyse these efforts.”