Singapore pumps another $332M into attracting deep tech investors

Singapore will set aside SG$ 440 million ($332.6 million) to boost its deep tech startup ecosystem, hoping the funds will lure more global venture capital (VC) firms to invest in its local community. 

A new “one-stop platform”, including a physical facility, will also be launched to bring together local and global tech startups under one roof. Slated for launch next quarter, the site aims to facilitate collaboration between startups, enterprises, and innovation partners, according to a joint statement by Enterprise Singapore (EnterpriseSG) and the Economic Development Board (EDB).

The government agencies said the new facility will offer resources and programs to help startups establish their base in Singapore, and drive capability building for business growth. They will also be given opportunities for market access and internationalization, including help for global startups to integrate into the local ecosystem.

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EnterpriseSG and EDB will further manage the new $332.6 million funds, which are part of the Startup SG Equity program — unveiled alongside Singapore’s SG$28 billion ($21.17 billion) Research, Innovation and Enterprise (RIE) 2025 plan.

Around SG$3 billion ($2.27 billion) has been invested so far in more than 330 startups under the Startup SG Equity scheme, including an excess of SG$2.5 billion ($1.89 billion) in private sector funds. 

To further fuel the development of early to early-growth Stage 3 deep tech startups, the scheme will raise the government’s co-investment cap to SG$12 million ($9.07 million) for each startup, up from SG$8 million. 

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Eligible startups can tap the funds for the early stages of their development, including tech validation and commercialization. 

Singapore anticipates the additional funds will entice an “expanded pool of global, prominent VCs” to invest in the Asian market’s deep tech startups that demonstrate the potential to scale overseas. 

“These VCs bring with them deep technical expertise, commercial knowledge, and global networks to help startups bring their innovative technologies from laboratory to end markets,” said EnterpriseSG and EDB, pointing to a focus on areas such as biotech, quantum computing, and space technology. 

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“Innovation is key to securing Singapore’s future and we need to take a multi-pronged approach to catalyze the development of new, transformative solutions that create [a] positive impact,” said EnterpriseSG’s assistant managing director of innovation, Emily Liew. “We must double down on efforts to grow a strong core of deep tech startups, as well as elevate our startup ecosystem to one that is globally oriented and can attract some of the world’s best talents.” 

Singapore is also looking to invest in its own talent, specifically, in the field of artificial intelligence (AI). 

In a separate announcement released today, government agency AI Singapore introduced an online learning platform designed to arm aspiring AI engineers with “industry-relevant” AI and software engineering skills. 

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The AIAP Foundation is built on the learning principles of the AI Apprenticeship Programme (AIAP), which AI Singapore said kicks off with a “self-directed deep-skilling” phase that includes theory and hands-on practice. It proceeds into AI project development, during which apprentices work on a real-world AI project across its entire lifecycle. 

Here, they will learn about customer challenges, work with real data, select and train AI models, and deploy them. Apprentices will also be guided by AI mentors, project managers, and machine learning operations (MLOps) teams. 

AIAP Foundation aims to plug the gap between demand and supply for AI skills, with a “flexible, self-paced” course that enables individuals with programming skills to upskill in AI engineering, said Kevin Chng, AI Singapore’s head of AIAP.

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The curriculum is modeled after AI Singapore’s AIAP pedagogy and targeted at individuals with basic proficiency in Python, the government agency said. This comprises, among others, fundamentals of exploratory data analysis, building machine learning pipelines, and applying technical skills to “personalized, real-world, synthetic data-driven” AI projects.

Upon completing the Foundation course, participants can apply for the nine-month AIAP program, which encompasses more deep-skilling training and development work on real-world AI projects. 

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More than 350 participants have graduated from AIAP since its launch, AI Singapore said.