Singapore startups update: January 2024
In the rapidly evolving landscape of Artificial Intelligence (AI) startups, choosing the right launchpad is as crucial as the innovations they aim to bring to life. Singapore, with its bustling mix of global trade, technology, and innovation, stands out as the go-to place for startups eyeing international growth.
Looking toward 2030, Singapore has big plans to become a major AI player, and it's already well into the journey. With a strong digital economy, the country has put serious money into AI research and development, bringing practical AI solutions to sectors like healthcare, banking, and education.
In this blog post, we'll explore why Singapore is the perfect spot for AI startups to kick off and expand. We'll uncover the trends; explore why startups, especially in AI, are choosing Singapore; and peek into the promising future of this fast-growing sector.
SGTech's Comprehensive Guide to Harnessing the Power of GenAI for Startups
SGTech, the foremost trade association for Singapore's tech industry, has taken a significant stride forward in empowering Small and Medium Enterprises (SMEs) with the launch of a comprehensive guide aimed at optimizing the potential of Generative Artificial Intelligence (GenAI) in business operations. Unveiled on January 24, the guide is a collaborative effort with SkillsFuture Singapore and AI Singapore, solidifying SGTech's commitment to fostering technological advancements within the country's business landscape.
Designed to cater to the diverse needs of SMEs, the guide delves into various aspects of GenAI application, encompassing business solutions, technology talent profiles, and the essential GenAI skills imperative for employees. It offers a valuable resource for business owners seeking support to seamlessly integrate GenAI into their operations and upskill their workforce.
Among the highlighted use cases, the guide underscores GenAI's role in customizing tests and conducting "life-like" interviews for talent selection, leveraging large datasets to power chatbots, and serving as a coach and trainer for AI developers. SGTech also sheds light on the increasing demand for applied AI skills, including data analysis, data visualization, programming, coding, applications development, and AI application. The guide acknowledges the current bottleneck in availability of junior professionals with robust data validation skills, emphasizing the need for talent capable of discerning correct syntax and codes in the realm of GenAI. This forward-thinking initiative by SGTech is poised to contribute significantly to the evolution of Singapore's tech-driven entrepreneurial ecosystem.
A Dive Into the Transformative Potential of PropTech and ConTech: StartupSG Study
On January 2, Startup SG, an initiative by the Singaporean government to support and nurture the growth of startups in the country, published a comprehensive study called “A Convergence of Communities: How PropTech and ConTech Will Change How We Live and Work.” Diving into the transformative landscapes of Property Technology (PropTech) and Construction Technology (ConTech), the study unveils a dynamic shift in real estate and construction technologies, reshaping the way we live and work. Proptech, once associated with marketplaces, now sees automation in buying, selling, and leasing processes, leveraging big data, AI, and even augmented reality for immersive property experiences. ConTech, its counterpart, is digitizing swiftly with IoT sensors, AI, and green construction practices.
In a recent Deal Fridays event, startups such as ConcreteAI, Doxa, and Lauretta showcased innovations in PropTech and ConTech, despite a dip in PropTech venture capital. Leon Yeo of Doxa remains optimistic, seeing pandemic-induced challenges as catalysts for industry innovation. The convergence of PropTech and ConTech, fueled by a shared love for data, is hailed as a pivotal transformation shaping the built environment, offering profound insights and a platform for innovation. However, privacy concerns around monitoring technologies, such as sensors under office chairs, underscore the need for cautious, small-scale pilot programs to test usability and manage change effectively. We encourage you to acquaint yourself with the complete study by visiting the StartupSG website.
Digital Banking Startup Sygnum Raises US$40 Million in Latest Funding Round
In a significant development, fintech startup Sygnum has exceeded its initial target, securing over US$40 million at the interim close of its latest funding round. The funding, led by Milan-listed asset management group Azimut Holding, propelled Sygnum's post-money valuation to an impressive US$900 million. Notably, the company's employees also participated as personal investors under the same terms as in prior fundraising rounds, maintaining majority ownership alongside co-founders, board members, and the management team.
The infusion of funds will play a pivotal role in Sygnum's strategic expansion. With plans to broaden its geographic reach into new markets, the company aims to accelerate development of its innovative products, including a bank-to-bank platform that caters to more than 15 banks and financial institutions worldwide. Gerald Goh, Sygnum's co-founder and Singapore chief executive, highlighted that the fresh capital will empower the company to enhance its suite of fully regulated solutions, supporting investors as they increase their exposure to digital assets. This successful funding round underscores Sygnum's robust position in the rapidly evolving landscape of digital asset banking.
Drug Manufacturer GDMC Secures S$28.1 Million Capital from Series A Funding
Singapore-based biotech firm Genetic Design and Manufacturing Corporation (GDMC) has successfully secured S$28.1 million (US$21 million) from a Series A funding round, with Celadon Partners leading the investment. The funding round also saw participation from WI Harper Group, SEEDS Capital, and NSG Ventures, further validating GDMC's position in the pharmaceutical landscape. GDMC specializes in designing and manufacturing genetic medicines, and the newly acquired funds are earmarked for advancing novel technology and enhancing process efficiency. The ultimate goal is to achieve substantial reductions in manufacturing costs, benefiting partners by helping to ease the progress of new medicines through clinical trials and towards commercialization.
Currently in the process of constructing a state-of-the-art facility spanning 155,000 square feet, GDMC's facility will support Cell, Gene, and Nucleic Acid Therapies (CGNT) for pre-clinical, clinical, and commercial purposes. This ambitious project is set to open in phases from 2024 to 2027. With the backing of Series A funding, GDMC has already secured its first clients and is accepting reservations for the upcoming clinical and commercial facilities. This strategic investment marks a pivotal moment for GDMC as it positions itself at the forefront of advancing genetic medicines with cutting-edge technology and state-of-the-art facilities.
Financial Software Developer Bluesheets Raises US$6.5M in Series A Led by Illuminate Financial
A Singapore-based AI automation software company, Bluesheets, has successfully raised US$6.5 million in a Series A funding round led by Illuminate Financial, a UK-based financial-services-focused VC fund with backing from major institutions such as BNY Mellon, J.P Morgan, Citi, and others. Early investors, including 1982 Ventures and Insignia Ventures Partners, along with new investor Antler Elevate Fund, also participated in this funding round. Bluesheets specializes in training AI models for process automation using financial data points, catering to businesses processing unstructured data in diverse formats, languages, and currencies, derived from both digital and physical sources. The company aims to enhance its exclusive AI capabilities, extending its assistance to a wider array of clients in digitizing and automating processes, ensuring competitiveness in the era of AI-driven solutions.
The funding infusion is earmarked to deepen Bluesheets' coverage strategically, in core client segments such as banking, insurance, supply chain, procurement, and finance and accounting services. Christian Schneider, CEO and co-founder of Bluesheets, expressed the company's mission to redefine the landscape of data processing and process automation. He emphasized that the Series A funding is a pivotal moment for Bluesheets, allowing it to speed up development of the company’s AI product range.
Linkko Attracts Investment for its Web3 Advertising Platform
Singapore-based Web3 advertising platform Linkko has successfully attracted an undisclosed sum in a strategic funding round led by Web3 Media Ventures. Established in 2023, Linkko sets itself apart by leveraging on-chain analytics to offer advertisers precise targeting capabilities through its LinkkoAds platform. The unique incentive system introduced by Linkko allows targeted users to claim rewards for each viewed advertisement, creating an engaging and mutually beneficial experience. With the newly acquired funds, Linkko aims to further develop features, expand strategic partnerships, and grow its user base, solidifying its position in the evolving digital advertising landscape.
Linkko's targeting methodology revolves around public blockchain analytics, incorporating transaction type and volume, owned assets including NFTs (Non-Fungible Tokens), and net worth. This approach generates hyper-targeted behavioral profiles, offering valuable insights to advertisers seeking more effective and personalized outreach. Linkko emphasizes that its targeting model caters to the needs of both Web3 and Web2 advertisers, showcasing versatility in addressing the diverse requirements of the digital advertising industry.
Meiro Secures US$3M to Take its Customer Data Platform to Middle East
Singapore-based customer data platform Meiro has successfully secured US$3 million in an oversubscribed pre-Series A funding round led by Wavemaker Partners. Angel investors from Angel Central also participated in the round, emphasizing the strong support garnered by Meiro. The funding injection is poised to accelerate Meiro's product development, strengthen its team, and expand its presence in Europe and Southeast Asia. Furthermore, Meiro has strategic plans to venture into new markets, starting with Dubai in 2024. Pavel Bukowski, Chief Product Officer and Co-founder of Meiro, expressed the company's commitment to entering the promising Middle Eastern market after establishing initial partnerships and securing clients in late 2023.
As evolving data privacy regulations diminish the use of third-party cookies, affecting brands' understanding of customer behavior, Meiro's Customer Data Platform (CDP) emerges as a solution. Founded in 2018, Meiro's CDP empowers brands to comprehend customer preferences and behaviors across diverse touchpoints. By collecting, cleaning, and managing data from various online and offline sources, Meiro provides personalized marketing tools that go beyond traditional CRM, ultimately enhancing business ROI. In the coming year, Meiro envisions completing the integration of additional communication channels, incorporating GenAI use cases into its platform, and introducing a new product to further solidify its position in the market.
Exploring the Most Dynamic Investors in Singapore Startups
Techinasia has recently unveiled a comprehensive list of the most active investors in Singapore, focusing on those who have significantly contributed to the local startup ecosystem in the past two years. To provide a meaningful assessment, the list features firms that have invested in three or more Singapore-based companies during this period, shedding light on their impact within the vibrant startup landscape.
Topping the list is Antler, a globally recognized early-stage VC, with an impressive 63 deals in the past 24 months. Antler is dedicated to supporting driven founders from day zero to greatness, having invested in over 900 startups across 30 cities worldwide. In Southeast Asia, including Singapore, Indonesia, Vietnam, and Malaysia, Antler's active engagement encompasses co-founder matching, rigorous business validation, and essential pre-seed capital.
Following closely is SEEDS Capital, the investment arm of Enterprise Singapore, with 31 deals in the past 24 months. SEEDS Capital plays a crucial role in catalyzing smart investments into innovative Singapore-based startups that demonstrate strong intellectual content and global market potential. Their latest investments include promising ventures such as Pyxis, Mesh Bio, and Genetic Design and Manufacturing Corporation (GDMC).
Securing the third position is SOSV, a global venture capital firm based in the United States, with 26 deals in the past 24 months. Operating with a robust $1.5 billion in AUM, SOSV specializes in multi-stage investment, offering startup development programs tailored toward breakthrough technologies that address human and planetary health. Notable recent deals involve startups such as MyAlice, XD Academy, and Pyxis.
For a comprehensive view of all dynamic investors, the full list can be found on the Techinasia website.
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