Schneider Electric has partnered Singapore’s Economic Development Board to create a new venture building programme while Vietnam’s SME platform Prime Commerce has raised an undisclosed sum.
Schneider Electric inks pact with Singapore’s EDB
Schneider Electric on Wednesday announced an MoU with the Singapore Economic Development Board (EDB) to create a new venture building programme focused on fostering innovation-led enterprises in the city-state.
The global specialist in energy management and automation will commit at least S$16 million ($11.7 million) over the next four years to incubate and develop Singapore-based companies that have a proven potential to scale.
It will also bring its expertise in energy management, industrial automation and digital transformation to help these companies go global.
“Singapore is a hub for innovation and we look forward to working with talented entrepreneurs to build new technology and business models,” said Emmanuel Lagarrigue, Schneider Electric’s Chief Innovation Officer.
Vietnam’s Prime Commerce raises pre-seed funding
Vietnam’s e-commerce solutions platform Prime Commerce has raised an undisclosed amount in pre-seed financing led by Japan-based Internet advertising services provider Rentracks.co.jp Inc and Singapore investment firm Maffin Inc.
Singapore-based Soltec Investment and some angel investors also participated in this round.
While the amount of this pre-seed round was not disclosed, we have learnt that it could be around $500,000.
Founded in May 2018 by Han Mac and co-founders, Prime Commerce offers end-to-end e-commerce strategy and solutions for brands and SMEs who would like to transform their business online.
Prime Commerce uses machine learning & artificial intelligence (AI) technology to help brands and SMEs to do online business more effectively on social network. The company claims that it is now working with several international clients such as Huggies, Budweiser, Hoegaarden, Soy Secretz, Dutch Lady, etc.