A*ccelerate, the commercialisation arm of Singapore’s Agency for Science, Technology and Research (A*STAR), is forging partnerships with investors such as Startup-O, Hafnium Hafaway, Trendlines and Dymon Asia Ventures, among others, to raise total commitments of S$85 million ($62 million) as part of its venture co-creation initiative.
According to the Agency for Science, Technology and Research (A*STAR), the commitment aims to create technology startups in areas like Internet of Things (IoT), artificial intelligence and specialty chemicals.
A*ccelerate has signed seven MOUs in partnership with Venture co-creation partners, Origgin, JSC Venture Lab, Dymon Asia Ventures, Hafnium Hafaway, Trendlines, Startup-O and Marvelstone Group.
Sentient i.o. that provides AI-as-a-service for software developers and companies is an A*STAR spin-off company jointly created with Origgin.
The partnership agreement is expected to result in private equity firm Hafnium Hafaway, focused on chemical businesses, invest up to S$20 million in 10 local specialty chemicals startups.
“This collaboration builds upon the strong research work at A*Star and Hafnium’s expertise in the growing specialty chemical business space,” Philip Lim, CEO of A*ccelerate, was quoted as saying.
Previously known as ETPL, A*ccelerate has over 1,200 patent families, resulting out of A*STAR research, and has helped over 1000 local companies secure licenses.
Apart from helping startups enter the market, A*STAR supports them with innovation and strengthens the connection between research, innovation and enterprise.
“My hope is to see IEOs (Innovation and Enterprise Offices) like A*ccelerate lead the way and strive to become one of the top commercialization offices in the world. In this regard, A*ccelerate will need to meet the high expectations in delivering on three key roles in the Singapore innovation ecosystem,” said Dr Koh Poh Koon, senior minister of State, Ministry of Trade and Industry.
The startups born out of A*STAR are reported to have raised a total of over S$210 million since 2016 after the Singapore government continued to commit about $19 billion to transform the country into a global research and development hub.