Enterprise Singapore investment arm Seeds Capital and six co-investment partners will pump $50 million into around 50 maritime technology start-ups here, as part of an initiative supported by the Maritime and Port Authority of Singapore.
The group will invest in start-ups that aim to improve operational efficiency and safety across the different segments of the maritime sector. Enterprise Singapore said that strengthening the maritime sector will in turn enhance the resilience of key sectors like logistics, manufacturing and wholesale trade, which rely on efficient global supply chain routes.
The co-investment partners are: Innoport, which is part of family-owned ship owner and manager Schulte Group; KSL Maritime Ventures, the venture capital (VC) unit of Kuok (Singapore); PSA unboXed, a unit of port operator PSA International; innovation firm Rainmaking; ShipsFocus-Quest Ventures, a collaboration between maritime innovation firm ShipsFocus and Quest Ventures; and TecPier, an investor in early-stage maritime and supply chain start-ups.
Each partner will help the start-ups fast-track 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 Martime Ventures will focus on renewables, fintech and vessel technologies.
THE BUSINESS TIMES