Spring S'pore to put $100m in deep-tech
Up to half of the funds in the Startup SG Equity scheme could be set aside for start-ups working in the sectors of advanced manufacturing and engineering, health and biomedical sciences, and urban solutions and sustainability.
That could mean around $100 million going to what are known as deep-technology firms exploring opportunities in these areas, Spring Singapore's investment arm announced yesterday.
Spring Seeds Capital is looking for co-investment partners and will match their capital injections into business models built around proprietary technology or research.
Mr Foo Tiang Lim, an operating partner at venture capital firm SeedPlus, said: "The reality for start-ups working on solving problems in the areas identified is the gestation period is too long.
"That means having more support in terms of patient capital will be crucial."
It was announced in March that about $200 million would be set aside for Startup SG Equity.
Under it, Spring Seeds Capital will sink up to $4 million in each deep-tech start-up. It will chip in 70 per cent, or $350,000, of the first $500,000 invested, with its partners accounting for 30 per cent, or $150,000.
It will then co-invest 50 per cent of any further funds injected, up to $4 million.
Mr Matthew Waterhouse, chief executive of additive manufacturers 3D Matters and 3D Metalforge, welcomed the initiative. "Funding (needs) for deep-tech companies tends to be higher... so targeting these home-grown sectors for extra support makes a lot of sense."
Spring's call for partners opens on Tuesday with briefings on Wednesday and Friday.