Schneider Electric and EDB set up new venture, creating 100 jobs
A new Singapore-headquartered company was unveiled yesterday by European multinational Schneider Electric and the Economic Development Board (EDB), in a venture that could lead to about 100 fresh jobs here.
NaviX Solutions will help firms manage and use critical power assets such as medium-voltage switch gears, without them having to fork out capital for the tools. These assets will be launched in phases.
The new company will lead to job creation in the areas of customer service, technical support, finance, human resources and logistics, among others, said its chief executive officer Simon Claringbold.
Yesterday, Deputy Prime Minister Heng Swee Keat visited Schneider Electric's headquarters in Kallang, where he was shown some of the company's innovations, including a unified digital platform by NaviX Solutions. The platform provides customers with real-time and predictive analytics.
NaviX Solutions was jointly incubated by Schneider Electric and EDB New Ventures, the EDB's corporate venture-building arm.
Schneider Electric and the EDB will co-invest to capitalise NaviX Solutions and continue to provide support as the venture grows.
Schneider Electric's chief innovation officer Emmanuel Lagarrigue said: "The venture creation programme we have built together with the EDB is a great example of how corporations and governments can work together to create jobs, develop world-changing innovation, and build back better."
Mr Claringbold said NaviX Solutions will "address critical challenges in an evolving digital economy where power and cooling assets are now business-critical infrastructure".
He added: "Our role and driving force is to support companies to keep pace with market change while balancing the need to transform sustainably.
"At the same time, we are driving a mindset change, bringing more visibility to the role these critical assets play and how to maximise the value they deliver."