- ST Engineering, Singapore’s premier defense and engineering group, yesterday announced it’s setting up a corporate venture capital arm to invest in startups. The company has set aside US$150 million for ST Engineering Ventures.
- The venture arm plans to invest in startups working in robotics, autonomous technology, data analytics, and cyber security. For this purpose, it will set up offices in Singapore, Israel, and the US.
- ST Engineering will also launch Innosparks, an innovation lab at Singapore’s One North tech district, open to entrepreneurs and startups.
Why it matters:
- ST Engineering has expertise in several high tech areas including aerospace, sensor and communication tech, software, and vehicles. These are all increasingly important sectors in today’s technology market and startups are a big part of this surge.
- The defense industry has driven technological innovation both in the US and in Israel, giving those countries a significant edge in groundbreaking tech. For example, GPS was born from technology developed for the US military. Innovative cyber security startups have been born from talent in Israel’s elite Unit 8200. While defense is only one facet of ST Engineering’s focus, it could help foster similar breakthroughs.
Source: The Business Times.