2021

TechNode Global

The Maritime Fund will invest in startups and technologies spanning applications in shipping and operations, maritime services, and port operations and services, Quest Ventures said in a statement.

These can include transiting shipping into a digital operating system, as well as addressing shipping Environmental, Social, and Governance (ESG), greenhouse gas (GHG) emission and regulatory challenges, and deep-tech disruptions ranging from autonomous vehicles to increase in logistics visibility, it added.

The Maritime Fund makes investments at the early Series Seed and Series A stages, according to the statement.

Meanwhile, Quest Ventures Managing Partner James Tan said, Singapore’s position in the maritime space is further strengthened with the launch of the Maritime Fund.

“Our Quest Ventures ecosystem approach is to tackle challenges, address systemic opportunities, and enable significant differentiation from generic venture funds,” he said.

Quest Ventures, in partnership with ShipsFocus, is one of SEEDS Capital’s appointed co-investment partners in the maritime sector. SEEDS Capital is the investment arm of Enterprise Singapore, the government agency championing enterprise development.

“The maritime sector is a critical part of Singapore’s economy. The growth of relevant tech startups in this area will help strengthen the sector’s capabilities and address the efficiency and sustainability issues as the industry transforms. SEEDS Capital is pleased to support ShipsFocus and Quest Ventures in their debut fund to catalyze investments into deep tech startups that can provide innovative solutions in this sector,” said Tan Kaixin, General Manager of SEEDS Capital.

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The Business Times

ENGINEERS Grace Chia and Goh Eng Wei were part of an 8-person undergraduate team that built an autonomous underwater robot nearly 10 years ago, at a time when interest in autonomous vehicles was still nascent.

Their project shone at local and international competitions and was kept alive even after the founding team graduated from the National University of Singapore (NUS). In late 2018, it spun off as a commercial entity called BeeX after winning consultancy and project contracts for oil and gas clients.

The startup now has its eye on further expansion after scoring a 7-digit seed funding round led by Cap Vista, the strategic investment arm of Singapore’s Defence Science and Technology Agency.

Cap Vista, an early-stage backer of tech like artificial intelligence and quantum sciences, saw the potential of BeeX for both defence and commercial applications. Its investment comes as governments around the world increasingly lean on the private sector for research and innovation, an area once led by government expenditure in key sectors such as military enforcements and space exploration.

BeeX’s product is essentially self-driving cars but underwater, said Chia, the chief executive of the startup. “The problem we’re trying to solve is how to keep marine infrastructure safe without risking human lives out at sea.”

Large-scale underwater inspections are often done in dangerous conditions. People either physically dive in, or are mobilised on large vessels to deploy human-controlled robots.

Other investors in the company’s seed round include the maritime fund of ShipsFocus-Quest Ventures, Enterprise Singapore’s SEEDS Capital, and NUS. BeeX is also the maiden portfolio company of IMC Ventures, the corporate venture capital arm of the Tsao family’s shipping business IMC Group.

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TechinAsia

BeeX, a Singapore-based autonomous underwater robotics startup, raised a seven-figure US dollar investment in a seed round.

Cap Vista, the investment arm of Singapore’s Defence Science and Technology Agency led the round. IMC Ventures, Seeds Capital, the National University of Singapore (NUS), and Quest Ventures’ maritime fund, ShipsFocus, also participated in the round.

The firm’s hardware team will also commission a larger and more powerful hovering autonomous underwater vehicle (HAUV) suitable for harsher conditions in offshore solar and wind energy projects.

Each robot can be programed to complete a particular task and left to complete it while being monitored remotely. The autonomous underwater robot can travel to depths of up to 300 meters.

As the world warms up to renewable energy, BeeX is looking to capitalize on the rapid growth of offshore green energy projects, where underwater infrastructure needs to be inspected regularly.

“BeeX’s marine autonomy technology will revolutionize underwater inspections and disrupt the maritime sector, and contribute to applications in sustainability and defense,” said Chng Zhen Hao, CEO of Cap Vista, which backs BeeX. “Cap Vista is pleased to be supporting a homegrown company building dual-use deep tech capabilities and cultivating its talent pool in Singapore.”

Launched in 2003, Cap Vista invests in deeptech startups with potential applications for defense and security. The strategic investor works with defense partners and the broader startup ecosystem to nurture and grow such firms.

Some of Cap Vista’s portfolio companies include Atomionics, a maker of quantum sensors; Bifrost, a synthetic data tool maker for AI teams; and Transcelestial, a high-speed internet connectivity firm.

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DealStreetAsia

Singapore-based BeeX, a startup that makes underwater robots, has raised a seed round led by Cap Vista, with participation from Quest Ventures’s maritime fund, IMC Ventures, SEEDS Capital, and the National University of Singapore (NUS).

BeeX’s founder Grace Chia declined to disclose the amount raised.

Founded in 2018, BeeX creates autonomous robots that can be programmed before they are deployed in shallow waters and can be monitored remotely. The robots rely on data from cameras and underwater acoustics to run on autopilot.

The startup, which spun off from a NUS project, will use the fresh funds to expand its team from 10 to 14, Chia said, and improve its product.

The robots are currently used by two Singapore government agencies to detect anomalies and adverse changes in underwater infrastructure. The startup says its robots can be used at floating solar farms, coastal jetties and refinery plants, and are cheaper and safer than getting human divers to do inspections.

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e27

Affluent economies and expanding enterprises in SEA also need new destinations for investment and exportation, and CA being a relatively under-explored frontier for either purpose means a new and exciting array of opportunities.

A sizeable number of digital trade services, e-commerce, and fintech startups growing in the region might be of great interest to SEA investors. Further, CA’s young and emerging middle class promises abundant commercial potential in but five years.

Because of these gaps and how each one bridges them for the other, the synergies between CA and SEA could mean favourable outcomes should businesses and investors choose to join hands. Already in pursuit of such profitable output is Singapore’s Quest Ventures.

In tandem with Kazakhstan’s state-owned QazTech Ventures, the two funds established an early-stage accelerator programme to foster a new generation of startup founders, propel them to succeed in their respective CA markets, and eventually scale to SEA.

Launched in 2020, the Kazakhstan Digital Accelerator (KDA) has already produced multiple batches of brilliant young companies. Among them are finalists already receiving investments.

Beyond KDA, Quest Ventures, and QazTech Ventures also witnessed a successful case that is Clockster, a Singapore-incorporated Kazakhstani startup that raised US$750,000 in a round led by Quest Ventures in 2020.

The partnership between Quest Ventures and QazTech Ventures is proving to be instrumental to advancing and growing the budding venture capital market in Central Asia, particularly Kazakhstan.

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The Straits Times

More start-ups in South-east Asia have attained unicorn status – valuations of US$1 billion (S$1.34 billion) or more – in the past couple of years, driven by factors such as robust funding from the private equity markets and rising middle class.

In 2021 alone, 19 start-ups in the region saw an increase in valuation to above US$1 billion, according to a report on Asean start-ups by Credit Suisse earlier this month.

Fifteen start-ups in Singapore and 11 in Indonesia account for the lion’s share of the region’s 35 unicorns.

Among recent additions to the Republic’s list of unicorns are used car marketplace Carro and logistics firm Ninja Van.

Credit Suisse’s list excludes start-ups that are in the process of public listing, such as super app Grab, which is headquartered in Singapore.

Singapore is generally viewed as a favourable place for raising capital, due to reasons such as its high levels of corporate governance.

Quest Ventures partner Jeffrey Seah told The Straits Times that a start-up’s valuation is derived from factors such as its capabilities and accessibility of its products.

He noted instances when start-ups have raised funds at a lower valuation compared with a previous funding round.

This was seen for some firms last year, when their sales projections did not materialise or when expansion did not go as planned.

“The Covid-19 pandemic exacerbated this occurrence across the South-east Asia markets,” Mr Seah added.

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Lianhe Zaobao

根据最新发布的2021年《全球起步公司生态系统报告》，新加坡在亚洲和全球排名跟去年一样维持不变，亚洲排第五名，全球排第17名。

这项研究由国际创业调查公司Startup Genome牵头，并与全球创业网络（GEN）和本地的创业行动社群（Action Community for Entrepreneurship，简称ACE）合作完成。

报告主要根据绩效、资金、连接性、市场覆盖率、知识和人才等六个因素，给各城市评分和排名，今年报告涵盖了全球300万多家公司、近300个生态系统的数据，以及全球1万多名起步公司高管的调查。

对此，创业行动社群指出，我国政府已增加更多研发资金，如政府将通过“研究、创新与企业2025计划”，在未来五年投入250亿元，继续强化和深化我国的创新和研发能力。

创业行动社群说：“报告凸显了全面发展我国起步公司生态系统中每一个参与者的重要性——从起步公司到企业，以至高等教育机构和投资者。一个强大、紧密联系的生态系统将为起步公司提供更好的共享平台，让它们能利用创意、资金或人才等各类资源。”

创业行动社群主席陈中表示，该协会将继续努力促进知识和人才的无缝转移，以支持本地起步公司，提高新加坡作为一个繁荣和具吸引力的起步公司生态系统的地位。

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5Q Media

Алина Әбдрахманова  — бизнес-білім беру саласын басқару жөніндегі маман, сарапшы. Қазақстанда Geneva Business School-дың өкілдігін ашқан. Q88 Қазақстан урбанистері қауымдастығының атқарушы директоры. Қазір IN VR стартапын қашықтан білім беру жүйесіне енгізуге күш салып жүр.

Әзірге Дархан екеуіміз ғана. Біз өз ақшамызды құйдық. Оған қоса, бізді сингапурлық Quest Ventures қоры қаржыландырды.

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DealStreetAsia

Singapore-based electric vehicle maker ION Mobility has raised a total of $6.8 million in a seed funding round co-led by Quest Ventures and TNB Aura, according to a company announcement.

Other investors including GDP Venture, Monk’s Hill Ventures, Seeds Capital, and 500 Southeast Asia (formerly 500 Durians) also participated in the round along with venture capitalist Alice Hung, ION Mobility founder and CEO James Chan, and the company’s CTO Calvin Cheng.

The company had announced raising $3.3 million in the fourth quarter last year. It has now raised $3.5 million in an extended round.

“There is a growing sense of excitement and momentum in Southeast Asia around electric motorbikes and how they can transform not just the way people move around cities, but also their impact on the environment and the economy,” said founder and CEO James Chan.

As part of this round, Quest Ventures managing partner James Tan and TNB Aura managing partner Charles Wong will join the ION Mobility board alongside existing board members James Chan and Ting Feng Toh.

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Singapore Business Review

The country was also recognised as the leading ecosystem in ASEAN this year.

Singapore performed well in three factors, namely, funding, connectedness, and market reach. Even in the presence of a pandemic, the country drew in $5.5b in capital over the past year, placing it as the leading city in acquiring venture capital dollars in Southeast Asia.

Talent, performance, and knowledge, however, were areas of improvement for Singapore. Performance, which includes actual leading, current and lagging indicators of ecosystem performance, and knowledge, which encompasses innovation through research and patent activity, were seen as the areas with the most room for improvement.

According to the report, this highlights the importance of developing every player within the startup ecosystem in Singapore.

“The Singapore Government has provided ample funding and opportunities for development, and we are confident in the level of innovation and the resilient nature of our startups and their stakeholders to uplift the ecosystem. Breaking down the silos that have separated them, many of these stakeholders are beginning to think of the big picture—collectively working towards solutions that are beneficial for all parties,” said ACE Chairman James Tan.

“Taking the lead from this momentum, we will continue our development efforts, to facilitate a seamless transfer of knowledge and talent to support our startups, and to enhance Singapore’s standing as a thriving and attractive startup ecosystem,” he added.

The research was conducted by Startup Genome in partnership with ACE and the Global Entrepreneurship Network.

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