Beyond artificial intelligence (AI) and machine learning (ML), a new technology is emerging: deep tech. This emerging technology holds immense potential for the life sciences industry, and Singapore is leaving no stone unturned to become a deep tech hub. From strategic investments to collaborative efforts and supportive regulatory environments, read on to learn how countries are working to become deep tech superpowers.
Singapore has emerged as an important player in the global deep tech space. According to the Sparkmate report, the government has committed more than S$19 billion to advance deep technology research and development in the past decade.
There are several initiatives aimed at strengthening the startup environment in this area. One of the key initiatives driving Singapore’s deep tech agenda is the Singapore Deep Tech Alliance (SDTA). SDTA fosters partnerships and provides a path for companies to create new startups, bring existing startups to market, find solutions to challenges, and access protected technology. This initiative will strengthen collaboration and accelerate the growth of deep tech ventures within the Singapore ecosystem.
Additionally, in 2016, Singapore launched A*StartCentral (A*SC), a first-of-its-kind open innovation platform by the Agency for Science, Technology and Research (A*STAR). It aims to incubate deep tech startups and accelerate their growth, helping to strengthen the startup ecosystem including sectors such as medical technology and life sciences. Currently, more than 150 deep tech startups are members.
“A*StartCentral (A*SC), a leading company in Singapore’s deep tech ecosystem, supports the entrepreneurship of early-stage startups. By providing guidance and support, A*StartCentral (A*SC) We enable startups to expand beyond Singapore and tap into global markets, fostering innovation and entrepreneurship on an international scale,” said Emily Liew, Assistant Chief Executive Officer, Innovation and Enterprise Services, Enterprise Singapore. says.
A*SC is built on the foundation of an open innovation community, fostering cross-pollination and exchange between researchers, companies, startups, investors, and entrepreneurs across diverse disciplines. A*SC will continue to inspire, innovate with, and empower researchers and entrepreneurs as they build successful deep technology ventures.
To accelerate the creation of successful deep tech startups from the research pipeline, Singapore government-owned global investment firm Temasek signed a Memorandum of Understanding (MoU) with the National University of Singapore (NUS) and Nanyang Technological University in September last year. (NTU) will jointly embark on a S$75 million pilot program.
In this initiative, Temasek will invest S$65 million in deep tech startups through Xora Innovation (Xora), Temasek’s early stage deep tech investment platform, while NUS and NTU will each invest S$5 million in the initiative. To do. Temasek and Zola are collaborating with both universities to develop globally competitive universities with strong potential to address massive global market opportunities in areas such as the energy transition, biotechnology, and the future of computing and cognition. Start and build a venture.
According to a report published by SGInnovate, the number of biotech companies in Singapore is expected to grow by more than 60% over the next decade, but talent shortages remain a challenge for organizations in the sector.
To address the talent shortage issue, SGInnovate launched Deep Tech Central (DTC). It is Singapore’s only one-stop gateway for talent and startup needs in the fast-growing emerging technology ecosystem. Last January, SGInnovate launched another initiative called Deep Tech Talent Central (DTTC). It is an integrated strategy to solve talent challenges across emerging technology sectors.
DTTC will serve as Singapore’s primary talent gateway, fostering skills development and fostering the growth of the deep technology job market. Additionally, SGInnovate has launched the Helix Immersion Program (HIP), which aims to train and place over 100 candidates in biotech startups and companies by 2025, providing valuable industry experience. , addressing the skills gap in the workforce.
These efforts appear to be bearing fruit. From January 2020 to June 2023, 86 per cent of the region’s total deep tech transactions took place in Singapore, and 96 per cent of the total revenue was raised in Singapore. Notably, according to a new report from DealStreetAsia, one in four deep tech deals are related to health tech, absorbing more than half of total investment.
“We are seeing early positive signs. While our funding environment is not completely immune to the effects of funding winter, deep tech deals in Singapore have increased by 36% year-on-year ( (January-September 2023), accounted for three-quarters of Singapore’s total deep tech transactions in Southeast Asia. To ensure continued liquidity, partners such as SEEDS Capital We plan to partner with leading VCs and co-invest in promising startups,” Emily said.
Deep tech has been gaining momentum recently, but Singapore has been focused on deep tech for the past few decades.
“Deep tech is not new to Singapore. Over the past 30 years, the Singapore government has continuously invested in the Research, Innovation and Enterprise (RIE) sector, bringing deep scientific expertise to research-intensive universities and A*STAR research institutes. We have built a pool of talent and talent. There are currently around 40,000 research scientists and engineers in the Singapore ecosystem, working in fields spanning quantum engineering, precision medicine and renewable energy,” said Emily. said.
Deep technology still has huge untapped potential. Startups are inherently dynamic and agile, allowing them to focus on developing new technologies, unencumbered by the rigid structures and processes of large companies.
“We have successfully built an ecosystem that supports startup agility and development. In 2023, Singapore ranked 8th in the world in Startup Genome’s Global Startup Ecosystem Ranking. Similarly, Startup Blink’s The Global Startup Ecosystem Index also ranks Singapore first in Southeast Asia and sixth globally,” said Emily.
But building a deep tech venture is a completely different game. These technologies require long visions, significant patient capital, and deep expertise ranging from scientific research to business leadership.
“Our approach will need to be targeted and build on Singapore’s strengths as it will require significant resources. We understand deep technology and help startups make breakthroughs and grow their businesses. We need VCs and investors with the expertise to help us scale. Biotech is one of those areas,” Emily said.
Singapore’s deep technology ecosystem benefits from the support of a growing and tightly interconnected network of stakeholders, including founders, researchers, investors, government partners, and more.
“At a policy level, too, there is strong recognition that deep tech and our extensive research, innovation and enterprise activities remain critical to Singapore’s continued development, with the latest budget announcement providing an additional S$3 billion to the RIE2025 plan. Dollars are promised. Beyond financial means, this recognition of the importance of science and research has the effect of enabling various players within the ecosystem to contribute efficiently to the overall growth of the ecosystem. It also underpins a strong public-private partnership,” said Talent Director Dr. Vanessa Ding. & Human Potential), SGInnovate.
Through the joint efforts of government agencies, industry players and academic institutions, Singapore has established itself as a leading hub for deep technology innovation.
Several innovative deep technology startups in Singapore are tackling a variety of challenges including precision medicine, cancer diagnostics and new drug delivery platforms. Typical examples include:
Mesh Bio is revolutionizing chronic disease management with predictive analytics. We recently secured undisclosed funding from East Ventures to strengthen our digital twin technology and expand our services across Southeast Asia, with a focus on Indonesia, Malaysia, and the Philippines.
E3A specializes in innovative medical devices and management solutions for newborns and women. The company’s YSJ series smart neonatal jaundice meter has received Class II medical device approval from the National Medical Products Administration (NMPA). The company pioneered the rental model of home jaundice monitoring and currently serves more than 120 hospitals across China, covering more than 500,000 newborns annually. Additionally, E3A plans to launch his first women’s health device in 2024.
MireXS is a leader in RNA technology and specializes in accurate, non-invasive, and affordable blood-based miRNA testing kits for early detection of diseases, especially cancer. The company recently completed a Series D funding round, securing $50 million. The company’s flagship product, GASTROClear, is a PCR-based in vitro diagnostic test for early gastric cancer detection that has received Breakthrough Device Designation from US regulators. This marks the first time in the world that a blood miRNA test, an IVD test for early gastric cancer detection, and a molecular IVD test in Southeast Asia have received such designation from the US FDA.
ACM BioLabs utilizes a proprietary thermostable polymer-based nanoparticle delivery platform to develop novel formulations across a variety of therapeutic areas. The company’s Tunable Platform (ATP) is a polymer/lipid hybrid non-viral delivery system that can flexibly deliver oligonucleotides, small molecules, proteins, and mRNA payloads.
KYAN Technologies receives advanced clinical laboratory license approval. This approval enables us to offer Optim.AI, a functional precision medicine test that helps oncologists make treatment decisions. The institute will initially conduct a clinical development test (LDT) for lymphoma, with plans to expand to other cancer types such as colorectal cancer and breast cancer. Additionally, the platform supports biopharmaceutical services and facilitates the development of new biopharmaceutical assets.
Aproxy is a medical technology company focused on decentralizing medical diagnostics through point-of-care detection platforms. The company aims to bring laboratory-quality diagnostics closer to patients through its patented immunoassay technology, SimpleProx. Using just one drop of blood, specific immune biomarkers can be quantified with laboratory-grade precision in a one-step procedure within 15 minutes. The company is currently finalizing a prototype.
StratifiCare is dedicated to advancing personalized medicine through innovative diagnostic solutions. The company aims to leverage protein predictive diagnostics and AI to improve patient outcomes. Its pipeline includes testing for severe dengue complications and testing the effectiveness of internal radiation therapy for liver cancer. StratifiCare is collaborating with Singapore’s National Laboratory to develop the world’s first severe dengue fever predictive test, which he plans to bring to market in the second half of 2024.
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