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IndustryDeep Tech
Founded22 November 2016; 4 years ago (2016-11-22)
FounderSteve Leonard, Founding CEO
Key people
Lim Jui (CEO)
Yong Ying-I (Chairman)
OwnerGovernment of Singapore

SGInnovate is a private organisation wholly owned by the Singapore Government.[1] Their function is to help entrepreneurial scientists build Deep Tech startups.[2][3]


SGInnovate's Deep Tech Nexus strategy was launched in 2017.[1][4]

In December 2017, SGInnovate announced that it had appointed 17 co-investors under the Startup SG Equity scheme. They would be collectively be identifying and co-investing with SGInnovate in early-stage Deep Tech startups in areas prioritised in Singapore's Research, Innovation and Enterprise 2020 Plan or RIE2020, such as Artificial Intelligence. SGInnovate would manage a portion of the fund under this scheme, which is aimed at accelerating the growth of Deep Tech startups. The total value for investments that would be made alongside these co-investors could potentially reach up to S$80 million over the next four years. Apart from the injection of capital that would fuel the startups’ development and expansion efforts, they would also benefit from the strategic and management guidance provided by SGInnovate and the co-investors.[5]

In November 2018, SGInnovate led the round in investments into 3 deep tech startups in Singapore namely Horizon, Involt and Portcast.[6]

In April 2019, SGInnovate announced that it had appointed five additional co-investors under the Startup SG Equity scheme. They are Elev8.VC, Golden Gate Ventures (together with their dedicated blockchain fund, LuneX Ventures), GREE Ventures, ST Engineering Ventures and Verge Capital Management. They were selected through a stringent process based on their investment track record, financial strength, management team capabilities as well as adequacy of facilities and resources.[7][8][9][10][11][12][13]

To build a database of Deep Tech talent, SGInnovate works closely with universities, polytechnics, Entrepreneur First (EF) and the Singapore-MIT Alliance for Research and Technology (SMART).[1]

See also[edit]


  1. ^ a b c "Press Releases". SGInnovate. Retrieved 2019-08-22.
  2. ^ "Helping founders launch, prove and scale deep tech products borne out of science research". SGInnovate. 2017-11-20. Retrieved 2019-08-22.
  3. ^ "Investments". SGInnovate. 2018-05-30. Retrieved 2019-08-22.
  4. ^ "SGInnovate Unveils 'Deep Tech Nexus' Strategy to Further Strengthen Deep Tech Startup Ecosystem in Singapore". SGInnovate. 2017-12-01. Retrieved 2019-08-22.
  5. ^ "SGInnovate Appoints 17 Co-investors to Boost Private Investment into Early-Stage Deep Tech Startups". SGInnovate. 2017-12-13. Retrieved 2019-08-22.
  6. ^ "Tech in Asia - Connecting Asia's startup ecosystem". Retrieved 2020-03-13.
  7. ^ "SGInnovate Adds Five Partners to Panel of Co-Investors for Deep Tech Startups". SGInnovate. 2019-07-02. Retrieved 2019-08-22.
  8. ^ "SGInnovate backs three deep tech startups, partners with local top universities". e27. November 23, 2018.
  9. ^ Nguyen, Quynh (April 14, 2019). "Singapore-based AIDA raises Series A from Mastercard, SGInnovate, others". Dealstreetasia.
  10. ^ "Singapore restaurant solutions startup TabSquare raises S$10m in Series B funding". Business Times (Singapore). October 10, 2018.
  11. ^ "Singapore-based AI company Taiger closes US$5.87mil Series A Round". Digital News Asia. August 24, 2017.
  12. ^ "Singapore-based creative AI platform bags $1.1m in seed funding". Tech in Asia. May 8, 2019.
  13. ^ "Investment Update: Expanding Our Portfolio with Nine Deep Tech Startups". SGInnovate. 2019-05-08. Retrieved 2019-08-22.