Singapore’s Nanyang Technological University (NTU) and Walden International have launched a S$50-million fund to support deeptech startups, while India’s HCL Technologies is launching an artificial intelligence laboratory in the city state.
NTU, Walden International launch $38m deeptech fund
Singapore’s Nanyang Technological University (NTU) and venture capital firm Walden International have launched a S$50-million ($38 million) fund to support deeptech startups transitioning from the laboratory to the market.
The Nanyang Frontier Fund is specifically allocated to NTU projects in the deeptech sector, focusing on areas such as artificial intelligence (AI), robotics, and high-end engineering.
The fund was launched on Monday by Singapore’s deputy prime minister Heng Swee Keat.
“The Nanyang Frontier Fund is Singapore’s first venture capital fund dedicated to a university,” according to its press release issued on Monday.
To initiate this fund, Tan Lip-Bu, Chairman of Walden International, alongside his associates, has contributed S$5 million, with NTU matching this investment with another S$5 million. NTU has not provided a specific timeline for reaching the $50-million target.
HCL Technologies ties up with two polytechnic colleges
HCL Technologies (HCLTech), one of India’s top software and IT services firms, is setting up an artificial intelligence laboratory in Singapore next year.
The lab will offer the company’s latest generative AI products to help accelerate AI initiatives of its clients across Southeast Asia.
The company also signed memorandums of understanding with Nanyang Polytechnic and Singapore Polytechnic to impart AI training to young talent and mid-career individuals.
The lab, supported by Singapore’s Economic Development Board, will be HCLTech’s fifth in its global network of such facilities after the US, Britain, India, and Germany.