PlanetSpark launches hardware-targeted accelerator for Singapore startups

PlanetSpark, the entrepreneurial and investment arm of electronics distributor Excelpoint Technology, announced the launch of the PlanetSpark Innovation Centre. The hardware-targeted accelerator for “artificial intelligence of things” (AIoT) innovations will support Singapore tech startups.

(From left) Tonny Phuay, executive director of Excelpoint Technology, Tan Boon Khai, CEO of JTC Corporation, Albert Phuay Yong Hen, chairman and group CEO of Excelpoint Technology, Chan Chun Sing, minister for trade and industry, Phuay Li Ying, managing director of PlanetSpark, Png Cheong Boon, CEO of Enterprise Singapore, and Alan Kwan, executive director of Excelpoint Technology / Source: PlanetSpark

Supported by Enterprise Singapore and backed by Excelpoint, PlanetSpark will invest an initial S$5 million (US$3.7 million) to expand the center’s engineering capabilities and develop technology platforms.

The center looks to support more than 30 local startups over the next three years. It has already secured a lineup of five startups for the upcoming pilot run of its 24-week accelerator program, with the companies developing solutions to solve challenges in thermal sensing, facial recognition, satellite tracking, and AI analytics, said the firm in a statement.

“Through my work at Excelpoint, I see many Singapore hardware startups face challenges in accessing technologies from industry leaders, gaining market knowledge, and finding channels to enter the regional market,” said Phuay Li Ying, managing director at PlanetSpark.

The center aims to bridge the gap by offering a one-stop ecosystem that brings together innovators, hardware and software providers, venture capitalists, small and medium-sized enterprises, manufacturers, and potential customers.

Meanwhile, startups can tap into Excelpoint’s industry networks of semiconductor manufacturers, sales channel partners, and design engineering experts.

PlanetSpark invests in early- and mid-stage startups across the AI and IoT ecosystem. Its portfolio companies include Clop Technologies, Meridian Innovation, Seventh Sense, and Nuspace.

The global IoT market is expected to reach US$1.4 trillion by 2027, according to a report.

Currency converted from Singapore dollar to US dollar: US$1 = S$1.33.