NUS Enterprise expands VC program, collaborates with Stanford

NUS Enterprise’s renovated i3 building is a centre for deeptech innovation, entrepreneurship, and collaboration / Photo credit: The Straits Times

The National University of Singapore’s (NUS) entrepreneurial arm, NUS Enterprise, is embarking on two new co-investment partnerships, as well as a S$2 million (US$1.6 million) collaboration with Stanford University.

These initiatives were announced at the reopening of NUS Enterprise’s renovated i3 building – a center for deeptech innovation, entrepreneurship, and collaboration – on September 16.

Beyond funding, the two partnerships will connect startups originating from NUS to global capital networks and expertise. This will be done “while ensuring that profits are reinvested back into education and entrepreneurship,” said Tan Sian Wee, senior vice-president for innovation and enterprise at NUS.

The first partnership is a co-investment framework with SG Growth Capital, the investment platform of the Singapore Economic Development Board and Enterprise Singapore.

Under this framework, NUS Enterprise’s investments into selected VC funds will be matched to some degree by SG Growth Capital, with the share of matching being at the latter’s discretion.

A US$16 million co-investment agreement was also signed between NUS Enterprise and Lotus One Investment, a member of the Lotus Singapore Group family office. The goal is to support both NUS spin-offs and VC funds jointly.

Profits from this partnership will be reinvested to strengthen NUS Enterprise’s innovation and entrepreneurship programs.

The two partnerships complement the US$117.5 million NUS VC Programme launched in July, which aims to facilitate the growth of deeptech startups in the Singapore university’s ecosystem.

Gan Kim Yong, deputy prime minister and minister for trade and industry, said at the i3 building reopening that the NUS VC Programme is a “timely initiative” amid declining VC funding.

Under the program, NUS Enterprise is investing US$39.2 million in selected VC firms to support NUS tech startups. It has also committed US$78.4 million to an autonomous investment fund focused on startups affiliated with the university.

These include startups from the National Graduate Research Innovation Programme (Grip), which helps transform lab-based research into market-ready ventures.

National Grip aims to train 300 startup teams by 2028 and nurture more than 150 spin-offs by 2030, according to Gan. The reopened i3 building supports this push by offering incubation support and mentorship, as well as providing a space for collaboration.

Tan Eng Chye, president of the NUS, said National Grip teams and other deep-tech ventures can now apply to the new National Grip Labs, which offer specialized facilities and prototyping services aimed at accelerating the development of solutions.

Collaboration in education