We have been waiting with bated breath for the first round of investments coming from the National Research Foundation (NRF) Technology Incubation Scheme’s (TIS) incubators. Just revealed, only three out of the seven have made investments: Clearbridge Accelerator, Neoteny Labs and Social Slingshot; in a total of seven startups.
Clearbridge Accelerator
Clearbridge BioMedics: A National University of Singapore (NUS) spin-off company, we are leveraging on a breakthrough patented invention using a microfiltration biochip to detect and isolate rare circulating tumour cancer cells (CTCs) from whole patient blood based on the biomechanical differences of cells.
Clearbridge NanoMedics: Clearbridge NanoMedics (CBN) is a National University of Singapore (NUS) spin-off. CBN will focus on developing a nanofibre mesh with applications in the cosmetic skin-care and wound management markets.
Neoteny Labs
Socialutions: Socialutions is a technology company that creates innovative Internet and web platforms that promote progressive social technologies. The company’s main project CreationMix is a web platform that taps into the growing Creative Commons movement by providing a portal for digital content makers to not only upload and share their work but also license certain rights for commercial use (thereby incentivizing content creators to use Creative Commons).
Foound: Foound recently released its easy-to-use mobile application which lets people organize hangouts with friends. (Catch up on foound’s history.)
Social Slingshot
Artyii: Artyii is an invite-only interactive online platform housing the ecosystem of Asian artists, international art buyers, galleries, art schools and businesses that have an affiliation with art.
ShoppingLifestyle: ShoppingLifestyle.com is a female web portal that features extensive beauty, entertainment, fashion, health and family resources for the modern woman as well as a place for women to share support and advice.
Socialico: Socialico Pte Ltd is a digital platform developer of simple, social fantasy prediction games powered by virtual stock markets. (An interview with Keith Ng, Co-Founder of Socialico.)
About The Technology Incubation Scheme
The TIS is one of several initiatives under the $360 million National Framework for Innovation and Enterprise (NFIE) announced by the Prime Minister in March 2008. It aims to nurture early stage high tech start-up companies in Singapore. The TIS provides up to 85% co-investment in each start-up company identified by the selected Incubator Managers, up to S$500,000 per company. The Incubator Manager needs to invest at least the balance of 15% as well as provide guidance and mentoring to the aspiring entrepreneurs under the terms of agreement with NRF. As an incentive, the Incubator Manager has an option upfront to buy out NRF’s share in the invested start-ups within 3 years of investment.
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