In brief: SGInnovate invests in 3 ‘deep tech’ startups

SGInnovate, the Singapore government agency supporting high-tech ventures, today announced investments into three “deep tech” startups; as well as deep-tech learning and apprenticeship collaborations with four major local universities.

SGInnovate has invested in Horizon Quantum Computing, Involt, and Portcast, while students from Nanyang Technological University, the National University of Singapore, Singapore Management University, and the Singapore University of Technology & Design can look forward to more capability-building opportunities with SGInnovate’s enhanced Summation Program – Singapore’s first deep-tech apprenticeship program.

Source: SGInnovate

Horizon is building a suite of tools that allows software engineers without any background in quantum computing to develop what it calls “quantum-enhanced applications.”

Involt designs and builds energy storage cells that it claims can speed up the adoption of electric vehicles, solar power, and wind power.

Portcast uses machine learning tech and real-time data to help logistics businesses better predict cargo flows and implement dynamic pricing.

The funding amounts were not disclosed.

Apprentices under the Summation Program will be sponsored to take relevant training courses. Each placement will be worth about US$561,000 when training fees and monthly stipends are taken into account.

Currency converted from Singapore dollars. Rate: US$1 = S$1.37