ST Engineering on Tuesday said it has set up a corporate venture capital unit to invest in promising technology startups and early-stage companies, offering not just funding, but also access to the group's business network and distribution channels.
ST Engineering has set aside US$150 million for its corporate venture capital through ST Engineering Ventures. This unit will scout for and invest in startups that are developing new technologies or creating innovative solutions complementary to the group's capabilities in higher growth areas, such as in robotics, autonomous technology, data analytics and cybersecurity.
ST Engineering will set up technology scouting offices in Singapore, Israel and in the US for a start, to cover the Asia-Pacific, Europe and the Middle East and the Americas.
The defence and engineering group added that it is also setting up an open innovation lab to offer individuals and startups the opportunity to see their ideas go to market.
Called Innosparks, the lab, set up in mid-2017 at JTC LaunchPad @ one-north, is the "first of its kind" engineering-based incubator in Singapore.
It offers a pool of skilled engineers, beyond just advanced equipment and labs to support innovators in accelerating the development of their ideas to prototypes and products.
The Open Lab has opened its doors to engineers from ST Engineering, as well as to startups and early-stage companies locally and internationally to collaborate, research and develop new concepts with an expert team of engineers.
ST Engineering closed one Singapore cent higher at S$3.77 on the stock market.