Singapore’s Deputy Prime Minister announced at SWITCH 2024 that the Singapore government will allocate an additional S$440 million to the Startup SG Equity scheme. This substantial investment is designed to boost private sector investments in Singapore-based deep tech startups by co-investing with both local and global investors. The initiative aims to expand support to early growth-stage companies and increase the government’s investment cap in each startup from S$8 million to S$12 million.
This funding is a strategic component of Singapore’s broader initiative to harness science and technology for economic transformation. By focusing on deep tech sectors such as AI, quantum computing and biotechnology, the government seeks to create new industries and job opportunities. The move reflects a commitment to building a robust ecosystem that supports innovation and enterprise, enhancing Singapore’s position as a tech hub in Southeast Asia.
In addition to financial support, the government is also enhancing its efforts to attract global talent and expertise, which is essential for the development of the deep tech industry. The announcement follows other notable tech investments, including a multi-million joint AI partnership between FPT and the National University of Singapore.
