Singapore-based startups bag four wins at US investment platform

SINGAPORE-BASED startups came in top at SelectUSA Tech, a showcase for entrepreneurs at the SelectUSA Investment Summit 2021, held virtually for the first time.

Singapore tied with Austria and Germany for the most number of first-place wins.

The summit, an annual flagship event organised by the US Department of Commerce, promotes foreign investments to the world's largest economy and brings together business investors from 82 international markets.

Singapore's delegation of 28 companies was led by Enterprise Singapore (ESG), an agency under the Ministry of Trade and Industry, to facilitate trade and encourage enterprise growth, and spanned industries from medical technology to clean-technology sectors.

Assistant chief executive officer of ESG Tan Soon Kim said: "SelectUSA presents an opportunity for our tech companies and startups to demonstrate and advance their innovative capabilities on the global stage."

Eight locally-based startups competed against more than 100 early to mid-stage global startups from 46 countries in some 12 categories. They pitched to venture capitalists, corporate investors and tech ecosystem partners based in the United States.

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Sophie's BioNutrients and NextBillion.ai placed at the top in the Cleantech and Software industry pitch sessions, and were awarded legal and investment structuring advisory services sponsored by the International Network of Boutique and Independent Law Firms.

NDR Medical Technology and Zero-Error Systems placed second in the medtech and Asia-Pacific regional sessions.

Alan Goh, the chief executive officer and co-founder of NDR Medical Technology, said that the summit provided "the opportunity for us to connect with potential partners and allows us to have a better understanding of the medical technology landscape in the US."

ESG's Mr Tan said that "as a regional innovation hub in South-east Asia, we look forward to strengthening our innovation partnership with the US."

In a statement about the summit, US President Joe Biden said: "I want to reiterate my administration's commitment to ensuring that the US remains the most attractive place in the world for businesses to invest and grow."