Singapore deep tech startups face Series B funding gap: SGInnovate

Singapore

WHEN the time came for one of SGInnovate's portfolio companies to raise Series B funds, the Singapore-based deep tech startup found that there was no local investor either willing or big enough to lead the round. In the end, money was raised from investors overseas, including South Korea and Hong Kong.

Such is the course for many deep tech startups in Singapore, said SGInnovate's Tong Hsien-Hui. Early funding stages tend to be well-taken care of because of the government's strong push to commercialise more deep tech companies, said Mr Tong, who heads up venture investing at the government-owned organisation tasked with building Singapore's deep tech ecosystem.