Singapore-based port operator PSA International has commited S$20m ($15m) to a newly launched corporate venturing division and incubator named PSA Unboxed.
PSA Unboxed will invest in up to 20 startups in the logistics sector, focusing on technologies including cargo automation, maritime trade transactions, internet of things, data analytics, cloud software and artificial intelligence
Each startup will receive up to S$50,000 in seed capital, access to the incubator and mentorship from executives and other industry experts.
The companies will also be given access to PSA Singapore Terminals as a live port environment to test their technology. Selected startups will have the opportunity to launch their product through PSA’s global port network.
Tan Chong Meng, chief executive of PSA International, said: “Through PSA Unboxed, we want to encourage creative ideas that can improve and revamp logistics technology, increase port productivity and enhance the integration, security and performance across the constituents of global supply chain logistics.
“This incubator program is in line with PSA’s continued focus on port and related logistics innovation and we hope to benefit from a broadened technology horizon.”
PSA International is a wholly-owned subsidiary of Temasek Holdings, the sovereign wealth fund of Singapore.