Industrial equipment maker Armstrong Industrial Corporation is one of nine partners that have joined Spring Seeds Capital (SSC), the venture capital branch of government agency Spring Singapore, for a S$200m ($150m) co-investment scheme.
Spring Singapore put up S$100m of capital for the initiative, which will provide funding for startups over an eight-year period, in July 2017. The co-investors will jointly match that figure with their own funds.
The partnership will look to invest in advanced manufacturing and engineering, health and biomedical sciences, and urban and sustainability technology developers.
The partners include infrastructure support services provider Silicon Solution Partners; Heritas Capital Management, a private equity arm of diversified holding group IMC; and Trendlines Medical-K2 Global, a partnership between innovation commercialisation firm Trendlines and venture capital firm K2 Global.
VC firm HealthXCapital, startup accelerators Small World and MedTech Alliance 2, technology investment firm Incuvest-Avior and investment manager Millennia-VFT Ventures rounded out the partners.
SSC had previously signed up seven co-investors which had partnered it to invest more than S$35m in some 20 startups.
Ted Tan, chairman of Spring Seeds Capital, said: “Investors, accelerators and incubators play a key role in catalysing innovative deep tech startups.
“We look forward to working with our new co-investment partners to identify high-potential startups, assist them in developing their capabilities and fast-track their entry into the global market.”