Logistics group Kuehne + Nagel International launched a joint investment venture with Singaporean state-owned investment firm Temasek on Monday that will back technology logistics and supply chain technology developers.
The firms will assist early-stage startups working on technology or services capable of improving logistics business models through greater efficiency and consumer value. It will target technologies including big data, predictive analytics, artificial intelligence, blockchain and robotics.
Kuehne + Nagel’s logistics expertise is expected to complement Temasek’s capacity to formulate long-term investment strategies. The initiative supports Kuehne + Nagel’s newly established KN+NextGen digitalisation strategy, which is intended to grow its business through technological innovation and acquisitions.
The corporate opened a Singapore-based logistics innovation centre in 2016. Kuehne + Nagel chairman Joerg Wolle said: “This joint venture will be able to accelerate the transformation of the logistics industry.
“For Kuehne + Nagel it is both another important step in the deployment of our digitalisation approach and to shape the future of our industry.”
Tan Chong Lee, president and head for Temasek in Europe and Southeast Asia, added: “The opportunities presented by the growth of technology and its application across sectors have been an increasing focus for Temasek.”