Singapore-based integrated engineering and industrial product manufacturer ST Engineering launched a corporate venturing subsidiary yesterday dubbed ST Engineering Ventures that is armed with $150m in funding.
ST produces a range of aerospace, defence, electronics and marine products. The unit will seek opportunities in sectors relevant to ST’s long-term growth, such as robotics, autonomous technology, data analytics and cybersecurity, and will initially operate out of offices in Singapore, Israel and the US.
Portfolio companies will be able to tap into ST Engineering’s ecosystem, business network and distribution channels. ST also unveiled its Open Innovation Lab scheme, which will enable startups to collaborate with a dedicated applied engineering team and access advanced equipment.
The initiative is open both to internal engineers and external teams, based either locally or overseas, and will offer access to facilities such as a material and chemical lab, a software lab, and prototyping and development equipment.
Innosparks, the first program under the Open Innovation Lab initiative, is located in Singapore-based startup hub JTC LaunchPad @ One-North.
Vincent Chong, CEO of ST Engineering, said: “With the increasingly dynamic and competitive technological and business landscape, we see a need to adopt open innovation, moving beyond traditional R&D approaches to seek new technologies and ideas outside the group that complement our internal capabilities.
“We are not looking for one-hit wonders but breakthrough innovations that will either strengthen our current portfolio of businesses or generate new lines of businesses.
“This requires astute technology investments and partnerships, a pervasive culture of innovation and an environment where our engineers can brainstorm freely outside of business and operational constraints to develop new ideas and solutions.”