It will invest in promising tech start-ups and early-stage companies.
Singapore Technologies Engineering Ltd (ST Engineering) renamed an entity ST Engineering Ventures Fund Pte. Ltd. (STEVF), which will be used as a vehicle for its corporate venture activities.
According to a press release, it injected $47m into the corporate venture fund. This will support its investments in promising technology start-ups, bringing the total capital to about $54m.
ST Engineering has set up a corporate venture capital unit to invest in start-ups and early-stage companies, offering not just funding but also access to the Group’s established business network and distribution channels.
The group has set aside US$150m ($204.4m) for the said unit through ST Engineering Ventures Pte. Ltd. This unit will scout for and invest in promising technology start-ups that are developing new technologies or creating innovative solutions complementary to the Group’s strategic capabilities in higher growth areas, such as in the areas of robotics and autonomous technology, data analytics and cybersecurity.
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