Daily Briefing: Temasek sets up AI and blockchain-focused units; Grab unveils pioneer startup batch for accelerator programme
And MAS greenlit CapBridge's plan to launch a private stock exchange.
Temasek is setting up new groups geared to look for opportunities related to artificial intelligence and blockchain technologies by creating ‘experimental pods’ for said areas, according to an internal memo obtained by Bloomberg.
The state investment arm participated in a $823.89m ($600m) series C funding round in April for China’s SenseTime Group, now the world’s most valuable AI startup. Temasek helped lead a series A round in June for London-based Eigen Technologies, which automates the extraction of unstructured data. In blockchain, Temasek invested in R3, backed by a group of banks seeking to bring distributed ledger technology to their operations.
“We have been expanding our business coverage and geographic footprint over the past few years,” the Temasek spokesman said in an emailed response to Bloomberg queries. “As our operating environment evolves, our focus is on remaining nimble and well-positioned to capture opportunities that deliver sustainable value over the long term.”
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From Tech in Asia:
Grab unveiled the first batch of startups enrolled for its Velocity accelerator programme run by its innovation arm, Grab Ventures. Amongst them is Singapore startup Tueetor which connects students with nearby tutors, with the aim of bringing transparency and accessibility to the private education market.
Other startups that will take part are Indian ticketing platform BookMyShow, German home-cleaning booking platform Helpling, Indonesian salon services booking platform Minutes, and Indonesian on-demand home marketplace Sejasa.
The five inaugural Velocity entrants will have their services integrated into the Grab app for a period of six weeks as part of the proof of concept.
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CapBridge, an online investment platform that helps growth-stage companies raise funding, has been approved by the Monetary Authority of Singapore (MAS) to operate as private securities exchange as a Recognised Market Operator (RMO).
The private securities exchange 1exchange, or 1x, will enable private companies listed on the exchange to access higher liquidity, which they would need in the event of an IPO or an M&A situation.
“Companies listed on 1X remain private and enjoy more control, greater flexibility and lower costs as compared to a public listing,” said an official press release.
“With the RMO exchange license, we can now offer an even more integrated suite of private capital services to deserving companies seeking growth capital and sophisticated investors looking for alternative growth options,” said Johnson Chen, founder and CEO of CapBridge.
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