EDB Founder Programme-backed ventures raise over $2.6b

Over half are operating in artificial intelligence (AI) and deep technology.

Singapore's Economic Development Board (EDB) Global Founder Programme (GFP) has supported nearly 80 experienced founders in launching more than 45 ventures, collectively raising over $2.6b (US$2b) in venture capital funding.

More than half are operating in artificial intelligence (AI) and deep technology.

Gan Kim Yong, deputy prime minister and minister for Trade and Industry, shared the figures in a written response to Parliament, saying Singapore continues to attract research and entrepreneurial talent.

He also said the government is expanding the pipeline of scientific and engineering talent through initiatives including the Agency for Science, Technology and Research (A*STAR) Graduate Scholarships and programmes offered by universities.

Gan said Singapore is building on its investment in research and development under successive Research, Innovation, and Enterprise (RIE) plans to support industries such as semiconductors and develop capabilities in areas including quantum and space technologies.

He added that the government has increased support for deep tech startups through measures such as the Startup SG Equity scheme, with an additional $1b allocated for early- and growth-stage companies.

He said the government will continue to monitor global developments and work with international partners to maintain Singapore's access to critical and emerging technologies.

($1 = US$0.77)

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