Temasek, NUS and NTU to invest S$75 million to support deep tech ventures
Temasek, NUS and NTU signed a Memorandum of Understanding (MOU) on 12 September 2023 to embark on a joint S$75 million pilot programme that aims to accelerate the creation of successful deep tech start-ups from the pipeline of research at the two universities.
As part of the MOU, NUS and NTU will also develop a common Intellectual Property (IP) licensing framework, which will expedite the IP licensing process and translation of university technologies for spin-off companies. The outcome will be a shorter process of one month, instead of the usual period which can take up to five months.
Temasek will invest S$65 million, mostly through Xora Innovation (Xora), an early-stage deep tech investing platform of Temasek, into the deep tech start-ups, while NUS and NTU will each invest S$5 million in this effort. Temasek and Xora will collaborate with the two universities to launch and build globally competitive ventures with strong potential to address large global market opportunities in areas such as Energy Transition, Biotechnology, and the Future of Compute and Cognition.
Professor Tan Eng Chye, President of NUS, said, “The collaboration sees us synergising our expertise and resources to create opportunities for applications of emerging technologies and empower start-ups and companies to create positive societal impact and economic growth through innovation. NUS is excited to leverage our rich expertise and experience in entrepreneurship and innovation to help mature our deep tech ecosystem, and facilitate and accelerate IP commercialisation through the framework.”
Read more about how the collaboration will help scale Singapore’s deep tech ecosystem in the joint press release here.