Emerging Tech Startups - Singapore Landscape Report
Our Outlook for 2023 and Beyond
Verticals
Overall Outlook
Sub-verticals
Sub-vertical Outlook
Advanced
Manufacturing
Pipeline and investor
interest in hardware
startups seems to be
fading, possibly tied to
the global weakening
in manufacturing
activities.
Additive Manufacturing
Advanced Materials
Automation
Sensors and Electronics
Space Tech
Agritech
Agrifood
Growing space due to
Singapore's "30 by 30"
initiative, but unit
economics and scaling
up remains largely
uncharted.
Alternative Proteins
Food Tech
Sustainability
Health and
Biomedical
Sciences
Regulatory and public
pressure will make
sustainability technology
more relevant than ever.
We are optimistic in the
growth of this vertical.
Confluence of ageing
population, chronic
disease, pandemic
vigilance and rising
affluence bodes well
for continued relevance
and investor interest.
Decarbonisation
Resource Optimisation
Sustainable Materials
Medical Devices
Diagnostics
Platform Tech
Therapeutics
Promise of "mass customisation" is alluring, but the challenges still lie in finding the right use cases beyond dentistry.
Singapore maintains strong academic thought leadership in research for graphene and other advanced materials, but identifying the
right market fit and scaling up remains an issue for startups.
Robotics that can help improve productivity and safety in Maintenance, Repair and Overhaul (MRO) will continue to draw interest
given rising labour costs and recovering demand in select sectors (e.g. aviation, construction, F&B).
Given the benefits of Microelectromechanical systems (MEMS) and its diverse applications, this is an area to track as Singapore
invests more resources to strengthen capabilities in the space.
Still a very nascent area for Singapore, but commercial interest should grow as the low orbit economy starts to mature in the
coming years.
Farming operations are CAPEX heavy, and most startups may be better served outside the VC funding model.
Significant investments have already been made in Singapore in fields of technology critical to the production of alternative proteins,
such as precision fermentation. Growing demand for alternative and cell-cultivated proteins continues to provide commercial
opportunities for startups focused on factors of manufacturing for these products.
With increased consumer emphasis on health and wellness, functional food ingredients and healthier substitutes will be key to helping
food producers meet nutritional targets, expand product offerings, and meet carbon targets. Continued innovation in this space is
critical to meeting Singapore's 30 by 30 goals.
Singapore's national strategy to shift half of our energy production to low-carbon hydrogen by 2050 will continue to be a crucial
driver for the growth of startups developing more efficient and low-cost technologies to produce, distribute and use this fuel.
Singapore has existing strengths in Water and Membrane Tech. Investors can be cautiously optimistic about commercial opportunities
arising from the application of these technologies to non-water-related areas.
Stricter regulations and consumer pressure around the use of single-use packaging and petroleum-based plastics are fuelling a
growing demand for more sustainable alternatives (e.g. non-animal leather, bio-plastics).
We see this as an increasingly crowded space, with strong differentiation required to break through on the international stage.
Devices addressing "home care", "remote care", and caregiving efficiency will be increasingly relevant as the world's population ages
at a faster pace.
Post-COVID, we expect interest to cool off for the time being. Indeed, no new incorporations were observed in 2022.
Singapore's strength in biomedical research will continue to generate a good pipeline of investible assets.
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