Singapore adds S$15m in start-up funding, aims to be ‘Silicon Valley for maritime technology’

The government of Singapore has announced plans to increase funding for maritime technology businesses operating in the port city and to more than triple the number of start-ups receiving support in the next four years.

In a speech to parliament on March 5th, Senior Minister of State for Transport, Chee Hong Tat, outlined the government’s intention to develop new opportunities for the country’s maritime sector by creating an ecosystem driven by three ‘I’s – integration, innovation and inclusivity.

Start-up funding falls firmly within Singapore’s ‘innovation’ strategy, with the government set to increase the cap on co-funding support for maritime technology SMEs from the current 50% to 70%. Eligible projects by industry consortiums will also receive up to 70% co-funding support.

To support this, the MPA (Maritime and Port Authority of Singapore) will top up the state’s Maritime Innovation and Technology Fund with an additional SGD$15 million, creating a total of SGD$100 million in available funding for maritime R&D and product development.

“We aim to more than triple the number of maritime tech start-ups supported under the PIER71 funding programme, from 30 to 100 by 2025,” said Minister Chee.

“The start-up ecosystem is gaining momentum with wider industry support. Recently, SEEDS Capital partnered venture development firms to co-invest up to $50 million into maritime technology start-ups.”

“Our goal is to be the top maritime start-up hub in the world, the Silicon Valley for maritime technology.”

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Rob O'Dwyer

Rob is Chief Network Officer and one of the founders of Smart Maritime Network. He also serves as Chairman of the Smart Maritime Council. Rob has worked in the maritime technology sector since 2005, managing editorial for a range of leading publications in the transport and logistics sector. Get in touch by email by clicking here, or on LinkedIn by clicking here.

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