Singtel to invest $100 million in technology startups

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Singtel to invest $100 million in technology startups
Singtel to invest $100 million in technology startups

The corporate arm invests in technology startups that align with the Singtel Group businesses in the areas of 5G, Artificial Intelligence, the digital economy, sustainability, cyber security, and emerging technologies

To invest in technology startups, Singtel, on Tuesday, said it will invest an additional $100 million into its corporate venture arm, Singtel Innov8, raising its total capital commitment to $350 million.

Innov8, with the capital injection, will further expand its portfolio of investments in Southeast Asia, the United States, China, Israel, and Australia, as per an official statement.

The corporate arm invests in technology startups that align with the Singtel Group businesses in the areas of 5G, Artificial Intelligence, the digital economy, sustainability, cyber security, and emerging technologies.

“This capital infusion is meant for identifying and growing innovative start-ups with new technologies and capabilities that are synergistic and in lockstep with Singtel’s strategic reset to drive greater improvements in our core operations, accelerate our new growth engines, and place us at the forefront of new and fast-evolving areas,” said Yuen Kuan Moon, Group Chief Executive Officer of Singtel and Chairman of Singtel Innov8.

“This additional funding and our proven approach will help drive further investment deal flow and greater collaboration with the start-up ecosystem, unlocking more value for both the Group and our portfolio companies,” added Edgar Hardless, Chief Executive Officer, Singtel Innov8.

The statement added that Innov8, since its inception in 2010, Innov8 has invested in over 95 start-ups and has had over 35 exits. Four of the exits were unicorns – Arista, Ruckus, Jasper, and Shape – start-ups that achieved a valuation in excess of $1 billion.

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