Nanyang Technological University (NTU) and major venture capital firm Walden International have kick-started a $50 million fund to support deep-tech start-ups making the leap from the laboratory to the market.
The Nanyang Frontier Fund will be allocated to NTU projects in the deep-tech space, including those in artificial intelligence (AI), robotics and high-end engineering.
Walden International chairman Tan Lip-Bu and his associates have invested $5 million to launch the fund, with NTU allocating another $5 million, said the university in an announcement on Nov 4.
Investors are invited to contribute to the fund. NTU did not give an estimate date for when the $50 million goal would be achieved.
Start-ups often struggle to commercialise due to insufficient funding, especially given the long duration for research and the risk associated with deep-tech projects, said Professor Louis Phee, NTU vice-president of innovation and entrepreneurship, in his opening address at the launch event at NTU on Nov 4.
"Many of the deep-tech innovations developed at NTU require extensive research and development, and long development cycles before they are ready to scale and succeed in the marketplace," he said.
This story is from the November 05, 2024 edition of The Straits Times.
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This story is from the November 05, 2024 edition of The Straits Times.
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