SGInnovate to renovate BASH at Block 79, invest in 20 startups next year

SGInnovate to renovate BASH at Block 79, invest in 20 startups next year

By: 
Trinity Chua
29/11/17, 05:45 pm

SINGAPORE (Nov 29): SGInnovate, the successor to Infocomm Investments, says it would be renovating the 25,000 sf co-working space BASH at Block 79 to be more aligned with its three new focus areas.

SGInnovate, which started in 2016, says it would intensify its focus on artificial intelligence (AI), blockchain, and medical technology — areas identified by the government-backed private enterprise to have a major impact on most industries.

There will be more private rooms in the new BASH as some AI-based startups may be dealing with confidential data.

“We will also triple our training spaces as we want to offer education at scale [with our partners],” says Steve Leonard, SGInnovate’s founding CEO.

SGInnovate’s partners include NVIDIA, IBM, GIC and General Assembly.

BASH will reopen in the first quarter next year.

Some of the startups currently located at BASH may not return to the co-working facility next year.

“We don’t have pre-conditions to who is coming back, but we want to be transparent that not everybody will be the right fit for that space in the future,” says Leonard.

The space aims to host startups that are working on things aligned with SGInnovate’s three focus areas.

Leonard estimates that BASH can house more than 200 entrepreneurs.

SGInnovate will also make direct investments in at least 20 deep-tech startups in pre-seed, seed, and Series A stages. It made 15 such investments this year in Singapore-based startups.

SGInnovate also told The Edge Singapore that it provided pre-seed funding to 11 companies that are built out of Entrepreneur First, a UK-headquartered company builder.

SGInnovate will also co-invest in deep-tech startups alongside venture capital firms such as Jungle Ventures and Wavemaker Partners.

It will also run learning programmes in AI-related areas and data analytics, aiming to have 1,500 people taking part in these programmes over the next two years.

Can IBM remake itself with hybrid cloud play Red Hat?

SINGAPORE (Nov 19): Legendary corporate icons can plunge from their exalted status to irrelevance in little or no time. The unfolding saga of General Electric, the world’s largest company by market capitalisation until Microsoft overtook it at the start of the tech boom in 1999, is a case in point. GE, which has been slowly shedding assets since the global financial crisis in 2008, has seen its downward slide escalate over the past two years. Its once lofty stock has plunged 77% from its recent July 2016 peak, and is down 87% from its July 2000 all-time high when it ....
Read More >>

Malaysia reopens submarine probe, questions former PM Najib

KUALA LUMPUR (Nov 20): Malaysian anti-graft authorities have reopened investigations into a contentious submarine deal 16 years ago involving former prime minister Najib Razak, the latest corruption probe facing the embattled Najib. Since losing a May election, Najib has been charged with multiple criminal offences and has been subject to corruption investigations, some linked to a multi-billion dollar scandal at state fund 1Malaysia Development Berhad (1MDB). Najib has pleaded not guilty to all charges. Investigators with the Malaysian Anti Corruption Commission (MACC) are now also l....
Read More >>

Noble comes under investigation for potential accounting & regulatory breaches

SINGAPORE (Nov 20): Singapore authorities are launching an investigation into beleaguered commodities trader Noble Group and its wholly-owned subsidiary, Noble Resources, amid the group’s controversial debt restructuring exercise. According to a joint statement issued on Tuesday by the Singapore Police Force (SPF), Commercial Affairs Department (CAD), Monetary Authority of Singapore (MAS) and Accounting and Corporate Regulatory Authority (ACRA), Noble is suspected of making “false and misleading statements” as well as breaches of disclosure requirements under the Securities and Future....
Read More >>