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.