More venture capital groups boost funding for Singapore’s maritime tech startups

Photo by Hu Chen

The Maritime and Port Authority of Singapore and NUS Enterprise have launched the Smart Port Challenge (SPC) 2021 under Port Innovation Ecosystem Reimagined @ BLOCK71 or Pier71, designed to enable maritime technology start-ups to tap on S$30 million of potential funding.

Joining PIER71’s network of venture capital partners this year are IMC Ventures, Motion Ventures and MOL PLUS. 

Seventeen innovation opportunities have been co-created with 21 maritime corporates in the areas of smart port; smart ship; crew safety, training and wellbeing; smart maritime services and logistics; and green technology for SPC 2021. 

Technology start-ups are invited to submit proposals for consideration. Shortlisted start-ups will gain access to PIER71 Accelerate, a six-week market validation and customer discovery programme; PIER71’s global network of partners; mentoring; and workshops and masterclasses.

They will also have the opportunity to win top three cash prizes of S$10,000, S$5,000 and S$3,000 respectively; as well as continued entrepreneurial and technical support beyond SPC. Finalists are also eligible to apply for MPA’s MINT-STARTUP grant of up to S$50,000 to pilot their projects.

“While Maritime Singapore has remained resilient during the pandemic, we should ride on this momentum to build even stronger capabilities and position ourselves to grow further and be ready for the future,” said Chee Hong Tat, senior minister of state at Singapore’s Ministry of Transport. “Innovation in the area of maritime technology will be key.”

NUS deputy president Professor Freddy Boey said that in the coming months, the PIER71 programme will be further enhanced with activities in the areas of technology commercialisation, internationalisation and talent development.