Why this Nasdaq-listed Company Wants to Strengthen the Singaporean Startup Ecosystem The company is looking to create up to 20 deep tech ventures in Singapore over the next five years
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Nasdaq-listed Aptorum Group has inked a deal of US$90 million with Accelerate Technologies to co-create deep tech startups in the healthcare and life sciences sectors. The agreement comes as a latest move in the venture co-creation to strengthen the startup ecosystem in Singapore.
Deep Tech – a New Fad
Both the companies are looking at creating up to 20 deep tech ventures in Singapore over the next five years, says the company in its statement to the press. These enterprises will leverage technologies co-developed by A*STAR research institutes and Aptorum Group. As part of this agreement, the parties involved will also support the startups' growth through actively nurturing the entrepreneurs. This will be done by connecting them to the relevant market partners and clients, using Aptorum Group's worldwide network.
The key focus area in this initiative would be the healthcare and life sciences sectors. One of the areas both parties are looking into is the translation of A*STAR's capabilities in medical image analytics and augmented reality, into real-time 2D and 3D magnetic resonance imaging (MRI) surgical imaging solutions for applications in the field of surgical robotics. This solution is expected to empower healthcare providers in Singapore, the region, and globally with more accurate imaging of their patients.
"This agreement is testament to the vibrancy of Singapore's biotech ecosystem, as well as the private sector's confidence in A*STAR's capabilities in deep tech and biomedical research," says Philip Lim, CEO of Accelerate.
"Aptorum Group's focus on creating value in diagnostics, surgical robotics and therapeutics through technological innovation makes them an ideal partner for us. We look forward to co-creating local startups that will push the boundaries of healthcare innovation and strengthen Singapore's future economy," he adds.
Aptorum Group and Aeneas Capital will also be launching an up to $200 million healthcare and life science strategic investment fund. This fund could be used to invest in the local biotech ecosystem and bring about greater vibrancy to the Singapore economy. Aptorum Group and Aeneas Capital will also make acquisitions in identified technologies and businesses globally.
Elaborating more about the partnership, founder and CEO of Aptorum Group,Ian Huen says, "Aptorum's vision is to advance the quality of human life and patient care by facilitating the development of medical and life science innovations. Our collaboration with Accelerate venture co-creation partner is very exciting, allowing us to access and develop the excellent expertise and technological ecosystems in Singapore through a strong partner such as A*STAR and to strengthen the links between research, innovation and enterprise."
The pharmaceutical company believes that the partnership will undoubtedly yield a number of strong venture businesses that will eventually be recognised worldwide and further catapult Singapore as a core global player for technological advancements and commercialisation hub.