Singapore-based private investment company Marvelstone Group has signed a Memorandum of Understanding (MoU) with A*ccelerate, the commercialisation arm of the Agency for Science, Technology and Research (A*STAR) in Singapore to incubate artificial intelligence (AI) startups in the country, the two companies announced on Monday in a press release.
A*ccelerate is a rebranded commercialisation unit of A*STAR, and has raised over US$61 million from investors like Marvelstone and others for its “venture co-creation (VCC)” vision, according to the Business Times. The program will double down on commercialising artificial intelligence and other technologies.
A*STAR is Singapore’s main agency for fostering scientific research and talent. The two parties will work on “developing a global AI Hub” that will function as a “community for innovative companies, including startups, in the AI business”.
The hub will look at goals like “creating AI companies with applications in industries such as fintech, healthcare, manufacturing, and transport”.
Joel Ko, President of Marvelstone Group, said in a statement that “a key mandate behind this partnership” was to choose Singapore as a venue for “high-growth AI companies from abroad to establish an office for expansion into the region.”
Editor: Ben Jiang