The deep-tech sector flourished in Singapore in 2023, although funding squeeze continues to be felt.
SINGAPORE – Singapore was the top start-up investment destination in South-east Asia in 2023 despite a downturn in funding, noted a new report.
This marked a recovery from a 38.9 per cent drop in 2022, although deal value fell 18.4 per cent to US$1.53 billion in 2023. The report also noted that deep-tech start-ups here are integrating artificial intelligence and machine learning, which marks a shift in how these firms approach research and development and cost management.
Mr Aditya Mathur, managing director of venture capital firm Elev8.vc, highlighted at a panel discussion on April 3 that Singapore’s deep-tech ecosystem has expanded rapidly since 2019.
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