It also launched a new incubator space called Innosparks
ST Engineering, a defence and engineering firm, announced yesterday it has launched a US$150 million venture capital arm to “scout for and invest in promising technology start-ups” in sectors that fit the company’s profile.
As a defence firm, this includes robotics, autonomous technology, data analytics and cybersecurity.
The venture arm, named ST Engineering Ventures Pte. Ltd., will set up scouting offices in Singapore, Israel and the US, but will look for companies from anywhere in Asia, North America and the Middle East.
Furthermore, the company is opening an incubator called the Innosparks — which it calls an Open Lab in part because of the access it provides access to advanced equipment and an engineering team.
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The lab has multiple facilities, listed below:
- Mechanical & Control Lab
- Electronics & Electrical Lab
- Material & Chemical Lab
- Software Lab and Design Lab
- A full suite of prototyping and development equipment
To give an idea, ST Engineering builds products for soldiers of the future, defence systems and even has an unmanned weapons system.
Vincent Chong, the President & CEO of ST Engineering, said the move presents an opportunity to move beyond the traditional approach to R&D.
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“We are not looking for one-hit wonders but breakthrough innovations that will either strengthen our current portfolio of businesses or generate new lines of businesses,” he said.
“This requires astute technology investments and partnerships, a pervasive culture of innovation and an environment where our engineers can brainstorm freely outside of business and operational constraints to develop new ideas and solutions.”
ST Engineering has a presence across the world and employs about 22,000 people. It generated US$6.68 billion in revenue in 2016 and is one of the largest companies listed on the SGX.
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Source: e27