Quantum computing and Web3 and decentralised finance are two key areas SGInnovate is focussing as Singapore pushes harder and deeper into solving some of the world’s hardest problems so as to better human lives.

Cell and gene therapy, food technologies and hydrogen fuel are the other three focus areas for SGInnovate in the next five to 10 years, said its CEO Dr Lim Jui.

Set up in 2016 to catalyse deep tech startups, the Singapore organisation has invested over S$50 million in more than 80 deep tech startups in artificial intelligence, medical technology, quantum computing and other areas.

In a Q&A with transformlife.sg, Dr Lim highlights SGInnovate’s investment strategy and the trend in the commercialisation of innovations and intellectual property.

Q: Globally, corporations and people are excited by innovations in climate change and sustainability, alternate sources of food and gene editing. Is Singapore seeing the same trend?

A : As it turns out, Singapore has been prescient in research funding allocation. Long before Prime Minister Lee Hsien Loong’s seminal call-to-arms to act on climate change and rising sea levels, Singapore invested in the creation of the Earth Observatory of Singapore (EOS), the Energy Research Institute at NTU (ERI@N), and the Energy Studies Institute (ESI) at NUS. Similarly, our investment into quantum technology, through the Centre for Quantum Technologies (CQT) at NUS, predates the current interest around this subject matter. I expect funding in these areas to remain strong.

Meanwhile, various organisations like Temasek have also set out clear, publicly disclosed targets for decarbonisation within their entire portfolio, and have even established an investment platform company dedicated to that cause on a global scale.

Q: What are some of the emerging deep tech sectors?

A : Insofar as SGInnovate is concerned, we believe the following emerging technologies will be of strategic and financial interest in the next five to 10 years:

a. Cell and Gene Therapy: this has been presaged by the development of mRNA vaccines and such gene editing technologies as CRISPR Cas-9.  There is a growing pipeline of such therapeutics undergoing regulatory approval, and we expect this trend to continue.

b. Derivative applications of quantum technology, such as cybersecurity or applications that aid in the transition to a quantum future. Our investments in Horizon Quantum Computing, Spectral, and Atomionics reflect this thesis.

c. Food technologies like precision fermentation, meat alternatives or analogues, and protein sweeteners, to both reduce CO2 burden and improve health, or those in aid of high-density urban vertical farming, to name but a few. Archisen and Amai Proteins are examples of our portfolio companies in this field.

d. Hydrogen fuel cell as well as nuclear technologies and infrastructure as additional sources of energy. SunGreenH2, a recent addition to SGInnovate’s portfolio, looks specifically at improving the performance of hydrogen electrolysers to increase the accessibility of green hydrogen.

e. Web 3.0 and decentralised finance put the power of data and sharing back into the hands of the individual – moving from trust in institutions to trust in technologies. Our portfolio counts companies in the custodial space, such as Stakewithus, Domani and Propine as part of this shift.

Q: How has evolution of the deep tech sector influenced SGInnovate’s strategic direction?

A : With the flow of private venture capital into digital technologies currently thriving, our investment focus has pivoted towards other areas where our capital and support could possibly make a more distinct difference, particularly in emerging areas within deep tech. Our strategic approach remains closely aligned with the domains outlined in Singapore’s Research, Innovation and Enterprise 2025 masterplan, which sees us working with many of Singapore’s emerging tech startups to help them scale.

Q: A senior civil servant once said, “If you don’t get a PhD in science, you will remain a bottle washer all your life”. For deep tech, Singapore needs many PhDs. Does Singapore suffer a shortage in deep tech researchers and scientists?

Dr Jui Lim (left) with guests at SGInnovate’s Investors’ Night held on 29 June 2022

A : Singapore has a steady number of PhD graduates across a range of fields. However, as market needs shift, the natural ebb and flow with regard to the supply and demand for science PhDs in specific areas can be challenging to predict. Where we do see a greater demand for PhD holders among deep tech companies, are in domains such as artificial intelligence, big data, cybersecurity, quantum technologies and therapeutics development.

While a STEM PhD remains necessary for roles that are directly involved in the research and development of emerging technologies, the interdisciplinary nature of deep tech sees an increasing variety of individuals with diverse skill sets collaborate and tackle these big challenges. AI is a good example of this, drawing on our understanding of psychology and linguistics, beyond mere clever coding. As more deep tech companies grow and scale, a good breadth of opportunities for talent at varying levels of expertise will open up over time.

SGInnovate works closely with many of Singapore’s startups to address their talent gaps at various levels through our programmes such as Summation, the Infinity Series and Powerx.

Q: Are researchers and technologists more amenable to commercialising their innovations and intellectual property they have developed?

A : There has been a shift in this area, manifested by both the number of startups spun out from our universities, and the broader uptick in licensing activity. To sustain this momentum, it’s important to build a supportive culture and ecosystem that is fertile for entrepreneurship, one that provides the resources and incentives to encourage more scientists and innovators to commercialise their work.

The increased support has and will continue to shed light on the various paths available to our researchers, including those beyond academia. There is greater awareness and appetite for commercialisation today, and we should keep our foot firmly on that pedal. This is something that we recognise at SGInnovate, and we are committed to our triple helix approach of investments, talent development and community building to support these young deep tech companies in a holistic manner.