Singapore invests S$440 million to support deep-tech startups

Singapore is expanding its support for deep-tech startups with an additional S$440 million (US$332 million) investment into the Startup SG Equity scheme, which is a government-backed initiative designed to fuel private-sector investment in high-tech ventures. This funding boost was announced at the Singapore Week of Innovation and Technology (SWITCH) 2024 and is part of the country’s S$28 billion Research, Innovation and Enterprise (RIE) 2025 agenda.

The latest top-up brings the total government funding under Startup SG Equity to over S$1 billion, aimed at encouraging more venture capital involvement in Singapore-based startups with scalable technologies in fields like engineering and science. With this addition, the government has also increased the investment cap per startup from S$8 million to S$12 million, helping early to mid-stage deep-tech companies access critical funding to accelerate growth. The scheme, which launched in 2017 and is managed by Enterprise Singapore (EnterpriseSG) and the Singapore Economic Development Board (EDB), has supported over 330 startups through co-investment with private entities.

The investment comes at a time of global reduction in venture funding, with Singapore startups raising US$4 billion over nearly 370 deals in 2024. The government’s increased commitment to deep tech reflects a recognition that these sectors require more substantial and patient capital, as they often have longer paths to market compared to other technology businesses. To support this, funding under the scheme will now be extended to companies from seed through Series B and C stages.

In addition to boosting capital, Singapore is launching new programs to integrate its startups into the global ecosystem. In the first quarter of 2025, the government will debut StageOne, a platform designed to link local startups with international networks, fostering a collaborative environment where deep-tech companies can use Singapore as a launchpad for global expansion. StageOne will also feature a physical center offering specialized startup resources like mentorship programs, international market access and business development support.

Another major initiative, the Open Innovation Challenges (OICs), invites startups to co-create solutions for industry-specific needs. These challenges focus on sectors like artificial intelligence (AI) and sustainability, with participation from companies across diverse industries, including infrastructure and hospitality. EnterpriseSG has also bolstered the Global Innovation Alliance (GIA) by adding new hubs in Amsterdam and Eindhoven/ This will give Singaporean companies access to partnerships with prominent Dutch corporations like ASML and Shell, expanding their entry into the European market.

Also, Singapore recently launched a S$120 million AI for Science Grant, with funding allocated to strategic partnerships to strengthen AI capabilities in scientific research. EnterpriseSG has also secured partnerships with international and local venture builders to deepen support for tech entrepreneurs in Singapore’s ecosystem.