Marvelstone Group to launch AI hub in Singapore, will incubate 100 startups per year
Marvelstone Group said that this will be the first out of four planned locations in Japan, Scotland, and Canada
Private investment firm Marvelstone Group announced today that it plans to launch an artificial intelligence (AI) hub in the central business district of Singapore in 2018.
Claiming to be the world’s largest, the hub will the first out of four planned locations in Japan, UK (Scotland), and Canada.
The planned hub will incubate 100 AI startups per year, generate intellectual property (IP), educate 1,000 participants per year, invest in ideas, and host events.
In a press statement, Marvelstone Group stated that many ideas in the field of AI in Singapore are still research-focused, and in need of an incubator such as the group to be able to bridge the gap to commercialise them for future deployment by government and corporates.
They explained that MNCs and institutions will be able access startups to work with through the hub, while startups will be able to commercialise their products in a “more systematic and organised manner” and “easily ‘plug-and-play'” into the corporate segment.
Also Read: Meet the VC: Marvelstone CEO Joel Ko on why every founder should experience failure
The hub will co-build products alongside the startups, help them commercialise it, and identify market fit.
“There is a clear need for a big playground for startups, entrepreneurs, and even corporates in the field of AI. Considering the high interest and demand for AI globally, there are still relatively few places to test these new technologies. Our goal will be to build 100 AI startups per year and attract global AI talent to come to Singapore to incubate their own applications and collaborate with our local teams. We’re extremely excited about this vision and believe AI will represent an unparalleled theatre of growth of the future,” said Marvelstone Group President Joel Ko Hyun Sik.
In an opinion piece published on e27, he had named lack of talent as one the challenges faced by AI industry in Singapore. He also noted that many AI startups in the country offer “AI-as-a-service” model and that fintech companies are high adopters of AI services.
The Marvelstone Group itself invests in technology, real estate, hospitality, trading, and media with a focus on emerging markets in the Asian region.
It has launched Singapore-based fintech hub LATTICE80 in November 2016. The hub has fostered partnerships with Japanese fintech hub FINOLAB, independent Nordic executive network for the finance industry Nordic Finance Innovation (NFI), and the Andhra Pradesh state government in India.
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