Besides Marvelstone Group, A*ccelerate also signed six other MoUs to forge a variety of partnerships that will improve the country’s facilitation for startups

Singapore-based private investment company Marvelstone Group has announced today the signing of Memorandum of Understanding (MOU) with A*ccelerate, which is the commercialisation arm of the Agency for Science, Technology, and Research (A*STAR), Singapore-owned agency for fostering scientific research and talent.

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The main purpose of the collaboration is to develop a global AI Hub as a community for innovative companies, including startups, in the AI business.

Both parties will work together to improve access to talent by facilitating training and AI education, technology, financing, partnership, and networks for AI industry with the goal of accelerating growth. The immediate task following the signing is creating AI companies that would be applied in industries such as fintech, healthcare, manufacturing, and transport.

“The key mandate behind this partnership is to promote Singapore as a choice venue for AI companies from abroad to establish an office for expansion into the region. We commit to establishing a co-innovation platform to generate and validate ideas for AI solutions,” said Joel KO, President of Marvelstone Group, who’s also behind LATTICE80.

Besides signing MoU with Marvelstone Group, A*ccelerate also signed six other MoUs to mark partnershios with other investors such as Startup-O, Hafnium Hafaway, Trendlines, Origgin, JSC Venture Lab, and Dymon Asia Ventures, to raise SGD 85 million (US$62 million) that will become a part of its venture co-creation initiative, as reported by Deal Street Asia.

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Formerly known as ETPL, A*ccelerate is the commercialization arm of the Agency for Science, Technology and Research (A*STAR). It has over 1,200 patent families as a result of A*STAR research, and has helped over 1000 local companies secure licenses through the connection between research, innovation and enterprise.

As one of the early adopters of AI, Singapore’s government committed to training 10,000 workers in AI-related skills and commit about US$19 billion to transform the country into a global research and development hub.
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Image Credit: Marvelstone

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