Temasek and Kuehne + Nagel to jointly invest in early-stage logistics startups
The joint venture will focus on areas such as big data and predictive analytics, artificial intelligence, blockchain and robotics
Singapore government-backed investment entity Temasek and global logistics company Kuehne + Nagel have partnered up in a joint venture to invest in early-stage logistics and supply chain startups.
It will focus on companies building technologies such as big data and predictive analytics, artificial intelligence, blockchain and robotics. The goal is to transform the traditional logistics industry globally and make it more efficient.
“This joint venture will be able to accelerate the transformation of the logistics industry. The cooperation combines Temasek’s focused and long-term oriented investment strategy and expertise, with Kuehne + Nagel’s global logistics network and know-how, creating a win-win situation for all parties,” said Dr Joerg Wolle, Chairman Kuehne + Nagel International AG, in an joint press statement.
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According to a report by the Allied Market Research, the global logistics market is set to hit US$12.256 billion by 2022, with APAC dominating in terms of revenue.
In Singapore, the government has laid out an Industry Transformation Map (ITM), which aims to position the country as a globally leading logistics hub; it wants the logistics sector to bring in S$8 billion (US$6.27 billion) in revenue and create 2,000 Professional, Managerial, Executive & Technical (PMET) jobs in the country.
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