Singapore space tech and deep tech ecosystem
The regional ecosystem is positioned for rapid growth, and this week we’re doing a brief overview of what makes the country a great choice for space tech founders and investors.
The Space Ambition team has been invited to attend the Global Space and Technology Convention (GSTC) in Singapore this February. GSTC is Asia’s premier thought-leadership event wholly organized by the Singapore Space and Technology Singapore (SSTL) annually. GSTC was launched to stimulate the growth of the space industry in the region and to position Singapore as a global space hub. This year, GSTC celebrates its 15th edition, marked by significant announcements that accelerate space experimentation, exploration, and economic expansion.
Along with 12 heads of space agencies from around the world and other executives, we're excited to attend this flagship industry event and gain insights into the country's thriving space tech and deep tech ecosystem. The regional ecosystem is positioned for rapid growth, and this week we’re doing a brief overview of what makes the country a great choice for space tech founders and investors. Let’s dig in!
Singapore's tax policies, straightforward company incorporation process, merit-based culture, and government's support for the deep tech ecosystem make it a popular destination for talent and entrepreneurs from around the world. Its strategic location also provides access to fast-growing economies in the region. Founders are encouraged to think globally, as building a successful company in the region often requires quick expansion to western markets.
Singapore success stories
Despite a small population of 5.4 million, Singapore boasts over 20 space tech startups. Here are a few examples of their diversity:
Gilmour Space Technologies, a space rocket company that develops low-cost hybrid launch vehicles, was founded in Singapore in 2012. It raised $132.3M to date. Later, the founder moved operations to his home country, Australia.
SpeQtral aims to secure global networks for the fast-approaching quantum revolution. The company builds satellites to issue quantum secret keys to different parts of the world, for example, Japan, Singapore, and Europe. Then these keys are used to set up secure communication channels. Total funding to date is $13.9M, including investment from Space Capital.
Bifrost generates diverse and realistic synthetic 3D data to help AI teams build robust computer vision models in the geospatial community. Its seed round was oversubscribed and was successfully closed in Mar 2021, with Sequoia as one of its investors. Bifrost completed a project with Maxar and NASA JPL, to create synthetic Martian terrain for the Mars Science Helicopter mission.
Zero Error Systems’ Latchup Detection And Protection (LDAP) chip protects electronics onboard satellites from radiation. It raised a Seed round of US$1.8M in October 2020 which was led by Airbus Ventures. The company has sales in Asia, Europe, and the US.
Singapore’s multi-faceted ground-up approach to Space
When looking at the GSTC’s agenda, diversity and competition are key to the future development of Singapore’s ecosystem. The growth is supported by many government agencies and institutions, as well as private organizations, whose purpose is to simplify R&D and fundraising for founders.
Well-regarded globally as the driving force behind Singapore’s innovative and commercial space scene is Singapore Space & Technology Ltd (SSTL), which plays a significant role in building the space ecosystem in the region. In addition to building connections and promoting space technologies to other industries, it is responsible for organizing GSTC for the last 15 years, running a space tech accelerator (41 companies across 18 countries on the programme, equity free), and several space training programs.
Office for Space Technology & Industry (OSTIn) oversees the space tech industry. The institution’s R&D budget is close to S$ 150M (USD 115M), and OSTIn mostly prioritizes space tech technologies with possible use cases in the country’s largest industrial sectors.
Other agencies and institutions that founders find useful include:
A*STAR: Agency for science, technology, and research. Leading R&D center in Singapore which is bridging the gaps between academia and industry. The list of scholarships is here and the list of collaborations programmes for SMEs is here.
Image: kk. nationsonline.org STAR: Satellite, technology, and research center of NUS - National University of Singapore
MPA: Maritime and port authority of Singapore investing in satellite technologies to improve search and rescue capabilities.
CRISP: Center for remote imaging, sensing, and processing. CRISP operates a satellite ground station to acquire data from remote sensing satellites and processes the archived data into standard or value-added products for distribution and research.
SiReNT: Singapore Satellite Positioning Reference Network is an initiative developed to support real-time high-precision Positioning, Navigation and Tracking (PNT) as well as Global Navigation Satellite System (GNSS) needs.
NAMIC: National Additive Manufacturing Innovation Cluster, check out their grants.
SaRC: Satellite Research Centre based at Nanyang Technological University widely regarded as the birthplace of Singapore's satellite program.
Private investors and business development support
Unsurprisingly, the two most popular topics for entrepreneurs are funding and business development. Singapore's investment scene includes government-supported funds, local and global VCs, and family offices. Having reviewed publicly available data, we have observed that equity funding flows from Singapore to international startups and vice versa.
The most prominent investor in Singapore is Temasek – a state-owned company that has $500B in assets under management which makes it one of the largest sovereign wealth funds in the world. Its deep tech arm is always on the lookout for ventures with a focus on sustainability and climate. If you’d like to learn more about the organization’s work, we recommend you read up on its sustainability initiatives. Enterprise Singapore is another name you should get familiar with. The organization collaborates with many businesses to drive innovation and help them go global. Check out their programs that are tailored to early-stage ventures. Singapore’s Defense Science and Technology Agency’s strategic investment arm, Cap Vista, focuses on defense and security companies. SG Innovate, a government-led initiative, partners with early-stage deep tech startups.
There are several Singapore-based VC funds focusing on Asia and Deep tech specifically. For example Wavemaker Partners, Ruvento, LionRock Capital, HH VC Investments, Axiom Asia Private Capital, Negocia Capital, Cocoon Capital, Vickers, Elev8, Spiral Ventures, Quest Ventures, Monk’s Hill Ventures, Golden Gate Ventures, among many others.
According to Crunchbase data, there are 34 international VC funds that have invested in nearly a dozen space tech companies in Singapore, marking growing interest from the international community. The international VCs that have invested in Singapore include iconic institutions, such as Techstars, 500 Global, Sequoia Capital, Space Capital, Lux, etc.
Space & Deep Tech accelerators and incubators in Singapore
As previously mentioned, Singapore is uniquely positioned because of its proximity to other Asian countries with fast-growing economies and strong economic bonds with western countries. Taken together, this makes Singapore a perfect place for accelerators and incubators:
SSTL operates an accelerator program and is currently raising a fund to invest in the accelerator’s alumni. (Apply) The combined valuation of the companies on the accelerator programme is close to US$850 million, with a CAGR of over 60 per cent. A testament of the quality of the startups, over 40 per cent of the portfolio already receives institutional investment.
Singapore Deep Tech Alliance is a prominent venture builder that focuses on deep tech, and the team has a wealth of experience. (Learn more)
Antler has backed dozens of early-stage ventures in Singapore and focuses on a wide range of industries, from fintech to deep tech. (Apply)
NUS Enterprise is part of the National University of Singapore responsible for advancing innovation and entrepreneurship. Check out their funding and start-up runway options.
NTUitive, the Innovation and Enterprise (I&E) Company of Nanyang Technological University, supports the commercialisation of research & fostering enterprises. You can find their initiatives here.
Bonus for our readers
If you are going to Singapore for GSTC in February please email alexandra@spaceambition.org to get an invite to invitation-only events.
If you want to keep yourself up-to-date with the Asian space tech ecosystem you can sign up for the Spacetech Asia portal.
Please comment or send us an email with your suggestion on which ecosystem we should delve into next.
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I’m surprised that such a tiny country has that developed SpaceTech sector:)
Great overview, but it kinda lacks some descriptions of the startups located or at least incorporated there. Would be happy to see it in the next edition of this review