Singapore logistics group launches VC arm with $14.6m fund

According to a statement, the unit known as PSA Unboxed will use the capital to operate an incubator program for technology-enabled start-ups in the sector. Targeted companies will develop technology for container and cargo handling systems in fields such as internet-of-things, cloud computing, data analytics, artificial intelligence, robotics and automation.

Start-ups will receive up to S$50,000 in seed funding initially and be provided support facilities at a PSA terminal in Singapore. This service will include mentorship with industry veterans and access to a live port environment where project ideas can be developed and tested.

"Being one of the world's largest port operators gives PSA the unique platform to instigate and support game-changers in our industry," said Tan Chong Meng, group CEO of PSA. "Through PSA Unboxed, we want to encourage creative ideas that can improve and revamp logtech [logistics technology], increase port productivity and enhance the integration, security and performance across the constituents of global supply chain logistics."

PSA is considered one of the leading global port groups with about 40 terminals in 16 countries across Asia, Europe and the Americas. It recorded a 6.7% decline in revenue during 2015 to S$3.6 billion. Profit fell 9.2% to S$1.3 billion during the year, with the company citing depressed international trade related to geopolitical tensions and increasingly protectionistic government policies.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Southeast Asia
• Infrastructure
• Fundraising
• Technology
• Singapore
• Logistics
• shipping
• seed