Singtel Innov8 launches Singapore cybersecurity incubator
Singtel Innov8, the venture arm of Singapore telecom giant SingTel has teamed up with NUS Enterprise, a start-up program under National University of Singapore, to launch a cybersecurity incubator.
The incubator, known as Innovation Cyber Security Ecosystem at Block 71 (ICE71) will focus on new technology development and company support, including the provision of funding, workspace, and access to networking events and relevant technical resources domain experts. It will offer an acceleration program for early-stage start-ups as well as a growth program for companies ready for regional expansion.
“We have a vibrant community comprising some of the country’s top cybersecurity expertise at the National Cybersecurity R&D Laboratory, the Singapore Cybersecurity Consortium, and the NUS-Singtel Cyber Security Research and Development Laboratory,” Lily Chan, CEO of NUS Enterprise, said in a statement. “We are pleased that ICE71 will be part of this thriving network.”
It follows Singtel’s establishment of a dedicated cyber security school known as the Cyber Security Institute (CSI) in 2016, including a 10,000-square-foot training facility. CSI was said to be the first institute of its kind in Asia Pacific, building on a $120 million government commitment to support info-communications training with an emphasis on cybersecurity.
ICE71 is also expected to leverage NUS Enterprise’s Lean LaunchPad Singapore program, which aims to help research scientists and engineers turn their inventions into commercially viable products and feasible business ventures. Lean LaunchPad received a $6 million funding commitment from the National Research Foundation Singapore (NRF) last year as part of a five-year growth plan.
Singapore has taken a leadership position in fostering Asia’s broader cybersecurity space, which is considered underdeveloped by global standards. Recent investment by SingTel Innov8 includes participation in a $20 million Series D round for US and Singapore-based cybersecurity company CounterTack. Last year, NRF committed about $12 million to new cybersecurity projects as part of the National Cybersecurity Research & Development Program.
More on Southeast Asia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.