SG Digest: ICT Fund invests in SixScape; Maritime-tech accelerator launch this year - DealStreetAsia
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ICT Fund has completed a Series A investment in Singapore-based cryptography startup, Sixscape, while Eastern Pacific Shipping (EPS) and Techstars are launching a maritime-tech accelerator in Singapore.

Singapore’s ICT Fund completes Series A investment in Sixscape

ICT Fund has completed a Series A investment in Singapore-based cryptography startup, Sixscape.

According to the ICT Fund, the Singapore-based venture capital firm has invested a total of $2.4 million (S$3.25 million) in Sixscape across its seed to Series A rounds. ICT declined to specify how much it invested in its Series A round alone.

Founded in 2014, Sixscape specialises in secure communication solutions including authentication solutions for the Internet and apps. According to a Business Times report, Sixscape began commercialising its product towards end-2018. The company has four clients in the Middle East and a partnership with GlobalSign, an internet security firm from Belgium.

ICT Fund last closed its $35-million ICT Fund I in 2015, and has invested in companies such as Deskera, Latize, Six Scape, Taiger and Vi Dimensions. In December, ICT Fund’s managing partner, Brijesh Pande, confirmed that the VC firm is launching a $100-million second fund in 2019.

ICT Fund’s general partners include Tembusu Partners and Pepri Ventures. Singapore’s National Research Foundation is also one of its limited partners.

Singapore-based maritime-tech accelerator to launch in 2019, said to be world’s first

Eastern Pacific Shipping (EPS) and Techstars are launching a maritime-tech accelerator in what is considered a world first for the industry. The accelerator will be held in Singapore and will begin accepting applications in April.

According to a statement, 10 companies will be selected to participate in a three-month intensive programme involving R&D, mentorship and collaboration of their ideas. The accelerator will culminate in a final demo day in February 2020 where startups pitch their ideas to potential investors.

The statement adds that entrepreneurs focusing on technologies related to regulations, fuel efficiency, vessel operations, digitalisation, navigation are encouraged to apply.

Gil Ofer, Business Development Manager of EPS said: “The merchant maritime industry is one of the oldest in the world, yet advancements in the business come slowly, lagging behind the latest technological trends that other mature industries readily adopt. Eastern Pacific Shipping aims to address this long-standing issue by partnering with Techstars to launch the world’s first global MaritimeTech accelerator to cultivate and mentor the next generation of entrepreneurs in an industry that is ripe for disruption.”

Eastern Pacific Shipping is a global ship management company, while Techstars is a global entrepreneur network.

(Excerpt) Read more Here | 2019-02-07 09:33:11

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