At an event in Tel Aviv, the Singapore Economic Development Board (EDB) and crowdfunding platform OurCrowd brought dozens of Israeli startups together with representatives of major companies from Singapore. The Singapore delegation came to Israel in the context of a partnership between EDB and OurCrowd aimed at promoting R&D and innovation collaborations between Israeli startups and large companies in Singapore.
The Singapore delegation consisted of delegates from six large Singapore-based companies: Flex, HP Inc, Meiban, SingHealth, ST Engineering, and UOB (United Overseas Bank). Over the two days of the event, more than 40 Israeli startups participated, most of them from OurCrowd's portfolio. They explored investment and collaboration opportunities with the companies from Singapore in health and med-tech, precision engineering, sustainability, and other fields. Among the startups that participated were DreamMed, OncoHost, 3D Signals, Genopore, Largix, Hailo, and D-ID.
The event was part of EDB’s efforts under the Global Innovation Alliance (GIA), which is an initiative by the Singapore Government to catalyse cross-border partnerships between Singapore and major innovation hubs globally. EDB and Enterprise Singapore jointly oversee GIA’s activities, which seek to connect Singapore-based enterprises with overseas partners for R&D and innovation collaborations. EDB focuses on large Singapore-based corporates while Enterprise Singapore focuses on helping Singaporean Small Medium Enterprises and startups to connect with innovation hubs overseas.
Yakir Machluf, recently appointed Head of Business Development at OurCrowd, said, "The arrival of the delegation is welcome news for the Israeli high tech industry, as it opens doors to one of the strongest and most influential economies in Asia. The large Singapore-based corporates are always looking for new pathways to innovation and creativity, and the Israeli startups demonstrated admirable abilities in all sectors of technology and verticals. I have no doubt that the meetings that took place will lead to concrete and promising collaborations in the near future."
Lily Phua, Vice President, Innovation Economy, EDB said, "EDB is pleased to partner with OurCrowd to organize this series of events in Israel, which provides large Singapore-based corporates the opportunity to meet with Israeli startups to discuss innovation collaborations to suit their business needs. This is part of EDB’s efforts to enhance our large companies’ capacity to create new products and businesses out of Singapore. These companies will be able to leverage OurCrowd’s extensive networks and deep understanding of technology capabilities in the Israeli startup ecosystem, which will further strengthen innovation ties between the two countries."
OurCrowd has over 200,000 registered members from 195 countries. Since it was founded by CEO Jon Medved in 2013, it has received over $1.9 billion in commitments, and deployed capital into more than 347 portfolio companies and 39 funds across five continents. To date, OurCrowd’s startups have recorded 59 exits.
Published by Globes, Israel business news - en.globes.co.il - on July 27, 2022.
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