Marvelstone Group, a private investment company based in Singapore, has partnered with A*ccelerate to incubate artificial intelligence (AI) startups in Singapore. The partnership aims to collaborate on developing a global AI Hub as a community for innovative companies, including startups, in the AI business.
Areas of cooperation and collaboration will include creating AI companies with applications in industries such as fintech, healthcare, manufacturing, and transport. A*ccelerate is the rebranded entity formerly known as ETPL, the commercialisation arm of the Agency for Science, Technology and Research (A*STAR).
With this MoU, which was signed on Friday 9 November in Singapore, Marvelstone Group and A*ccelerate will work together with the goal of accelerating growth and the internationalisation of AI companies through improving access to talent, technology, financing, partnership, and networks.
Joel KO, President of Marvelstone Group, said: “Promoting Singapore as a choice venue for high-growth AI companies from abroad to establish an office for expansion into the region is a key mandate behind this partnership. I’m very excited to work together with A*ccelerate for the benefit of the AI community in Singapore and the region.”
“We will also work together to provide training and education in AI and related skills to equip the future workforce of Singapore with relevant skills for digital innovation. Finally, we commit to establishing a co-innovation platform to generate and validate ideas for AI solutions,” Mr KO added.
The global AI market is expected to be worth approximately US$7.35 billion in 2018, according to Statista. Singapore’s forward-thinking government is one of the early adopters of AI, which is a key factor in driving AI development and adoption in the country. Earlier this year, the government committed to training 10,000 workers in AI-related skills.