Singapore brings technological innovation abroad through its Open Innovation Platform, as it enables three homegrown tech-solution providers to expand internationally.
Singapore’s Infocomm Media Development Authority (IMDA)’s Open Innovation Platform (OIP) has sanctioned three of the nation’s leading tech innovators, Groundup.ai, Nexus FrontierTech, and Sigma Sustainability Institute, to upscale their companies for global digital transformation.
In recognition of the three startups’ capabilities to provide tech solutions, they corresponded with multinational corporations to explore the potential of their emerging technologies.
OIP’s virtual crowdsourcing enables an innovation ecosystem through facilitating and commercialising technology advancements. The platform has already assisted over 300 “problem statements,” with up to SG$8.5 million of prize money reserved to accelerate niche innovative products and solutions.
Groundup.ai’s proprietary Internet of Things (IoT) sound sensors and Artificial Intelligence (AI) platform provide industrial companies with time management and wastage solutions, enabling substantial cost savings.
The high accuracy of the behavioural analysis and insights generated by their AI algorithms validated the company’s scope to secure two major projects with SingEx (renamed Consteller) and another with a global manufacturer. Their AI analytics’ effectiveness has designed solutions for manufacturers to save costs by around 10% by reducing futile inventory holdings and warehouse costing and improving efficiency.
Another name in the field, Nexus FrontierTech, promises to accelerate workflows through AI and automated intensive processes.
Successfully partnering with financial, governmental, and other organisations, the AI startup enables systematic and functional use of data collection to streamline operations and optimise performance. Nexus has designed a prototype to cut time costs by half and increase accuracy to 97%. With their continued success and efforts, the enterprise has scaled to provide asset management firm Schroders with AI-powered processing capabilities that will be adopted by companies globally.
Sigma Sustainability Institute has extended their sustainable business model by offering consultations, project management and implementation, as well as training and education across key sectors.
The homegrown company yielded solutions to facilitate property development and employed an asset tagging system that improves operations and maintenance.
As Mr Hari Gunasingham, CEO, Sigma Sustainability Institute stated, “With the shortage of skilled manpower and the transition to super-low-energy buildings, we saw the need for a facility management solution that is smarter and can do more with less,” emphasising the significance of the startup’s goals of continuing their efforts to reimagine sustainable infrastructures.
OIP will be launching a new set of challenges for startups, SMEs, and technology providers in April 2022.