Singtel announced its plan to invest an addition $100 million into Singtel Innov8, its venture capital arm, raising its commitment to $350 million.
Innov8 invests in start-ups that align with Singtel Group businesses in the areas of 5G, Artificial Intelligence, the digital economy, sustainability, cyber security and emerging technologies. Innov8 will expand its investments in Southeast Asia, United States, China, Israel and Australia.
“This capital infusion is meant for identifying and growing innovative start-ups with new technologies and capabilities,” said Yuen Kuan Moon, Group Chief Executive Officer of Singtel and Chairman of Singtel Innov8.
Innov8 has invested in over 95 start-ups since its inception in 2010 and has had over 35 exits. Four of the exits were unicorns – Arista, Ruckus, Jasper, and Shape – start-ups that achieved a valuation in excess of $1 billion.
Innov8’s portfolio also includes a number of companies that have demonstrated scale – BitSight, Carro, Cato, FinAccel, SenseTime, Shopback, and Sygnum amongst others.
Some of Innov8’s recent investments in notable high growth start-ups include Endowus, a wealth-tech platform, and Wiz.ai, which offers interactive AI-driven talk bots that have a human-like voice and can converse in Southeast Asian languages in the respective local accents.