JOINT PRESS RELEASE
Singapore, 29 October 2024
NUS and NTU launch national platform to nurture startups from all autonomous universities and research institutes in Singapore
New $50M programme, National GRIP, to train up to 300 startup teams by 2028 and nurture more than 150 spin-offs by 2030
Deputy Prime Minister and Chairman of the National Research Foundation (NRF), Mr Heng Swee Keat, announced the National Graduate Research Innovation Programme (National GRIP) today. The programme, a collaboration between NRF, the National University of Singapore (NUS) and the Nanyang Technological University, Singapore (NTU, Singapore) will launch in January 2025, with a commitment of SGD $50 million in financial and in-kind support over five years.
2 National GRIP integrates two existing incubator programmes – NUS’s Graduate Research Innovation Programme 2.0 (NUS GRIP 2.0) and NTU’s Lean Launchpad (LLP2.0). Both programmes have together successfully incubated over 400 startup teams and close to 160 spin-offs since the respective programmes1 were launched. The new programme will be a comprehensive incubator programme designed to bridge the gap between scientific research and market application. It will support startup teams by helping them refine their initial ideas, validate market needs, and design robust business models through a structured programme framework.
3 With personalised mentorship from industry leaders and access to a network of experts, National GRIP aims to train up to 300 startup teams by 2028 and nurture more than 150 spin-offs by 2030, propelling innovative solutions from the lab to the global marketplace and enhancing Singapore's position as a leader in technological entrepreneurship.
4 The 12-month programme will accept aspiring founders, innovators and researchers from Singapore’s autonomous universities (AUs) and A*STAR research institutes (RIs). Participants will come together to form teams and draw on the distinctive strengths of their respective institutions, e.g. in research, design, business, engineering, for deep tech venture creation. Participants of National GRIP will be able to tap into the extensive pool of intellectual property across AUs and A*STAR RIs and can also join existing teams in NUS GRIP 2.0 and LLP2.0 to launch deep tech startups.
5 As a platform that aggregates a critical mass of deep tech startups, teams can be effectively matched with suitable investors and vice versa. National GRIP will deepen partnerships with deep tech venture capitalists (VCs) and venture builders, such as current NUS GRIP 2.0 strategic partners Legend Capital, SOSV Investments LLC and Vertex Holdings2, by involving them early in the programme to provide stronger commercial insights to the teams. These partners help to support startups by increasing their investment readiness and access to specialised markets and deepening their industry expertise. Additionally, there are plans to leverage VCs’ networks to attract experienced founders who can team up with the startup teams as co-founders, advisors or collaborators to accelerate the start-ups’ growth. To help startups scale and expand internationally, National GRIP will also act as a springboard for startups to go beyond local connections, leveraging the global network of NUS BLOCK713.
6 Associate Professor Benjamin Tee, Vice President (Ecosystem Building), NUS Enterprise said, “We are pleased to partner with NTU in launching the National GRIP initiative with the support of NRF. This initiative integrates the two leading programmes to further mature our deep tech startup ecosystem in Singapore, equipping teams with essential building blocks from idea validation to market readiness. By integrating the best practices and insights from our individual programmes, we are confident that National GRIP will accelerate growth of globally competitive deep tech startups by providing a well-structured end-to-end support that closely aligns with our nation’s RIE strategic plans.”
7 Professor Louis Phee, NTU's Vice President (Innovation and Entrepreneurship), added, “Bringing together Singapore's two leading universities to collaborate and lead all local universities in innovation and entrepreneurship presents a tremendous opportunity for the nation. It allows us to combine our strengths and experiences in venture building and entrepreneurial education, to identify and train the best talent in Singapore. Through the National GRIP, we aim to create high-potential teams, pair them with disruptive innovations, and nurture them into ventures that have the promise to become some of Singapore's most investible deep tech spin-offs, which in return bring good economic returns to the country.”
8 Carmen Yuen, General Partner, Vertex Ventures, Southeast Asia & India, applauded the National GRIP initiative saying, “It’s exciting to see patents and intellectual property from our universities addressing real-world problems and creating economic value. Teams will have to refine their propositions to ensure their solutions have both a technological and market moat. National GRIP provides a safe environment for teams to discover, experiment, and refine their propositions while validating them through participation with VC funds. When done right, I believe we’ll see more VC funds actively backing university spin-outs. I look forward to seeing more of these start-ups gain global recognition in the years ahead.”
9 Dr Wen Hsieh, Founding Managing Partner, Matter Venture Partners, another strategic partner of NUS’s GRIP 2.0 added, “National GRIP is very timely in its launch. Deep tech innovations are playing critical roles in the rapid advancement of semiconductors/electronics, robotics, AI, manufacturing, energy infrastructure, space tech, and life sciences. National GRIP streamlines the creation of deep tech start-ups in Singapore, enabling them to hone their business plans, build founding teams, raise seed financing, and formulate collaboration strategies with industry players. National GRIP offers venture capital firms opportunities to partner and support these startups, thus not only enhancing the success rate of local deep tech start-ups but also attracting deep tech entrepreneurs and talent from beyond Singapore. It’s a privilege for my firm and I to be closely associated with the GRIP community."
10 For more information on how to participate, prospective founders and teams can visit the following weblinks:
NUS: GRIP
NTU: Venture Building Programme
Refer to ANNEX for examples of successful spin-offs from NUS GRIP 2.0 and NTU LLP 2.0.
1 NUS’ GRIP 2.0 was launched in 2018, whereas NTU’s LLP 2.0 started in 2017.
2 Refer to NUS’ media release, “S$20 million push from NUS to grow Singapore’s deep tech innovation and venture ecosystem”
3 Refer to https://singapore.block71.co/ for more information about BLOCK71.
ANNEX
Success stories from NUS GRIP 2.0 and NTU LLP 2.0
Both the NUS GRIP 2.0 and NTU LLP 2.0 have effectively supported researchers and entrepreneurs in transforming university research into market-ready innovations. Since its inception in 2018, NUS GRIP 2.0 has nurtured nearly 170 startup teams, with around 100 successfully evolving into spin-offs, collectively raising almost SGD $65 million in external funding. Following its launch in 2017, NTU LLP 2.0 has incubated over 250 startup teams, approximately 60 of which have become spin-offs, securing more than SGD $23 million in external funding.
In 2024, Ailytics, an AI video analytics startup from NUS GRIP 2.0, successfully closed an oversubscribed Pre-A funding round, raising USD $2.7 million to enhance operational safety and productivity for businesses. Similarly, E3A Healthcare, cumulatively secured over USD $6 million in venture capital, reflecting significant investor confidence in its mission.
The impact of these startups extends far beyond funding. E3A Healthcare has delivered innovative medical devices and integrated medical IoT solutions to over 120 hospitals, focusing on newborn and women’s healthcare. These advancements have significantly improved care delivery, benefiting more than 500,000 newborns annually.
The entrepreneurial success fostered by GRIP 2.0 is exemplified by founders, Bryan Oh of NEU Battery Materials and Kit Yong of Forte Biotech, both recognised in the Forbes 30 Under 30 list for 2024. NEU Battery Materials has pioneered the world’s first electrochemical lithium-ion battery recycling technology, providing a sustainable alternative to traditional methods. Forte Biotech has developed an innovative RAPID test kit that enables on-site disease detection in under an hour, empowering farmers to improve management practices and ensure healthier harvests.
Zero-Error Systems (ZES), a spin-off from NTU’s LLP 2.0, recently raised USD $7.5 million in a Series A funding round in 2023. Investors included Airbus Ventures and the Dart Family Office. The funding is intended to boost ZES’s research and development efforts in Singapore, expand its global sales and marketing activities, and accelerate its product development.
Founded in 2019 by a team of NTU alumni and researchers, ZES specialises in developing high-reliability semiconductor solutions that are radiation-hardened for use in space and power management applications. This technology enables commercial off-the-shelf semiconductor devices to withstand the harsh conditions of space, offering improved power reliability and data integrity. Their innovations have already been used by several operating satellites, positioning ZES as a key player in Singapore’s deep tech ecosystem.
Another beneficiary of the LLP 2.0 is Tau Express, which has developed AI-driven solutions utilised by government agencies in Singapore and international corporations. Their technology includes an AI engine that enables efficient retrieval of legal documents, a centralised platform that integrates multiple data sources for advanced analytics, and an automated content screening system to maintain security standards. These innovations streamline operations by automating data extraction, simplifying complex searches, and providing secure data access, thereby improving decision-making and productivity. To date, Tau Express has raised over USD $6 million in its Series A funding round and is currently engaging with international investors for its Series B round.
