SINGAPORE - Supply Chain Angels (SC Angels), the corporate venture arm of logistics firm YCH Group, has signed a memorandum of understanding to groom local start-ups in the logistics industry.
The MOU was signed with SGInnovate - an entity that aims to consolidate Singapore's deep-tech innovation efforts, a term referring to technology that is hard to reproduce and requires technical expertise to develop.
The deals are in line with efforts to build a cutting-edge logistics network as part of Singapore's Smart Nation plan, said a statement on Wednesday (Jul 12).
SC Angels and SGInnovate will work together to develop technologies for the logistics sector, such as artificial intelligence, machine learning, augmented reality, virtual reality, robotics, autonomous technology, drones, smart sensors and data analytics, among others.
Shortlisted start-ups will also be offered hot-desking support at YCH Group's Supply Chain City or at SGInnovate's integrated start-up facility, BASH (Build Amazing Startups Here).
"YCH is a business that actively uses technology such as drones and data analytics to be a market leader. Working with an engaged partner like YCH, we believe that new opportunities will arise for Singapore-based deep-tech start-ups," said SGInnovate chief executive Steve Leonard.
SC Angels recently invested in Spaceship, a start-up offering next-generation urban logistics and space optimisation solutions.