AP Technologies, Lumos Labs, Speedoc are top winners of Emerging Enterprise Awards

Lumos Labs co-founder and chief executive Eu-wen Ding, flanked by Speedoc co-founder and chief executive Shravan Verma (left) and AP Technologies founder and chief executive Charles Tang at the Emerging Enterprise Awards on Tuesday night. Their three companies were named the top winners of the 2022 awards for their strong and sustained growth. ST PHOTO: LIM YAOHUI

SINGAPORE - AP Technologies, Lumos Labs and Speedoc were named the top winners of this year’s Emerging Enterprise (EE) Awards on Tuesday night, for their strong and sustained growth.

AP Technologies manufactures medical tubing and catheters; Lumos Labs makes smart bicycle helmets; and Speedoc is a healthcare solutions platform providing services such as teleconsultations, on-site doctor and nurse visits, and ambulance bookings.

Each winner received prizes worth more than $330,000, including a two-year interest-free term loan worth $250,000 from OCBC bank; consultancy, legal and advisory services; $20,000 credit on an OCBC Business Debit Card sponsored by Mastercard; and a one-year mentorship programme sponsored by Google.

This marks the 15th year of the annual EE Awards, jointly organised by The Business Times (BT) and OCBC to celebrate and recognise local young enterprises that have demonstrated business innovation, resilience and excellence.

More than 300 applications were received across various industries, with 15 finalists shortlisted. Apart from the three Emerging Enterprise winners, three other companies received the Best Innovation Award, the Most Promising Start-up Award, and the Sustainability Award.

At the ceremony at Shangri-La Singapore, Minister of State for Trade and Industry Low Yen Ling said that during the Covid-19 pandemic, many emerging enterprises refined their core products, leveraged digital solutions and pivoted to achieve sustainable business growth.

“It’s good to continue strengthening your company’s core offerings, so that you will not only sharpen your competitive advantage but also improve your resilience for the future and ability to tap emerging opportunities,” she said.

Despite the “subdued and uncertain” global economic outlook, there are promising trends such as the growing digital economy, accelerated innovation and emerging Industry 4.0, she added.

“In addition, the global sustainability agenda is setting new terms of engagement and reframing the world economy.”

Meridian Innovation snagged the Best Innovation Award, which recognises companies that seek creative solutions to persistent problems, innovate to carve out new markets, or embrace technology to transform. The start-up produces low-cost thermal sensors with applications ranging from smart home appliances to in-car safety monitoring.

Plasma Science won the Most Promising Start-up Award, for its ability to develop a unique and commercially viable idea that can be sustained in the long run. The company produces air purifiers that use electrical charges and ultraviolet radiation rather than filters, and is looking to expand into building ventilation systems.

Moovita clinched the Sustainability Award, for companies that “serve the underserved” and create good for the community, environment and society. The provider of autonomous vehicle solutions aims to reduce road traffic accidents, which mostly occur because of human error.

All six winners will receive a capability development grant from Enterprise Singapore, supporting up to 70 per cent of eligible costs of new developmental projects. They will also get up to $1 million in innovation vouchers from the Agency for Science, Technology and Research (A*Star).

All 15 finalists will receive coaching sessions, a cloud architecture review session, and US$4,000 (S$5,500) in cloud platform credits from Google.

Minister of State for Trade and Industry Low Yen Ling speaking with AP Technologies chief executive Charles Tang and his wife Jinny, together with (from left) OCBC head of global commercial banking Linus Goh, Business Times editor Chen Huifen and OCBC’s head of emerging business and commercial banking cash Christie Chu. ST PHOTO: LIM YAOHUI

BT editor Chen Huifen said the winners had pushed beyond their boundaries to continuously innovate and thrive in the local business climate.

“Through the award, we hope that all the winners can reach their full potential, expand overseas and be an inspiration to other companies,” she said.

OCBC’s head of emerging business and commercial banking cash Christie Chu noted that many start-ups and young companies “are now starting out with an ambitious global vision”, using data analytics and digital tools such as social media and e-commerce as they go abroad.

“Even as various macroeconomic headwinds gain pace, we are confident of the outlook for these young businesses, given their digital capabilities and agility to capitalise on new business opportunities like sustainability,” she said.

The annual awards are supported by RSM, Mastercard, Enterprise Singapore, A*Star, Acorn, Google Cloud, Rajah & Tann Legal Basix, Wavemaker and Singtel.

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