Marvelstone to launch world's largest AI hub in Singapore next year

Co-founder and CEO of Marvelstone Ventures, Mr Joel Ko Hyun Sik, says the goal is to build 100 AI start-ups per year and attract global AI talent to come to Singapore. PHOTO: MARVELSTONE GROUP

SINGAPORE - Marvelstone Group, the private investment firm behind Singapore-based fintech hub LATTICE80, plans to launch the world's largest artificial intelligence (AI) hub in Singapore's central business district (CBD) in 2018.

The Singapore hub will be followed by sister hubs in Japan, Scotland and Canada, the firm said in a media release on Monday (Oct 16).

The Singapore hub will serve the existing need in the market and help position the country as a global leader in AI technologies, expected to be a key growth engine of the future economy, said the firm.

Many ideas in the field of AI in Singapore are still research focused and an incubator like Marvelstone can bridge the gap to commercialise them for future deployment by government and corporates, it said.

Said Marvelstone president Joel KO Hyun Sik: "There is a clear need for a big playground for startups, entrepreneurs, and even corporates in the field of AI. Considering the high interest and demand for AI globally, there are still relatively few places to test these new technologies.

"Our goal will be to build 100 AI start-ups per year and attract global AI talent to come to Singapore to incubate their own applications and collaborate with our local teams. We're extremely excited about this vision and believe AI will represent an unparalleled theatre of growth of the future."

Multinational corporations and institutions that partner with the AI hub will benefit from access to innovative AI startups, in turn creating demand for the projects, said the firm. Start-ups will be able to commercialise their products in a more systematic and organised manner, and easily 'plug and play' into the corporate segment, it added.

The AI hub will also co-build products alongside startups and help them to commercialise products and identify market fit.

Join ST's Telegram channel and get the latest breaking news delivered to you.