SINGAPORE - Port operator PSA International on Monday (May 9) launched its new corporate venture capital arm, PSA unboXed, with an initial fund size of S$20 million.
PSA unboXed, through its incubator programme, aims to invest in and nurture about 10 to 20 start-ups to create logistics technology solutions that involve information and communications technology, such as IoT (Internet of Things), cloud, data analytics, AI (artificial intelligence) and optimisation.
It will also look at working with start-ups to come up with engineering solutions, including robotics and automation in container and cargo handling operations, as well as transaction solutions for the maritime trade and finance ecosystems.
Mr Tan Chong Meng, group chief executive of PSA International, said: "Being one of the world's largest port operators gives PSA the unique platform to instigate and support game-changers in our industry.
"Through PSA unboXed, we want to encourage creative ideas that can improve and revamp LogTech (Logistics Technology), improve port productivity and enhance the integration, security and performance across the constituents of global supply chain logisitics."
Selected start-ups will receive up to S$50,000 as an initial sum in seed funding and be provided with incubator facilities at PSA's Pasir Panjang Terminal Building 3, said PSA in a release.
They will have access to a live port environment to develop and test-bed ideas for the real market at PSA Singapore terminals and be mentored by PSA port professionals and other business leaders.
PSA is one of the world's largest hub centres for container movement, handling about 64 million containers out of the 700 million globally.
The call for submissions opened on Monday. Interested parties can visit unboxed.globalpsa.com to submit applications or register interest for a port tour.
NOTE: An earlier version of this story put the initial sum in seed funding at S$500,000. We are sorry for the error.