SINGAPORE - The corporate venture capital arm of Singapore Technologies Engineering has made its first investment, pumping US$5.8 million (S$7.8 million) into a United States cyber security provider, the company said on Tuesday (Sept 19).
As part of a push into cyber security investments, ST Engineering Ventures - set up in July 2017 - put up the series B investment to take a minority stake in California-based Janus Technologies. A series B investment usually takes place after a business has achieved some goals, and follows the initial series A investment.
Through this investment, ST Electronics, the Singapore group's electronics unit, could develop a hardware-based cyber security solution to give customers tailored options, the company said.
Robotics, autonomous technology and data analytics are the other digital areas that the Singapore Technologies group has pegged as investment targets to generate long-term growth.
ST Engineering president and chief executive Vincent Chong said: "Our investment into Janus Technologies will benefit not just the group's cyber security business, but will also enable Janus Technologies' organic growth as it will have access to our established business networks and channels."
Janus Technologies chairman and chief executive Sofin Raskin said: "We look forward to partnering ST Electronics to integrate the Janus Secure Computing Platform into their outstanding cyber security portfolio and accelerating the success and adoption of these products in the market."
ST Engineering shares closed one cent, or 0.3 per cent, lower at $3.54, before the announcement.