A $30 million fund has been set up to attract more medical and clean technology start-ups, announced Spring Singapore on Thursday.

This is the second boost in funding after $40 million was committed in 2011 to encourage the growth of medical technology. Managed by Spring Seeds Capital, a wholly-owned subsidiary of Spring Singapore, the second tranche of funding comes under the Research, Innovation and Enterprise 2015 plan.

This year's funding boost aims to encourage more innovative start-ups and commercialising of intellectual property in the medical and clean technology sectors. Demand for global medical technology and environmental sustainability in the global cleantech market is expected to grow in the years ahead. This is driven by factors such as an ageing population and the prevalence of chronic diseases such as cancer. By 2017, the medical technology industry is poised to hit US$300 billion ($372.66 billion). Similarly, the global cleantech market, currently sized at US$1 trillion annually is also expected to continue growing.

The Spring Seeds Capital is now calling for proposals to select at least two accelerators who have a good track record of incubating early-stage start-ups and are willing to adopt a hands-on approach in helping them. The invitation for proposals will close on Jan 10. Interested parties may write in to seeds@spring.gov.sg to register for the briefing or refer here for more information.