PSA International Pte Ltd today announced the inception of PSA unboXed Pte Ltd (PSA unboXed), its new corporate venture capital arm with an initial fund size of S$20 million.
Through its incubator program, PSA unboXed seeks to invest in and nurture start-ups that are keen to create innovative logistics solutions fusing information and communications technology including IoT (Internet of Things), cloud, data analytics, AI (Artificial Intelligence) and optimisation, as well as engineering solutions including robotics and automation in container and cargo handling operations, and transaction solutions for the maritime trade and finance ecosystems.
Mr Tan Chong Meng, Group CEO of PSA International, said, “The port is one of most important points of convergence in global supply chains. 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), increase port productivity and enhance the integration, security and performance across the constituents of global supply chain logistics. This incubator program is in line with PSA’s continued focus on port and related logistics innovation and we hope to benefit from a broadened technology horizon.”
Mr Kelvin Wong, Assistant Managing Director, Singapore Economic Development Board, said, “The logistics industry is seeing the emergence of numerous supply chain start-ups that are introducing new, potentially disruptive solutions. I am deeply heartened by the launch of PSA unboXed, which indicates PSA International’s commitment towards engaging companies with innovative solutions. I look forward to partnering PSA unboXed to access and incorporate emerging technologies and solutions that could enhance PSA’s operations or even extend and expand PSA’s service offerings. We believe that this partnership will help strengthen Singapore’s supply chain innovation eco-system.”
Selected start-ups will receive up to S$50,000 in seed funding initially, and be provided with incubator facilities at PSA’s Pasir Panjang Terminal Building 3 in Singapore. They will have access to an unparalleled live port environment to develop and test-bed ideas for the real market at PSA Singapore Terminals – one of the world’s largest hub centres for container movement. In addition, they will receive the mentorship of seasoned PSA port professionals and other business leaders, and be provided with the opportunity to springboard their innovations to the global maritime logistics chain through PSA’s network of terminals worldwide.
Call for submissions begins from 9 May 2016. Please visit the PSA unboXed e-portal at unboxed.globalpsa.com for more information, to submit applications or register interest for a port tour which will provide deeper insight into the port environment.