Singtel Innov8 has doubled its capital to $500m with the launch of the AI Growth Fund, set up to boost its parent's access to global AI startups
Singaporean telecommunications firm Singtel’s corporate venture capital arm today became the first CVC unit in Southeast Asia to launch a large-scale artificial intelligence fund, committing $250m to bolster its parent company’s access to AI startups.
The AI Growth Fund doubles the capital available to CVC Singtel Innov8. The unit will target startups with AI technologies that could enhance Singtel’s business in customer engagement, network operations, cybersecurity and IT automation.
Singtel Innov8 invests globally. In addition to capital from the new fund, AI startups will be able to trial and scale products in areas such as customer experience and network management across the Singtel business.
“Our AI Growth Fund gives Singtel Group strategic access to transformative AI technologies at a pivotal stage of growth,” said Singtel Innov8 CEO Edgar Hardless in a release announcing the fund.
“It also enables us to test, integrate and scale AI innovations across our networks, platforms and digital infrastructure. By investing with clear deployment pathways, we accelerate applied AI adoption for enterprises, governments and consumers across the region.”
Although the fund is the first dedicated investment vehicle for Singtel Innov8, many of its more recent investments have been in series A and B-stage AI startups, such as AI coding specialist CoreStory, customer service agent developer Wiz.AI and ViAct, which is applying the technology to heavy industries such as construction and manufacturing.
With the size of AI rounds expanding, however, the AI Growth Fund will give the unit more chance to invest at later stages and in larger follow-on rounds. Two of its more recent successes are cybersecurity software providers Silverfort and Cato, each of which closed late-stage rounds at high valuations in the past 18 months, having first receiving backing from Singtel Innov8 in 2016.
See all the recent Singtel Inno8 investments in the CVC Funding Round Database
