Asia's high-flyer The secret but rapid rise of Singapore in the field of “deep tech”

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A little-known startup from Singapore is behind the software powering the first autonomous buses in Tianjin. Moovita, a company from the Southeast Asian city-state, was the first non-Chinese provider of software for self-driving vehicles to secure a license in China.  

 The success of the startup Moovita, competing in Tianjin against strong Chinese contenders like Baidu, Pony.ai, and WeRide, is part of a broader, lesser-known success story: Singapore's quiet rise in the global deep-tech race.

Since October 1, 2024, Moovita's autonomous minibuses, called "Moobus," have been operating a 20-kilometer route in the Chinese port city, stopping driverlessly at ten bus stations near offices, schools, and tourist spots. Moovita developed the software enabling these vehicles to operate at Level 4 autonomy, meaning only an observer needs to monitor the wheel. The bus body and remaining components are manufactured by Chinese company Jinlong (known in English as "King Long") in Xiamen.

Moovita is just one of many deep-tech startups that have benefited from Singapore’s robust government support and highly active investment community. Other startups include Cosmos Innovation, developing AI solutions for more efficient solar cells and semiconductors; NEU Battery Materials, pioneering eco-friendly recycling methods for used lithium batteries; and Zero-Error-Systems, producing chips for satellite control. And the list goes on, highlighting Singapore's growing prominence in deep-tech innovation.

Future Technologies

"Deep Tech" refers to breakthrough, innovative technologies that delve into "deep fundamental research" through science and engineering to pursue disruptive solutions. In German, it’s often translated as "Zukunftstechnologien" (future technologies) or "radikal innovative Technologien" (radically innovative technologies), though the term "Deep Tech" is commonly used. This field includes advancements like autonomous AI systems, quantum computing, nanorobotics, and emerging biotech sectors.

Moovita, a spin-off from Singapore's Agency for Science, Technology and Research (A*STAR), exemplifies the success of Singapore's strategic focus on supporting deep-tech startups. Many founders and talent behind these initiatives have backgrounds from Singapore’s esteemed institutions, such as Nanyang Technological University (NTU) or the National University of Singapore.

Singapore’s efforts are yielding results, as the city-state steadily climbs global innovation rankings. For instance, the U.S. market research agency Startup Genome recently ranked Singapore's startup ecosystem as seventh globally, the highest position among Asian countries, underscoring the city’s growing influence in the innovation landscape.

In the "2024 Global Innovation Index" from the World Intellectual Property Organization (WIPO), Singapore has already reached fourth place among the world's most innovative economies, ranking just behind Switzerland, Sweden, and the United States. For the first time, Singapore has surpassed the United Kingdom. Germany ranks ninth, and China is in eleventh place. 

Financial Seed Funding for Startups

In addition to a strong talent pool and strategic support from a tech-savvy government, the rise of Singapore’s deep-tech startup scene can be attributed to the relatively high availability of venture capital. As a regional financial hub, Singapore boasts investors who not only have an eye for the latest technology trends but are also quick to recognize promising commercialization opportunities in Southeast Asia and China.

However, this does not mean that deep-tech startups in Singapore have an easy path. These companies often take longer to reach break-even than internet startups, which doesn’t always align with investor preferences for fast exits. This challenge is common for deep-tech founders globally.For instance, Eureka Robotics, led by CEO Pham Quang Cuong, who conducted research at Singapore’s Nanyang Technological University (NTU), had to negotiate with over a hundred potential investors before securing initial funding, as he shared with a reporter from Nikkei Asia. Nevertheless, Eureka Robotics succeeded and now counts Toyota among its clients.

*Henrik Bork, General Manager of AsiaWaypoint, Beijing, PR China