Updated on 6 March 2014
Singapore: AITbiotech, Singapore based Asian Molecular Diagnostic (MDx) assay manufacturer and Genomic services provider, plans to invest close to USD3.94 million (SGD5 million) in commercialising life sciences and diagnostic technologies for the next 3 years. It has set up a new business division, AITventures, to manage this new strategic direction.
AITventures has secured a grant of approximately USD2.37 million (S$3.0 million) from SPRING Singapore, a government agency in Singapore that promotes business development and Singapore enterprises. The grant was awarded under SPRING's Private Sector Translator Scheme (PST).
AITbiotech will invest about USD1.58 million (SGD2 million) in addition to the grant from SPRING Singapore. AITventures will be sourcing for promising life sciences and diagnostic technologies from Singapore as well as global private and public institutions to be licensed for commercialisation out of Singapore.
It will focus on diagnostic technologies that have comparative advantage in Asian developing markets. Start-ups funded and seeded by AITventures will be able to secure further competitive grants as well as investment funding from Singapore agencies.
Nurturing and assisting local healthcare SMEs and startups will be another central role for AITventures. Building on in-house capabilities and a global network of consultants, AITventures will be able to provide commercialisation services to public institutions as well as start-ups in the areas of diagnostic technologies commercialisation including prototyping, clinical trials, product and process development, manufacturing and regulatory compliance.