Updated on 6 March 2014
According to AITbiotech CEO Alex Thian, "Moving into commercialisation services and incubation is a natural expansion for AITbiotech. AITbiotech fills a market need in Asia where investment experience and commercialisation expertise are lacking. We are also confident of success as AITbiotech has a very experience team as well as a business network in Asia to ensure medtech start-ups including incubatees' products and services reach markets quickly. With the grant from SPRING Singapore we will be able to build a more experience team and expand faster"
In Jan 2014, AITventures seeded the first start-up; Phoenix Molecular, which is developing a disposable DNA amplification card and handheld reader.
Mr. Eric Wilkinson, CEO of Phoenix Molecular said, "We are very pleased to become a part of the growth and development of the biotech sector in Singapore. We are particularly grateful to AITbiotech for their support and incubation of our venture. Financial support is only one piece of the success of a startup biotech company. Equally important is the experience and expertise of our partners. AITbiotech provides both."
AITventures plans to seed another 4 to 6 start-ups in the next 3 years. Currently, it has already secured several life sciences and diagnostic start-ups as customers for commercialisation services.