Schneider Electric has pledged to invest at least $16 million to help Singapore-based businesses expand globally, through a partnership with the Singapore Economic Development Board (EDB).
The funding will span the next four years with the aim of incubating and developing Singapore-based companies housing “strong global potential and ability to scale”.
As part of the deal, the vendor will also offer expertise in energy management, industrial automation and digital transformation to help organisations expand outside of the city-state.
“Singapore is a hub for innovation and we look forward to working with talented entrepreneurs to build new technology and business models,” said Emmanuel Lagarrigue, chief innovation officer, Schneider Electric.
Under the banner of the Venture Building Programme, the initiative will target new ventures for solutions to problems such as how to fight climate change and transition the globe to renewable energy, leveraging emerging technologies like the Internet of Things, 5G, artificial intelligence and robotics.
“With this memorandum of understanding, Schneider Electric’s innovation activities in Singapore will be augmented, and is in line with EDB’s goal of supporting corporates to build new ventures from Singapore,” added Beh Kian Teik, assistant managing director, EDB.
The technology giant previously partnered with EDB under the SkillsFuture Leadership Development Initiative, as part of plans to launch the Energy Generation Programme - X, a management trainee programme for Nanyang Technological University and National University of Singapore graduates.
Singapore is also home to Schneider Electric’s first carbon-neutral building, which acts as a regional headquarters in Asia Pacific.