Singapore’s PSA International has launched PSA unboXed, a new corporate venture capital arm that will invest in start-up businesses involved in IT and data analytics and automation for handling containers and other cargo.
PSA unboXed will initially have a fund of S$20m ($14.6m) for its incubator programme, which will invest in technology such as IoT (Internet of Things), cloud storage, data analytics, AI (artificial intelligence) and optimisation, plus engineering solutions that utilise robotics and automation.
Selected start-ups will receive up to S$50,000 in seed funding initially, and will be provided with facilities at PSA’s Pasir Panjang Terminal Building 3 in Singapore. Professionals at the PSA’s Singapore container terminal and other business leaders will act as mentors.
“Through PSA unboXed, we want to encourage creative ideas that can improve and revamp LogTech (Logistics Technology), increase port productivity and enhance the integration, security and performance across the constituents of global supply chain logistics,” Tan Chong Meng, group CEO of PSA International, said in a release.