Elev8.vc, a Singapore-based venture capital firm specializing in early-stage deep tech investments, has announced the successful closure of a $30 million fund. The new fund aims to support deep tech startups across sectors including artificial intelligence, medical technology, robotics, and advanced manufacturing, reinforcing Singapore’s position as a hub for technological innovation.
Investment Strategy and Focus Areas
The fund will provide capital and strategic resources to 20 to 30 early-stage deep tech startups, enabling them to scale their operations and expand into global markets. Elev8.vc will leverage its network across Asia, Europe, and North America to support portfolio companies in accessing investment opportunities, talent, and international markets.
Initial Portfolio Investments
Several startups have already received investment from the fund, including:
- Aevice (healthcare technology)
- Auristone (materials science)
- CoNEX (industrial automation)
- Equatorial Space (aerospace technology)
- Gush (sustainable materials)
- KABAM Robotics (robotics solutions)
- Moon Technologies (advanced electronics)
- N&E Innovations (environmental technology)
- Polybee (agriculture technology)
- Two additional startups operating in stealth mode
These companies operate in fields ranging from space exploration to sustainable materials and artificial intelligence, aligning with Elev8.vc’s strategy of supporting high-impact, transformative innovations.
Key Backers and Strategic Partnerships
The fund has attracted investments from institutional investors, corporate partners, family offices, and experienced technology entrepreneurs. Notable supporters include:
- Steve Chen, co-founder of YouTube
- Abhishek Gupta, founder of Circles.Life
- AppWorks, a leading startup accelerator and venture capital firm
Additionally, the corporate investment arm of the Singapore Economic Development Board (EDB), EDBI, has partnered with Elev8.vc through the SG Startup Equity (SSGE) scheme. This collaboration aims to accelerate private sector investment into Singapore-based deep tech startups.
Challenges and Opportunities in Deep Tech Investment
Elev8.vc founder and managing director Aditya Mathur emphasized the unique challenges deep tech startups face, particularly in long sales cycles and the high level of technical expertise required. The fund seeks to bridge the gap between scientific discoveries and commercially viable solutions by providing both capital and strategic guidance.
Additional Investment in HealthTech Startup MiyaHealth
Beyond its deep tech focus, Elev8.vc has also participated in a S$6.5 million ($4.83 million) Pre-Series A funding round for MiyaHealth, a Singapore-based HealthTech company. The round was led by ST Engineering Ventures, with participation from angel investors in the private equity and healthcare sectors.
MiyaHealth, founded in 2019, develops digital solutions for healthcare providers, insurers, and patients. The newly raised capital will be used to expand its AI-driven healthcare solutions across Asia and Europe. The company’s platforms, including MiyaPayor (claims processing and provider network management), MiyaPatient (chronic disease management), and MiyaProvider (hospital and clinic solutions), have already established partnerships with over 3,000 medical providers and 12,000 physicians.
Broader Implications for Singapore’s Tech Ecosystem
The successful closure of Elev8.vc’s $30 million fund and its initial investments underscore growing investor confidence in Singapore’s deep tech sector. By fostering the development of cutting-edge technologies and providing early-stage startups with capital and market access, the fund contributes to Singapore’s broader ambition of becoming a leading global center for deep tech innovation.
Picture source: Getty Images, Unsplash+ (20.02.2025)
Article source: Technode Global
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