Remarks by Senior Minister for Transport Dr Amy Khor at the Motion Ventures Evening Reception

Mr Shaun Hon, Founder and General Partner of Motion Ventures,

Our partners from the MarineTech community,

Ladies and Gentlemen,

1. Good evening.

2. I am delighted to join you today at this reception which brings together many MarineTech partners to exchange ideas and discover opportunities for collaboration. We are also celebrating the launch of the Maritime Singapore Startup Ecosystem Map, an important effort to catalyse growth and innovation in the MarineTech community.

Motion Ventures' Contributions

3. Since 2021 when it was founded in Singapore, Motion Ventures has been a key partner of the Maritime and Port Authority of Singapore (MPA) and the PIER71 programme. It is now one of the most active venture investors in the global MarineTech space, with two successful exits and more than 20 investments across nine countries, ranging from S$500,000 to S$2 million each.

4. Motion Ventures has also established close partnerships with over 100 key industry stakeholders all over the world, and supported start-ups that improve the efficiency of the maritime value chain, including solutions for crew well-being, the electrification of vessels and emissions tracking. One such example is EverImpact, a startup that allows the accurate measurement of emissions in real-time on ships and in cities, through cutting-edge technologies such as satellites, sensors and AI. This helps companies and cities better identify opportunities to reduce emissions and access climate finance.

5. Earlier today at the Singapore Maritime Week, I announced the launch of the Maritime Singapore Startup Ecosystem Map by Motion Ventures and PIER71, in collaboration with MPA. Let me once again congratulate Motion Ventures and PIER71 on a successful launch! This is a significant initiative that can catalyse new opportunities for collaboration and growth in our MarineTech ecosystem, by facilitating the matching of start-ups and their solutions with the broader maritime industry, tech companies and venture capitalists. I hope that this will bring greater awareness to the local MarineTech space, connect interested parties and ultimately spur more innovation.

MPA's Efforts Supporting the MarineTech Ecosystem

6. MPA and the Government remain committed to developing Maritime Singapore as a hub for innovation. Let me share about some of our efforts to support and grow our MarineTech ecosystem.

7. Over the last decade, MPA and its partners have built up a robust ecosystem for maritime innovation, comprising over 100 international shipping groups, a vast network of MarineTech start-ups, and a robust research community including Centres of Excellence to deepen R&D capabilities in strategic areas.

8. MPA and PIER71 have also been actively growing MarineTech start-ups in Singapore since 2018. Today, we have over 100 start-ups, many of which have successfully developed practical solutions for the maritime industry, leveraging technologies such as data analytics, Internet of Things, and clean tech. MPA has supported some of these start-ups to test-bed solutions through the Maritime Innovation & Technology fund (or MINT fund for short). An example is Greywing, a PIER71 start-up supported by Motion Ventures, which leverages data-driven AI solutions to save time, resources and money for crew planning and technical support by providing live data and developing insights within seconds.

9. We have come a long way in the MarineTech space; our achievements would not have been possible without the spirit of innovation from our start-ups, our research community and Institutes of Higher Learning. We are also grateful for the strong support from VCs and global maritime corporations including MOL, Wilhelmsen, Lloyd's Register and many more who are present this evening. Thank you very much for your support.

Conclusion

10. Looking ahead, there are exciting possibilities for us to grow our start-ups and develop Maritime Singapore into a leading hub for innovation. I want to encourage all who are present here to step forward and collaborate with MPA to explore new frontiers and push the boundaries of innovation.

11. As the saying goes, as the tide constantly shapes the shoreline, innovation shapes the future of the maritime industry. I wish you all an enjoyable evening. Thank you.