Singapore has launched a Call-For-Partnership (CFP) to make around SGD60m ($44m) in joint investments for innovation in maritime technology.

The CFP is being launched by SEEDS Capital, the investment arm of Enterprise Singapore, and the Maritime & Port Authority of Singapore (MPA) for co-investment into what they described as “early-stage maritime deep tech startups” based in Singapore.

The initiative will see SEEDS Capital match up to 7:3 for the first SGD500,000 of co-investment, and up to SGD4m per startup, under the Startup SG Equity scheme.

Ted Tan, Enterprise Singapore’s deputy ceo and chairman of SEEDS Capital, said: “We welcome players across the private sector to collaborate with us in this initiative. We look forward to catalyse about SGD60 million in joint investments to grow new technology and services that will further strengthen Singapore’s leading position as a hub for maritime, trade and connectivity.”

The joint investments will be targeted at growing the start-ups and supporting them in developing innovative technology solutions that can improve the operational efficiency, safety and sustainability across the different clusters of maritime industry, and co-create new business models.

Tan Beng Tee, MPA assistant chief executive (development), “It is important for the maritime industry to reimagine the way in which it operates and navigate future challenges of disruption and environmental regulation. So this is a good opportunity for tech startups to work alongside with us to co-create solutions to shape the future of Maritime Singapore.”