PRNewswire
Singapore, June 10: ClavystBio, a life sciences investor and venture builder established by Temasek, and the Agency for Science, Technology and Research (A*STAR), Singapore's lead public sector R&D agency, have signed a Memorandum of Understanding (MoU) to create and grow MedTech ventures in Singapore. This partnership will support venture creation, product development, and commercialisation by bringing together ClavystBio and two national initiatives hosted by A*STAR -- MedTech Catapult and the Diagnostics Development Hub (DxD Hub) -- along with A*STAR's broader MedTech and venture creation capabilities.
The partnership comes amid growing momentum in Singapore's biomedical landscape, with MedTech output reaching S$20 billion in 2023.[1] As Asia's MedTech market is projected to grow to US$225 billion (S$304 billion) by 2030,[2] these efforts aim to better position Singapore-based innovations to scale and enter new markets.
Over this two-year partnership, the parties will work towards the co-creation of new MedTech ventures, investments into A*STAR affiliated companies, and fostering collaborations between A*STAR and ClavystBio's portfolio companies. By combining complementary strengths -- from research and engineering to venture building and funding -- the partnership aims to identify promising technologies, shape MedTech projects for market readiness, and support new venture formation to strengthen Singapore's innovation-driven MedTech ecosystem.
The partnership will focus on several key areas:
* Fostering new ventures from research: A*STAR and ClavystBio will jointly identify promising research and technologies to venture build new MedTech companies. A*STAR will contribute deep scientific expertise and structured venture creation support, while ClavystBio will provide access to venture and growth capital, expert guidance, and its extensive network to launch and scale these early-stage companies.
* Advancing MedTech product development: MedTech Catapult will support the development of medical devices through engineering design, prototyping, and manufacturing translation, while ClavystBio will draw on its investment and industry relationships to explore potential commercial pathways for promising innovations.
* Accelerating commercial readiness in diagnostics and digital health: DxD Hub and ClavystBio will shape ventures in this space with strong commercial potential. DxD Hub will bring technical and productisation expertise -- including in AI-powered software, multi-omics, and point-of-care diagnostics -- to refine innovations for commercial viability. ClavystBio will contribute its venture investing and venture building expertise to drive commercialisation.
* Strengthening Singapore's MedTech ecosystem: To support long-term sector growth, the partners will assess Singapore's MedTech manufacturing, design, and regulatory support landscape. MedTech Catapult will lead efforts to map ecosystem capabilities and identify gaps, while ClavystBio will explore investment opportunities in companies with specialised technologies that can strengthen Singapore's MedTech value chain.
"This partnership highlights ClavystBio's commitment to nurturing globally successful medical devices, digital health, and diagnostics companies from Singapore," said Mr Anselm Tan, Digital Health & MedTech Lead at ClavystBio. "By combining ClavystBio's investment and venture-building expertise with A*STAR's deep scientific capabilities and productisation platforms, we are cultivating an ecosystem primed for innovation and commercial success.
"A*STAR is committed to nurturing a dynamic MedTech ecosystem that bridges innovation with deep tech companies," said Ms Irene Cheong, Assistant Chief Executive (Innovation & Enterprise) at A*STAR. "This MoU builds on an existing collaboration with ClavystBio and marks a significant step forward in our joint efforts to co-create and grow globally investible MedTech ventures. Through national productisation platforms like MedTech Catapult and DxD Hub, combined with A*STAR's venture creation capabilities, we aim to commercialise more innovations from lab to market and grow a vibrant MedTech ecosystem in Singapore."
[1] Speech by SMS Low Yen Ling at the MedTech Forum
[2]Singapore's MedTech sector and locally made medical devices punching above their weight | Singapore EDB
About ClavystBio
ClavystBio is a life sciences investor and venture builder set up by Temasek to accelerate the commercialization of breakthrough ideas into health impact. We invest and partner with founders and entrepreneurs to launch and grow global companies from Singapore. Our focus spans therapeutics, digital health and medtech, with an emphasis on first-in-class science and technology.
Our collaborative space, Node 1, provides plug-and-play spaces for ventures that have graduated from incubators to progress to their next milestones. By bringing start-ups together, we foster a vibrant and supportive community.
www.clavystbio.com
About the Agency for Science, Technology and Research (A*STAR)
The Agency for Science, Technology and Research (A*STAR) is Singapore's lead public sector R&D agency. Through open innovation, we collaborate with our partners in both the public and private sectors to benefit the economy and society. As a Science and Technology Organisation, A*STAR bridges the gap between academia and industry. Our research creates economic growth and jobs for Singapore, and enhances lives by improving societal outcomes in healthcare, urban living, and sustainability. A*STAR plays a key role in nurturing scientific talent and leaders for the wider research community and industry. A*STAR's R&D activities span biomedical sciences to physical sciences and engineering, with research entities primarily located in Biopolis and Fusionopolis. For ongoing news, visit www.a-star.edu.sg
About Diagnostics Development Hub (DxD Hub)
The Diagnostics Development Hub is a national platform hosted by the Agency for Science, Technology and Research (A*STAR). DxD Hub aims to accelerate the transformation of innovations into clinically validated diagnostic devices that are ready for market adoption. Through impactful products, empowering local enterprises and anchoring global companies in Singapore, DxD Hub contributes to the development of an effective diagnostic devices' ecosystem in Singapore. For ongoing news, visit www.a-star.edu.sg/dxdhub
About MedTech Catapult
MedTech Catapult (MC) is a national initiative designed to accelerate the product development and commercialisation of high-value life science instruments and regulated medical devices. MC partners with product owners, local contract manufacturers (CMs), and leverages external design houses, and other key stakeholders to guide innovations from concept to market. Their goal is to strengthen Singapore's medtech ecosystem by providing dedicated engineering, quality assurance, regulatory affairs, clinical affairs, project management and commercialisation support to derisk and support products towards commercialisation and market adoption whilst supporting pull-through to local manufacturing.
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