Huawei, IMDA Launch Spark Incubator for Fintech, Metaverse and SaaS Startups in Singaporeby Fintech News Singapore November 10, 2022
The programme aims to support pre-seed and seed stage fintech, metaverse, and software as a service (SaaS) startups by providing access to resources and expertise from Huawei and IMDA.
Startups are expected to receive third-party financing of over S$250,000, increase their valuation by at least 20%, or cross S$250,000 in annual revenue post-program.
The programme will incubate up to 12 startups per cohort for a period of five months, and will be run twice each year.
Incubator participants will receive Huawei Cloud credits, fee-free processing on Stripe, office space at PIXEL, as well as mentorship from Huawei and its industry partners.
Huawei Cloud’s Spark programme has received over 3,000 applications over the past two years across the globe, with US$50 million raised by Spark alumni from investors.
The inaugural Spark Incubator cohort in Singapore comprises nine startups which were selected from over 80 applications. The cohort will run from November 2022 to March 2023.
The 9 startups in Huawei’s Spark Incubator 2022
Web 3 Category
Nervotec provides healthcare analytics software for the measurement and analysis of medical grade physiological vital signs.
NFTCircle is a veriTAG spin off that aims to enable transformation of any physical asset, real estate and art piece into a true digital asset.
Heros is a platform enabling athletes to monetise their careers through fan engagements and rewards.
D-Risk helps companies manage credit risk efficiently, accurately, and affordably with artificial intelligence (AI).
CorgiAI is an API-based fraud detection and prevention suite for businesses.
Enterprise SaaS Category
Linh AI helps AI teams maximise the use of their data at scale by providing higher quality and cost-effective data annotation.
Better Data provides synthetic data that looks, feels and behaves like real data.
Zapkad is a digital business card for professionals and companies to exchange information and build business relationships.
XRATOR provides cyber-risk quantification to forge companies’ resilience to cyber threats.
“We are proud to be collaborating with IMDA on the Spark Incubator Programme, and help local early-stage start-ups commercialise, strengthen their technological capability, and raise funds effectively,”
said Foo Fang Yong, Chief Executive Officer of Huawei International.
“The programme brings together Huawei’s expertise and IMDA PIXEL’s facilities in augmented reality and virtual reality, as well as the IMDA’s Open Innovation Platform’s network of 12,000 solutions providers,”
added Lew Chuen Hong, Chief Executive, IMDA.