Exploit Technologies Portfolio Companies Performed Well to Secure S$500,000 Grant under SPRING Singapore's Technology Enterprise Commercialisation Scheme (TECS)  
6/4/2009 3:14:08 PM

Singapore, 4 June 2009 – SPRING Singapore today announced that the second batch of technology start-ups has won the second competitive grant under the Technology Enterprise Commercialisation Scheme (TECS). A group of four portfolio companies under Exploit Technologies, namely, Curiox Biosystems Pte Ltd, D-SIMLAB Technologies Pte Ltd, Niometrics Pte Ltd and SG Molecular Diagnostics Pte Ltd, were each awarded up to S$500,000 under TECS for their Proof-Of-Value Projects. There were 13 winners in the Proof-Of-Value category.

TECS is a competitive grant and evaluated by investment professionals and industry leaders. Only the strongest proposals with the best potential commercial outcome are funded. The second batch of winners was evaluated on the commercial potential, scientific and technical strengths, cost-effectiveness and impact of their projects. A total of 21 new winners were selected from 220 submissions. Of the 21 start-ups, eight of them involved projects at the Proof-of-Concept (POC) stage, while the remaining 13 were at the Proof-of-Value (POV) stage.

Commenting on the successful feat by Exploit Technologies’ portfolio companies, Mr Boon Swan Foo, Executive Chairman of Exploit Technologies said, “To clinch the TECS Award, after competing against more than 200 applicants, is already an endorsement of these companies’ technical strengths and marketing and development capabilities; to have four companies that made the mark, out of pool of only 13 winners, is a strong testimony to A*STAR technologies and Exploit Technologies’ efforts in nurturing these companies.

“Exploit Technologies has worked very closely with these four teams in the early days of their business all the way through the TECS application. Experienced teams, with extensive industry and start-up experience, have helped to shape the start-ups’ business plans, advise them on the product development roadmaps, open up doors to business leads, mentor them on the various aspects of starting a business, find funding through venture capitalists and angel investors, as well as prepare the founders for elevated pitches. We believe that in helping A*STAR’s start-ups to secure TECS Grant and other sources of funding, Exploit Technologies is developing a multi-pathway approach to commercialisation. This will go a long way in bringing to the market more of such promising technologies and companies.”

The founders of all four companies were either researchers with the Singapore Agency for Science, Technology and Research’s (A*STAR) research institutes or have leveraged A*STAR technologies in their businesses. Curiox Biosystems Pte Ltd was spun off in 2007 from A*STAR Institute of Bioengineering Nanotechnology (IBN), DSIMLAB Technologies Pte Ltd in 2006 from Singapore Institute of Manufacturing Technology (SIMTech) and Niometrics Pte Ltd is a potential spin-off from the Institute for Infocomm Research (I2R). SG Molecular Diagnostics Pte Ltd took a licence from Exploit Technologies