D-SIMLAB Awarded S$500,000 Grant under SPRING Singapore's Technology Enterprise Commercialisation Scheme (TECS)
Published: Jun 04, 2009
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.
D-SIMLAB will be using the Grant to develop a novel “symbiotic simulation” framework where a simulation model interacts with the real system it represents in a symbiotic manner and in an iterative manner to mutually re-optimise to produce the best outcome possible in both simulated and real systems. The project will bring disruptive changes to both current methods and markets because for the first time companies will be able to own and use a high visibility and high accuracy decision support tool to optimise critical parameters of complex day to day operations that are subject to random effects. The ability to adapt the underlying simulation model in connection with simulation based optimisation at any decision point in time to make continuous risk assessment possible will ensure that savings are real and maintainable. As a result a traditionally “nice to have” technology for strategic and tactical decision making will eventually be transformed into an indispensable “must have” tool for operational decision making. D-SIMLAB plans to introduce this technology for spare parts management in the aerospace industry and semiconductor manufacturing through their flagship products D-SIMSPAIR and DSIMCON, respectively.
D-SIMLAB, a company that spun off in 2006 from the Singapore Agency for Science, Technology and Research (A*STAR), has achieved much over the last three years. As a former incubatee of Exploit Technologies – the marketing and commercialisation arm of A*STAR – D-SIMLAB has benefitted from the mentoring efforts and business leads generated by its incubator. The company has ventured overseas in October 2008 by establishing a European subsidiary to better serve its expanding pool of European clients, and also to support a pilot project with a leading German semiconductor manufacturer. Additionally, as part of its future plan, D-SIMLAB has secured a key MRO player and a major semiconductor company as lead customers for the specific purposes of the proposal under TECS Grant. D-SIMLAB’s founding team consisting of Dr. Peter Lendermann, Gan Boon Ping and Dr. Nirupam Julka, were conferred the A*STAR Scientist Entrepreneur Award 2009 for successfully commercialising their research. Commenting on the successful Grant Award, Dr. Peter Lendermann, CEO and Co- Founder of D-SIMLAB said, “The TECS POV award is an independent endorsement of our technology development and commercialisation plans in the Aerospace MRO and Semiconductor Manufacturing industry. The development of this Symbiotic Simulation framework and its implementation in the industry will propel the value proposition of D-SIMLAB to the industry.” Mr Boon Swan Foo, Chairman of D-SIMLAB and Executive Chairman of Exploit Technologies said, “Receiving the competitive TECS Grant is a strong testimony to Exploit Technologies’ efforts in nurturing the young company; and in D-SIMLAB’s excellent implementation of its marketing and development plan, which is backed by robust A*STAR technology. Exploit Technologies has worked very closely with DSIMLAB since its infancy days when the founders were still researchers with the A*STAR’s Singapore Institute of Manufacturing Technology (SIMTech). Recognising D-SIMLAB’s market potential, we have at the on start helped in evolving its business plan, raising funds, opening doors to business opportunities, providing mentoring services and lending our support to the company’s daily operations. “We are heartened that D-SIMLAB has brought to fruition our efforts through its early successes in securing major customers and venturing overseas; all these despite the bleak economic conditions. Exploit Technologies remains committed in our quest to incubate more of such companies like D-SIMLAB; so as to develop a robust pipeline of promising made in Singapore technologies and start-ups.” The company’s focus on long term development plan has also attracted substantial investment last year from Imprimatur Capital, an international investor in technology backed businesses. “D-SIMLAB is an exciting and rapidly growing company with best of breed technology and a great track record of execution in their target markets and we are extremely happy to have made our investment in the business. They are also a showcase for Singapore and what it can offer in terms of early stage growth technology businesses. We are confident their recent accolades will spur them on to greater success and look forward confidently to them realising their full potential,” said Andy Bottomley, Executive Director of Imprimatur Capital, UK.