SINGAPORE tech startups Krosslinker and Luminis Water Technologies won awards at the 2023 SelectUSA Investment Summit startup pitching competition in Maryland last week.
A total of 79 international startups took part in the competition.
Deep-tech advanced materials startup Krosslinker clinched the top prize in the Cleantech category, while microbiome analytics firm Luminis Water Technologies clinched the equivalent in the Regional category.
Eight other startups bagged category awards. Ukrainian artificial intelligence startup LetsData took home the grand prize.
The two Singapore startups won for their innovative solutions to address different sustainability challenges, said Enterprise Singapore (EnterpriseSG) in a press release.
Krosslinker develops energy-efficient nanomaterials – also known as aerogels – to meet growing demand for sustainable thermal insulation across industries such as oil and gas, construction, as well as electric vehicles.
Luminis Water Technologies utilises state-of-the-art sequencing technology and advanced bioinformatics to develop microbiome profiling solutions for the aquaculture industry. Its solutions aim to correct microbiome imbalances to make the production of seafood more efficient and reduce environmental impact in aquaculture.
Krosslinker and Luminis Water Technologies attended the 2023 SelectUSA Investment Summit as part of a bigger Singapore delegation comprising more than 25 companies.
Led by EnterpriseSG and the US Commercial Service, the group consisted of a mix of tech startups and small and medium-sized enterprises, as well as business investors. They spanned industries ranging from agri-food and robotics to waste management.
Held from May 1 to 4, the SelectUSA Investment Summit is a conference promoting direct investments into the US. It was hosted by the US Secretary of Commerce Gina Raimondo.
Over 4,900 participants from the US and 83 international markets attended this year’s summit. The event saw senior government officials, industry leaders and economic development organisations come together to discuss investment and emerging business opportunities in energy, infrastructure, and supply chain.
“The US continues to be an important market for Singapore companies looking to expand globally or deepen their innovation capabilities,” said Tan Soon Kim, deputy chief executive officer (Global Markets) at EnterpriseSG.
EnterpriseSG noted that there has been increasing interest from Singapore companies to explore “state-specific interests” in the US, especially as trade and investment ties between both countries continue to grow.
Bilateral trade between the US and Singapore has more than doubled since 2004, from S$97.7 billion to S$230.9 billion in 2021. The US is Singapore’s top trading partner in services and third-largest trading partner in goods.
The country was also Singapore’s largest foreign direct investor in 2021, with direct investments in Singapore amounting to S$597.8 billion.
Meanwhile, Singapore’s direct investment stock in the US was over S$44 billion in 2021.
Singapore’s investments in the US were mainly in the sectors of finance and insurance, professional and administrative and support services, and manufacturing.