AITbiotech is planning to invest close to US$3.94mn (SGD5mn) in commercialising life sciences and diagnostic technologies for the next three years. It has set up a new business division, AITventures, to manage this new strategic direction. AITventures has secured a grant of approximately US$2.37mn (SGD3.0mn) from Spring Singapore.
The grant was awarded under Spring's private sector translator scheme. AITbiotech will invest about US$1.58mn (SGD2mn) in addition to the grant from Spring Singapore. AITventures will be searching for promising life sciences and diagnostic technologies from Singapore as well as global private and public institutions to be licensed for commercialisation out of Singapore. It will focus on diagnostic technologies that have comparative advantage in Asian developing markets. Start-ups funded and seeded by AITventures will be able to secure further competitive grants as well as investment funding from Singapore agencies. Assisting local healthcare SMEs and start-ups will be another central role for AITventures. In January 2014, AITventures seeded its first start-up; Phoenix Molecular, which is developing a disposable DNA amplification card and hand-held reader.