Singapore's venture capital scene looks set for a 'pretty decent' 2023, investment firm says

Global task dollars whitethorn person dropped successful 2022, but Singapore's government-owned tech concern steadfast is optimistic astir 2023.

"2023 is astir apt going to beryllium a beauteous decent twelvemonth for task superior successful Singapore," Hsien-Hui Tong, enforcement manager of investments at SGInnovate, told CNBC's "Squawk Box Asia" Wednesday.

Unlike planetary markets much generally, the task superior country successful Singapore is "still precise active," Tong said. That's due to the fact that companies successful the state thin beryllium astatine the earlier, nascent stages of development, and "in the effect and Series A stages, there's inactive tons of liquidity. There's tons of superior there," helium added.

Global markets, connected the different hand, thin to beryllium astatine the "more mature" stages of Series B and C, wherever task superior has "dried up a small bit."

A effect backing circular — besides known as the archetypal concern — is followed by assorted rounds, known as Series A, B, C and truthful on.

Venture backing for the archetypal 9 months of 2022 totaled $369 million, down 25% twelvemonth connected year, according to Crunchbase.

"2022 has been a bully twelvemonth for us, rather dissimilar immoderate different concern categories. It was a bully twelvemonth for emerging tech start-ups wherever a batch of breakthroughs person happened," Tong said.

For example, Singapore-headquartered biotech institution MiRXES launched a "T10 ultra-high throughput sequencing platform" — which it says would assistance with the aboriginal detection of diseases and precision medicine — successful Asia-Pacific past month.

And clean-tech institution SunGreenH2, which raised $2 cardinal led by SGInnovate successful August, is conducting trials of its materials with planetary electrolyzer manufacturers.

Tong added that Singapore has been "sheltered from a batch of the effects" of planetary macro economical headwinds. As a result, Singapore has been capable to "build up its infrastructure astir apt a small spot better."

He besides named vigor arsenic a assemblage to ticker successful 2023 successful airy of breakthroughs successful atomic fusion and hydrogen.

"Quantum exertion is different country wherever I deliberation determination are going to beryllium immoderate important announcements and breakthroughs," helium added.