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Marvelstone to launch largest AI hub in S’pore

Oct 16. 2017
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By THE STRAITS TIMES
ASIA NEWS NETWORK
SINGAPORE

MARVELSTONE GROUP, the private investment firm behind Singapore-based fintech hub LATTICE80, is planning to launch the world’s largest artificial intelligence (AI) hub in Singapore’s central business district (CBD) in 2018.

The Singapore hub would be followed by sister hubs in Japan, Scotland and Canada, the firm said in a media release on Monday.

The Singapore hub would serve the existing need in the market and help position the country as a global leader in AI technologies, expected to be a key growth engine of the future economy, said the firm.

Many ideas in the field of AI in Singapore are still research focused and an incubator like Marvelstone can bridge the gap to commercialise them for future deployment by government and corporates, it said.

Said Marvelstone president Joel KO Hyun Sik: “There is a clear need for a big playground for start-ups, entrepreneurs, and even corporates in the field of AI. Considering the high interest and demand for AI globally, there are still relatively few places to test these new technologies.

“Our goal will be to build 100 AI start-ups per year and attract global AI talent to come to Singapore to incubate their own applications and collaborate with our local teams. We’re extremely excited about this vision and believe AI will represent an unparalleled theatre of growth of the future.”

Multinational corporations and institutions that partner with the AI hub would benefit from access to innovative AI start-ups, in turn creating demand for the projects, said the firm. Start-ups could commercialise their products in a more systematic and organised manner, and easily “plug and play” into the corporate segment, it added.

The AI hub is also being planned to co-build products alongside start-ups and help them to commercialise products and identify market fit.

 

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