Marvelstone Group to kickstart world’s largest AI hub in Singapore
By Digital News Asia October 18, 2017
- Aims to incubate 100 startups per year, generate intellectual property
- To be followed by sister hubs in Japan, Scotland, and Canada
MARVELSTONE Group, the private investment firm behind Singapore-based fintech hub Lattice80, plans to launch the world’s largest artificial intelligence (AI) hub in Singapore’s central business district (CBD) in 2018.
Aligned with the government’s Smart Nation vision, the goal is to serve the existing need in the market and at the same time position Singapore as a global leader in AI technologies, expected to be a key growth engine of the future economy.
The AI hub will be followed by sister hubs in Japan, Scotland, and Canada.
Many ideas in the field of AI in Singapore are still research-focused and need an incubator such as Marvelstone Group to be able to bridge the gap to commercialise them for future deployment by government and corporates.
Beyond incubating 100 AI startups per year, the business model of the planned hub includes intellectual property (IP) generation, educating 1,000 people per year, investments to grow the ideas, and events to involve the community.
Marvelstone Group president Joel Ko Hyun Sik said: “There is a clear need for a big playground for startups, 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 startups 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.”
MNCs and institutions that partner with the AI hub will benefit from access to innovative AI startups, in turn creating demand for the projects.
Startups will be able to commercialise their products in a more systematic and organised manner, and easily ‘plug and play’ into the corporate segment.
The AI hub will co-build products alongside startups and help them to commercialise products and identify market fit.
Marvelstone Group is the independent, neutral market player positioned to bring this project to life by leveraging on its experience launching and running Lattice80.
The more-than 30,000sqft space was opened in November 2016 with the objective of accelerating the growth of the fintech ecosystem and attracting opportunities from overseas to showcase Singapore as a fintech success story.
More than 30 governments, 50 corporates, and 100 investors have visited Lattice80.