Saturday, July 13, 2024

Deep tech hub headed for Melbourne

Singaporean deep tech company, Seventh Sense, is set to establish an artificial intelligence (AI) research and development hub in Melbourne, Victorian Minister for Trade and Investment, Tim Pallas, has announced.

Mr Pallas is currently meeting with business leaders across Southeast Asia as part of a trade and investment mission.

The Singapore leg is focussed on building connections between Singapore and Victoria’s booming start-up sector – with Singapore recognised as one the most innovative cities in the world.

“Victorian startups are creating the next generation of jobs – it’s critical we also attract dynamic companies from around the world to complement and bolster local companies and further drive growth,” said Minister Pallas.

“Tech is big business in Victoria, and it’s exciting to see companies like Seventh Sense recognise the possibilities and opportunities we’ve created here.”

Minister Pallas said the new investment will create more than 20 highly skilled jobs over three years, with Seventh Sense attracted by Victoria’s thriving tech ecosystem, international R&D capabilities and skilled workforce.

The Singapore startup specialises in AI-based computer vision and cryptography for defence, security, fintech and retail. The R&D hub will be integral to the company’s development of new technologies and commercialisation.

To respond to a growing demand for its technologies and solutions across Asia, Australia and New Zealand, a team of engineers and scientists will undertake research and product development, Mr Pallas said.

“Seventh Sense plans to collaborate with Victorian universities to explore opportunities and develop new technologies to solve industry problems. These partnerships will have the potential to create pathways for internships or graduate positions at the company,” heh said.

“Seventh Sense has strong lead investors including Cap Vista, the strategic investment arm of Defence Science and Technology Agency, a statutory board under Singapore’s Ministry of Defence, and 500 Startups.”

Seventh Sense co-founder, Ashish Kushwaha said the company’s shared vision and support from the Victorian Government was a winning combination.

“The R&D Hub will fast-track the development of our innovative technologies and allow us to access highly skilled talent to grow further,” Mr Kushwaha said.

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