Tribe and Digital Industry Singapore (DISG) have on Wednesday announced a collaboration with NVIDIA to establish the Ignition AI Accelerator, a new global AI startup accelerator based in Singapore.
Tribe said in a statement that the accelerator is strategic and a first in Southeast Asia, supported by the Singapore government, with a focus on enhancing AI value discovery, creating a vibrant ecosystem for AI startups and pushing the boundaries of what AI is capable of.
With an initial combined investment of $3 million, the Ignition AI Accelerator features a public sector collaboration with Tribe, a leading startup ecosystem builder, and NVIDIA to foster a best-in-class support platform for AI startups to thrive.
It is noted that the AI market in Singapore is poised for significant growth, with projections indicating it will surpass $1 billion by year-end 2024.
This momentum is expected to continue, with a compound annual growth rate (CAGR) of 28.1 percent translating to a market volume of $4.6 billion by 2030.
The accelerator will capitalize on immense global opportunities within the AI landscape.
The Ignition AI Accelerator will launch with an initial cohort of 15 high-potential startups, equipping them with well-rounded support covering business and technical needs, with a special focus on providing best in-class deep AI development guidance to accelerate the production of market-ready AI products and assist in accelerating access to market.
A curated four-month program has been designed to prepare participating startups with the foundational capabilities to ensure their AI projects are launch-ready.
Benefits of the new program include access to training and NVIDIA’s global technical expertise.
Co-developed by NVIDIA and Tribe, a series of training workshops will be offered to the startups to help them enhance their core AI-building capability which will cover the full AI stack, from graphics processing unit (GPU) to application layer development framework.
Additionally, an expert advisory will help startups maximize the power of accelerated computing, fortifying their AI solutions with a competitive edge.
The program will also accelerate development and go-to market for the next AI breakthrough.
Startups will receive cloud credits to unblock development across multiple cloud platforms, allowing them to adopt a flexible model across different cloud environments and on-premise infrastructure.
In addition, in-depth coaching from lead consultants, subject matter experts, and experienced founders on project valuation endeavors will counsel startup on economic viability during scaling and long-term sustainability.
The program will also unlock capital investment and connectivity.
The program will provide coveted opportunities to bridge the gap between startups and potential investors, including corporations, venture capitals, and private investors, exposing the startups to real-world pitching and helping them gather early-stage funding support for their launch-ready solutions.
As part of this program, NVIDIA and Tribe will collaborate with Enterprise Singapore (EnterpriseSG) to offer qualified AI startups funding support through the Startup SG Tech scheme.
This collaboration will tap on Tribe and NVIDIA’s expertise to expediently assess selected high-quality AI startups that will be able to leverage Startup SG Tech funding for technology development and business growth.
Additionally, NVIDIA and Tribe will assist them through the IMDA accreditation process, with the aim to help them establish credentials and position themselves as qualified contenders for government projects and large enterprise contracts, ultimately accelerating their global market access.
“This accelerator program we are launching today will target the most forward-looking AI startups to create and bring to market the next wave of advancement in AI solutions/applications,” said Ng Yiming, Chief Executive Officer of Tribe.
According to him, the current surge in AI adoption reflects a strategic imperative for businesses across industries.
He said companies are leveraging AI to achieve operational excellence, reduce capital expenditures, and unlock new growth avenues.
However, to fully capitalize on these benefits and remain resilient in a volatile economic climate, he noted a proactive approach to fostering ground-up innovation becomes crucial.
He also believes this cooperation can channel resources to startups, accelerating the development of AI solutions and fostering deeper industry integration throughout the process.
Chan Ih-Ming, Executive Director and Head, Digital Industry Singapore said launching the Ignition AI Accelerator reaffirms DISG’s commitment to establish Singapore as a leading global AI hub.
“The accelerator showcases Singapore’s strengths as a confluence of global technology leaders, emerging innovators and world-class infrastructure,
“We look forward to deepening our partnership with leading partners to drive our local AI ecosystem,” he added.
Soh Leng Wan, Assistant Managing Director, Enterprise Singapore, said the initiatives, such as the Ignition AI Accelerator, are crucial in providing promising AI startups with the necessary resources, mentorship, and technical know-hows to support their innovation journey and scale their solutions to new markets.
“It is part of our ongoing efforts to provide relevant resources to plug AI development needs and grow the global AI startup ecosystem through Singapore,
“Enterprise Singapore aims to continue establishing such win-win collaborations with the tech industry to catalyze more investments and growth opportunities for our AI startups to find success in this fast-evolving sector,” he added.
Susan Marshall, Global Head of Startups and Senior Director of Developer Relations, NVIDIA, commented that building on the success of the NVIDIA Inception program, which provides startups with access to cutting-edge technology, venture capital connections, and technical resources, this collaboration will leverage their combined expertise in identifying high-potential AI startups and helping them push the envelope on what AI is capable of, maximize the technology’s impact and bring their innovations to market quicker.