ClavystBio, a life sciences investor and venture builder established by Temasek, and the Agency for Science, Technology and Research (A*STAR), Singapore’s lead public sector research and development (R&D) agency, have signed a memorandum of understanding (MoU) to create and grow MedTech ventures in Singapore.

ClavystBio said in a statement on Tuesday that this partnership will support venture creation, product development, and commercialization by bringing together ClavystBio and two national initiatives hosted by A*STAR — MedTech Catapult and the Diagnostics Development Hub (DxD Hub) — along with A*STAR’s broader MedTech and venture creation capabilities.

The partnership comes amid growing momentum in Singapore’s biomedical landscape, with MedTech output reaching S$20 billion （$15.55 billion） in 2023.

As Asia’s MedTech market is projected to grow to $225 billion by 2030, these efforts aim to better position Singapore-based innovations to scale and enter new markets.

Over this two-year partnership, the parties will work towards the co-creation of new MedTech ventures, investments into A*STAR affiliated companies, and fostering collaborations between A*STAR and ClavystBio’s portfolio companies.

By combining complementary strengths — from research and engineering to venture building and funding — the partnership aims to identify promising technologies, shape MedTech projects for market readiness, and support new venture formation to strengthen Singapore’s innovation-driven MedTech ecosystem.

The partnership will focus on several key areas: fostering new ventures from research; advancing MedTech product development; accelerating commercial readiness in diagnostics and digital health; strengthening Singapore’s MedTech ecosystem.

A*STAR and ClavystBio will jointly identify promising research and technologies to venture build new MedTech companies.

A*STAR will contribute deep scientific expertise and structured venture creation support, while ClavystBio will provide access to venture and growth capital, expert guidance, and its extensive network to launch and scale these early-stage companies.

Meanwhile, MedTech Catapult will support the development of medical devices through engineering design, prototyping, and manufacturing translation, while ClavystBio will draw on its investment and industry relationships to explore potential commercial pathways for promising innovations.

DxD Hub and ClavystBio will shape ventures in this space with strong commercial potential.

DxD Hub will bring technical and productization expertise — including in artificial intelligence (AI)-powered software, multi-omics, and point-of-care diagnostics — to refine innovations for commercial viability.

ClavystBio will contribute its venture investing and venture building expertise to drive commercialization.

To support long-term sector growth, the partners will assess Singapore’s MedTech manufacturing, design, and regulatory support landscape.

MedTech Catapult will lead efforts to map ecosystem capabilities and identify gaps, while ClavystBio will explore investment opportunities in companies with specialized technologies that can strengthen Singapore’s MedTech value chain.

“This partnership highlights ClavystBio’s commitment to nurturing globally successful medical devices, digital health, and diagnostics companies from Singapore,

“By combining ClavystBio’s investment and venture-building expertise with A*STAR’s deep scientific capabilities and productization platforms, we are cultivating an ecosystem primed for innovation and commercial success,” said Anselm Tan, Digital Health & MedTech Lead at ClavystBio.

Meanwhile, Irene Cheong, Assistant Chief Executive (Innovation & Enterprise) at A*STAR, said the firm is committed to nurturing a dynamic MedTech ecosystem that bridges innovation with deep tech companies.

“This MoU builds on an existing collaboration with ClavystBio and marks a significant step forward in our joint efforts to co-create and grow globally investible MedTech ventures,

“Through national productization platforms like MedTech Catapult and DxD Hub, combined with A*STAR’s venture creation capabilities, we aim to commercialize more innovations from lab to market and grow a vibrant MedTech ecosystem in Singapore,” she added.

Temasek’s ClavystBio, Lightstone Ventures back Allay Therapeutics’ $57.5M Series D financing