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Temasek Capital Launches inCube



The press release states, “Temasek Capital announced that it has launched “inCube”, an innovative incubation programme aimed at helping and supporting startups, early stage and established technology companies bring their products and services to world markets. To be marketed under the brand name “inCube”, the programme will leverage on Temasek’s extensive network of companies and global business partners to offer incubatees a unique combination of seed funding, network support, facilities, management support and branding.

2 Mr Tan Soo Nan, Chief Executive Officer of Temasek Capital, explained, “We want to capitalise on the strong growth in R&D activities in Singapore as well as in other parts of the world. inCube is not just mere physical space. It allows the incubatees to interact with a suite of complementary services and affinity partners, ranging from financial management support to marketing, human resources and research institutes. What sets inCube apart from other incubators is our ability to offer incubatees access to global markets, particularly China and India, through our network of incubator facilities. inCube is therefore well-positioned to transfer new technology and business concepts into Singapore, and help Singapore companies accelerate their growth and expand globally.”

3 inCube is actively developing a global network of incubator facilities to foster synergies, and has set up three centres in three technology cities in Asia – Singapore, Chennai (India) and Shenzhen (China). There are plans to link inCube with some of the leading incubators in other technology cities in Australia, Europe, Japan, Korea and the United States.

4 For a start, inCube has signed on two incubatees: eGurkha and Bijitec. eGurkha is a software company that has developed a suite of monitoring applications which helps e-businesses to improve the reliability and responsiveness of their web sites through effective and proactive monitoring. eGurkha, which was originally based in India, is now headquartered in Singapore with subsidiaries in India and USA. inCube has made an equity investment of S$7 million in eGurkha.

5 Mr Srinivas Ramanathan, CEO of eGurkha said, “inCube, with the strong Temasek brand name behind it, will contribute significantly towards our initial marketing efforts in Singapore and the rest of Asia. Once we have developed a strong foot hold in Asia, we can then penetrate the US market with our superior features and competitive pricing.”

6 Bijitec, into which inCube has invested S$2 million, specialises in software products that enable handwritten messages to be edited and transmitted via a variety of platforms, such as personal computers, PDAs and mobile phones, including via short messaging service (SMS) on mobile phones. Bijitec’s software is especially suited for ideographic languages such as Chinese, Japanese, Korean, and other Asian and Mid-Eastern languages. Bijitec has signed a co-operation agreement with ZTE, a leading telecommunications company listed on the Shenzhen stock exchange in China. Under the agreement, ZTE will incorporate Bijitec’s software in its new range of mobile phones to be launched in 2001.

7 Mr Dave Chen, CEO of Bijitec commented, “Our target customers are the telecommunications and IT companies. With inCube and Temasek Capital as our partner, we will be able to leverage on their strong global network of telecommunications and IT industry players. This is a great boost to our growth prospects.”

About Temasek Capital

8 Temasek Capital is the direct investment arm of Temasek Holdings. Temasek Capital seeks investment opportunities around the world. Its focus is on traditional private equity opportunities, as well as early to mid-stage technology and life sciences related investments. Temasek Capital aims to be the investor of choice for companies in Singapore and overseas.”

Read more: Temasek Holdings

DP World and NIIF Joint Venture Embarks on First Investment



Hindustan Infralog Private Limited, the US$ 3 billion joint venture formed in January 2018 between DP World and the National Investment and Infrastructure Fund (NIIF) to invest in ports, logistics and warehousing, agreed to acquire 90% of Continental Warehousing Corporation (Nhava Seva) Limited for US$ 400 million. 10% is being retained by the company’s founders – the Reddy family. Adi Keshav Reddy is the founder of Continental Warehousing. This is the first investment of the Hindustan Infralog platform.

The sellers include Warburg Pincus India Pvt Ltd, International Finance Corporation (IFC) and Aureos Capital, a joint venture between the CDC and Norfund that was acquired by Abraaj Capital.

Barclays, Citi and Detusche Bank advised on the transaction.

Continental Warehousing was formed in 1997 and is one of India’s biggest container warehousing firms – operating container freight stations and private freight terminals across India. In April 2011, Warburg Pincus invested in Continental Warehousing, committing US$ 100 million. In December 2015, IFC invested US$ 25 million in equity and lent US$ 35 million in debt to Continental Warehousing.

In India, DP World has been operating container port terminals since 1997.

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SWFI First Read, March 18, 2018



Surbana Jurong and China Vanke Tie up Deal for Industrial Town Projects

Surbana Jurong, a real estate development company focused on urban projects, inked a deal with China Vanke to partner on new industrial towns in China’s midwest regions. Surbana Jurong is majority-owned by Singapore’s Temasek Holdings. The first joint project is Vanke’s Jianzhou Dream Town in Chengdu. Surbana will provide the design for this project.

PIF Eyes Hollywood Talent

Saudi Arabia’s Public Investment Fund (PIF) is looking at investing around a 7% stake in Endeavor, LLC, a talent agency holding entity of WME for a reported US$ 400 million. Ari Emanuel is the CEO of Endeavor. PIF’s financial advisor for this deal is Michael Klein & Co. Endeavor is being advised by Ares Holdings.

Alex Wilmot-Sitwell of BAML Resigns

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Mubadala Invests in No Fly Zone Drone Radar Company



Data Collective led a US$ 15 million Series A round into Salt Lake City-based Fortem Technologies, Inc., a company that works on solutions that can detect, identify and classify drones in real time to maintain airspace safety. Other investors in the round include Boeing, Mubadala Investment Company, Manifest Growth, New Ground Ventures and Signia Venture Partners.

Ibrahim Ajami, Head of Mubadala Ventures said in the press release, ” Mubadala is excited to work with Fortem and its outstanding leadership team to help grow its business to new markets.”

Ajami added, “We strongly believe the TrueView radar is essential to maintain a safe airspace for both the aircraft and the critical infrastructure on the ground.”

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