PSA unveils PSA unboxed
Singapore-based port operator PSA International recently launched its new venture capital arm named PSA unboXed, with S$20 million ($14.65 million) in its kitty to invest in tech-based logistics startups.
PSA unboXed will also have an incubation programme. Selected startups will be granted up to $50,000 in seed funding. They will also experience a live port environment to develop and test ideas at PSA Singapore Terminals, one of the world’s largest hubs for container movement.
PSA unboXed will also provide mentorship by its port professionals and other business leaders.
“Through PSA unboXed, we want to encourage creative ideas that can improve and revamp logistics technology, increase port productivity and enhance the integration, security and performance across the constituents of global supply chain logistics. This incubator program is in line with PSA’s continued focus on port and related logistics innovation and we hope to benefit from a broadened technology horizon,” said Tan Chong Meng, PSA International CEO, explaining that port is one of most important points of convergence in global supply chains.
Several startups have come up in the supply-chain side of the logistics industry in Southeast Asia, with the aim of introducing new and potentially disruptive solutions to the sector.