The cloud services arm of tech giant Huawei has launched its first Spark Incubator Program in partnership with the Infocomm Media Development Authority’s Pixel Innovation Hub.
The Singapore-based program will focus on local early-stage startups in their pre-seed and seed stages, aiming to grow the firms to series A and ready them for expansion across Southeast Asia. The program will cover sectors such as fintech, metaverse, Web3, and software as a service.
The Spark Incubator Program is looking to enable 12 startups for each of its five-month cohorts, which will happen twice a year. After the program, participants are expected to be financed over S$250,000 (US$178,090) each, increase valuation by at least 20%, or cross S$250,000 in annual revenue.
As part of the program, participants will receive up to US$60,000 in Huawei Cloud credits, up to US$75,000 fee-free processing on Stripe, and office space at Pixel. They will also receive mentorship sessions from Huawei and its partners, which include AngelCentral, Stripe, IMDA, MasterCard, Monk’s Hill, GSR Ventures, Lion X Ventures, OCBC, Mycelium Ventures, and DocuSign.
The first cohort received 80 applications, and nine firms were accepted after four months of selection.
Here are the startups selected for the first Spark Incubator Program:
⚫ Nervotec provides healthcare analytics as a service to measure and analyze medical grade physiological vital signs through any camera-enabled device.
⚫ Heros enables athletes to monetize their careers through a blockchain-based subscription service for fans.
⚫ NFTCircle allows users to transform any physical asset – including real estate and art pieces – into digital alternatives.
⚫ D-Risk Technology is a digital credit rating agency that uses AI to offer simple and affordable services.
⚫ CorgiAI handles end-to-end fraud detection and prevention, using a proprietary machine learning engine built for Asia-Pacific firms.
⚫ Linh AI offers a cost-effective and streamlined data annotation method, which helps AI teams maximize the use of their data at scale.
⚫ Better Data helps engineering and data science teams share their resources globally by generating synthetic data from real data.
⚫ Xrator is a software-as-a-service platform that provides cyber-risk quantification for companies.
⚫ Zapkad allows professionals to share contact details with its radar, QR code, NFC, and app solutions.
Currency converted from Singapore dollars to US dollars: US$1 = S$1.40.
