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New AI Accelerator launches in Singapore with industry support from Tribe, DISG and NVIDIA

New AI Accelerator launches in Singapore with industry support from Tribe, DISG and NVIDIA

Ignition AI Accelerator to develop technical capabilities and expand application boundaries, spurring the next wave of AI advancement for global and local startups


New AI Accelerator launches in Singapore with industry support from Tribe, DISG and NVIDIA

photo credit: Zeno Group

This press release was issued by Zeno Group.
 

Tribe and Digital Industry Singapore (DISG) today announced a collaboration with NVIDIA to establish the Ignition AI Accelerator, a new global AI startup accelerator based in Singapore. 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.

Launched today at the Asia Tech x Enterprise 2024 event, with an initial combined investment of USD$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. The AI market in Singapore is poised for significant growth, with projections indicating it will surpass US$1 billion by year-end 20241. This momentum is expected to continue, with a CAGR of 28.1% translating to a market volume of US$4.6 billion by 20301. 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 programme has been designed to prepare participating startups with the foundational capabilities to ensure their AI projects are launch-ready. Benefits of the new programme include:

  1. 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 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. 
  2. 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 endeavours will counsel startup on economic viability during scaling and long-term sustainability. 
  3. Unlocking capital investment and connectivity – The program will provide coveted opportunities to bridge the gap between startups and potential investors, including corporations, VCs, 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 who will be able to leverage Startup SG Tech funding for technology development and business growth2. 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. The current surge in AI adoption reflects a strategic imperative for businesses across industries. 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, a proactive approach to fostering ground-up innovation becomes crucial. Tribe is excited to embark on this journey with NVIDIA and DISG. Together, we believe we can channel resources to startups, accelerating the development of AI solutions and fostering deeper industry integration throughout the process.”

Ng Yiming

CEO

Tribe

“Our collaboration with NVIDIA and Tribe to launch 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.”

Chan Ih-Ming

Executive Director and Head

Digital Industry Singapore

“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 catalyse more investments and growth opportunities for our AI startups to find success in this fast-evolving sector.”

Soh Leng Wan

Assistant Managing Director

Enterprise Singapore

“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 with Tribe and DISG will leverage our 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.”

Susan Marshall

Global Head of Startups and Senior Director of Developer Relations

NVIDIA

Starting today 29 May 2024, applications to the Ignition AI Accelerator are open for founders of new startups and for AI leads of existing startups. Interested parties may download programme details and apply at https://www.theignition.ai.

 

1 Statista Market Insights “Artificial Intelligence - Singapore” https://www.statista.com/outlook/tmo/artificial-intelligence/singapore

2 Eligible startups in the program may apply for EnterpriseSG’s Startup SG Tech grant which supports the development and commercialisation of proprietary technology through innovative proof-of-concept (POC) and proof-of-value (POV) projects. Successful applicants will receive up to S$250,000 and S$500,000 respectively in additional support to sustain the growth of their startups.

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