Unlocking Singapore’s Deep Tech Potential with Dr. Basil Lui: by Taeyoung Kang

 

Welcome to an insightful discussion on the drive towards digitalization and deep tech, featuring Dr. Basil Lui, founding partner of August Global Partners and former managing partner at EDBI. In this forum, Dr. Lui shares his invaluable insights into navigating the challenges of investing in deep tech and emerging sectors, shedding light on EDBI’s strategic approach and the transformative impact it has had on Singapore’s innovation landscape.

 

Understanding Government Investment Agency’s Strategic Mandate

Dr. Lui’s elucidation on EDBI’s strategic mandate unveils a nuanced approach to investment, one that transcends conventional financial metrics to prioritize long-term impact and developmental objectives. Unlike commercial funds constrained by finite lifecycles, EDBI operates with a patient capital ethos, enabling it to make enduring commitments to deep tech startups despite their longer gestation periods.

 

Prioritizing Investments in Deep Tech

Central to EDBI’s investment strategy is its close collaboration with various government agencies, each contributing unique insights and priorities gleaned from Singapore’s evolving technological landscape. By aligning investments with the nation’s strategic objectives and technology roadmaps, EDBI ensures that every venture it supports contributes tangibly to Singapore’s economic growth and innovation ecosystem.

 

Case Study: Nurturing Deep Tech Innovation

The success story of Nutonomy, a deep tech startup specializing in autonomous driving, exemplifies EDBI’s targeted investment approach and its transformative impact on Singapore’s automotive industry. Dr. Lui recounts how EDBI’s investment in Nutonomy, coupled with the company’s commitment to establishing a strong R&D presence in Singapore, laid the foundation for the nation’s foray into smart car manufacturing—a feat previously unimaginable for a country of Singapore’s scale.

 

Challenges and Opportunities in Early-Stage Deep Tech Investments

Dr. Lui delves into the unique challenges and opportunities inherent in driving early-stage deep tech fund-of-funds investments, highlighting the importance of a strategic mandate that prioritizes developmental impact alongside financial returns. By adopting a patient capital approach, EDBI navigates the complexities of the deep tech landscape with resilience and foresight, positioning Singapore as a global hub for innovation and technological excellence.

 

Fostering Regional Collaboration: The Role of August Global Partners

August Global Partners plays a pivotal role in fostering regional collaboration and expanding the impact of Singapore’s deep tech ecosystem beyond its borders. By identifying and cultivating promising ventures with long-term potential, August Global Partners contributes to the sustainable growth of the region while catalyzing innovation-led development across diverse sectors.

 

A Vision for Singapore’s Deep Tech Future

Dr. Basil Lui’s insights underscore the transformative power of strategic investment in driving Singapore’s deep tech agenda forward. By prioritizing long-term impact, fostering collaboration, and nurturing homegrown talent, government investment agency and its partners are paving the way for a future where Singapore stands at the forefront of global innovation—a global node of excellence in the ever-evolving landscape of deep tech.

 

About Dr. Basil Lui

Dr. Basil Lui is the Founding Partner of AGP. Prior to this, he was an Advisor and Managing Partner at EDBI where he oversaw investments in Healthcare and Emerging Technologies. Dr. Lui was a key member of EDBI’s Investment Committee for ~50 investments with 10 exits. On the healthcare front, he was involved in several investments for EDBI, including Doctor Anywhere a full-stack online-offline healthcare service; Hummingbird Bioscience a clinical-stage precision medicine company; MiRXES a developer of RNA early disease detection tests; US2.ai an AI software platform for echocardiography to fight heart disease; and a pre-covid investment into mRNA vaccine platform Moderna (NASDAQ:MRNA). Basil has a strong interest in regenerative technologies that can restore cellular health and resilience.

Additionally, Dr. Lui drove early stage deep-tech fund-of-funds investments at EDBI, covering regional healthcare funds, and as a LPAC member in portfolio funds, worked closely in partnership with funds to invest in Singapore and the region. He also spearheaded EDBI’s investments in areas that would have an impact to the future of healthcare and the bioeconomy such as synthetic biology, gene edits, robotics, AI, blockchain, AR and VR. Dr. Lui pioneered EDBI’s post-investment value creation and communications efforts, ensuring strong support to portfolio companies through market access, talent recruitment, strategic financing, partnership & guidance; and is often a speaker in global technology events and panels.

 

Prior to EDBI, Dr. Lui was a McKinsey consultant covering South East Asia, an Adjunct Associate Professor at the Keppel-NUS Corporate Laboratory, the APAC President of a global semiconductor electronic design automation company, an Assistant Professor at National University of Singapore Electrical & Computer Engineering, and a post-doctoral researcher at the Cambridge University Engineering Department. Basil is the inventor of several patents and holds a BA (1st class), MA and PhD from the University of Cambridge. He was awarded a Commonwealth scholarship, a Singapore Government Public Service Commission scholarship, and a Research Fellowship from Trinity College Cambridge.

 

About EDBI 

Investing since 1991, EDBI is a Singapore-based global investor in select high-growth technologies spanning sectors across Information & Communication Technology, Emerging Technology and Healthcare. As a value-creating investor, we support companies aiming to expand in Asia and globally through Singapore with our extensive network, resources and expertise. For more information, visit www.edbi.com.

 

About August Global Partners

August Global Partners (AGP) is an independent fund management company spun out from EDBI, a Singapore state-owned strategic fund, with former top and senior executives as the fund’s founders. Armed with a robust track record and years of success, and having managed significant assets-under-management (AUM) previously, this team will now manage two funds, the AGP Continuation Growth Fund (AGPCG) and a second fund, the AGP Healthcare Fund (AGPHC), to capture new and exciting opportunities. AGPHC is a pure commercially driven fund with Living Better and Aging Better themes.

For more information, visit www.augustglobalpartners.com.