Singtel Group has announced that it will invest a further $100 million into Innov8, its investment arm focussed on telecoms-adjacent technologies.
The company targets start-up companies working on both established and emerging technologies that have major potential for the telecoms industry, including 5G, AI, cybersecurity, sustainability, and the digital economy.
According to the operator, the new funds will allow the company to expand its portfolio in numerous markets, including Southeast Asia, China, Israel, Australia, and the US.
"This capital infusion is meant for identifying and growing innovative startups with new technologies and capabilities that are synergistic and in lockstep with Singtel's strategic reset, to drive greater improvements in our core operations, accelerate our new growth engines, and place us at the forefront of new and fast-evolving areas,” said Singtel Group CEO, Yuen Kuan Moon. “As we sharpen our business focus, we will recycle our assets and capital into selected growth areas, reshaping our portfolio to better serve our stakeholders and build momentum for the longer term.”
Innov8, first founded in 2010, has invested in over 95 start-ups, with over 35 exits. The company’s greatest success stories come in the form of four start-up unicorns – cloud networking firm Arista, LAN equipment vendor Ruckus, cloud software company Jasper, and cybersecurity firm Shape Security – all of which have been valued at over $1 billion.
Other notable investments include BitSight, Carro, Cato, FinAccel, SenseTime, Shopback, and Sygnum.
With this additional $100 million, Innov8’s total funding now reaches $350 million from Singtel.