PSA to Invest in Cargo-Handling Innovation
Singapore-headquartered port operator PSA International Pte Ltd has set up a corporate venture capital arm, PSA unboXed, with an initial fund size of $15 million to invest in startups.
PSA said it would seek to invest in companies developing logistics solutions, including robotics and automation in container and cargo handling operations.
"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," Group Chief Executive Tan Chong Meng said in a statement.
To kick off the initiative, the firm will be holding a series of site visits to PSA Singapore Terminals for interested start-ups. It has an open application process with a deadline of July 8.
Winning applicants will receive $35,000 in seed funding, plus incubator facilities at PSA’s Pasir Panjang Terminal Building 3 in Singapore. They will have access to the port environment to develop and test ideas for the real market, and will have access to the mentorship of PSA staff and other business leaders.
PSA counts itself among the world's largest port groups, with involvement in around 40 terminals in 16 countries.