Ladies and Gentlemen, good afternoon.

2.      Thank you for joining us at the 9th edition of our Smart Port Challenge Grand Finals. It is my pleasure to be here with leaders from the startup and research communities, maritime industry, and ecosystem partners.

PIER71 Global Reach and Strong Participation 

3.      This year has been our most ambitious run yet. Together with our overseas partners, PIER71 organised 15 global roadshows across Singapore, the United States, South Korea, China, India, and Europe, to promote the Smart Port Challenge.  

4.      These efforts brought in a record 288 proposals from 35 countries. 19 startups and scaleups were shortlisted to participate in the 10-week PIER71 Accelerate Programme. They have managed to secure over 30 LOIs from maritime companies, demonstrating strong demand for new innovation and ideas from our start-up community.

Singapore as a Launchpad for Startups

5.      Here in Singapore, we hope to contribute to the global marketplace of ideas by being a leading maritime technology and innovation hub, and as a springboard for Marinetech startups in the wider region. 

6.      When this programme first started, our target was to grow the number of MarineTech startups five-fold, from 30 in 2021 to 150 in 2025. I am pleased that we have nurtured close to 170 startups since 2018.  Among our 2024 Smart Port Challenge Cohort, 6 foreign startups have set up operations in Singapore [1]. 

7.      PIER71 startups have continued to deliver innovative yet practical solutions for the maritime industry. 

a. Groundup.ai, from our 2020 cohort, just completed a successful Series A fundraising round of USD$4.25m. Their predictive maintenance AI solution has helped to reduce downtime and equipment failures, bringing down maintenance costs for the maritime, oil and gas, and heavy industry sectors.

b. Open Ocean Robotics, our 1st runner up from the 2024 cohort, collaborated with MPA on a Multi-Agency Chemical Spill Simulation Exercise this year, deploying their Data Xplorer uncrewed surface vehicle to monitor air quality. This technology reduces the need for human responders in hazardous environments, whilst maintaining critical monitoring capabilities. 

8.      MPA has also awarded MINT Startup Grant to 2 more startups, Clear Robotics and Sheco, our Finalists from last year’s cohort.

a. Clear Robotics is now trialling their autonomous electric vessels with Tian San Shipping. Their vessels will combine trash collection and hydrographic surveying. They aim to cut maintenance costs, reduce manpower needs and eliminate safety risks whilst also supporting our sustainability objectives. 

9.      These solutions deliver real business value to the users. With rising costs, labour constraint, and global competition, maritime companies must try new ways of doing things and keep a look out for innovative solutions and business models.

10.      I am happy to share that we will be launching a MarineTech Startup Directory. This directory will serve as a valuable resource which will be regularly updated for you to find innovative solutions and investors to discover promising startups.

11.      We also see growing investor interest in MarineTech. Building on this momentum, I am pleased to announce that MPA’s MINT Startup Scheme is also open to startups funded by our VC and CVC partners. We invite our partners to work with PIER71 and bring your portfolio startups to greater heights. 

Corporate and Industry Collaboration 

12.      The success of PIER71 would not be possible without our strong industry partnerships. This year, 28 innovation partners contributed challenge statements, test-bedding opportunities, and opened doors for our startups. 

13.      I would like to thank our mentors and domain experts for supporting the programme. Your extensive experience and contributions have benefitted our startups greatly.

14.      I would also like to extend my appreciation to our 6 Corporate Prize Sponsors, namely ABS, OCBC, PSA Ventures, Reefknot Capital, RINA and ZEBOX. This demonstrates the commitment of our industry to drive innovation not just in words, but in action. We hope more companies will come onboard with PIER71 to provide strong support to the startups and entrepreneurs.

Looking Ahead

15.      The growing participation over the years shows that the world recognises Singapore as the place where maritime innovation happens. As we look ahead, the PIER71 ecosystem will continue to serve as a collaboration platform for maritime companies, startups, investors, and adjacent sectors to come together.

16.      I ask all of you to help us grow this ecosystem together. We invite you to reach out to the team and get involved our 2026 programmes. This ecosystem will support the growth of our hub port and IMC, enabling the industry to become more adaptable, resilient, and efficient.

17.      On that note, I would like to congratulate all our participants and finalists. I look forward to seeing the innovative solutions you will present today, and witnessing how they will shape the future of our maritime industry. Thank you.

[1] Clear Robotics, Sheco, Mapsea, Mely.ai, Cetasol, Willog.