PIER71 announces winners for 2019 Smart Port Challenge

Source: PIER71. PIER71 with the latest cohort of 24 startup finalists at the Smart Port Challenge 2019 Grand Final, ready to reimagine the maritime ecosystem.

Port Innovation Ecosystem Reimagined @ BLOCK71 (PIER71) has unveiled this year’s winners of the third Smart Port Challenge (SPC).

Hailing from Singapore, Japan, and as far as Denmark and Canada, 24 startups were selected from 200 applications for the Smart Port Challenge to come up with solutions to 28 challenges identified by maritime companies in the areas of port operations, shipping and maritime services facing Singapore’s maritime sector.

The 24 startups, 15 of which are Singapore-based, focused on technologies such as artificial intelligence, virtual and augmented reality, Blockchain, robotics and wearables, among others. More than half of these startups have already received letters of intent from maritime companies to build on the solutions they propose.

The winners are:

Dravam’s innovative fuel quality monitoring solution is a real-time early detection system for marine fuel, installed seamlessly onto a vessel. This patented solution is aimed at ensuring the quality of the fuel that is bunkered and addresses the industry’s need for quicker bunker quality testing.

Vivek Premanadhan, Dravam CEO & Founder commented, “PIER71 Accelerate is such a unique programme – the quality of mentorship, workshops and networking opportunities is second to none. The last five weeks has brought us closer to being market-ready and we are very honoured by this win and excited to be part of this ecosystem.”

KoiReader Technologies has developed a machine learning visual recognition system that extracts unstructured textual data from images and translates them into usable structured data. This improves the accuracy of filling up logistics data forms for regulatory clearance and reduces the risks associated with misdeclaration of dangerous goods.

Teqplay has developed a platform that collects, bundles and refines public data. Combined with machine learning and artificial intelligence, the platform empowers the shipping industry to make smarter and better informed decisions in the planning and execution of port calls, and the maritime supply chain.

Dr Lam said, “As the world’s busiest transhipment container port and a leading maritime hub, Singapore offers tremendous opportunities for startups in the maritime sector. In the two years since we started the Smart Port Challenge, the number of quality proposals we received from start-ups has more than doubled. Smart Port Challenge brings fresh ideas to pressing challenges such as digital disruption and tighter environmental regulations, and will inject life and vibrancy to the maritime innovation ecosystem.”

Professor Freddy Boey, NUS Deputy President (Innovation and Enterprise) said, “NUS Enterprise has a strong foundation in spearheading the startup ecosystem. PIER71 is one example of how the university can foster collaboration between maritime companies, technology startups and individuals from the maritime ecosystem, such as business owners, suppliers, and operators to drive innovation and position Singapore as a vibrant and innovative maritime hub.”

The SPC is one of several industry-wide initiatives under PIER71, a collaboration between the Maritime and Port Authority of Singapore (MPA) and NUS Enterprise, the entrepreneurial arm of the National University of Singapore (NUS). PIER71 aims to build a vibrant maritime entrepreneurial and innovation ecosystem in Singapore.

PIER71 will continue to support all SPC participants through corporate matchmaking and mentorship to tackle the challenges identified by maritime corporates. They can also participate in community events with ecosystem partners, and engagements with enterprises and government entities. All 24 startups, including the ten finalists, will also be eligible to apply for an MPA grant worth up to S$50,000 each. The grant is earmarked for the development of their minimum viable products (MVPs) or solutions. A MVP is a product with the least number of features required for it to work successfully as advertised.

PIER71’s first cohort unveiled in November 2018 has seen several significant successes. SkyLab, a deep technology software startup, is expanding into the Indonesian market as well as forming a strategic partnership with one of the largest data analytics firms in Chongqing, China. Claritecs, a digital bunker startup, announced their S$850,000 pre-series A funding from Bernhard Schulte INNOPORT last month.