SINGAPORE, May 29, 2024 – Tribe and Digital Industry Singapore (DISG), in partnership with NVIDIA, have launched the Ignition AI Accelerator, a pioneering global AI startup accelerator headquartered in Singapore. This initiative, the first of its kind in Southeast Asia, is backed by the Singapore government and aims to foster a dynamic ecosystem for AI startups, driving AI innovation and expanding the technology’s potential.
Unveiled at the Asia Tech x Enterprise 2024 event with an initial investment of USD $3 million, the Ignition AI Accelerator represents a significant collaboration between Tribe, a premier startup ecosystem builder, and NVIDIA. This partnership will provide unparalleled support to AI startups, helping them thrive in a rapidly growing market projected to exceed US$1 billion by the end of 2024 and to reach US$4.6 billion by 2030, driven by a compound annual growth rate (CAGR) of 28.1%.
The accelerator will begin with an initial cohort of 15 promising startups, offering comprehensive support for both business and technical needs. The four-month program will equip these startups with essential skills and resources, ensuring their AI projects are market-ready. Key features of the program include:
- Access to Training and NVIDIA’s Expertise: Co-developed by NVIDIA and Tribe, the program offers a series of workshops to enhance core AI capabilities, covering the entire AI stack from GPU to application layer development. Expert advisory will help startups leverage accelerated computing for a competitive edge.
- Accelerated Development and Market Access: Startups will receive cloud credits to facilitate development across multiple cloud platforms and on-premise infrastructure. In-depth coaching from lead consultants, subject matter experts, and experienced founders will guide startups on project valuation, economic viability, and long-term sustainability.
- Investment and Connectivity Opportunities: The program will bridge the gap between startups and potential investors, including corporations, VCs, and private investors, providing real-world pitching opportunities and early-stage funding support.
In collaboration with Enterprise Singapore (EnterpriseSG), NVIDIA and Tribe will support qualified AI startups through the Startup SG Tech scheme, offering funding for technology development and business growth. The program will also assist startups in obtaining IMDA accreditation, helping them establish credentials and position themselves for government projects and large enterprise contracts, ultimately accelerating their global market access.
Ng Yiming, CEO of Tribe, stated: “This accelerator program targets the most forward-thinking AI startups to create and market the next wave of AI advancements. The current AI adoption surge highlights the strategic importance for businesses across industries. Companies are using AI to achieve operational excellence, reduce costs, and unlock new growth avenues. To fully capitalize on these benefits and remain resilient, fostering ground-up innovation is crucial. Tribe is excited to partner with NVIDIA and DISG to channel resources to startups, accelerating AI solution development and deeper industry integration.”
Chan Ih-Ming, Executive Director and Head of Digital Industry Singapore, remarked: “Our collaboration with NVIDIA and Tribe to launch the Ignition AI Accelerator reaffirms DISG’s commitment to establishing Singapore as a global AI hub. The accelerator showcases Singapore’s strengths as a convergence point for global technology leaders, emerging innovators, and world-class infrastructure. We look forward to deepening our partnerships to drive our local AI ecosystem.”
Soh Leng Wan, Assistant Managing Director of Enterprise Singapore, added: “Initiatives like the Ignition AI Accelerator are vital in providing promising AI startups with the resources, mentorship, and technical know-how they need to innovate and scale their solutions to new markets. This is part of our ongoing effort to provide relevant resources to support AI development and grow the global AI startup ecosystem through Singapore. Enterprise Singapore aims to continue fostering such collaborations with the tech industry to catalyze investments and growth opportunities for our AI startups.”
Susan Marshall, Global Head of Startups and Senior Director of Developer Relations at NVIDIA, commented: “Building on the success of the NVIDIA Inception program, this collaboration with Tribe and DISG will leverage our combined expertise in identifying high-potential AI startups, pushing the boundaries of AI, and bringing their innovations to market more quickly.”
Starting today, May 29, 2024, applications for the Ignition AI Accelerator are open for founders of new startups and AI leads of existing startups. Interested parties can download program details and apply at https://www.theignition.ai/.
Image by Gerd Altmann from Pixabay