PSA International creates venture fund

The container terminal operator’s newly established venture capital arm for funding startups, PSA unboXed, will have an initial fund size of 20 million Singapore dollars.    Container terminal operator PSA International Pte Ltd. has created a new venture capital arm for funding startups.
   PSA International Pte Ltd. said PSA unboXed will have an initial fund size of 20 million Singapore dollars (US$14.6 million).
   PSA unboxed is looking to invest in tech-based start-ups that are developing logistics solutions, including IoT (Internet of Things), cloud, data analytics, AI (Artificial Intelligence) and optimization, along with engineering solutions including robotics and automation in container and cargo handling operations, and transaction solutions for the maritime trade and finance ecosystems.
   “The port is one of most important points of convergence in global supply chains. Being one of the world’s largest port operators gives PSA the unique platform to instigate and support game-changers in our industry,” PSA International Group CEO Tan Chong Meng said. “Through PSA unboXed, we want to encourage creative ideas that can improve and revamp LogTech (Logistics Technology), increase port productivity and enhance the integration, security and performance across the constituents of global supply chain logistics. This incubator program is in line with PSA’s continued focus on port and related logistics innovation and we hope to benefit from a broadened technology horizon.”