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Singapore Dominates SEA Tech Funding in Q323 and surpasses South Korea in Global Innovation Index

Written by: Aayudh Sen



In the third quarter of 2023, Singapore emerged as the frontrunner in Southeast Asia's tech funding landscape, securing an impressive $318 million in investments.


Following closely behind Singapore are three Indonesian cities, with Bandung attracting $200 million, Jakarta securing $140 million, and Tangerang receiving $73.5 million in tech funding.


According to data from Tracxn, Singapore's Mirxes and Sedna ranked among the top tech companies in terms of funding during the same quarter. Mirxes secured the third position, raising $50 million in a Series D funding round, while Sedna claimed the fifth spot with $42 million raised in a Series C funding round.


Overall, the impressive tech funding figures underscore Singapore’s position as a prime destination for tech investments in the region and validate the city-state’s ongoing efforts to nurture a robust and forward thinking tech ecosystem.


In the 2023 Global Innovation Index, Singapore has surpassed South Korea and now stands as the top-ranked Asian market, securing the 5th position in the latest edition of this annual index published by the World Intellectual Property Organization (WIPO).


The rise to the 5th position on a global scale showcases Singapore as a powerhouse of innovation, capable of not only generating new knowledge and technology but also effectively harnessing it for economic growth.


WIPO evaluates markets on the Global Innovation Index using two key categories: innovation inputs and outputs. With a focus on 80 indicators, WIPO assesses and ranks 132 countries based on their capacity for innovation and their success in achieving it.


Singapore excelled in innovation inputs, claiming the top spot in this category. Notably, it performed exceptionally well in indicators such as "Institutions – institutional, regulatory, and business environment" (1st), "Human capital and research" (2nd), "Infrastructure" (8th), and "Business sophistication" (3rd).


In terms of innovation outputs, Singapore secured the 12th position, demonstrating improvements in indicators like "Knowledge and technology outputs" (10th) and "Creative outputs" (18th).


Furthermore, Singapore exhibited strong performance in a new indicator, 'Unicorn valuations' (8th), which evaluates the total valuation of all unicorn companies in a country as a percentage of its GDP, highlighting its robust innovation ecosystem.


In essence, this news serves as a testament to Singapore’s dedication to shaping a future driven by innovation and as a model for other nations seeking to bolster their innovation ecosystems.


unicorn companies: privately held startup companies with a value over $1 billion


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