PSA International Starts VC Arm
Singapore-headquartered port operator PSA International Pte Ltd has set up a corporate venture capital arm, PSA unboXed, with an initial fund size of S$20 million ($14.66 million) to invest in startups.
PSA said it would seek to invest in companies developing logistics solutions, including robotics and automation in container and cargo handling operations.
"Through PSA unboXed, we want to encourage creative ideas that can improve and revamp logistics technology, increase port productivity and enhance the integration, security and performance across the constituents of global supply chain logistics," Group Chief Executive Tan Chong Meng said in a statement.
PSA counts itself among the world's largest port groups, with involvement in around 40 terminals in 16 countries.
Reporting by Aradhana Aravindan