9 February 2012 - For Immediate Release
SIIRD announced increase in R&D co-funding for collaboration projects between Singapore and Israeli companies
SINGAPORE, 9 February, 2012 – With a long-term vision of promoting innovation through R&D, the Singapore-Israel Industrial R&D Foundation (SIIRD), which promotes joint industrial R&D projects between companies from Israel and Singapore, has increased its maximum co-funding amount for Major R&D Project from US$750,000 to US$1,000,000. Correspondingly, SIIRD also increases the maximum co-funding amount for "Mini" R&D Project from US$100,000 to US$200,000, whereby it will co-fund 50% of the eligible R&D costs.
"The increase in co-funding amount to US$200,000 for projects costing approximately US$400,000 will help collaborating companies to embark on more meaningful R&D projects for the market and at the same time, doing such work on a scale that matches their resources." - Mr Chan Eng Chye, General Manager of SIIRD.
Together with the announcement of the increase in R&D co-funding quantum, SIIRD has also announced the approval of three new innovative collaboration projects that will result in a total research investment of US$3.1 millions.
The three joint-venture projects are expected to generate cumulative revenues of S$256million in the first three years of commercialisation. A total of 28 research scientists and engineers from Singapore and Israel will be involved in all three projects.
One of the approved projects is between Singapore-based company AP Nutripharm and Leorex from Israel. Both companies are collaborating to produce a new range of skin whitening cosmetics. The proposed product taps on the whitening benefits of cordyceps, a type of medicinal fungi known to be rich in amino acids, minerals and organic acids. Leorex’s nano-material-based structures will be designed to delay the decomposition of these ingredients and to release them slowly into the skin.
"We are very excited to be engaged in this project with our Singaporean partner, AP Nutripharm. Both companies complement each other well and they are a perfect match for us. By synergising our R&D capabilities, we can bring a unique skin whitening cosmetic product to the huge Asian market." - Eyal Weinstein, CEO of Leorex, Israel
"Despite having observed that the components produced by its proprietary Cordyceps species has skin-whitening properties, APN as a biologic manufacturer has been unable to generate sound scientific evidence until it started to collaborate with its Israeli partner, Leorex Ltd. Thanks to SIIRD’s support, both companies are now working towards the commercialization of novel skin whitening cosmetics based on positive results from clinical trials. We believe that our collaboration will be a good model for bio-medical business like ours, which is R&D and capital-intensive."- Mark Xu, CEO of AP Nutripharm, Singapore
To date, SIIRD has approved 112 projects with a total research investment of US$160 millions. Besides co-funding R&D projects, SIIRD also provides free assistance to Singapore-based and Israel-based companies in identifying suitable technology partners from Israel and Singapore respectively. SIIRD has match made near to 300 companies from a diverse range of technological areas including Renewable Energy, Software Analytics, Medical Diagnostic Device, Wireless Communication, Water Filtration and Educational Software.
The Singapore-Israel Industrial R&D Foundation (SIIRD) is a co-operation between the Singapore Economic Development Board (EDB) and the Office of the Chief Scientist (OCS) in Israel to promote, facilitate and support joint industrial R&D projects, between Singapore-based companies and Israeli high-tech companies, which would lead to successful commercialisation. SIIRD’s support includes co-funding of up to 50% of the eligible R&D costs of joint R&D projects. SIIRD also organises matchmaking opportunities between Singapore-based and Israeli high-tech companies. For more information, please visit http://www.siird.com.
Ms Tan Wen Miin
Singapore-Israel Industrial R&D Foundation