From robots to cancer screenings, Asia’s next wave of AI startups is moving into the real world

Asian AI startups are expanding from software to physical industries, showcasing a shift from previous tech cohorts, according to the NextGen Tech 30 event held in Singapore. Of the 30 companies featured, more than half apply AI to sectors like wind farms, warehouses, pharmacies, construction sites, and satellite systems. This marks a change from the software-focused firms that dominated earlier years.

The initiative, led by Singapore-based private capital platform Granite Asia in partnership with Singapore Exchange (SGX), highlights the potential for these firms to reshape industries and transform business models. Minister for National Development and Monetary Authority of Singapore Deputy Chairman Chee Hong Tat emphasized the need for these companies to prove their concepts and scale internationally, requiring capital, organizational capabilities, and adaptability.

Among the honourees are Menlo Research, which is developing an open-source humanoid robot named Asimov, and Japanese startup Craif, which is applying AI to cancer screening by analyzing urine samples for microRNA associated with various cancers. Both aim to expand their reach into Southeast Asia. Chee noted that NGT30 helps companies access capital and partnerships as they grow, with Singapore providing access to global investors and a local community familiar with regional markets.