Singapore Technologies Engineering Ltd (ST Engineering) today announced that its Corporate Venture Capital unit, ST Engineering Ventures Pte Ltd (ST Engineering Ventures) has made a Series B investment of US$5.79m (about S$7.8m) for a minority interest in Janus Technologies, Inc., an endpoint cyber security provider based in California, US.
“This is the first investment by our Corporate Venture Capital unit in companies with cutting edge technologies or breakthrough innovations,” said Vincent Chong, President & CEO of ST Engineering. “Our investment into Janus Technologies will benefit not just the Group’s Cyber Security business, but will also enable Janus Technologies’ organic growth as it will have access to our established business networks and channels.”
The Group has identified cyber security, along with robotics, autonomous technology, and data analytics as strategic capabilities that it will invest in to create long term value and growth. Through this investment, the Group’s electronics arm, ST Electronics will be able to provide a unique hardware-based cyber security solution that delivers a customised and secure platform and network security capabilities to its customers.
“We are very pleased to have received this investment from ST Engineering, a leading technology and engineering group. We look forward to partnering ST Electronics to integrate the Janus Secure Computing Platform into their outstanding cyber security portfolio and accelerating the success and adoption of these products in the market,” said Sofin Raskin, Chairman and CEO of Janus Technologies.
This investment, shortly after ST Engineering Ventures was set up in July 2017 signals ST Engineering’s keen focus in moving beyond traditional R&D approaches to seek new technologies and ideas outside the Group to complement its internal capabilities in the Aerospace, Electronics, Land Systems and Marine sectors. Technology start-ups, like Janus Technologies scouted by ST Engineering Ventures will be able to integrate into the Group’s ecosystems and leverage its established business networks and channels for broader business capabilities to compete globally. They will also be able to tap on the Group’s technological expertise.
The transaction is not expected to have any material impact on the consolidated net tangible assets (NTA) per share and earnings per share of ST Engineering for the current financial year.