American multinational technology conglomerate General Electric (GE), has announced new partnerships with multiple parties in Singapore.
With its sights set on developing and enhancing new technology for the Industrial Internet of Things (IIoT) technology and developing intelligent applications, the Boston-based firm has partnered alongside SPRING Singapore and Platform E to foster new startups in the area. Additionally, they have partnered with Singapore grid operator, SP Group, to co-develop cutting edge power solutions and new technologies.
In cooperation alongside SPRING Singapore, GE will be co-developing an incubation program for new technology startups. Central to this strategy is an arrangement with Singapore Institute of Management’s entrepreneurship center—Platform E—to promote entrepreneurship in the industrial internet , and foster the growth of startups in Singapore and the surrounding area.
GE chairman and CEO Jeff Immelt feel the Industrial Internet is that of a multibillion-dollar opportunity. They look forward to collaborating with their partners in Singapore to support entrepreneurship and build a larger digital ecosystem in the country.
The partnership with SPRING will incorporate an accelerator program focused on IIoT, including agile programming, machine learning, algorithms for asset performance management, and cybersecurity.
One of the key goals will be to grow GE’s Predix Marketplace; a platform connecting startups and small and medium-sized enterprises (SMEs) to new customers via GE’s network.
Poon Hong Yuen, Chief Executive of SPRING Singapore, belives that the partnership will enable SMEs and start-ups to increase their digital capabilities, scale up quickly and increase their competitiveness.
Global Actors, Thinking Local
A noteworthy feature of the Platform E arrangement is the pairing of the global tech conglomerate with a local Singapore university’s entrepreneurship program. The initiative will incorporate student training in entrepreneurship, led by a group of mentors from GE, as well as granting access to GE’s Predix platform; a cloud-based tool that assists with connecting to industrial machines.
GE will also be partnering with SP Group, who will be co-developing IIoT solutions alongside GE to enhance the reliability and efficiency of Singapore’s power network.
According to GE, engineers, digital specialists, and developers from the two companies will partner to create new tools to aid in these tasks. From advanced data analytics, to artificial intelligence applications, these tools will be aimed at enhancing the performance of existing assets, and reducing downtime during network operations.
Predictive maintenance is another aim of the partnership, with access to GE’s global domain expertise assisting in the cost-saving measure.
According to SP group’s CEO Wong Kim Yin, Singapore will be the first to benefit from the enhanced efficiency brought about by digital replication of assets, a process referred to as “digital twin.”
In addition, GE opened its Asia Digital Operations Center, based in Singapore—the conglomerate’s first such location in Asia—supporting its global information technology (IT) operations and services. According to GE, the center is an integral part of their larger strategy to evolve how IT services coordinate across the entire group, and provide 24-hour IT resources and support for the firm.
Initially housing about sixty employees, GE plans to expand these software jobs to 180 or more positions over the next five years.