MEDIA RELEASE

Cleantech startup Thermalytica Inc. emerges the Grand
Winner at SLINGSHOT 2023
Participating startups gained connections and exposure to local and global
investors, corporates and ecosystem builders
MR No.: 053/23
Singapore, Thursday, 2 November 2023

1.

Imagine energy-efficient household appliances, sustainable construction practices,and the realisation of net-zero energy buildings. This is a future made possible
through the novel tech solution offered by Thermalytica Inc., which emerged as
the winner of the grand prize at the finals of SLINGSHOT 2023 today, held during
the Singapore Week of Innovation and Technology (SWITCH) flagship conference.
Organised by Enterprise Singapore (EnterpriseSG), SLINGSHOT is a global deep
tech startup pitching competition that uncovers startups with innovative and cuttingedge technologies and enable them to scale from Singapore.

2.

The first runner-up was Bering Lab Inc., which provides domain-specific translationengines and tools powered by Artificial Intelligence (AI) for the legal and patentindustries; while the second runner-up was Kinexcs Private Limited, an AI-driven
digital health and wearables company focused on enabling mobility for patients withmusculoskeletal conditions. In total, there were 10 Winners across five domains: i)
Transformative Digital Technologies, ii) Health and Biomedical, iii) Consumer Media,Goods & Services, iv) Manufacturing, Trade & Connectivity, and v) Environment,
Energy & Green Technologies (see details of winners in Annex).

3.

The seventh edition of SLINGSHOT saw a record 4,700 applications from 150
markets, including leading startup hubs such as the United States, the United
Kingdom, Japan, South Korea, and Germany. 2023 also saw an over 50% increase
in applications from the region, namely from Malaysia, Vietnam, and Thailand.

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4.

The top 50 were chosen after two rounds of judging by over 350 international judges,
and were flown into Singapore to participate in a physical immersion programme.
This culminated in the final round of pitching at the SLINGSHOT Domain and Grand
Finals over the past three days.

Startups access collaboration and networking opportunities through SLINGSHOT
5.

The competition provided participating startups with mentorship, investment, andbusiness matching opportunities with the large pool of local and global investors,
accelerators, venture builders, corporates and innovators based in Singapore. For
instance, world-leading consumer health company Haleon has awarded startup
QuantActions a S$10,000 co-innovation cash prize. In line with Haleon’s purpose todeliver and make everyday health more inclusive, more achievable and moresustainable, QuantActions was selected for its potential to help shape the future ofconsumer health, with its digital health platform in which important indicators related
to mental/neurological health are detected and analysed. Through the connection
enabled by SLINGSHOT, Haleon and QuantActions are exploring a collaboration toincrease self-care empowerment in relation to Cognitive Health among the ageing
population, and enable them to lead fulfilling, active, and independent lives as theyage.

6.

The top 50 global startups gained a firsthand view of Singapore’s startup andinnovation ecosystem through the 3-day immersion programme in Singapore.
Organised in partnership with Action Community for Entrepreneurship (ACE), theprogramme included workshops and networking sessions with key ecosystem
players, such as government agencies like the Agency for Science, Technology andResearch (A*STAR) and JTC, as well as private sector partners like SGTech andOrbit Startups.

7.

At the finals, the top 50 winners pitched to a judging panel from renowned
international venture firms – Ms Carmen Yuen, General Partner of Vertex Ventures,
Mr Eduardo Saverin, Co-founder and Co-CEO of B Capital Group, Mr Magnus
Grimeland, Founder and CEO of Antler, and Mr Kuo-Yi Lim, Co-Founder andManaging Partner of Monk’s Hill Ventures.

8.

Mr Peter Ong, Chairman, Enterprise Singapore, who was also a judge at the grandfinals said, “The strong participation in SLINGSHOT 2023 reflects the continued
strength of Singapore’s startup ecosystem. As the key driver of the ecosystem,

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EnterpriseSG will continue to uncover and nurture innovative startups on their deep
tech journeys. In particular, we want to connect startups to both private and public
sector partners to help them secure funding, grow, and scale.”9.

Said Mr Magnus Grimeland, Founder and CEO, Antler, “We have always valued
our partnership with SLINGSHOT and EnterpriseSG, who, like us, are centred on
Singapore but work with startups and founders who come here from around theworld, all with the common goal of creating an outsized impact on driving innovationand solving large problems globally. SLINGSHOT has balanced continuity withrelevance, and we have seen competition winners across various sectors do
exceptionally well globally. SLINGSHOT and Antler share a vision to support more
great entrepreneurs in pursuing truly innovative ideas based on new technologies
and scientific discoveries and we look forward to working with more of suchcompanies.”

10.

Past winners of SLINGSHOT have gone on to grow their businesses from Singapore.
2022 second runner up biomedical startup Wasna has since moved into its personallab space at Launchpad at JTC’s One-North, and successfully developed cell lines
for its ethical animal-free growth serum that does not rely on animal-sourced blood
components. Founder of Wasna, Mr Mathieu Van Giel pointed to the networking
and industry connections made through SLINGSHOT as a key takeaway. He shared,“The most important result from the competition is that we got connected to several
VCs and industry leaders in Singapore. One conversation eventually translated intoa meeting with a scientist, who is now our current Chief Scientific Officer. We also
gained critical exposure to the tech community as a SLINGSHOT winner.”

Over S$1.2 million in grant prizes and non-cash prizes awarded
11.

Over US$900,000 (S$1.2 million) in grant prizes were awarded:a) Grand winner grant prize of over US$150,000 (S$200,000);b) First runner-up grant prize of over US$110,000 (S$150,000);c) Second runner-up grant prize of over US$75,000 (S$100,000);d) Over US$37,000 (S$50,000) grant prize each for the top ten domain winners.

12.

To give them a leg up to establish presence in Singapore and scale further, the top
three winners will receive up to 18 months of rent-free space at either of theLaunchPads at JTC’s one-north and Jurong Innovation District, and be awarded theEntrepass, a workpass that allows foreign founders to enter and establish innovative

Page 3 of 6and venture-backed startups here. They will also receive a complimentary 12-monthinternational membership with Action Community for Entrepreneurship1 (ACE.SG),
which offers them resources and information, including access to a vast pool ofmentors as well as ACE’s programmes and events.

13.

For more information, please visit www.switchsg.org/2023/flagship/slingshot/.

ANNEX: Profiles of Slingshot 2023 winners
Photos from SLINGSHOT 2023: link

-EndFor media enquiries, please contact:
Ms Andrea Tan
Business Partner
Corporate Communications
DID: +65 9188 1679
Email : andrea_tan@enterprisesg.gov.sg______________________________________________________________________
About Enterprise Singapore
Enterprise Singapore is the government agency championing enterprise development. We
work with committed companies to build capabilities, innovate and internationalise.
We also support the growth of Singapore as a hub for global trading and startups, andbuild trust in Singapore’s products and services through quality and standards.
Visit www.enterprisesg.gov.sg for more information.

1 ACE is the national trade association for startups in Singapore.

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ANNEXPROFILES OF SLINGSHOT 2023 WINNERS
S/N PRIZE

Winner write-up

1.

Thermalytica, a clean tech startup, offers cutting-edge solutions based on its patented TIISA® thermal insulationmaterials for energy-efficient household appliances, sustainable construction practices, and the realization of netzero energy buildings.

Grand WinnerDomain Winner –Environment, Energy& Green Technologies

2.

Thermalytica Inc.
First Runner-Up
Domain Winner –Transformative DigitalTechnologies

3.

Bering Lab Inc
Second Runner-Up
Domain Winner –Health & Biomedical

4.

Kinexcs Private
Limited
Domain Winner –Transformative Digital
Technologies

Bering Lab Inc provides domain-specific AI translation engines and tools for the legal and patent industries. The
company’s engines are 2x better than Google Translate for contracts and patents. They currently serve 60+ lawfirms, patent firms, and big corporates.

Kinexcs is an AI-driven health platform and wearable company intended to empower people for mobility and a better
quality of life. Platform offers digital therapy incorporating AI to address chronic and acute musculoskeletal
conditions, enabling convenient access at lower cost.

MetaTrust Labs is a developer of web 3.0 security technology designed for audit services. The company offers
intelligent codes and SaaS tools for construction of open source infrastructure and blockchain.

MetaTrust Labs PteLtdPage 5 of 6

5.

6.

7.

8.

Domain Winner –Health & Biomedical

Somnial is a novel device that treats Obstructive Sleep Apnea (OSA). The device uses advanced, proprietary
technology to activate muscles of users’ tongues, moving it out of the way to improve their breathing.

Somnial Inc
Domain Winner –Consumer Media,
Goods & Services

Bonocle is a braille device that converts digital information into braille. The company’s devices foster social inclusion
for the blind while improving their educational journeys.

BonocleDomain Winner –Consumer Media,
Goods & Services

Krosslinker is an innovation-driven clean tech startup which focuses on energy efficiency through the developmentof an advanced super-insulation material – aerogel – for challenging insulation applications.

Krosslinker Pte Ltd
Domain Winner –Manufacturing, Trade& Connectivity

AP Plasma leverages AI to instantly compute 3-Dimensional (3D) shoe models to enhance manufacturing outputs,
quality and automatic Quality Control (QC) systems.

9.

AP PLASMA
Corporation
Domain Winner –Manufacturing, Trade& Connectivity

10.

FLITE MaterialSciences Corp.
Domain Winner –Environment, Energy& Green Technologies

FLITE replaces coatings with clean laser treatments, improving safety and resilience without harming theenvironment. The company embeds their technology directly into the client's manufacturing or maintenance,generating long-term license and royalty fees.

Emrod technology sends large amounts of power long distance wirelessly with little losses.

Emrod Inc.

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