Terminal operator PSA International has moved into venture capital with PSA unboXed which will invest in start-ups in the IT and technology space for logistics.

The venture capital arm will start with an initial fund size of SGD20m ($14.58m) it plans to invest start-ups seeking to create innovative logistics solutions fusing information and communications technology including IoT (Internet of Things), cloud, data analytics, AI and optimisation, as well as engineering solutions including robotics and automation in container and cargo handling operations, and transaction solutions for the maritime trade and finance ecosystems.

“Through PSA unboXed, we want to encourage creative ideas that can improve and revamp LogTech (Logistics Technology), increase port productivity and enhance the integration, security and performance across the constituents of global supply chain logistics,” said Tan Chong Meng, group ceo of PSA International.

Start-ups will receive initial seed funding of SGD50,000 and facilities at PSA's Pasir Panjang Terminal Building 3 in Singapore.

The call for submissions started on 9 May and more information can be found at unboxed.globalpsa.com