Two Singapore startups join fourth EY incubator program

EY expands the incubator program to five countries.

Two Singapore AI technology startups will be joining EY’s startup incubator, EY Foundry, along with 12 other startups from five countries.

Speech recognition software startup AI Communis and AI digital operations platform In-D will be part of the fourth EY Foundry, which has been extended to New Zealand, Indonesia, Philippines, Malaysia, and Sri Lanka from previously being run only in Sydney and Singapore.

This year, EY’s startup incubator programme will be held virtually due to the ongoing pandemic.

The program will run for six months, starting in early March. The participants will receive US$120,000 worth of Microsoft Azure credits, part of the ongoing support from Microsoft for Startups. The credits aim to help the founders to develop their technology stack. The participants will also be able to leverage EY’s industry insights and experience in improving business growth.

According to EY Asia-Pacific tax innovation leader Patricia Xia, EY had a difficult time selecting the winning participants but this is just reflective of the quality of entrepreneurs from across Asean and Oceania.

“We’re incredibly excited to begin our journey with the selected participants and we look forward to working together to solve pressing tax, compliance, and business efficiency challenges that we and EY clients are facing,” Xia said.

EY has no equity stake in the participating startups, allowing founders to maintain full ownership and control of their businesses.

EY Foundry has incubated a total of 12 startups, has facilitated over 450 meetings and product demonstrations to EY and enterprise teams, and has helped facilitate technology pilots within the global EY network. EY Foundry has also been a diverse and inclusive program with a strong female-led presence throughout prior cohorts.