The Singapore Management University (SMU) Institute of Innovation and Entrepreneurship (IIE) announced the winners of the 12th Lee Kuan Yew Global Business Plan Competition (LKYGBPC), with deeptech startups ChemT Biotechnology and Zhejiang Polar Code Technology taking the top honours.
ChemT Biotechnology, a biotech startup representing Singapore and the US, was awarded the Chancellor’s Cup for Beta Innovation. Zhejiang Polar Code Technology, an energy tech startup representing China and the US, clinched the Chancellor’s Cup for Infinity Impact.
Also Read: “Don’t build for Demo Day”: Zhang Fan on the enduring truths of entrepreneurship in the AI era
LKYGBPC, one of Asia’s largest university-led deeptech startup competitions, ran from 29 September to 2 October 2025, setting new records for global participation. According to Heng Swee Keat, Chairman of the National Research Foundation (NRF), it reinforces Singapore’s status as a global innovation and entrepreneurial hub and an international gateway to Asia’s ecosystems.
Historic win and significant funding
ChemT Biotechnology’s victory in the Beta category (for pre-revenue startups) marks the first time in the competition’s 23-year history that a Singapore-US startup has secured the top prize in either category. ChemT’s founders are the National University of Singapore (NUS) and Harvard University graduates.
The Beta winner received SGD237,500 worth of prize value, while Zhejiang Polar Code Technology, the Infinity winner (for revenue-generating early-stage startups up to Series A), secured SGD287,500 in prize value. Both figures include SGD100,000 in cash and the remainder in in-kind prizes. Both teams also earned exclusive access to mentorship from notable venture capitalists (VCs) and C-suite Executives.
Winners focus on scaling and global expansion
ChemT Biotechnology focuses on transforming bio-manufacturing with AI-designed small molecules that modulate cell behaviour, thereby boosting biologics production yields and optimising cell performance.
Sun Jie, co-founder of ChemT Biotechnology, stated that the company’s immediate focus is scaling the business, which includes upgrading their current product, launching new products for antibody production, and expanding their virtual cell AI platform to more customers.
Zhejiang Polar Code Technology, whose founders graduated from Tianjin University and Toledo University, delivers smart micro-grids powered by AI to optimise performance in renewable-rich power networks.
Co-founder Wang Zhu revealed immediate plans to deepen the startup’s connection with the region starting with moving its headquarters to Singapore.
Ecosystem support and new initiatives
The LKYGBPC attracted 1,500 applications from over 1,200 universities across 91 countries. Chief Judge and Chairperson of the 12th LKYGBPC Advisory Committee, Shirley Wong, described the competition as “a vibrant celebration of bold ideas and fearless founders shaping a better future,” noting that the exceptional innovation, spanning from climate tech to sustainable materials, reflects the grit and vision of entrepreneurs tackling humanity’s most pressing challenges.
SMU’s role as a “crucible of innovation” was commended by Mr. Heng Swee Keat, who highlighted the launch of the Urban SustaInnovator (USI) deeptech accelerator programme just days before the competition’s finals. Supported by private and public partners, the USI aims to nurture high-potential deep-tech startups with a ‘Singapore Inc. Advisory Board’. All participants of LKYGBPC will receive an exclusive opportunity to apply for the USI programme.
The competition also saw the introduction of the DueAI Challenge, a novel initiative developed by SMU IIE’s Sze Tiam Lin, which uses artificial intelligence to enhance the efficiency and objectivity of startup screening. This AI-driven platform streamlines data collection and enables data-driven investment decisions, aligning with global trends in venture capital. PufferAI, based in Singapore, took first place in the DueAI Challenge.
Sustainability and AI awards
The competition also recognised several other ventures, particularly those focused on sustainability and AI.
MicroMelt (University of Oxford, UK) and SynMetabio (ShanghaiTech University, China) won the Indorama Ventures Future of Sustainable Materials Awards, which carries cash prizes of S$50,000 and S$75,000 respectively, rewarding breakthroughs in sustainable materials.
Also Read: 60 global startups to compete for US$2M prize at LKYGBPC grand finals
Qarbotech, which develops patented photosynthesis-enhancing solutions to boost crop yields sustainably, secured the Wavemaker Sustainability Investment Prize (US$100,000 investment) and the YIT Global Exploration Prize. Founder Amiru Merican noted that the investment represents “a step up in credibility” and provides “great potential for us to expand further beyond our markets that we are in now”.
The Zhang Fan Global AI Initiative Award saw PhotonCore (China) take first place (US$50,000), Dunia Innovations (Scotland) take second (US$40,000), and Luxtelligence (Switzerland) take third (US$35,000).
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The Singapore Management University (SMU) Institute of Innovation and Entrepreneurship (IIE) announced the winners of the 12th Lee Kuan Yew Global Business Plan Competition (LKYGBPC), with deeptech startups ChemT Biotechnology and Zhejiang Polar Code Technology taking the top honours. ChemT Biotechnology, a biotech startup representing Singapore and the US, was awarded the Chancellor’s Cup for
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