Hemisphere Ventures, a venture capital (VC) and consulting firm headquartered in the US, opened a new office in Singapore, marking its foray into Southeast Asia.
The VC firm, which focuses on early-stage investments in areas of cybersecurity, biotech, nanotech, drones, robotics, and other frontier technologies, has promoted Chip Whittemore as its managing partner to lead the firm’s expansion. Earlier, Whittemore served as a venture partner within the firm.
In his new role, Whittemore will lead Hemisphere’s Singapore operation, thus building relationships with regional investors, founders, and key stakeholders.
Hemisphere will leverage its US network to connect its existing portfolio companies and customers with Southeast Asian startups.
Since its inception in 2014, Hemisphere has built a portfolio of US frontier technology investments.
Lisa Rich, founder at Hemisphere Ventures, said: “Hemisphere’s commitment to the innovation ecosystem has gone global. Our new Singapore office enables engagement in the region and allows us to connect startups with international markets.”
“Chip’s leadership and vision will play a pivotal role in unlocking growth opportunities in Southeast Asia, a region ripe for growth as both talent and capital flow to the area,” said Rich.
Hemisphere’s expansion to Southeast Asia is driven by diverse opportunities emerging in the region on the back of its young population, robust economic growth, and increasing foreign direct investment.
Singapore, over the years, has become a financial powerhouse and preferred gateway to the region’s booming markets. With over S$5.5 trillion in assets under management, the city state’s stable regulatory framework, world-class financial services, business-friendly policies, and strategic location make it an ideal site for Hemisphere’s new office, the firm said in a statement.
Notably, family offices in Singapore have more than tripled since 2020, with an additional 250 offices established in the first eight months of 2024. This influx reflects the growing interest from global and regional investors seeking stability amid geopolitical uncertainties.
The shift of capital flows from China, Indonesia, and India to Singapore reflects evolving regional dynamics, as investors consider it a safe haven for diversification. As China pivots from technology and finance to focus more on manufacturing, wealthy investors and venture capital firms seek new opportunities in advanced technologies and growth sectors, such as space and robotics.
Whittemore said, “Singapore provides a safe and attractive destination for advanced technology investments, with access to high-growth opportunities across Southeast Asia. I am excited to lead Hemisphere’s expansion, and connect founders and investors to the global startup market.”
Hemisphere Ventures has made 18 investments. Their most recent investment was clocked in April 2023, according to Crunchbase.
Southeast Asia’s tech landscape has witnessed increasing participation of US-based VC firms such as Sequoia Capital (Peak XV Partners), B Capital, General Atlantic, Dragoneer Investment Group, Flourish Ventures, Goodwater Capital, Tomorrow Ventures, Kleiner Perkins, General Catalyst, Andreessen Horowitz, Capria Ventures, Avenue Capital Group, among others. Some of these firms also invest in India.
