Temasek, a Singapore headquartered investment company, and Kuehne + Nagel, a leading global logistics group, signed a Memorandum of Understanding to establish a joint venture to invest globally in companies developing cutting-edge technology for logistics and supply chains.

The joint venture is targeting investments into early stage companies which are developing technologies and services with the potential to transform traditional business models in logistics, improve efficiency, and provide an enhanced value proposition for the consumers. The cooperation will focus particularly on the areas of big data and predictive analytics, artificial intelligence, block chain, and robotics.

“The cooperation combines Temasek’s focused and long-term oriented investment strategy and expertise, with Kuehne + Nagel’s global logistics network and know-how,” said Joerg Wolle, chairman of Kuehne + Nagel International AG. “For Kuehne + Nagel it is both another important step in the deployment of our digitalization approach and to shape the future of our industry.”

Incorporated in 1974, Temasek is an investment company supported by 10 offices internationally, with a portfolio of $197 billion, mainly in Singapore and the rest of Asia.

“The opportunities presented by the growth of technology and its application across sectors have been an increasing focus for Temasek,” said Tan Chong Lee, president and head for Europe and South East Asia for Temasek.

Kuehne + Nagel has over 74,000 employees at more than 1,300 locations in over 100 countries, with market positions in seafreight, airfreight, contract logistics, and overland transportation, with a focus on providing IT-based integrated logistics solutions.