Industrial Policy in a Startup Jersey
There is a company in Singapore that has raised close to half a billion US dollars and has never sold a single thing. Not a small amount of revenue. None.
It has a chip. It has a box. It has a founder story, a serious set of engineers, and one of the bigger names in Singaporean venture writing the cheque. What it does not have is a customer you can name or a price you can look up.
And here is the part that should make you sit up. That is not a scandal. In 2026, that is a business model.
So this one is about a Singapore chip company called Acrab. But Acrab is really just the door. Behind it…
The skinny
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