Independent Fund Manager, Swaen Capital

Swaen Capital

Independent Fund Manager

Swaen Capital is a Singapore based licensed independent fund manager with an open architecture, a non bias financial platform creating access to the best custodians and investment managers. Our focus lies within the wealth management business, covering client relationships, financial planning, advisory, as well as discretionary portfolio management. We have developed strategic alliances with other leading independent firms to complement and extend our offerings to clients (global hedge fund research capability, alternative investment offerings, corporate finance, fund structuring & administration, etc). Our know-how, extensive global network and long standing presence in Asia allows us to provide a global footprint and at the same time enables us to capitalize on regional opportunities.

Equity Bottom-Up

<ul>
<li>Equipment sales tide through: MetaOptics continues to sell metalens testersto Taiwan. Contract liabilities provide revenue visibility into 2HFY26.</li>
<li>The company withdrew their dual list application at Nasdaq, but continues to expand its US presence, with their Direct Laser Writer deployments at US academic facilities assisting interested partners with prototyping and sampling.</li>
<li>Funded to execute: A flexible cost structure across development and marketing supports an extended cash runway of over 2 years to advance a broadening pipeline, including the Elsoft equipment partnership and a 12MP TiO2 metalens now prototyping for a major global tech company.</li>
</ul>


Equipment sales tide through: MetaOptics continues to sell metalens testersto Taiwan. Contract liabilities provide revenue visibility into 2HFY26.
The company withdrew their dual list application at Nasdaq, but continues to expand its US presence, with their Direct Laser Writer deployments at US academic facilities assisting interested partners with prototyping and sampling.
Funded to execute: A flexible cost structure across development and marketing supports an extended cash runway of over 2 years to advance a broadening pipeline, including the Elsoft equipment partnership and a 12MP TiO2 metalens now prototyping for a major global tech company.


MetaOptics Ltd Midyear Update (21 August 2026)

<ul>
<li>MetaOptics Ltd is a Singapore-based, early-stage, vertically integrated optics company that designs and manufactures metalenses — ultra-thin, flat "metasurface" lenses that steer light with nanoscale structures in place of bulky curved glass — together with the equipment to make and test them and metalens-based products (IoT cameras, smart glasses, 5G camera modules). </li>
<li>It operates across four business groups: Metalens Equipment, Metalens Foundry, Metalens Products and MetaOptics AI.</li>
<li>The optical metalens industry is nascent but fast-growing, positioned as a potential disruptor to the traditional optical lenses industry</li>
</ul>


MetaOptics Ltd is a Singapore-based, early-stage, vertically integrated optics company that designs and manufactures metalenses — ultra-thin, flat "metasurface" lenses that steer light with nanoscale structures in place of bulky curved glass — together with the equipment to make and test them and metalens-based products (IoT cameras, smart glasses, 5G camera modules). 
It operates across four business groups: Metalens Equipment, Metalens Foundry, Metalens Products and MetaOptics AI.
The optical metalens industry is nascent but fast-growing, positioned as a potential disruptor to the traditional optical lenses industry


MetaOptics Limited: Seeing past the Curve

Invest for a Sustainable Future, Impact Capital Asset Management

ICAM

Invest for a Sustainable Future

Impact Capital Asset Management

Established in August 2020, Impact Capital Asset Management Pte. Ltd. (ICAM) was conceived by seasoned professionals Deepak Mawandia and Atul Tetambe. Both have accumulated a wealth of knowledge and experience from their extensive tenures in the financial sector. In 2019, ICAM secured its RFMC license and subsequently introduced a technology-centric venture fund. By 2021, with the acquisition of its CMS license, ICAM witnessed steady growth in its assets under management. Presently, ICAM manages a portfolio exceeding USD 1 billion, diversified across various countries. Central to ICAM’s foundation is a commitment to offering a platform singularly dedicated to the best interests of its investor clients. The combined expertise of Deepak and Atul firmly establishes ICAM as a notable entity in the wealth management field.

<ul><li>Our report on MetaOptics started from a simple question.</li><li>Could a technically credible metalens platform turn early customer interest into repeat revenue quickly enough to support a viable scale-up path.</li><li>FY2025 moved the company forward, but it did not settle that question. </li></ul>

Our report on MetaOptics started from a simple question.Could a technically credible metalens platform turn early customer interest into repeat revenue quickly enough to support a viable scale-up path.FY2025 moved the company forward, but it did not settle that question. 

<ul><li>Losses persist as operating expense runs ahead of scale and financing inflows fund burn.</li><li>Operating cash flow was negative in FY2022 –3M2025 and cash rose mainly from equity.</li><li>Finance costs arise from deemed interest on an amount due to a shareholder (effective 9.1%), with repayment scheduled 2027 –2029.</li></ul>

Losses persist as operating expense runs ahead of scale and financing inflows fund burn.Operating cash flow was negative in FY2022 –3M2025 and cash rose mainly from equity.Finance costs arise from deemed interest on an amount due to a shareholder (effective 9.1%), with repayment scheduled 2027 –2029.

The New Standard in Wealth Management, Wealth Management Alliance

Wealth Management Alliance

The New Standard in Wealth Management

WMA is a Singapore-based multi-family office with a Capital Markets Services license and provide fund management and investment advisory services to a small number of global UHNW clients. We also act as incubator for single-family offices, allowing them to plug into our broader ecosystem and infrastructure, and tap on our investment professionals for advice. WMA is designed around providing truly bespoke advice to each client, rather than taking a one-size-fits-all approach that may not fit each client's investment objectives and risk tolerances. On top of that, we are designed so that we avoid any semblance of conflicts of interests by being compensated only by the client (which may include profit sharing), as opposed to the model that many of our peers adopt, which include compensation from a variety of third parties such as funds managers, distributors or banks. That, to us, is the easiest way to be firmly on the side of the client in every decision we make.

Thematic (Sector/Industry)

<ul>
<li>The Singapore stock market has picked up further momentum in July, with the Straits Times Index (STI) surging 10.9% month-to-date.</li>
<li>This has taken the gain year-to-date to 22.7%, outperforming global bourses.</li>
<li>We see domestic monetary policy setting remaining a stabilizer in providing a positive backdrop for the local bourse.</li>
</ul>


The Singapore stock market has picked up further momentum in July, with the Straits Times Index (STI) surging 10.9% month-to-date.
This has taken the gain year-to-date to 22.7%, outperforming global bourses.
We see domestic monetary policy setting remaining a stabilizer in providing a positive backdrop for the local bourse.


Singapore

MetaOptics is a vertically integrated metalens technology company that designs, manufactures, and develops equipment for metalenses. Its products include metalens camera modules, manufacturing equipment like Direct Laser Writers, and IoT imaging devices such as infrared cameras and 3D biometric sensors. Headquartered in Singapore, the company was founded in 2021.

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MetaOptics (METAO SP)

MetaOptics Ltd Midyear Update (21 August 2026)

Equipment sales tide through: MetaOptics continues to sell metalens testersto Taiwan. Contract liabilities provide revenue visibility into 2HFY26.

Swaen Capital

MetaOptics Limited: Seeing past the Curve

MetaOptics Ltd is a Singapore-based, early-stage, vertically integrated optics company that designs and manufactures metalenses — ultra-thin, flat...

Swaen Capital

MetaOptics Limited: Results Update

Our report on MetaOptics started from a simple question. Could a technically credible metalens platform turn early customer interest into repeat...

ICAM

MetaOptics Limited Initiating Coverage

Losses persist as operating expense runs ahead of scale and financing inflows fund burn. Operating cash flow was negative in FY2022 –3M2025 and...

ICAM

Singapore Equity Strategy: July 2026

The Singapore stock market has picked up further momentum in July, with the Straits Times Index (STI) surging 10.9% month-to-date. This has taken...

Wealth Management Alliance

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