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.

Equity Bottom-Up

<ul><li>UltraGreen is best understood as a fluorescence-guided surgery company whose current earnings base sits in indocyanine green, or ICG, sold as IC-GREEN in the US and Verdye outside North America.</li><li>The company has built that franchise through regulatory approvals, distribution reach, supply-chain control and surgeon adoption rather than through software monetization.</li><li>The right first-order framing is a high-margin consumables business with medtech workflow support, not a software platform first. </li></ul>

UltraGreen is best understood as a fluorescence-guided surgery company whose current earnings base sits in indocyanine green, or ICG, sold as IC-GREEN in the US and Verdye outside North America.The company has built that franchise through regulatory approvals, distribution reach, supply-chain control and surgeon adoption rather than through software monetization.The right first-order framing is a high-margin consumables business with medtech workflow support, not a software platform first. 

UltraGreen.ai Limited: Initiating Coverage Report

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.

<ul><li>The company is the market leader in Indocyanine Green (ICG) dye used in fluorescence guided surgeries (FGS), which helps surgeons to enhance their performance during surgeries. It has a global market share of around 60%.</li><li>The high barrier to entry in terms of regulatory approvals (a long process which takes 5-7 years) will likely help the company to maintain its leading position in ICG in the foreseeable future.</li><li>However, its business is highly concentrated in the US and Europe, with a small share coming from the rest of the world (including Asia Pacific). ICG, a highly specialized product, is not  subject to patent protection.</li></ul>

The company is the market leader in Indocyanine Green (ICG) dye used in fluorescence guided surgeries (FGS), which helps surgeons to enhance their performance during surgeries. It has a global market share of around 60%.The high barrier to entry in terms of regulatory approvals (a long process which takes 5-7 years) will likely help the company to maintain its leading position in ICG in the foreseeable future.However, its business is highly concentrated in the US and Europe, with a small share coming from the rest of the world (including Asia Pacific). ICG, a highly specialized product, is not  subject to patent protection.

UltraGreen.ai Initiation Coverage: 12m Target USD1.75 Vs USD1.48 Currently

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.


<ul><li>The global medical technology (MedTech) market is estimated to hit the USD1 trillion mark by mid to late 2030s, driven by aging populations, a growing incidence of chronic diseases and improving technology. Asia Pacific accounts for an estimated 20-25% of the global market, with growth underpinned by rising middle-class demand.</li><li>Singapore is a leading MedTech manufacturing and innovation hub in the region, as well as a key component of the country’s biomedical sector.</li><li>Singapore’s overall MedTech industry is highly vibrant, given the presence of the world’s top multinationals operating here, to account for some 80-90% of the industry’s total output.</li></ul>

The global medical technology (MedTech) market is estimated to hit the USD1 trillion mark by mid to late 2030s, driven by aging populations, a growing incidence of chronic diseases and improving technology. Asia Pacific accounts for an estimated 20-25% of the global market, with growth underpinned by rising middle-class demand.Singapore is a leading MedTech manufacturing and innovation hub in the region, as well as a key component of the country’s biomedical sector.Singapore’s overall MedTech industry is highly vibrant, given the presence of the world’s top multinationals operating here, to account for some 80-90% of the industry’s total output.

Singapore Medtech Industry: High Growth but a Critical Mass Will Hinge on More Company Listings

Singapore

UltraGreen.ai is a global leader in fluorescence-guided surgery (FGS), specializing in the development, contracted manufacture, and commercialization of indocyanine green (ICG) fluorescence agents. The company also provides the IC-Flow Imaging System and the UltraGreen Data Platform, which incorporates AI-powered PerfusionWorks quantification software for real-time surgical insights. Headquartered in Singapore, the company was incorporated in 2024.

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UltraGreen.ai (UGAI SP)

UltraGreen.ai Limited: Initiating Coverage Report

UltraGreen is best understood as a fluorescence-guided surgery company whose current earnings base sits in indocyanine green, or ICG, sold as...

ICAM

UltraGreen.ai Initiation Coverage: 12m Target USD1.75 Vs USD1.48 Currently

The company is the market leader in Indocyanine Green (ICG) dye used in fluorescence guided surgeries (FGS), which helps surgeons to enhance their...

Wealth Management Alliance

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

Singapore Medtech Industry: High Growth but a Critical Mass Will Hinge on More Company Listings

The global medical technology (MedTech) market is estimated to hit the USD1 trillion mark by mid to late 2030s, driven by aging populations, a...

Wealth Management Alliance

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