Purely speculative on my part, but my theory is the money will be used to quickly advance the R & D lab in Singapore. Once it is up and running they could start receiving funding from the Singapore EDB.

As per the NR:

"POET, through its acquisition of DenseLight Semiconductors, reaffirmed its strategic intent to expand its R&D and manufacturing operations in Singapore. POET will establish an Integrated Photonics center within its current operations to further develop and commercialize differentiated photonics and opto-electronic products. This is expected to increase market penetration and enhance market acceptance of the POET portfolio as it is introduced. This center signifies the growing importance of integration in photonics applications as a means to drive increased adoption and improve POET’s competitive positioning. The Singapore operations will further the development and production of POET’s key technologies, including those developed with the joint program POET established with the Institute of Materials Research and Engineering (IMRE) in Singapore earlier this year. The planned initiatives are expected to gradually add up to 30 engineers and scientists to POET, as the R&D center is established."

Bold is mine.