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KUALA LUMPUR, 4 December 2019 – PETRONAS FutureTech, an accelerator programme to encourage local innovations and support Malaysian startups, held its first Demo Day yesterday with 19 startups across the energy, industry, and digital innovation sectors.
PETRONAS FutureTech is a programme under the PETRONAS Corporate Venture Capital (CVC) arm to discover and nurture local technology entrepreneurs and contribute to the tech-driven startup ecosystem of Malaysia.
The first batch of startups under the programme pitched their business solutions to an audience of venture capitalists, top executives from Malaysian Government Agencies and GLCs, and other key members of the Malaysian and regional startup ecosystem.
The Demo Day showcased diverse technology-driven solutions which included renewable energy marketplaces and EV chargers, to first and mid-mile logistics, and nano coatings.
About half of the first batch falls within the enterprise hardware sector, and a notable 30 per cent are Small Medium Enterprises (SME) or ‘Mid-Market’ Software as a Service (SaaS) sector.
PETRONAS President and Group CEO Tan Sri Wan Zulkiflee Wan Ariffin said that the need to innovate has never been more pivotal for an industry to remain competitive and resilient amidst the changing energy landscape.
“PETRONAS is committed to redefine the future of energy with innovative approaches to project, technology and engineering to maximise and deliver sustainable energy for tomorrow, aligned to our Statement of Purpose. The PETRONAS FutureTech will pave the way for PETRONAS to nurture Malaysia’s tech startup ecosystem with the aim to provide them with the opportunity and support to scale their ventures through acquisition of new capabilities and skillsets as well as exploring non-traditional partnerships, making them global-ready to solve business challenges with local innovations,” he added.
The top three startups – POMEN, GA Alliance and AdEasy -- will be taking part in a two-week global immersion programme hosted by 500 Startups in San Francisco in early 2020. The immersion experience aims to deepen their learning in product design and growth, as well as to further prepare them for financial management and fundraising.
500 Startups Managing Partner (South East Asia), Khailee Ng said, “We’re excited to collaborate alongside PETRONAS, a Malaysian FORTUNE Global 500 company in our shared mission of supporting and backing talented entrepreneurs in the country. The partnership is setting an example, not just for Malaysian corporations, but global MNCs on how to innovate with the new economy. In a globalised, fast-paced and disruptive business environment, collaborations like this give an edge to all parties to stay ahead of the game.”
The PETRONAS FutureTech partnership was established to encourage local innovations and support Malaysian startups to succeed in the global marketplace, including connecting the winning startups to Silicon Valley through 500 Startups.
The accelerator programme kicked off its first batch in early October with 20 startups selected out of more than 150 applicants. Throughout the eight-week programme, the startups were exposed to series of lectures, workshops, and coaching from expert mentors from Silicon Valley and 500 Startups’ global network, as well as industry talent experts from PETRONAS’ businesses that act as industry mentors.
Issued by
Media Engagement Department
Group Strategic Communications
PETRONAS
