KUALA LUMPUR, Dec 4 (Bernama) -- 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
   
About PETRONAS
 
Established in 1974, Petroliam Nasional Berhad (“PETRONAS”) is Malaysia’s fully integrated oil and gas multinational ranked among the largest corporations on FORTUNE Global 500®. As the custodian of Malaysia’s national oil and gas resources, we explore, produce and deliver energy to meet society’s growing needs. The growing demand for energy inspires and strengthens our purpose to steadily drive for new solutions and push boundaries towards a sustainable energy future.
 
For further information, please visit www.petronas.com
 
About 500 Startups
 
500 Startups is a venture capital firm on a mission to discover and back the world’s most talented entrepreneurs, help them create successful companies at scale, and build thriving global ecosystems. It is one of the most active venture capital firms in the world.

Since its inception in Silicon Valley, 500 Startups has invested in over 2,200 companies via its 4 global funds and 15 thematic funds dedicated to either specific geographic markets or  verticals. Its 100+ team members are located in 20 countries around the world in order to support the 500 Startups global portfolio of investments which spans more than 74 countries.

Notable 500 portfolio companies include: Twilio (NYSE: TWLO), Credit Karma, SendGrid (acquired by Twilio), Grab, GitLab (acquired by Microsoft), Bukalapak, Canva, Udemy, TalkDesk, Intercom, Ipsy, MakerBot (acquired by SSYS), Wildfire (acquired by Google), and Viki (acquired by Rakuten).

Beyond providing seed capital, 500 supports startups via their Seed Accelerator Programs which emphasise digital marketing, customer acquisition, lean startup practices, and fundraising for pre-Seed companies. 500 Startups further contributes to the development of innovation ecosystems by supporting startups and investors through educational programs, events, conferences, and partnerships with corporations and governments around the world.

500 Startups invests in Southeast Asia through the pioneering 500 Durians​ family of funds. The 500 Durians team has backed over 150 companies across multiple sectors from the internet to consumer to deep technology, including leading Malaysian founded companies like Grab, CarSome, Storehub, and Fave. It continues to connect founders with expertise, and powerful regional and global networks to help them succeed.

SOURCE: PETRONAS

FOR MORE INFORMATION, PLEASE CONTACT:
PETRONAS
Name: Praevitriana Yuliawiratman
Tel: +6019 214 4056
Email: praevitriana.yuliaw@petronas.com
 
500 Startups
Name: Muzna Khan
Tel: +6013 667 3958
Email: muzna@500.co

--BERNAMA