The country’s startup environment is growing with interest, the government through the development of National Technology and Innovation Sandbox (NTIS) and funding of RM100 million has been actively expanding the eco system by engaging with the private sector.
With 21 partners already joining its Innovation Accelerator Network, NTIS was pleased with the addition of kipleX and Ficus Venture Capital joining the likes of Maxis, DHL, Sunway, Telekom and Petronas making the total to 23 to date. The new funders, will be adding to the pool and give potential parties more avenue in accelerating their business.
Ficus will be funding between RM500,000 to RM2 million per deal. Meanwhile, kipleX, an early-stage venture capital fund and startup studio based in Kuala Lumpur, had earlier announced that it would set from RM500,000 up to a maximum of RM2 million per investment in early-stage start-up companies, between 2020 to 2023. This investment fund is now extended to tech-focused NTIS participants.
Acting Chief Executive Officer of the Malaysian Global Innovation and Creativity Centre (MaGIC) Amiruddin Abdul Shukor, who serves as the Lead Secretariat for the NTIS, hailed the participation of the new partners, currently, projects funded are those which are at the Technology Readiness Level (TRL) stage 6 or above. And with more investment and funding options available, NTIS will be able to support more companies and help them mature their product innovation.
Since its launch, the NTIS has received over 500 complete applications, with more than 150 already receiving funding, technical and marketing support. About half of these approved projects are related to developing Advanced Intelligence Systems products and solutions. In terms of sectoral application, more than 50 per cent of the approved projects are geared to benefit the Medical and Healthcare, Agriculture and Forestry, and Energy industries.
“Of the on-going implementation, 72 Malaysian companies have been approved for funding. The addition of private venture capital funding in NTIS allows foreign companies to now participate in the programme,” Amiruddin said.
The NTIS is an initiative by the Malaysian government to fast-track the commercialisation of products and solutions. Amongst others, it offers funding, regulatory and technical support to researchers, innovators and entrepreneurs. It also allows products and services to be tested in a live environment – aimed at accelerating the go-to-market process.
Ficus Venture Capital, the first regional Shariah compliant Venture Capital management company in the region, invests in promising seed-stage to Series A tech start-ups all across Southeast Asia, albeit with a focus on Malaysia – especially those with huge growth potential in the areas of Logistics, Greentech, e-Commerce, Fintech, Big Data Analytics, HealthTech, Cloud Services and EduTech.
Meanwhile kipleX, is a venture capital firm under Green Packet typically invest in early-stage tech companies in the areas of Fintech, Mobility, Internet of Things (IoT), Proptech, and Artificial Intelligence (AI).
