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Malaysian tech start-ups get RM75 million from Singapore venture capital firm

According to a recent report, a leading Singapore-based venture capital firm, recently announced the opening of its Kuala Lumpur office.

Having already utilised a quarter of its Fund II in early-stage tech companies that are based in or operating in Malaysia, the firm now plans to invest an additional RM75 million (US$18 million) to help back Malaysian based start-ups.

The firm believes that Malaysia has the right combination of talent, diversity and potential to grow more tech high-value start-ups. At the same time, with the office, the venture capital firm is looking to establish a physical presence in the country.

A Managing Partner at the venture capital firm noted that several factors make the country an excellent place for technology start-ups. She stated that the firm already has good Malaysian tech companies in its portfolio and is looking to identify and invest in even more.

According to the company, Malaysia — as the second-most developed economy in ASEAN — has strong fundamentals in place to sustainably grow its already-vigorous start-up scene, as it possesses the region’s highest rate of initial public offerings (IPOs) as well as high digital penetration.

The Managing Partner noted that Malaysia’s rising middle class and business sectors are full of tech-savvy, mobile-savvy users who create demand for cutting-edge IT products and services. It was added that Malaysia’s new government, after winning the historic elections this year, is another positive. People are now feeling more optimistic and that sentiment is extending to the business sphere.

The firm also highlighted Malaysia’s diverse mix of ethnic and cultural influences as strategic alongside the nation’s consistently growing economy.

It was noted that with the diversity of its people, culture and economy; Malaysia is truly Asia, and thus making it the perfect platform for businesses to expand across the ASEAN region, as the products and services created for this market can take advantage of the country’s built-in potential for scalability, according to a partner at the venture capital firm.

He added to a start-up this means that if they can make it in Malaysia, they can make it anywhere in South-east Asia.

Kuala Lumpur is the third and latest location in South-east Asia where the venture capital firm now has a physical presence, after Singapore and Indonesia. To date, the firm already has several start-ups operating in Malaysia in its portfolio, which include an airline e-commerce and customer relations platforms, an e-marketplace for finding home-repair and maintenance specialists, a C2C buying and selling platform and application, a mobile/online payment gateway and a home-based care-giving platform.

In addition to its regional expansion, the venture capital firm recently closed a US$100 million (RM419.5 million) Fund III and opened a special fund to invest in blockchain technologies and digital-currency start-ups. All the firm’s investments are made in early-stage companies that use IT as well as internet and mobile technologies, and the firm’s investing experience is supported by an advisory board that includes the co-founder of the world’s largest social media platform.

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As a Titanium Black Partner of Dell Technologies, CTC Global Singapore boasts unparalleled access to resources.

Established in 1972, we bring 52 years of experience to the table, solidifying our position as a leading IT solutions provider in Singapore. With over 300 qualified IT professionals, we are dedicated to delivering integrated solutions that empower your organization in key areas such as Automation & AI, Cyber Security, App Modernization & Data Analytics, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

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SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and consulting services provider, helping clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,800 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently, and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity, and service. For more information, visit www.ibm.com