GEORGE TOWN – Ten qualified startups have been selected and will receive funds ranging from RM50,000 to RM100,000 under seed fund programme implemented by the Penang government.
The companies are being recognised for their instrumental role in improving quality of life through their technology development.
A total of RM1 million has been accorded under the programme called Penang i4.0 Seed Fund (i4SF) Stream #3.
In announcing the funding to these startups, Chief Minister Chow Kon Yeow also said that the state has via InvestPenang put together an initiative called G27 for the i4SF recipients.
“Thriving in this fast-paced technology transformation journey, navigating from existing prototypes to commercialisation and subsequently impact at scale requires concerted efforts.
“On top of mentorship guidance by experienced professionals, G27 also acts as a platform that links the startups with industry players, expanding their networks.
“Additionally, training and workshops by subject matter experts – covering fundraising, finance and investment, human resource, legal, software development, and market expansion, among others – will be provided,” he said.
Chow congratulated the ten startups involved in various specialities, including education technology, medical technology, digital solutions, the Internet of Things (IoT), and financial technology (fintech).
Initiated in 2018, the programme provides funding for qualified high-potential technology startups.
The first two rounds of funding were held in 2018 and 2019 when 27 qualified companies were awarded a collective amount of RM3 million.
The programme was not held in 2020. Today’s event marks the third instalment of the fund award.
InvestPenang CEO Datuk Loo Lee Lian said that there were over 100 applications during the one-month application period.
“44 applicants that met the requirements were invited for a pitching session and underwent regimented due diligence procedures,” she said.
“Finally, the committee has reached a consensus on awarding the fund to the ten startups that have demonstrated the scalability of technology and early traction. We look forward to seeing more success stories coming from our startup community,” said Loo, who is the chairperson of the evaluation committee.
They successful companies in the third round are Aimsity (specialising in coding classes for youth); Caso Resource Optimisation (developing safe, non-chemical, and cost-effective disinfection solutions); Engage Blink (providing low-cost self-managed customer relationship management); FinHero (offering consultancy in financial technology); Homey Food Marketing (connecting dietitians and nutritionists with the public); IdThrive Technology (providing signature solutions); Legaxus Technology (designing and developing products and applications for the IT industry); uBitto Eight (providing an interactive learning platform); Wah Easy Technologies (an online learning marketplace); and Youthopia (equipping children with life skills via custom-made games). – The Vibes, June 18, 2021
