PETRONAS FutureTech 2.0 welcomes 20 Malaysian deep tech startups to accelerate innovation
A total of 20 Malaysian startups have been selected to participate in the second edition of PETRONAS FutureTech 2.0, an intensive technology accelerator programme led by the national energy company in collaboration with Telekom Malaysia Bhd (TM), Sime Darby Plantation Bhd (SDP) and global venture capital firm 500 Startups.
The latest edition of the programme received positive response from promising deep technology startups, with total applications more than doubled to 368 compared to 165 for the first edition in 2019.
PETRONAS’ collaboration with TM and SDP aims to provide homegrown startups with opportunities to gain insights from industry experts that will help them discover, nurture and scale deep technology innovations in the country.
The 20 startups were chosen for their innovations to potentially solve challenges and uncover opportunities in Industry 4.0, Specialty Chemicals and Advanced Materials, Future of Energy, Digital Transformation and Retail Innovation.
Starting from 30 August, these startups will take part in a 12-week virtual programme which includes masterclasses, workshops and coaching from 500 Startups’ global network of mentors, as well as experts from PETRONAS, TM and SDP. The startups will also focus on creating commercial opportunities with the corporations and accelerate their commercialisation path through various potential collaborations.
“FutureTech 2.0 underlines PETRONAS’ commitment to position itself as a progressive energy and solutions partner ready to deliver innovative, game changing and sustainable actions in facing the energy transition as well as consumer demand,” said Arni Laily Anwarrudin, Head of PETRONAS Ventures.
She added, “Through this partnership with TM, SDP and renowned global venture capitalist 500 Startups, we are excited about the prospects of collaboration and commercial opportunities with the 20 selected startups. We look forward to enabling them in gaining new capabilities and skillsets, and support them in bolstering their ventures and readiness for the future.”
Regional Director of Asia Pacific, 500 Startups, Ee Ling Lim said, “While we received close to 400 applications from startups with outstanding solutions, we believe the startups selected for this year’s programme represent some of the best deep technology innovators that Malaysia has to offer.
“With the synergy of PETRONAS, TM, and SDP, we aim to help them achieve global standards – namely by providing opportunities for innovation collaborations between these startups and the major corporations that can deliver value and create lasting impact in the country and beyond.”
At the end of the 12-week programme, these startups will present their innovations and traction to potential investors and industry stakeholders on Demo Day. The chosen startups will then continue to work closely with PETRONAS, TM and SDP in running and completing potential pilot projects to validate the technology with business divisions within these companies.
Following the first edition of PETRONAS FutureTech 2.0 in 2019, two startups have become investees of PETRONAS Ventures while the other seven are engaging with PETRONAS on the business front.