PETRONAS FutureTech accelerates innovation by welcoming Malaysian Deep Tech Startups

The Malaysian company PETRONAS FutureTech accelerates innovation by welcoming Malaysian Deep Tech Startups, a total of twenty Malaysian startups have been selected to participate in the second edition of PETRONAS FutureTech 2.0.

An intense technology program led by the national energy company in collaboration with Sime Darby Plantation Bhd (SDP), Telekom Malaysia Bhd (TM) and 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.

The oil company’s collaboration with tech companies 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.

These startups will take part in a 12-week virtual programme which includes workshops and coaching from 500 Startups’s global network of mentors, masterclasses, 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.

The Head of PETRONAS Ventures, Arni Laily Anwarrudin, said:

“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,”

“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.”