Selangor Journal
Selangor Information Technology and Digital Economy Corporation chief executive officer Yong Kai Ping (front row, second from left) and Assistant Secretary of Commerce for Global Markets and director-general of the US and Foreign Commercial Service Arun Venkataraman (front row, centre) during Venkataraman’s visit to Selangor Sandbox in Shah Alam, on March 18, 2023. — Picture by SIDEC

MB to lead US roadshow delegation of 11 Malaysian startups — Sidec

SHAH ALAM, April 24 — Menteri Besar Dato’ Seri Amirudin Shari will lead a delegation of 11 selected Malaysian technology startups to participate in a series of investment and pitching events in the United States (US).

In a statement today, Selangor Information Technology and Digital Economy Corporation (Sidec) said these startups have been selected to join the 2023 SelectUSA Investment Summit in Maryland from May 1 to May 4.

“The SelectUSA Investment Summit, which will be officiated by President Joe Biden, is expected to provide an opportunity for Malaysian tech startups to meet international venture capitalists (VCs) and investors as well as potential business partners, enabling face-to-face business meetings.

Menteri Besar Dato’ Seri Amirudin Shari delivers his speech during the launch of the Selangor Smart City and Digital Economy (SDEC) 2022 — Asian Smart City Conference: Mayors Summit, as part of the Selangor International Business Summit 2022 (SIBS 2022), at the Kuala Lumpur Convention Centre on October 6, 2022. — Picture by SIDEC

“The showcase is organised by the US Department of Commerce and provides a platform for global companies and economic development agencies from all 51 US states to establish trade and investment links,” it said.

Sidec added that Amirudin and state executive councillor for industry and trade Dato’ Teng Chang Khim will also participate in investment roundtable meetings hosted by the US Department of Commerce and the California Governor’s office.

Meanwhile, the chosen startups are Asia Mobility Technologies, iMotorbike, ALPS Global Holding, Virtualtech Frontier, Boxcube, Entomal, Revenue Monster Group, QMed, Accendo Technologies, Kiddocare, and Pod.

The sectors the 11 startups cover include smart transportation, metaverse, smart healthcare, biotechnology, gig economy platforms, environmental, social and governance (ESG) sustainability innovation, human resource technology, financial technology, and tourism technology.

“They will be accompanied by several Malaysian investment agencies and venture capital funds such as Penjana Kapital, Permodalan Negeri Selangor Bhd, The Hive Southeast Asia, The SEA Capital, and Sterling Equity,” said the statement.

These 11 startups will also participate in a pitching event, which is being held for the first time at the Malaysian Embassy in Washington.

State executive councillor for investment, industry and trade Dato’ Teng Chang Khim speaks at the launch of the Selangor SME Digitalisation Conference at Kuala Lumpur Convention Centre, Kuala Lumpur, on October 8, 2022. — Picture by SIDEC

“The event is expected to attract around 30 startup founders from Singapore and Taiwan, as well as 70 business and political leaders, and members of the Malaysian overseas community and students.

“The event is already fully booked, with more than 100 guests confirming their attendance,” Sidec said.

After participating in pitching events in Washington and Maryland, these Malaysian tech startups are scheduled to travel to Silicon Valley from May 4th onwards for an opportunity to meet with several VCs and foreign startups who have established themselves in the US.

“The trip is packed with events including pitching and showcases, investor roundtable meetings and industrial visits, including to Draper University which is founded by the legendary VC Guru of Silicon Valley, Tim Draper.

“These startups will participate in a roundtable discussion with 500 Global, one of the most active early-stage venture capital funds, and other global VCs such as The Hive USA, March Capital, and Piva Capital,” it said.

Moreover, accomplished Malaysian serial entrepreneurs based in Silicon Valley will also help arrange meetings between startups and investors focusing on promising early-stage startups, said Sidec.

— Bernama

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