By Selangor Journal Team
PETALING JAYA, June 8 — The Selangor Information Technology and Digital Economy Corporation’s (Sidec) recent expedition to the United States, which facilitated connections between nine Malaysian startups and global investors, has been deemed a success by its chief executive Yong Kai Ping.
Yong said as a result of the trip, the companies have secured support from venture capitalists and gained access to business networks that would enable them to scale globally.
He noted that these firms have raised significant amounts of funds during the trip, with other projects also in progress, but stopped short of disclosing exact figures.
“In order to meet global standards and facilitate funds to be directed back to the region, these companies need to establish a foothold in the US,” he said during a press conference at the Selangor Startup Day held at the Sheraton Hotel today.
“The trip to the US served two primary purposes. Firstly, it aims to enhance visibility for the companies. Secondly, it is a strategic move to pave the way for future fundraising efforts.”
The Selangor Startup Day provides a platform for these nine startups to share and demonstrate the progress they have made since their US expedition.
Previously, Sidec facilitated the participation of these nine startups in pitching sessions held in both Silicon Valley and Washington D.C.
The event, officially known as the Pitch Malaysia USA Series 2023, was held from May 1 to 6.
Yong expressed his satisfaction that these companies have managed to consolidate their positions through investments or new partnerships during the trip, ultimately benefiting the state of Selangor.
“I am confident that this trip will bring significant benefits to the state, and I anticipate that Sidec, together with Permodalan Negeri Selangor Berhad, will soon launch another program with a similar objective,” he said.
The nine companies involved are Alps Global Holdings, VirtualTech Frontier, Boxcube, iMotorbike, Entomal, Revenue Monster Group, Qmed Asia, Accendo Technologies, and Pod.