THE Penang government has allocated RM1 million for the third round of the Penang i4.0 Seed Fund to assist 10 selected start-ups involved in various specialities.
Chief Minister Chow Kon Yeow said they would receive funds ranging from RM50,000 to RM100,000 to help them achieve growth and commercialisation.
He said since the seed fund was initiated in 2018 by the state government with the aim of enhancing the growth of Penang’s tech ecosystem, 27 qualified companies have been awarded with a sum of RM3 million collectively in 2018 and 2019.
“Moving forward, it is crucial that we maintain the start-ups’ momentum,” Chow said in his speech at the Penang i4.0 Seed Fund Stream #3 Recognition Day via Zoom.
“Penang has come a long way in facilitating and developing the start-up ecosystem.
“We always believe that the rightful adoption of technology is capable of generating positive impacts towards the society; and start-ups are one of the vanguards in such.
“We are pleased to be able to play a part and help spur innovations with this grant, materialising Penang2030 vision of upgrading the economy, empowering the people and enhancing quality of life.”
He congratulated the 10 companies selected by an evaluation committee which is headed by InvestPenang chief executive officer Datuk Loo Lee Lian. Chow heads the Steering Committee which comprises two other members, state Finance Officer Datuk Dr Mohamad Farazi Johari and Chow’s special adviser Datuk Seri Lee Kah Choon, who is also the InvestPenang director.
The 10 companies are Aimsity, Casoro, engage, FinHero, Homey, IDthrivo Technology, Legaxus Technology, uBitto, WahEasy.com and youthopia. They are from different fields like education technology, medical technology, digital solutions, Internet of Things (IoT) and financial technology.
Chow said the seed fund initiative would not stop here and called upon all the start-ups out there to look forward to the state’s upcoming stream in Penang i4.0 Seed Fund.
Aside from the funding, he said the state government, through InvestPenang, has curated an ongoing initiative, named G27, exclusively for the i4SF recipients.
“On top of the mentorship guidance by experienced professionals, G27 also acts as a platform that links the start-ups with industry players, expanding their networks.
“Additionally, trainings and workshops by subject matter experts, covering fundraising, finance and investment, human resource, legal, software development and market expansion, among others, will be provided,” Chow added.
Loo said the evaluation committee received more than 100 applications for funding, out of which 44 met the requirements and were called for interview.
She also gave a brief description of the 10 selected companies, which were also later invited to give an overview of their respective setups.
Story by K.H. Ong
Pix by Ahmad Adil Muhamad