PENANG, Oct 25, 2022 – Riding on the proliferation of digitalisation, Penang is committed in advocating the use of technology in our daily lives. As part of the state government’s efforts in bolstering entrepreneurial and innovative creations, a total of RM1 million fund is allocated under Penang i4.0 Seed Fund (i4SF) Stream #4. Through an extensive and diligent evaluation process, 12 startups have been selected and will receive funds ranging from RM50,000 to RM100,000 as a means of helping them in attaining commercialization and propelling their growth. A recognition award ceremony is held at PSDC Building, Bayan Lepas.

Initiated in 2018, Penang i4SF is a special seed program by the Penang State Government to provide funding for qualified high potential technology startups, with the aim to enhance the growth of Penang’s tech ecosystem. In the first three rounds of fund rewards in 2018, 2019 and 2021 respectively, 37 qualified companies were awarded with RM4 million fund collectively. Today’s event marked the fourth round of fund award.

Integrating technologies to overcome limitations in different areas, the 12 selected startups are involved in various specialties, which include Education Technology, Digital Solutions, Internet of Things (IoT), Clean Technology and Financial Technology. (Details of recipients are tabulated in Appendix 1)

Presenting recognition award to the startups, the Right Hounourable Mr. Chow Kon Yeow, Chief Minister of Penang, who is also the Chairperson for i4SF Steering Committee, acknowledged their potential and welcomed them to join the i4SF Stream #4 cohort. “Fostering innovations among the people has always been one of the state government’s top priorities. With the technological innovations that spawn new industries, it is a palpable sign that tech adoption is no longer elusive, especially among the startup ecosystem where we are seeing rising number of establishments.”

“Celebrating the 50th anniversary of Penang’s industrialisation this year, it is envisaged that Penang’s five decades of manufacturing excellence is poised to drive the state to the next level, especially with the significant uptake of emerging technologies among the people, with startups being at the forefront of such. We are pleased to be able to play a part by spurring innovations with this grant, realising Penang 2030 vision of upgrading the economy, empowering the people and enhancing quality of life,” Chow added.

Witnessing today’s event included Dato Haji Abdul Halim bin Haji Hussain, Penang State EXCO for Trade, Industry and Entrepreneurial Development, Dato’ Seri Lee Kah Choon, Special Investment Advisor to the Chief Minister of Penang, Dato’ Loo Lee Lian, Chief Executive Officer of InvestPenang and the Chairperson of Penang i4.0 Seed Fund Evaluation Committee, Dato’ Aziz bin Bakar, CEO of Penang Development Corporation and other members of the Penang i4.0 Seed Fund Evaluation Committee.

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 About InvestPenang
InvestPenang is the Penang State Government’s principal agency for promotion of investment. Its objectives are to develop and sustain Penang’s economy by enhancing and continuously supporting business activities in the State through foreign and local investments, including spawning viable new growth centres. To realize its objectives, InvestPenang also runs initiatives like the SMART Penang Centre (providing assistance to SMEs), Penang CAT Centre (for talent attraction and retention) and i4.0 seed fund (a catalyst for the start-up ecosystem). For more information, please visit InvestPenang’s website. Do follow us on InvestPenang’s social media channels: Facebook ; LinkedIn

For media enquiries, please contact:
Harris Quah/ Ooi Phei Wen
harris@investpenang.gov.my/ pheiwen@investpenang.gov.my

Appendix 1: Penang i4.0 Seed Fund Stream #4 Recipients