{"id":39378,"date":"2022-10-26T09:04:31","date_gmt":"2022-10-26T01:04:31","guid":{"rendered":"https:\/\/investpenang.gov.my\/rm1-million-seed-fund-awarded-as-part-of-state-government-initiatives-to-bolster-tech-startups\/"},"modified":"2025-11-28T13:58:08","modified_gmt":"2025-11-28T05:58:08","slug":"rm1-million-seed-fund-awarded-as-part-of-state-government-initiatives-to-bolster-tech-startups","status":"publish","type":"post","link":"https:\/\/investpenang.gov.my\/zh-hans\/rm1-million-seed-fund-awarded-as-part-of-state-government-initiatives-to-bolster-tech-startups\/","title":{"rendered":"RM1 Million Seed Fund Awarded as Part of State Government Initiatives to Bolster Tech Startups"},"content":{"rendered":"

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RM1 Million Seed Fund Awarded as Part of State Government Initiatives to Bolster Tech Startups<\/h1>\n

[\/vc_column_text][vc_separator type=”normal” el_class=”red-separator” color=”#ee4023″ transparency=”1″ thickness=”2″ up=”15″ down=”15″][vc_column_text css=”” el_class=”white-text”]<\/p>\n

26 October 2022<\/p>\n

[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”grid” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1703764846254{background-color: #f3f5f8 !important;}” z_index=””][vc_column el_class=”fade-in animate”][vc_empty_space height=”120px” el_class=”height-x120″][vc_row_inner row_type=”row” type=”grid” text_align=”left” css_animation=””][vc_column_inner][vc_single_image image=”30144″ img_size=”full” qode_css_animation=”” el_class=”single-featured-image”][\/vc_column_inner][\/vc_row_inner][vc_empty_space height=”60px” el_class=”height-x60″][vc_row_inner row_type=”row” type=”grid” text_align=”left” css_animation=”” el_class=”content-row”][vc_column_inner][vc_column_text]PENANG, Oct 25, 2022<\/strong> \u2013 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\u2019s 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.<\/p>\n

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\u2019s 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\u2019s event marked the fourth round of fund award.<\/p>\n

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)<\/em><\/p>\n

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. \u201cFostering innovations among the people has always been one of the state government\u2019s 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.\u201d<\/p>\n

\u201cCelebrating the 50th anniversary of Penang\u2019s industrialisation this year, it is envisaged that Penang\u2019s 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,\u201d Chow added.<\/p>\n

Witnessing today\u2019s event included Dato Haji Abdul Halim bin Haji Hussain, Penang State EXCO for Trade, Industry and Entrepreneurial Development, Dato\u2019 Seri Lee Kah Choon, Special Investment Advisor to the Chief Minister of Penang, Dato\u2019 Loo Lee Lian, Chief Executive Officer of InvestPenang and the Chairperson of Penang i4.0 Seed Fund Evaluation Committee, Dato\u2019 Aziz bin Bakar, CEO of Penang Development Corporation and other members of the Penang i4.0 Seed Fund Evaluation Committee.<\/p>\n

END<\/strong><\/p>\n

\u00a0<\/strong>About InvestPenang <\/strong>
\nInvestPenang is the Penang State Government\u2019s principal agency for promotion of investment. Its objectives are to develop and sustain Penang\u2019s 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\u2019s website<\/a>. Do follow us on InvestPenang\u2019s social media channels: Facebook<\/a> ; LinkedIn<\/a><\/p>\n

For media enquiries, please contact:<\/u><\/strong>
\nHarris Quah\/ Ooi Phei Wen
\nharris@investpenang.gov.my<\/a> \/ pheiwen@investpenang.gov.my <\/a><\/p>\n

 <\/p>\n

Appendix 1: Penang i4.0 Seed Fund Stream #4 Recipients <\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Name of Startup<\/strong><\/td>\nDescription<\/strong><\/td>\n<\/tr>\n<\/thead>\n
ADA Biotech<\/td>\nADA Biotech \u2013 CleanTech company specializing in biodegradable products. The company focuses on manufacturing biodegradable rice straws that are made from 100% plant-based ingredients<\/p>\n

Website: www.adabiotech.com\/<\/a><\/td>\n<\/tr>\n

AI Vending<\/td>\nAI Vending \u2013 IoT company specializing in vending machine solutions incorporating i4.0 features.<\/p>\n

Website: www.aiholdings.com.my<\/a><\/td>\n<\/tr>\n

BookToday<\/td>\nBookToday \u2013 Digital solutions company specializing in development of sports venue booking platform.<\/p>\n

Website: www.booklah.today\/<\/a><\/td>\n<\/tr>\n

Cult Creative<\/td>\nCult Creative \u2013 Digital solutions company providing a platform matching job-seeking creatives and employers.<\/p>\n

Website: www.cultcreative.asia<\/a><\/td>\n<\/tr>\n

Helloworld Robotics<\/td>\nHelloworld Robotics \u2013 IoT company that designs and builds autonomous self-driving robots for indoor and outdoor scenarios to solve last mile delivery issues.<\/p>\n

Website: www.helloworldrobotics.xyz\/<\/a><\/td>\n<\/tr>\n

Ikey Edutech<\/td>\nIkey Edutech \u2013 EdTech company specializing in development of cloud-based school management system that helps automate administrative processes.<\/p>\n

Website: www.ikeyedutech.com.my<\/a><\/td>\n<\/tr>\n

My FirstSeed Journey<\/td>\nMy FirstSeed Journey \u2013 EdTech company that provides an entrepreneur platform for kids ages 5 to 17 to promote their products or services in a kid\u2019s friendly real-world marketplace while learning entrepreneurship through hands-on workshops.<\/p>\n

Website: www.myfirstseed.co\/<\/a><\/td>\n<\/tr>\n

OH Digital Solution<\/td>\nOH Digital Solution \u2013 Digital solutions company specializing in providing comprehensive solutions focused on occupational health segment for SMEs in Malaysia.<\/p>\n

Website: www.mysmartoh.com\/<\/a><\/td>\n<\/tr>\n

Spots Logistics<\/td>\nSpots Logistics \u2013 Digital solutions company specializing in providing a one-stop platform for Less-Than Truckload (LTL) logistic deliveries across Malaysia and Singapore on a web-based platform.<\/p>\n

Website: www.spots.my\/<\/a><\/td>\n<\/tr>\n

Startasker Holdings<\/td>\nStartasker Holdings \u2013 Digital solutions company providing online marketplace connecting community for gig economy job opportunities.<\/p>\n

Website: www.startasker.com<\/a><\/td>\n<\/tr>\n

Wakalu<\/td>\nWakalu \u2013 Fintech platform provider for “Earned Salary Access (ESA)” where employees can opt to withdraw salaries after they have earned it.<\/p>\n

Website: www.wakalu.com<\/a><\/td>\n<\/tr>\n

Wistify<\/td>\nWistify \u2013 Digital solutions company developing data analytics platform to make good use of data through data mining and machine learning techniques<\/p>\n

Website: www.wistify.app<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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26<\/h2>\n
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Wed<\/p>\n

October \u201822<\/p>\n<\/p><\/div>\n<\/p><\/div>\n","protected":false},"author":5119,"featured_media":30144,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[316],"tags":[],"news_year":[219],"news_month":[228],"local_insights_alphabet":[],"acf":[],"_links":{"self":[{"href":"https:\/\/investpenang.gov.my\/zh-hans\/wp-json\/wp\/v2\/posts\/39378"}],"collection":[{"href":"https:\/\/investpenang.gov.my\/zh-hans\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/investpenang.gov.my\/zh-hans\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/investpenang.gov.my\/zh-hans\/wp-json\/wp\/v2\/users\/5119"}],"replies":[{"embeddable":true,"href":"https:\/\/investpenang.gov.my\/zh-hans\/wp-json\/wp\/v2\/comments?post=39378"}],"version-history":[{"count":2,"href":"https:\/\/investpenang.gov.my\/zh-hans\/wp-json\/wp\/v2\/posts\/39378\/revisions"}],"predecessor-version":[{"id":39380,"href":"https:\/\/investpenang.gov.my\/zh-hans\/wp-json\/wp\/v2\/posts\/39378\/revisions\/39380"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/investpenang.gov.my\/zh-hans\/wp-json\/wp\/v2\/media\/30144"}],"wp:attachment":[{"href":"https:\/\/investpenang.gov.my\/zh-hans\/wp-json\/wp\/v2\/media?parent=39378"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/investpenang.gov.my\/zh-hans\/wp-json\/wp\/v2\/categories?post=39378"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/investpenang.gov.my\/zh-hans\/wp-json\/wp\/v2\/tags?post=39378"},{"taxonomy":"news_year","embeddable":true,"href":"https:\/\/investpenang.gov.my\/zh-hans\/wp-json\/wp\/v2\/news_year?post=39378"},{"taxonomy":"news_month","embeddable":true,"href":"https:\/\/investpenang.gov.my\/zh-hans\/wp-json\/wp\/v2\/news_month?post=39378"},{"taxonomy":"local_insights_alphabet","embeddable":true,"href":"https:\/\/investpenang.gov.my\/zh-hans\/wp-json\/wp\/v2\/local_insights_alphabet?post=39378"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}