MARII AND FVC TO DEVELOP FUNDING OPPORTUNITIES FOR START-UPS AND SMES

KUALA LUMPUR, June 5 -- The Malaysia Automotive, Robotics and Internet of Things (IoT) Institute (MARii) has inked a memorandum of understanding (MoU) with Ficus Venture Capital (FVC) to develop funding opportunities for start-ups and small and medium enterprises (SMEs).

In a statement today, MARii said through the MoU, both parties would identify potential technology companies to be considered for venture capital funding, either directly by FVC or by other funding partners, with an initial commitment of RM30 million has been secured for the initiative from various investing parties.

It said the MoU would also see both parties working closely on the development of a Venture Funding Network for technology-related businesses, creating greater market access for local technology companies, providing thought leadership and guidance for SMEs as well as the development of technology and intellectual property commercialisation funding.

Chief executive officer Datuk Madani Sahari said long term sustainability of any business has always in the development of core technological strengths.

“MARii's position for the development of business capabilities is to put them in a position of such strength so that they allow their capabilities to shine when it is time to increase funding for expansion,” he said.

He said the MoU completed MARii’s ecosystem for a comprehensive business development framework in times where competition for funding is getting fiercer by the day.

“It complements MARii's arsenal of capacity building programmes by enhancing access for businesses to raise funds to ensure scalability,” he said.

He added that since its rebranding from the Malaysia Automotive Institute (MAI) in 2019, the agency has spent significant resources on enhancing technology development across a larger number of sectors, in order to accelerate digitalisation across all business segments.

-- BERNAMA