MYStartup Accelerator channels RM5.5mil into local startups
KUALA LUMPUR: Cradle Fund Sdn Bhd's MYStartup Accelerator has facilitated nearly RM5.5 million in investments over five cohorts, underscoring its role in strengthening Malaysia's startup ecosystem and advancing the country's position as a regional innovation hub.
In a statement today, Cradle said the programme, under the purview of the Ministry of Science, Technology and Innovation, is operated by Cradle in partnership with NEXEA, a venture capital and startup accelerator firm.
"Having completed five cohorts, we have gained meaningful insights into the needs of Malaysian startups.
"Our next goal is to expand our reach nationwide and ensure startups in all regions have equal access to growth opportunities," said group chief executive officer Norman Matthieu Vanhaecke.
According to Cradle, the Cohort 5 Demo Day showcased innovative solutions in areas including artificial intelligence (AI), aquaculture, electric vehicle (EV) infrastructure, and smart retail.
Of the eight finalists, five received cash prizes from Cradle, while four secured a total of RM800,000 in investments from NEXEA.
The finalists were selected from a competitive pool of 747 applicants.
It noted that among the standout startups were Paix Tech, which automates enterprise utility payments using AI; Ocean Rich Resources, which developed a scalable oyster farming system; and Recharge Xolutions, which offers integrated EV charging and green energy solutions.
The MYStartup Accelerator continues to play a vital role in building Malaysia's tech-driven future by empowering bold, innovative, and sustainable startups, Cradle added.
NEXEA is distinguished by its network of mentors, many of whom are successful entrepreneurs and C-level executives, and has helped its portfolio companies achieve annual growth of up to 16 times.
Meanwhile, the focal agency for early-stage startups, Cradle, has supported over 1,100 tech startups and boasts the highest commercialisation rate among government grants. - Bernama
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