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Six Malaysian firms have made the cut into Forbes Asia’s prestigious 100 To Watch list, which lists down small companies and startups on the rise.
The list, which was released yesterday (Monday), features a variety of small companies and startups from various industries, from generative AI to blood-based cancer diagnostics. Some of the companies are also pursuing eco-friendly innovations, such as the development of insect-based alternative proteins and digitization of milk production to improve yields.
Here are the six Malaysian companies that made the list;
Aerodyne
Category: Enterprise Technology
Year founded: 2014 • CEO: Kamarul Muhamed
Key backers: 500 Global, ACSL, Axiata Digital Innovation Fund, Drone Fund, Gobi Partners, Indorama, InterVest, Kejora Capital, Kobashi Industries, KWAP, North Summit Capital, Petronas Ventures, Leave a Nest, Real Tech Fund, VentureTECH
Aerodyne is a drone technology, data technology & digital transformation (DT3) enterprise solutions provider, boasting technology such as the AI powered ‘nested’ drones that can spray crops, inspect power lines and monitor city streets. Since its inception, Aerodyne has conducted over 458,000 flight operations in 45 countries all over the world, and has made a total of $68 million.
BoomGrow
Category: Agriculture
Year founded: 2013 • CEO: Murali Krishnamurthy
Key backers: Big Sky Capital, MDEC, PlaTCOM Ventures, SME Corp
BoomGrow is an eco-friendly agriculture company that focuses on one thing, producing sustainable produce. BoomGrow repurposes old shipping containers into indoor vertical farms, and grows over 250 types of pesticide-free produce.
Care Concierge
Category: Enterprise Technology
Year founded: 2017 • CEO: Martin Yap
Key backers: Bintang Capital Partners, Gobi Partners, OSK Ventures International
Realizing that Malaysia has an issue with an aging population, Care Concierge aims to remedy the issue by providing assisted living facilities and caregiving services for the elderly. Care Concierge developed an app where users can select from a pool of 2,000 nurses, therapists and caregivers. To date, Care Concierge has raised over $4 million in funding.
Involve Asia
Category: Consumer Technology
Year founded: 2014 • CEO: Jimmy How
Key backers: 500 Global, Bintang Capital Partners, Cradle Seed Ventures, OSK Technology Ventures
Perhaps one of the most well-known companies in the list, Involve Asia has built up its own brand by connecting retailers to micro influencers. Involve Asia allows retailers to provide affiliate marketing opportunities for influencers, while also running a variety of advertisement programmes. As of now, Involve Asia has secured total of $16.5 million in funding.
Lapasar
Category: E-commerce & Retail
Year founded: 2016 • CEO: Thinesh Kumar Asogan
Key backers: Adaptive Capital Partners, Creador, Gobi Partners, Nexea, WatchTower & Friends
Lapasar is a picture perfect example of how companies need adaptability to stay afloat. Lapasar first started their journey as a wholesale website for cleaning tools, IT equipment and other office supplies, but due to the challenges of the pandemic, expanded into fast-moving consumer goods, catering to small mom and pop stores and large stores alike. Lapasar has already secured a total of $5.7 million in funding to date.
PolicyStreet
Category: Finance
Year founded: 2016 • CEO: Yen Ming Lee
Key backers: Altara Ventures, Auspac Investment Management, Gobi Partners, Khazanah Nasional, KK Fund, Spiral Ventures
And last but not least, we have PolicyStreet, a digital insurance solutions provider to both businesses and consumers. PolicyStreet is partnered with Shopee to insure packages, and with ride-hailing giant Grab to insure drivers. To date, PolicyStreet has already raised a total of $22 million from investors including Malaysia’s sovereign wealth fund, Khazanah Nasional.
Want to know which other Malaysian companies are making headlines in business?
Read More: The Malaysian Companies That Made Forbes ‘Best Under A Billion’ List
