+603-5521 8580 info@sidec.com.my

Shah Alam, 24th April – The Chief Minister of Selangor, Dato’ Seri Amirudin Shari, will lead 11 promising Malaysian technology startups to participate in a series of investment and pitching events in the United States. These startups have been selected to join the 2023 SelectUSA Investment Summit, hosted by the US Department of Commerce, in Maryland from May 1st to 4th.


The SelectUSA Investment Summit is the top investment event organised by the US Department of Commerce, providing a platform for global companies and economic development agencies from all 51 US states to establish trade and investment links. The Selangor state government delegation led by Chief Minister Amirudin Shari and State Executive Councillor Dato’ Teng Chang Khim will also participate in investment roundtable meetings hosted by the US Department of Commerce and California Governor’s office.


Accompanied by local VCs


These 11 Malaysian startups, namely Asia Mobility Technologies, iMotorbike, ALPS Global Holding, Virtualtech Frontier, Boxcube, Entomal, Revenue Monster Group, QMed, Accendo Technologies, Kiddocare, and Pod, were selected to participate in the “Pitch Malaysia: USA Series” programme organised by the Selangor state government. These tech companies will participate in a week-long pitching and investment trip to Washington, D.C. and Silicon Valley, accompanied by several Malaysian investment agencies and venture capital funds such as Penjana Kapital, Permodalan Negeri Selangor Berhad (PNSB), The Hive Southeast Asia, The SEA Capital, and Sterling Equity.


The SelectUSA Investment Summit, which will be officiated by US President Biden and attended by six US cabinet ministers, attracts many senior US government officials, corporate executives, and industry leaders to discuss issues on investment environments, industry trends, and the latest investment opportunities. The summit provides an opportunity for Malaysian tech startups to meet international VCs and investors as well as potential business partners, enabling face-to-face business meetings.


Pitching at Embassy fully booked


Moreover, these 11 innovative tech startups will also take part in a pitching event, which is being held for the first time at the Malaysian Embassy in Washington, D.C. The event is expected to attract around 30 startup founders from Singapore and Taiwan, as well as 70 business and political leaders, and members of the Malaysian overseas community and students. The pitching event is already fully booked, with more than 100 guests confirming their attendance.


The participation of these Malaysian tech startups in the summit has been highly appreciated by the US Embassy in Malaysia. Brian D. McFeeters, the US Ambassador to Malaysia, and Arun Venkataraman, the Assistant Secretary of Commerce for Global Markets and Director General of the US and Foreign Commercial Service, have visited Sidec’s office twice to speak with these startup founders personally.


After participating in pitching events in Washington DC and Maryland, these Malaysian tech startups are set to travel to Silicon Valley from May 4th onwards for an opportunity to meet with several venture capitalists (VCs) and foreign startups who have established themselves in the US. The trip is packed with events including pitching and showcases, investor roundtable meetings, and industrial visits, including Draper University founded by the legendary VC Guru of Silicon Valley, Tim Draper.


During the visit, these startups will participate in a roundtable discussion with 500 Global, one of the most active early-stage venture capital funds, and other global VCs, such as The Hive USA, March Capital, and Piva Capital. They will also visit institutions such as the George Washington University’s Office of Innovation & Entrepreneurship, AWS Startup Loft, and UC Berkeley’s Haas School of Business. Moreover, accomplished Malaysian serial entrepreneurs based in Silicon Valley will also help arrange meetings between the startups and investors that focus on promising early-stage startups.


The 11 promising Malaysian tech startups were carefully selected based on their exponential scaling prospects and their ability to raise at least $500,000 USD and earn at least $1 million USD in revenue over the past 12 months. The sectors covered by these startups include smart transportation, metaverse, smart healthcare, biotechnology, gig economy platforms, ESG sustainability innovation, HR technology, financial technology, and tourism technology. The CEO of Selangor Information Technology and Digital Economy Corporation (SIDEC), Yong Kai Ping, believes that some of these startups may have the potential to become “Unicorns”.


Showcase towards Top-Tier VC


Post-pandemic, many promising Malaysian startups have emerged and expanded to neighbouring Southeast Asian countries. However, a lack of international exposure has made it difficult for them to attract the attention of top-tier international investors, leading to lower valuations and less significant investment. Therefore, this trip to Silicon Valley offers a great opportunity for these Malaysian startups to showcase their potential to some of the world’s top investors.


Past Success: Nextmind AI


SIDEC has led tech startups to Silicon Valley twice before, and past participants have achieved impressive results. For instance, Nexmind AI, which offers multilingual artificial intelligence search engine optimization services, received orders from US and international markets after participating in the “SelectUSA Investment Summit”. The company has since received investment from regional venture capitalists and plans to establish a branch in New York.



H.E.Brian D. McFeeters, the US Ambassador to Malaysia meet with Malaysian Startup Founders


News report:

https://www.digitalnewsasia.com/startups/sidec-bring-10-startups-us-under-pitch-mal aysia-usa

Arun Venkataraman, the Assistant Secretary of Commerce for Global Markets and Director General of the US and Foreign Commercial Service, have visited Sidec’s office to speak with 11 startup founders personally.


News Report:

https://selangorjournal.my/2023/03/selectusa-investment-summit-offers-mutually-ben eficial-investments-for-malaysia-us/





Lee Wai Meng

Assistant Manager, Startup and SME Division M: +60182202218

E: waimeng@sidec.com.my


Fadzlyn Shahirah Kamal

Assistant, Corporate Communication Division M: +60178811654

E: fadzlyn@sidec.com.my



About Sidec


Rebranded in January 2021, Selangor Information Technology and Digital Economy Corporation (Sidec) has played a significant role in fronting the digital transformation in Selangor through three key sectors of digital economy, namely E-Commerce, Startup and SME Digitalisation.


Sidec as a state government agency under the purview of the Standing Committee of Trade and Investment of Selangor is a subsidiary company of Invest Selangor Berhad and is committed to creating an innovative digital ecosystem that will inspire new talents to pursue their dreams fearlessly and build significant regional technology companies with lightning-fast speed that will propel Selangor to become the digital hub of Southeast Asia.


Sidec was previously known as Selangor Information Technology and E-Commerce Council (SITEC) from 2015 to 2020.



About Pitch Malaysia USA Series


Sidec’s 3rd startups’ showcase in the United States since 2020 (2020, 2022,2023) that Highlights Malaysian Startups as the most promising companies, placing them in the spotlight of global investors. This programme contributes to the National Goal of creating five unicorns by 2025 while building a closer American-Malaysian tech ecosystem to assist Malaysia startups in scaling globally.



About SelectUSA


Housed within the U.S. Department of Commerce’s International Trade Administration, SelectUSA promotes and facilitates business investment into the United States by coordinating related federal government agencies to serve as a single point of contact for investors. SelectUSA assists U.S. economic development organisations to compete globally for investment by providing information, a platform for international marketing, and high-level advocacy. SelectUSA also helps investors find the information they need to make decisions; connect to the right people at the local level; navigate the federal regulatory system; and find solutions to issues related to the federal government. For more information, visit www.selectusa.gov.