Six Malaysian startups have gained recognition by securing spots on Forbes Asia’s “100 to Watch” 2023 list. These companies represent various sectors, including enterprise technology, agriculture, finance, and e-commerce. Here are the six local startups listed in Forbes Asia’s “100 to Watch” 2023 list:
1. Aerodyne
Aerodyne is an enterprise technology firm revolutionising industries with its autonomous drones. These advanced drones are adept at crop spraying, power line inspections, and even monitoring a city’s streets. Utilising artificial intelligence (AI)-powered ‘nested’ drone systems, these drones coordinate with one another and recharge at a central base.
Founded in 2014, Aerodyne has secured approximately US$68 million (RM315.89 million) in funding, conducting an impressive 458,000 flight operations across 45 countries.
Website: https://aerodyne.group/
2. BoomGrow
BoomGrow is an agriculture startup, that focuses on indoor vertical farming – a technique involving stacked shelves within repurposed shipping containers. The company claims to yield over 250 pesticide-free produce varieties, supplied to restaurants and grocery stores. Founded in 2013, BoomGrow also operates in the Philippines.
Website: https://boomgrowfarms.com/
3. Care Concierge
This technology startup addresses the needs of Malaysia’s ageing population through assisted living facilities and caregiving services. Founded in 2017, Care Concierge has raised US$4 million in funding. The Care Concierge platform offers a pool of 2,000 nurses, therapists, and caregivers, enabling families to select personalised elderly care. The app also facilitates real-time monitoring of vital signs.
Website: https://mycareconcierge.com/
4. Involve Asia
Involve Asia is a consumer tech startup established in 2014, that operates as a marketing platform connecting brands with influencers, those with under 100,000 social media followers for product promotion. The company has worked with over 500 brands, including renowned names like Nike and Sephora. Currently, Involve Asia has raised US$16.5 million (RM76.6 million).
Website: https://involve.asia/
5. Lapasar
Originally a wholesale website for products such as cleaning tools and IT equipment, Lapasar, an e-commerce startup, adapted amid the COVID-19 pandemic by diversifying into fast-moving consumer goods. It now oversees its distribution network and warehouse. With an extensive supplier network encompassing 10,000 participants, ranging from small stores to large enterprises, Lapasar has secured US$5.7 million (RM26.4 million) in funding since its inception in 2016.
Website: https://lapasar.com/
6. PolicyStreet
Founded in 2016, PolicyStreet is a finance startup operating in Kuala Lumpur. The company specialises in digital insurance solutions for both consumers and businesses. PolicyStreet has partnered with Southeast Asian e-commerce giant Shopee to insure packages and provide coverage for ride-hailing company Grab’s drivers.
With a funding total of US$22 million (RM102 million), including support from Malaysia’s sovereign wealth fund, Khazanah Nasional Berhad, PolicyStreet is making waves in the insurance sector.
Website: https://www.policystreet.com/
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