Malaysian government to invest $6.8 mn in local startups

Agensi Innovasi Malaysia (AIM), a Malaysian government body set up in 2010 to encourage innovative startups, will make an investment of $ 6.8 million in three Malaysian companies — Quantum Electro Opto Systems Sdn Bhd (QEOS), Sekhar Research Innovations Sdn Bhd and Mecha Medic Solutions Sdn Bhd, reports Digital News Asia. AIM intends to help the three companies to produce and market their products globally.

The companies will benefit from AIM’s support in building market and industry access, and finding public-listed companies that could apply their innovations. It will make an investment of $3.3 million in QEOS, and $1.9 million in SRI and $1.6 million in Mecha-Medic Solutions Sdn Bhd.

QEOS was founded in 2008 by Malaysian Gabriel Walter to commercialize transistor laser based applications. AIM will fund the company to set up a plant and market the product initially.  Sekhar Research Innovations is a clean tech company for recycling tires and waste rubber into devulcanized rubber compound and was founded in 2004 by the late Tan Sri Dr B.C. Sekhar. It is now run by CEO Gopi Sekhar, a Malaysian national.