VentureTECH inks RM10m investment agreement with Kiwitech

VentureTECH inks RM10m investment agreement with Kiwitech

15 Dec 2020

VentureTECH, a wholly-owned subsidiary of the Malaysian Industry-Government Group for High Technology (MIGHT), has announced its entry in the smart city industry by inking a RM10 million investment agreement with Kiwitech Sdn Bhd, a Bumiputera company offering Internet of Things (IoT)-based application city surveillance services.

In a statement today, VentureTECH said through this transaction, it will be able to capitalise on the growing global smart city market that is expected to reach US$717.2 billion (RM2.9 trillion) in 2023.

Primarily driven by the growing awareness on “smart everything”, the smart cities concept has been garnering attention resulting from the utilisation of intermediary technologies.

“Premised on Malaysia’s position as one of the most urbanised countries in East Asia and rapidly urbanised regions in the world, VentureTECH complements the government’s initiative to encourage local companies such as Kiwitech to tap into the huge opportunity presented by the rising urban population which grew from about 66 per cent in 2004 to 76.6 per cent in 2019.

“The urbanisation growth expectations will be bolstered by migration activities influenced by economic and employment landscape that continues to shift from agriculture-based activities to opportunities that are driven by growth in industry and services,” it said.

VentureTECH managing director Dr Norida Abd Rahman said Malaysia’s rapid urbanisation has resulted in the need for and implementation of smart cities in line with the national agenda and Goal 11 of the Sustainable Development Goals (SDGs) to create sustainable cities and communities as propagated also by MIGHT.

“VentureTECH’s investment in Kiwitech will not only support the transformation of Malaysian cities into smart-friendly cities by way of public-private partnership, but also aims to accelerate the implementation of the Fourth Industrial Revolution (IR4.0) applications at the platform level, harnessing on skilled Bumiputera and local talents and expertise in enhancing the current smart city digital platform.

“Smart cities involve investments in human and social capital, infrastructures, and disruptive technologies that drive sustainable economic growth and high quality of life with sensible management through participatory governance,” she said.

Presently, Kiwitech is serving 28 out of 52 local authorities in Malaysia and has footings in three out of five pilot cities identified in the Malaysia Smart City Framework.

Since its inception, and with the addition of Kiwitech, VentureTECH has invested and committed to investing in 23 technology industry leaders in the targeted bio-based, emerging and green industries, with aggregate investee net worth surpassing at least RM1 billion.

Source: Bernama