7 November 2023
Khazanah Impact Innovation Challenge 2023 unveils its Top 3 Winners!
The Top Three (3) winners will receive grants of up to RM500,000 each to deliver innovative and viable solutions to address climate change challenges for Malaysia’s food security
The Khazanah Impact Innovation Challenge (“KIIC”) 2023 concluded its Demo Day today, where 15 finalists representing impactful Malaysian businesses pitched for potential equity investments and/or debt funding from Khazanah and its funding partners in their quest to deliver innovative solutions to tackle climate change challenges for food security in Malaysia.
Three winners were selected by the KIIC 2023’s panel of judges for having the most innovative and unique solutions with measurable impact, operating on a sustainable business model and offering solutions that are relevant to Malaysia.
The Top Three, Braintree Technologies, Ultimeat and Kapitani were awarded grants of up to RM500,000 each to realise their business plans. The other twelve finalists, on the other hand, stand to receive grants ranging between RM150,000 and up to RM400,000 each.
Khazanah Managing Director Dato’ Amirul Feisal Wan Zahir and Khazanah Head of Dana Impak and Healthcare Bryan Lim presented the awards to the winners and finalists.
Arif Makhdzir, CEO
“I feel deeply honoured to be selected as the Top Three, thank you very much. Our plan is to speed up our robot’s commercialization plan and scale up our production with the RM500,000 grant. Climate change has brought unprecedented production uncertainty to farmers as they can no longer rely on their usual crop cycle pattern. The uncertainty in the crop calendar also causes uncertainty to the farm workforce. Our robots are flexible, versatile workers that can do multiple types of work and help farmers deal with the uncertainty.”
Edwin Lee, CEO
“Being chosen as one of the Top Three in the competition hosted by Khazanah is both an honour and a testament to the dedication and innovation of our Ultimeat team. This recognition not only affirms our hard work but also spurs us on to further contribute to our industry. With the RM500,000 grant, we plan to amplify our community engagement efforts, ensuring Malaysians are well-informed about our distinctive products. Given the pressing challenges of climate change and its implications on food security, Ultimeat’s innovative technology provides a sustainable solution by producing proteins in just seven days, mitigating environmental impacts.”
Mohd Nazrul Hazeri, Co-Founder
“We are very happy to be in the Top Three. This shows how hard our team and our farmers work. They are the core of our mission. This award confirms our goal and highlights our farmers’ strength and dedication. We want to use this chance to support them more and do better. Thank you for this award, and we hope to keep helping our farmers and our food system. We will use the RM500,000 grant to speed up our projects in two states and hire more talent. We will also test our financing solutions for farmers. We want to pay them faster and easier.”
In addition, three other selected tech-based startups, namely Entomal, Hydroemission and Kairos, each received RM10,000 as recipients of the “Partner Selection Award”, sponsored by Cradle’s MYStartup, as motivation for further development of their businesses. Cognisant of the importance and urgent need for a more sustainable future, the Partner Selection Award recognises the top innovators tackling climate change for Malaysia’s food security. The awards were presented by Cradle Fund Acting Group CEO, Norman Matthieu Vanhaecke.
Dato’ Feisal said, “Through KIIC 2023, we hope to channel the necessary support and capital for the application of innovative and sustainable solutions to address the issue of food security while driving socio-economic resilience and growth potential for the country, in tandem with our Advancing Malaysia strategy.”
“The dedication and ingenuity of these startups will not only improve the agrifood landscape but potentially support countless households. As we confront rising inflation, global uncertainties, and the challenges posed by climate change, the innovative solutions pioneered today will become the source of resilience for consumers and the nation.”
Launched on 25 July 2023, KIIC 2023 called for submissions from Malaysian businesses that have developed innovative and commercially viable solutions to address the challenges posed by climate change on Malaysia’s food security.
Khazanah received more than 160 applications, with 15 finalists shortlisted by the committee, including its partners, for the Demo Day, which took place on 7 November 2023. Selections were done based on their entrepreneurial track record, business model and competitive advantage, impact measures, and execution strategy. The finalists attended a 4-week workshop and coaching by industry experts to prepare them for the Demo Day.
KIIC 2023 is organised by Khazanah in partnership with its programme partner, Plug and Play APAC (“PNP”), outreach partners, Impact Circle and Cradle Fund’s MYStartup, and funding partners Gobi Partners, 500 Global, and Agrobank.
At the KIIC Demo Day, the finalists presented their business proposals to the KIIC panel of judges, which comprised subject matter experts as well as members of Khazanah’s senior management. Also present were accredited investors and venture capitals from Malaysia and abroad.
For more information on the KIIC 2023 finalists and their initiatives, please visit https://www.khazanah.com.my/kiic/
Khazanah Impact Innovation Challenge 2023 unveils ...
Statement by Dato’ Amirul Feisal Wan Zahir, Mana...
Khazanah’s 15-year partnership with GTI solidifi...
CDP Group and Khazanah Nasional Berhad signs MoU, ...
Khazanah and Khazanah Research Institute, in colla...
Khazanah Stands Ready to Support “Ekonomi MADANI...
Khazanah Impact Innovation Challenge 2023 Calls fo...
Global Venture Capital Firm Antler Partners With K...
Khazanah spearheads green investment platform to a...
Khazanah invests in homegrown full-stack InsurTech...