Petronas sets up US$350mil venture capital fund

KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) has set up a US$350mil (RM1.46bil) venture capital fund with a mandate to make direct investments in technology startups around the world.

"A US$350mil fund for investment has been allocated for Petronas corporate venture capital (CVC) to target direct investments in technology startups in industry 4.0, advance materials and specialty chemicals, future of energy as well as access into new markets," the national oil company said in a statement today.

It said the fund will act as a minority stakeholder in early to growth-stage companies.

Petronas recently launched FutureTech Accelerator programme designed to discover and nurture home-grown technology company.

It has partnered 500 Startups, a Silicon Valley venture capital seed fund and accelerator, to select up to 20 local startups for intensive training.

"Petronas CVC will be immersed in the venture capital ecosystem, be it in the Silicon Valley or Kuala Lumpur, to scout visionary entrepreneurs to solve critical problems in industrial and energy space through breakthrough technology and innovative business models," it said today.

The fund, Petronas said, It will leverage on the group's strong global network across the energy value chain for strategic fit with its co-investors and partners, as well as to assist startups in scaling up.

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