Each of the startups will receive US$12,800 in seed funding, in addition to US$38,400 worth of Google Cloud credits and legal advisory from Chooi & Company
Malaysia’s Sunway iLabs has announced the names of the seven startups selected for the second phase of its accelerator programme.
The seven startups were selected from a pool of 25 startups, which were shortlisted from an initial over 200 applicants.
As part of the five-month programme, each of the startups will receive RM 50,000 (US$12,800) in seed funding to be provided by Sunway University and Nexea Angels, in addition to RM 150,000 (US$38,400) worth of Google Cloud credits and legal advisory from Chooi & Company.
After a month of minimum viable product (MVP) development, the startups will now proceed to the remaining five-months of market validation and grow customer traction. During the programme, Sunway Ventures will provide mentorship and explore follow-up on funding opportunities for the startups. US Market Access Center (USMAC) will provide go-to-market advisory and a launchpad in Silicon Valley.
The startups will also get an opportunity to showcase their product to a group of investors attending the demo day, to be held on July 20, 2018.
“We have carefully hand-picked the startups, with the best growth potential determined through several pre-set key performance indicators over four weeks of workshops and mentoring sessions with industry leaders and experts,” said Matt van Leeuwen, Director, Sunway iLabs.
“At this point, all the startups will gain access to Sunway Group’s immense resources across 12 business lines that will function as a testbed to validate their innovations. Besides market validation, they will be able to develop their product with the help of Sunway University’s researchers, experts, and potential student interns. They will also go through customised one-on-one sessions and exclusive networking dinners with experienced entrepreneurs and advisors who will share insights and personal experiences to help grow their business and raise further funding from investors,” Leeuwen added.
Here is a brief description of the seven startups:
EzySpark
EzySpark is an online corporate training matching platform which will match corporations to trainers.
Beacon Systems
Beacon Systems aims to develop an Artificial Intelligence-enabled accounting software that will automate accounting for entrepreneurs, so that they can focus on their business growth.
Jobworks
Jobworks is a mobile recruitment platform that integrates job-matching, clock-in-clock-out, payroll, and rating features focused on matching part-time workers to organisations.
JomRun
JomRun incentivises runners with discounts and points through their running app.
Kravve
Kravve is an online shopping channel for homemade artisanal food with a management service that saves home chefs 80% of time and money managing online sales.
Infinoil
Infinoil aims to commercialise their graphene based nanolubricant, which can reduce friction and wear, improving engine efficiency in automotive and industrial applications.
Red Dino Ventures
Red Dino Ventures enables online sellers to manage multiple e-commerce channels under one account.
Also Read: Malaysian accelerator Sunway iLabs to invest US$480K in up to 10 startups in 2018
The Sunway iLabs Accelerator Programme is organised by Sunway University and Nexea Angels (an angel investor network), and supported by the combined resources of Sunway Group, Sunway Ventures, Google, Chooi & Company (a legal advisory firm), and US Market Access Center (USMAC).
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