KUALA LUMPUR: Petroliam Nasional Bhd (Petronas), through its corporate venture capital arm Petronas Ventures, has entered into an agreement with Braintree Technologies Sdn Bhd to invest in the agriculture technology (agritech) startup that develops artificial intelligence (AI)-driven robots for farm automation, often associated with smart farming.
This initiative marks Petronas’ foray into venture capital investment in Malaysia and the transaction is expected to be completed in early July this year.
Braintree Technologies develops robotic devices and proprietary software that would provide agricultural total solutions as well as convert non-revenue generating, unattended agricultural land into high-value crop farms.
Head of Petronas Ventures Mohd Azli Ishak said this investment reflects the company’s strategic intent to venture into the Malaysian startup ecosystem in scouting for breakthrough technologies that support Petronas’ growth beyond the oil and gas business.
“We believe this investment in Braintree Technologies will establish the right ecosystem for a smart farming business model, capitalising on Petronas’ strong knowledge in urea and fertiliser application and Braintree Technologies’ AI and robotics technology.”
This initiative is in line with Petronas’ Sustainability Agenda and the United Nations’ Sustainable Development Goals (SDGs) 8, 9 and 13, focusing on promoting sustainable economic growth, industry-innovation and climate action respectively.
Braintree Technologies CEO Arif Makhdzir said when the company was first established, he noticed the gaps but also opportunities in the agricultural industry in Malaysia, where smart farming can help to increase farm productivity and yield, and the livelihood of farmers.
“Combining our technical experience in software development and agriculture knowledge, we hope to drive a change for Malaysia in this major industry. The team was selected to join the Petronas FutureTech Accelerator programme in 2019, and since then, we have sharpened our business model and attracted interest from several investors.”
source https://www.thesundaily.my/business/petronas-embarks-on-first-vc-investment-in-malaysia-JD2630748
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