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Top three winners of the Khazanah Impact Innovation Challenge to receive RM500,000 grant each

November 8, 2023
New Straits Times
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KUALA LUMPUR: Khazanah Nasional Bhd announced the top three winners from the Khazanah Impact Innovation Challenge (KIIC 2023) who will receive grants up to RM500,000 each for their business expansion.

The three winners are Braintree Technologies, Ultimeat, and Kapitani, Khazanah said in a statement today.

Khazanah said the 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.

Fifteen finalists represented the impactful Malaysian businesses that pitched for potential equity investments and debt funding at the KIIC 2023 and its funding partners in their quest to deliver innovative solutions to tackle climate change challenges for food security in Malaysia.

The other 12 finalists received grants ranging between RM150,000 and RM400,000 each.

Braintree Technologies chief executive officer (CEO) Arif Makhdzir said he plans to speed up the company's robot commercialisation and scale up its production.

"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 for the farm workforce.

"Our robots are flexible, two versatile workers that can do multiple types of work and help farmers deal with the uncertainty," he added.

Ultimeat's CEO, Edwin Lee, said with the RM500,000 grant, he plans to amplify its community engagement efforts, ensuring Malaysians are well-informed about its 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," he said.

Kapitani co-founder Mohd Nazrul Hazeri said he will use the RM500,000 grant to speed up the company's projects and hire more talent.

Besides the 15 finalists, three other tech-based startups, namely Entomal, Hydroemission, and Kairos, each received RM10,000 as recipients of the "Partner Selection Award", sponsored by Cradle's MYStartup.