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The Venture Codex

Malaysian Technology Development Corporation

Ground Floor, Menara Yayasan Tun Razak, Jalan Bukit Bintang, Kuala Lumpur, 55100, Malaysia

Overview

Malaysia Technology Development Corporation (MTDC) was set up by government of Malaysia in 1992 to spearhead the development of technology businesses in Malaysia. Its initial role was to concentrate on the promotion and commercialisation of local research and invests in new ventures that can bring in new technologies from abroad. From these investment activities, MTDC has evolved to become a venture capital outfit and has been the leading venture capitalist in the country long before the concept became familiar and accepted in Malaysia. By the time other new venture capitalist came into being, MTDC has further evolved to become an integrated venture capital solutions provider and has become the only company in the country to attain the status. Today, MTDC is the only one-stop agency where financing can be source from; all the way from laboratory ideas to full commercialisation of such ideas.

Total investments
3
Lead investments
1
Investments · 12mo
0
Active investors
1

Sector focus

  • Venture Capital
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Investment portfolio

  • WISE AI

    Participated · Series A · Jul 2024

    Wise AI provides KYC, document OCR and digital identity authentication using selfie biometrics. Its face biometrics algorithm was tested by NIST for fast matching speed, and its presentation attack detection was confirmed ISO PAD Level 1 compliant by iBeta in 2023. The company aims to provide digital identity to all 680 million people in Southeast Asia and plans to localize offerings through partnerships in each country. The Malaysian government has highlighted Wise AI as an example for the national AI Governance and Ethics framework. Wise AI positions itself to address significant KYC friction in the region, where surveys show high abandonment of banking and credit applications and notable levels of identity fraud. Financially, the company has completed an eight-figure Series A round (amount undisclosed by the company).

  • Aonic (Formerly Poladrone)

    Participated · Seed · Oct 2021

    Founded in 2016, Aonic designs, engineers, and manufactures its own drones and proprietary software to modernise agriculture and industrial operations. Its field-ready spraying drones can raise farmer incomes by 50%, boost output by about 54%, and cut water used for spraying by roughly 75% compared with manual methods. The company complements its hardware with training, financing (Aonic Flex), and agri-input retail, and it maintains more than 50 sales, service, and spare-parts centres across Southeast Asia for after-sales support. Aonic’s drones are already deployed in over 15 countries for agriculture, plantation management, inspection, and other industrial services. Internal figures show the firm has grown at a triple-digit CAGR since 2022, exceeded USD 60 million in annual revenue, and turned profitable in 2023. Looking ahead, Aonic plans to deepen R&D, expand manufacturing capacity in Malaysia, and broaden its global reseller and distributor network to take its Malaysian-built drone ecosystem worldwide.

  • Predictry

    Led · Seed · May 2014

    Predictry builds recommendation engines that track page visits, map viewing and purchasing behavior, and — with user opt-in — incorporate connected social network data to surface relevant product suggestions. The company tailors its algorithms for each site rather than using one-size-fits-all plugins, aiming to improve clickthrough and relevance compared with simpler Shopify/Magento add-ons. Predictry targets small- and medium-sized businesses and fast-growing e-commerce sites that lack resources to build proprietary recommendation systems. Its customers include The Crescent, an Islamic lifestyle store run by Celcom, and it is conducting trial runs with several large regional e-commerce startups. The team plans to expand into a wide range of e-commerce verticals, from food delivery to travel sites. Predictry raised $230,000 in seed funding and will use the proceeds for marketing and to hire additional developers.

Team