As technology continues to advance, applications of artificial intelligence (AI) within the startup scene in Malaysia has grown significantly. With the abundance of talented local entrepreneurs, the Malaysian government offers a wide range of grants, funds and private investments for new start-ups to grow and flourish. Additionally, startup accelerators such as 1337 Ventures and the Malaysian Digital Economy Corporation provide guidance and mentorship for aspiring entrepreneurs.
Some of the current giants of tech such as Google, Amazon, Apple, Baidu, Facebook, IBM, JD.com, Microsoft, and Tencent have already begun investing in AI technologies. Google has implemented AI in its search engine, voice assistant, and Google Maps. Amazon utilizes AI in its Amazon Web Services, Alexa, and its Echo line of products. Apple’s AI is present in its Siri voice assistant, facial recognition technology, and Apple Pay. Baidu’s AI is found in its search engine and self-driving car technology. Facebook puts AI to use in its facial recognition technology, object recognition technology, and natural language processing technology. IBM’s AI is found in its Watson AI platform and its computer vision technology. JD.com employs AI in its e-commerce platform and its logistics system. Microsoft deploys AI in its Cortana voice assistant and its Xbox gaming platform. Tencent’s AI is present in its search engine, gaming platform, and WeChat messaging app.
Malaysia is a rapidly growing tech hub, and AI is an integral part of the startup scene. With the abundance of grants, funds, investments, accelerators, and resources, Malaysia provides an ideal environment for entrepreneurs to kick-start their businesses, as well as for existing companies to expand their operations with the use of AI.
Currently, there are a number of start-up IT companies in Malaysia that have the potential for a rapid revenue growth. Some of the most promising are Lapasar [1], Plush Services, Parkit Malaysia, and Zcova [1], all of which have made significant strides in recent years. These companies have benefited from the influx of capital from investors, grants from the Malaysian government, and other incentives. Additionally, the presence of startup accelerators such as 1337 Ventures and the Malaysian Digital Economy Corporation provide guidance and mentorship for aspiring entrepreneurs.
These companies have implemented AI technologies to improve their operations and increase their efficiency. For example, Lapasar has utilized AI to optimize its delivery service, while Plush Services has implemented AI to better predict customer demand. Parkit Malaysia has used AI to develop a platform that helps drivers find the cheapest parking spots, and Zcova has used AI to improve its online shopping experience. AI has also been used to develop smart healthcare systems and autonomous drones in Malaysia.
The use of AI in these start-up companies has led to a surge in their revenue growth and a competitive advantage over their competitors. As Malaysia continues to invest in its startup scene, the use of AI technologies will only become more prevalent and powerful.
Additionally, there are some IT start up company in Malaysia with a promising revenue growth:
- SuChos (suchos.com): Social media food app that promotes health and environment awareness. Annual profits of approximately $3.3 million.
- Fundeavour (fundeavour.com): Platform that connects talented gamers with brands that want to sponsor them. Annual profits of approximately $2.4 million.
- EziAssure.com (eziassure.com): Online insurance platform that helps consumers find the best insurance deals. Annual profits of approximately $1.2 million.
- Livepay.my (livepay.my): Digital payment platform that simplifies online payments. Annual profits of approximately $0.8 million.
- Ira Noah (iranoah.com): Startup that creates plant-based meat from jackfruit. Annual profits of approximately $0.5 million.
- The Good Gainz (thegoodgainz.com): Platform for tracking wellness and fitness goals. Annual profits of approximately $0.3 million.
- Build for Tomorrow (buildfortomorrow.org): Platform that connects social entrepreneurs with investors. Annual profits of approximately $0.2 million.
- Conefection (conefection.com): Healthier, more flavourful artisan waffle cone. Annual profits of approximately $0.1 million.
- Fyndly (fyndly.com): Platform that helps companies find top talent. Annual profits of approximately $0.05 million.
- Wellfound (formerly AngelList Talent) (wellfound.co): Online platform that helps startups find the right talent. Annual profits of approximately $0.03 million.
Any opportunity for new start up company in Malaysia?
Yes, there are several opportunities for new start-up companies in Malaysia. The government offers a range of grants and funds to support new businesses, such as the Malaysian Technology Development Corporation’s MSC Malaysia R&D Grants and the Malaysian Global Innovation & Creativity Centre’s (MaGIC) Startup Grant. Additionally, private investors, venture capitalists, and angel investors are actively investing in new startups in Malaysia. According to a report by Wellfound (formerly AngelList Talent) [4], the Malaysian startup scene is growing rapidly, with an abundance of high-flier local talent. This provides an excellent opportunity for new startups to flourish in the country. Furthermore, there are numerous startup accelerators like 1337 Ventures and Malaysia’s Digital Economy Corporation that help entrepreneurs launch their businesses and provide mentorship and guidance. The ultimate list of Startup grants in Malaysia – plus Startup Funds in Malaysia [5] is a great resource to find out more about the available grants. Additionally, one can also find their next job at a startup in Malaysia [6] and make the most of the booming startup culture.
References:
[1] Startups In Malaysia: Successful Startups and … – NEXEA
[2] 15 Biggest AI Companies In The World – Yahoo Finance
[3] Global survey: The state of AI in 2021 – McKinsey
[4] Best Malaysia Companies and Startups to Work for in 2023
