Malaysian oil and gas company Petronas has partnered up with Silicon Valley’s global investor 500 Startups to launch a tech accelerator program to nurture local innovation and technology entrepreneurs, according to a statement.
The eight-week program, called Petronas FutureTech, will recruit up to 20 local startups working in areas like industry 4.0, specialty chemicals and advanced materials, alternative energy sources, digital transformation, and retail innovation.
Petronas FutureTech plans to leverage on 500 startups’ global network of mentors and experts, and on Petronas’ resources and network, to provide participating startups with assistance to grow their business and expand globally.
At the same time, Petronas, one of the Fortune Global 500’s largest corporations in the world and also one of the most profitable companies in Asia, hopes that these startups will be able to devise solutions to meet the company’s business needs.
Founded in 2010 in Silicon Valley, 500 Startups has invested in over 2,200 companies via its four global funds and 15 thematic funds to date. Its portfolio companies in Southeast Asia includes Grab, Bukalapak, Fabelio, Carousell, and DocDoc. The VC firm has also its own seed accelerator program called 500 Seed Program.
Petronas FutureTech claims to be the first of its kind in Malaysia.