MASSA–MAJECA Ideas Exchange showcases startup innovation, and a surprising new corporate funding push

• Highlights corporate–startup collaboration as key to driving innovation
• MASSA commits undisclosed  funding to strengthen Malaysia’s startup ecosystem

Something interesting happened last week in Cyberjaya, Selangor when the Malaysia South-South Association (MASSA), a subsidiary of Masscorp Bhd, and the Malaysia-Japan Economic Association (MAJECA) brought together corporate leaders, investors, and entrepreneurs for the fourth edition of the Ideas Exchange: Startup Meet-up & Sharing Session, held on Aug 27.

It happened at the end of the half-day programme, supported by Finexus Group, Cyberview Sdn Bhd and Kolaxus Sdn Bhd, which spotlights homegrown startups while signalling stronger corporate–startup collaboration within Malaysia’s innovation ecosystem.

In his closing remarks Lawrence Lim, CEO of Magnum Corporation and Hon. Secretary of MASSA, announced an undisclosed new funding commitment from the association. “At our last board meeting, we agreed to participate in an early-stage fund for startups. This will be our stepping stone into the ecosystem,” he said.

The low-key announcement of the funding, which will be run by a KL-based venture capital firm, while welcomed, is a surprise considering the background of MASSA’s parent company.

Malaysian South-South Corporation Bhd (MASSCORP) is a public limited company incorporated in 1992. It consists of a consortium of 86 Malaysian shareholders, many of whom are corporate leaders in their respective fields who have contributed immensely to the national economy. Its chairman is veteran banker Azman Hashim, one of the most respected old school corporate leaders in Malaysia.

The objective was to get all the large Malaysian corporations to group together and invest in overseas infrastructure opportunities. The big leap into startups is the organisation’s attempt to support the national objective of boosting innovation through Malaysian startups.

“When programmes like this are run,” said Lawrence, referring to Ideas Exchange: Startup Meet-up & Sharing Session, there must be real funding behind them.”

He added, “We want corporations to start seeing this as an alternative investment class. Malaysia has to go through the same journey as Silicon Valley, where early funders reinvested into the ecosystem and created a cycle of success.”

Lawrence acknowledged the risks but stressed the need for persistence. “Not every startup will succeed, many won’t. But what matters is that they keep trying. If your idea resonates with what the market truly needs, then success will come.”

Support Malaysia in becoming a top 20 global startup hub

Joanne Loh, Director of Strategy and Transformation at Finexus, framed the session as part of a larger national ambition. “In line with Prime Minister Anwar Ibrahim’s vision, we want to support Malaysia in becoming a top-20 global startup hub.”

Joanne also emphasised the need for closer collaboration between corporates and startups. “True innovation comes from doing something radical, not just incremental improvements,” she said. “This is where corporations and startups must work hand in hand. Together, we can transform markets and solve problems in new ways.”

Sivavenayakam Velayutham (pic, below), CEO of Kolaxus and executive committee member of MAJECA, highlighted the agility that startups bring compared to large corporations. “If a corporation wants to launch a new product, it often takes two years. But startups are different. They’re agile, disruptive, and they move fast,” he said. “Corporates have resources, reach, and networks. Startups have speed and innovation. The question is how the ecosystem benefits when these two parties collaborate.”

Startup showcase

The highlight of the Ideas Exchange featured four startups spanning semiconductors, edge AI, internet-sharing, and enterprise transformation.

The pitching session began with Marcus Lim, CEO of MSKD Technologies, founded in 2024 in Sungai Petani, who introduced what he described as Malaysia’s first Artificial Intelligence (AI) Integrated Circuit (IC) test handling system. Designed for semiconductor manufacturers, the equipment offers below 1% margin of error, rare even in China, he noted.

The startup has an audacious goal. “Our mission is to become the next manufacturing champion for AI test applications and position Malaysia on the global map,” Marcus said. With units priced between 25%–40% lower than global competitors, MSKD aims to expand into Brazil, India, and the US by 2026.

Compared to MSKD, Elliance Sdn Bhd, a Penang-based firm has been around for over a decade. Founded in 2011 by Cheng Boon Seng, who is also Managing Director, the company evolved from delivering customised IoT solutions in agriculture to developing proprietary AI hardware and platforms. Its newly launched AI system and chip promise to deliver industrial-grade performance while tackling challenges such as latency, power consumption, and data privacy.

“We are shifting from a ‘cowboy-style’ growth to a more structured, scalable approach,” Boon Seng said, highlighting growing interest from drone and smart factory operators in Malaysia.

The third company up was Simplify Networks Sdn Bhd, founded in 2016 by Tay Yen Pei, which operates a peer-to-peer internet-sharing platform with more than 85,000 hotspots hosted in over 30 countries. Its Smart WiFi technology allows users to buy and sell data directly via routers, with double-encrypted access and an integrated wallet system.

“On average, mobile users waste 3.4GB of data a month. That adds up to 143 petabytes of bandwidth globally. We want to turn that waste into opportunity,” Tay said. Simplify is currently raising Series B2 financing and preparing for a US$10 million (RM42.25 million) Series C round next year.

Closing the startup segment was Infra Mobile Digital Sdn Bhd (IMD), led by Ts. Chuah Huai Jie, the CEO. The company unveiled Seven AI, an incentive-based platform designed to consolidate fragmented enterprise systems and embed AI across workflows.

“Think of Seven AI as a hub that automates processes, integrates AI, and provides low-code tools for easier adoption,” Chuah explained. Targeting property and manufacturing sectors initially, IMD plans to expand regionally after validating its solutions in Malaysia.

The Ideas Exchange concluded with networking, reinforcing the event’s dual purpose of showcasing innovation and creating pathways for collaboration and funding. As Lawrence noted, quoting Confucius: “The longest journey begins with a single step. Today, I believe we’ve taken that step.”