Malaysia’s state oil and gas enterprise Petronas allocated USD 350 million to its newly-launched venture capital arm, Petronas Corporate Venture Capital (CVC) as reported by the New Straits Times.
Petronas invested USD 350 million in the CVC that focuses on direct investments in early to growth-stage tech startups in advanced materials, speciality chemicals, and startups that involved in the future of energy. The CVC aims to support technology advancement, especially in the industrial and energy sectors.
According to the report, Petronas CVC’s global coverage will target companies in Malaysia and other countries in the Asia Pacific region.
The new fund will complement Petronas’ other VC arm, PTV International Ventures America (PIVA) that was launched earlier this year. It offers early-stage investments in artificial intelligence, robotics, machine learning, advanced materials, as well as existing and new sources of energy startups in North America and Europe.
