For Immediate Release

Bright Prospects for Technology Start-Ups

Grant provider powers ahead with calls for application and 6 new recipients approved for CIP 500 commercialisation

Kuala Lumpur, 15 November 2010 – Cradle Fund Sdn Bhd, the manager of CIP 500, Malaysia’s first pure technology commercialisation fund, is stepping up its call for applications, as it powers ahead towards achieving its goal of approving up to 30 grant recipients by the end of this year.

Following the announcement of 5 pioneering grant recipients in June this year, the conditional grant providers recently confirmend another 6 companies in their second tranche of approvals.

Nazrin Hassan, Chief Executive Officer of Cradle Fund Sdn Bhd, said, “We have received encouraging response since the CIP 500 grant was open to applicants in November last year and to date, we have received more than 110 applications. However, we believe there are still many eligible companies out there that may not have received information about CIP 500, thus we are stepping up our efforts to put the word out there, and we look forwardto hearing from many more companies.”

“We created CIP 500 as a trailblazing medium term measure to fill up the funding gap at the commercialisation stage in Malaysia. As with other pioneering measures, we are cognisant of the need to work extra hard to get the word out on our commercialisation fund, and in the long run, also help widen the commercialisation funding pipeline for more technopreneurs.” Nazrin added.

The 6 new approved recipients comprises Fexsoft Sdn Bhd, developer of a web-based Quality Control and Statistical Process Control software system. Fonpackets Sdn Bhd, provider of automated voice messaging services. Southpaw Sdn Bhd, developer of customized interactive computer solutions and multitouch user interfaces. Serious Software Sdn Bhd, developer of an innovative online job refferal portal and Auto Discounts Sdn Bhd, developer of Malaysia’s largest car classifieds website.

The CIP 500 conditional seed grant provides funding of up to RM500,000 to help budding Malaysian companies with innovative technology ideas attain commercialisation.

“Our team of analysts is constantly looking out for start-ups with product ideas that will generate the appropriate interest amongst the target market, and are strong and unique enough to withstand challenges from competitors, and which will attract future deals and venture capital funding.” added Nazrin.