For Immediate Release

New CIP 500 recipients another milestone for Cradle

Grant provider announces third batch auguring greater growth for fund

Kuala Lumpur, 15 November 2010 – Cradle Fund Sdn Bhd, the manager of CIP 500, Malaysia’s first pure technology commercialisation fund, is keeping up its full speed momentum with the announcement of 7 new grant recipients and 6 recipients announced for the second tranche of approvals, earlier this year.

The 7 new approved recipients comprise Aeflex Technologies (M) Sdn Bhd, an apps developer that develops apps for the Handy Computing Platform (HCP). Geoflex Sdn Bhd, a new media application and content development company specialising in online portal development, online video publishing and mobile content development, Kea Studios Sdn Bhd, an independent game developers that creates simulation training to provide readiness for real world situations using 3D gaming technology, Rseven Mobile Sdn Bhd, a software developer with a cloud-stored lifecache service for a secure smartphone backup and sync, S-Core IT Solutions Sdn Bhd, a software developer with a product embeds advertising in a Clinic Management System, Sophic Automation Sdn Bhd, a software developer with a Security Management Software Application providing highly customisable and flexible control over the endpoints access of a computer, and WebBytes Sdn Bhd, a business software solutions provider that offers Software-As-A-Service based Retail Management Solutions and backend support services to small and medium sized retailers and franchise enterprises.

“We are pleased with the quality of applications we have been steadily receiving since the CIP 500 grant was open to applicants in November last year. This year we have worked hard together with our partners to make sure word on CIP 500 gets as far as it possibly can, and I assure all recipients that we are applying due dilligence to all 150 applications received to date, regardless if it sometimes takes a little extra time,” said Nazrin Hassan, Chief Executive Officer of Cradle Fund Sdn Bhd. “The rate of response has been very encouraging to date, but our teams are nevertheless constantly keeping an eye out for start-ups with product ideas that will capture the interest and enthusiasm of the the target consumers, have intrinsic value that will withstand challenges from competitors, and have suitably strong long-term prospects to attract future deals and venture capital funding.” Nazrin added. The CIP 500 conditional seed grant provides funding of up to RM500,000 to help budding Malaysian companies with innovative technology ideas attain commercialisation.