For Immediate Release
Cradle Fund’s Pioneer CIP 500 Recipients Announced
5 Technology Start-Ups Selected To Receive Commercialisation Funding
Kuala Lumpur, 8 June 2010 – Cradle Fund Sdn Bhd, manager of Cradle Investment Programme (CIP), today announced the first five (5) recipients of its CIP 500 commercialisation grant,which offers funding of up to RM500, 000 to help local start-up companies attain commercialisation.
The five start-up companies, drawn from a range of industries, consist of CK Agrifeed Sdn Bhd, a company involved in research, development and commercialisation of microbial-based animal feeds; IntelTium Technology Sdn Bhd, which provides automated solutions based on their proprietary microcontroller technology platform PlugIOTM; Medical Devices Corporation Sdn Bhd, a research and development based regional leader in the manufacture of medical devices; Superceed (M) Sdn Bhd, a company that provides hosted contact centre software and on-demand workforce on their Virtual Contact Center model; and TecForte Sdn Bhd, an ICT security focused company providing enterprise security management solutions.
Nazrin Hassan, Chief Executive Officer of Cradle Fund Sdn Bhd, said,”The CIP 500 commercialisation fund, a pioneer pure commercialisation grant, is a medium term measure that helps fill up the dire funding commercialisation stage in Malaysia and plugs up a glaring market failure, as there is no private sector venture capital player that is willing to fund at this stage currently. It is a trailblazing effort which we believe, will be emulated by other agencies under the 10th Malaysia Plan – and that will help widen the commercialisation funding pipeline for more technopreneurs.”
Deputy Finance Minister I Senator Dato’ Lim Siang Chai, at the official ceremony today said, “Back in 2003, the Ministry of Finance was suitably impressed by the zeal of a group of young people to provide real support and financial assistance to the many promising entrepreneurs to help them develop their ideas sufficiently to reach commercialisation. The Ministry is happy with Cradle’s performance since inception, having funded 402 ideas and more importantly, achieving the highest commercialisation rate in the country by a pre-seed fund at 50 percent. Today, I am proud to congratulate them on successfully implementing the CIP 500 programme and laud them for their continued good work. To the pioneering recipients. Syabas! You are exemplary Malaysians.”