Seven startups chosen for Sunway iLabs accelerator programme
By Digital News Asia March 16, 2018
- Startups will receive RM50,000 in seed funding from Sunway University and Nexea Angels
- Given RM150,000 worth of Google Cloud credits and legal advisory from Chooi & Company
SUNWAY’S non-profit incubator, Sunway iLabs, has announced that it has handpicked seven startups for the second phase of its Sunway iLabs Accelerator Programme.
The startups will receive RM50,000 in seed funding to be provided by Sunway University and Nexea Angels, and RM150,000 worth of Google Cloud credits and legal advisory from Chooi & Company.
The Sunway iLabs Accelerator Programme, launched in January this year, is organised by Sunway University and Nexea Angels, and is supported by the combined resources of Sunway Group, Sunway Ventures, Google Cloud, Chooi & Company, and US Market Access Center (USMAC).
In exchange for the seed funding, Sunway University and Nexea will receive 8% (4% each) in the startups. The startups are Beacon Systems, EzySpark, JobWorks, JomRun, Kravve, Infinoil, and Red Dino Ventures.
After a month of minimum viable product (MVP) development, the startups will now proceed to the remaining five months of market validation and grow customer traction so that they are well-positioned to raise follow-up funding in an investor showcase (demo day) to be held on July 20, 2018.
- EzySpark is an online corporate training matching platform which will match corporations to trainers.
- Beacon Systems’ aim is to develop an artificial intelligence-enabled accounting software that will automate accounting for entrepreneurs so that they can focus on their business growth.
- JobWorks is a mobile recruitment platform that integrates job-matching, clock-in-clock-out, payroll, and rating features focused on matching part-time workers to organisations.
- JomRun incentivises runners with discounts and points through their running app.
- Kravve is an online shopping channel for homemade artisanal food with a management service that saves home chefs 80% of time and money managing online sales.
- Infinoil aims to commercialise their graphene based nanolubricant, which can reduce friction and wear, improving engine efficiency in automotive and industrial applications.
- Red Dino Ventures enables online sellers to manage multiple e-commerce channels under one account.
The seven startups were selected from a pool of 25 startups which were shortlisted from an initial over 200 over applications who applied to be part of the Sunway iLabs Accelerator Programme.
“We have carefully hand-picked the startups, with the best growth potential determined through several pre-set key performance indicators over four weeks of workshops and mentoring sessions with industry leaders and experts,” said Sunway iLabs director Matt van Leeuwen.
“At this point, all the startups will gain access to Sunway Group’s immense resources across 12 business lines that will function as a testbed to validate their innovations. Besides market validation, they will be able to develop their product with the help of Sunway University’s researchers, experts, and potential student interns.
“They will also go through customised one-on-one sessions and exclusive networking dinners with experienced entrepreneurs and advisors who will share insights and personal experiences to help grow their business and raise further funding from investors.”
Throughout the five-months, Sunway Ventures will provide mentorship and explore follow-up on funding opportunities for the startups. USMAC will provide go-to-market advisory and a Launchpad in Silicon Valley; with Chooi & Company providing legal advisory; while Google will be providing Google Cloud credits and technical support.
For more information on the startups and their progress, please log on to https://innovationlabs.sunway.edu.my/ or follow Sunway iLabs on Facebook.