Meet 5 M’sian founders who made it & are now helping to grow the next gen of startups

[This is a sponsored article with MDEC.]

Malaysia’s tech scene has seen notable growth, establishing itself as a significant hub in Southeast Asia. In fact, StartupBlink reported that Kuala Lumpur is ranked as the third-best startup city in the region.

One might say that a key factor in this rise is the success of accelerators and incubators in the country. Local tech leaders don’t just stop at achieving remarkable milestones either—they’re also reinvesting their knowledge, resources, and success back into the ecosystem. 

In collaboration with the Malaysia Digital Economy Corporation (MDEC), we’ve compiled a non-exhaustive list of prominent Malaysia Digital (MD) status companies that are actively contributing to the growth of the next generation of scaleups and talents in Malaysia.

Growing businesses and industries

1. SkyeChip

Founded in 2019, SkyeChip is a design company started by SK Fong and Teh Chee Hak. The duo are industry veterans with over 20 years of experience in notable companies such as Intel, Altera, and Broadcom. Together, the founders have filed more than 40 patents.

The firm specialises in Intellectual Property (IP) and Integrated Circuit (IC) solutions for use in artificial intelligence and high-performance computing applications. 

With a vision to position Malaysia as a global leader in IC design, SkyeChip collaborates with universities and provides students with hands-on experience through real-world projects. This is to ensure graduates are well equipped for employment with SkyeChip.

For example, its internship programme and Final Year Project (FYP) sponsorships nurture creativity in students to solve practical problems. SkyeChip has invested over RM300,000 to empower over 100 students at local universities, as well as supported over 90 students under the SkyeChip Graduate Associate Program.

Beyond that, the founders are Industry Advisory Panel (IAP) members for Universiti Teknologi Malaysia (UTM) and Universiti Malaysia Perlis (UniMAP) respectively. They actively contribute their expertise to bridge the gap between academia and industry, ensuring that university curricula stays relevant with the ever-evolving industry.

“Through our collaborations with universities and investments in talent development, we aim to create a vibrant ecosystem where students are not only skilled, but also inspired to drive innovation in the tech semiconductor industry,” shared SK Fong, SkyeChip’s CEO.

2. ViTrox Corporation Berhad

ViTrox Corporation Berhad (ViTrox), a Penang-based semiconductor manufacturer has grown into a global leader in automated vision inspection systems. 

Established in 2000, ViTrox went public in 2004. The company exports their goods and services worldwide and has over 65 sales channel partners around the globe. 

Their journey reflects the potential of Malaysia’s tech industry on the international stage. 

ViTrox’s success isn’t just measured by its business achievements; the company is committed to fostering innovation within the ecosystem. 

The company’s three co-founders have teamed up with Southern Capital Group to launch Cambrian Fund, a venture capital fund aimed at strengthening Malaysia’s tech ecosystem. 

The fund focuses on early-stage tech companies with founders who demonstrate strong vision, the right mindset, and exceptional execution skills.

Additionally, the ViTrox Academy was established in 2020 to provide students with technical training programmes and soft skills training, ensuring that the future workforce is well-equipped to meet industry demands. 

In January 2023, ViTrox Academy launched ViTrox College which runs Diploma programmes in Electrical and Electronic Engineering, as well as Mechatronics Engineering, bridging the gap between academia and industry.

3. Oppstar Berhad

Founded in 2014 by three IC design industry experts—Ng Meng Thai, Cheah Hun Wah and Tan Chun Chiat—Oppstar Berhad (Oppstar) has emerged as a key player in the semiconductor space. 

Having listed on Bursa Malaysia’s ACE Market in 2023, Oppstar designs chips that play a role in digitalisation technologies in industries including telecommunication, consumer electronics, industrial electronics, and automotive. 

Much like ViTrox, the company is fostering the continuation and growth of Malaysia’s semiconductor innovation talent pool.

This can be seen through Oppstar’s internship programme, providing university students with hands-on experience in IC design. 

Over the past two financial years, they’ve provided internships to over 105 students, with 46 of them transitioning to full-time design engineers at Oppstar, the team shared. These interns are offered competitive remuneration packages, typically exceeding RM4,000, with a focus on both professional and academic performance, Oppstar’s team shared.

Additionally, Oppstar has partnered with Universiti Sains Malaysia (USM) to establish a dedicated IC design lab at the School of Electrical and Electronic Engineering, ensuring students have the tools and resources to succeed. 

The company has invested over RM1 million in the lab, mainly for design software subscriptions essential for training. This initiative underscores Oppstar’s commitment to cultivating the next generation of design engineers, with future plans for upgrades and collaborations in the works.

4. CARSOME

Malaysia’s first unicorn, CARSOME, has evolved over the last nine years into one of Southeast Asia’s largest integrated car ecommerce platforms. With operations in Malaysia, Singapore, Thailand, Indonesia, and the Philippines, it has won accolades, including PIKOM’s 2024 Tech Entrepreneur Unicorn Icon Award.

From a startup with five employees selling approximately 30 cars in its first month, CARSOME has grown into a regional powerhouse of 3,000 strong, selling more than 100,000 cars per annum, with more than US$1 billion in revenue. 

This year, the startup announced its most successful quarter to-date for Q2 2024, with EBITDA more than tripling, building on the profitable momentum first seen in December 2023.

Eric Cheng, the driving force behind CARSOME’s growth, emphasised that maintaining the company’s focus on profitability while addressing real customer problems is his top priority.

And he’s not just keeping all this expertise to himself. Eric is also an angel investor and advisor, sharing his expertise with new startups to help them navigate entrepreneurial challenges.

His collaboration with Sunway Group to establish the CARSOME Mobility Lab accelerator programme in 2022 highlights his support for new ventures. 

CARSOME was also an early supporter of the Sunway Education Group’s 42KL initiative, providing financial support since its inception in 2021. To date, 500 students have benefited from free programming education through the 42KL initiative, CARSOME’s team shared.

The CARSOME management team also works with the government to provide mentorship and guidance for the startup ecosystem.

For example, CARSOME leaders have been appointed as mentors for the Selangor Accelerator Program (SAP) and Selangor E-Commerce Xccelerator Programme by the Selangor Information Technology & Digital Economy Corporation (Sidec).

Additionally, CARSOME Academy helps address the industry’s skilled workforce gap by offering TVET certification across various automotive skill sets. 

To date, CARSOME Academy has trained 400 students, enabling them to secure roles with starting salaries ranging from RM2,000 to RM2,500, according to the team. 

Moving forward, CARSOME Academy aims to enhance collaborations with industry partners, providing students with a more comprehensive, hands-on learning experience while offering partners a reliable pipeline of skilled talent. 

5. Joel Neoh

Joel Neoh is a prominent entrepreneur in the tech industry. 

From leading Groupon Malaysia and Fave, to becoming an investor and Managing Director of Prenetics (parent company of CircleDNA), he’s also a founding partner of First Move. 

Joel’s appointment aligns with Prenetics’ efforts to “reinvent the preventive healthcare landscape” by focusing on consumer health, genetics, early cancer detection, and targeted cancer therapies.

At the same time, he’s actively paying it forward through First Move, a founder-led early-stage fund for consumer-focused startups across Southeast Asia.

The fund provides pre-seed funding of up to US$100,000 and already has a current portfolio of seven companies spanning Singapore, Malaysia, and Indonesia, including Giggly Coco, Scentses + Co, Collektr, Evolut Commerce, TjuFu, and Decube.

Part of a larger support system

The names we featured are just a handful of those supported by the MD national strategic initiative, including MDEC’s GAIN (Gateway, Amplify, Invest, Nurture) and FOX (Founders Centre of Excellence) programmes. 

They aim to identify and nurture high-growth technology companies, amplifying their potential to become global ones.

These high-growth companies go on to become industry leaders; some like the highlighted ones here go on to set a precedent for how success can be used to uplift others. Their commitment to paying it forward ensures that Malaysia’s tech ecosystem will continue to grow and thrive, supporting the next generations of startups.

Featured Image Credit: Chu Jenn Weng, CEO of Vitrox / Joel Neoh, founding partner of First Move / Eric Cheng, CEO of Carsome / Ng Meng Tai, founder and Managing Director of Oppstar / SK Fong, CEO of Skyechip