PETRONAS Ventures Invests in Braintree Technologies — Marking Its First Venture Capital Investment in Malaysia
PETRONAS, through its corporate venture capital arm PETRONAS Ventures, has entered into an agreement to invest in Braintree Technologies — marking PETRONAS' very first venture capital investment in a Malaysian company.
The investment targets Braintree's work in developing AI-driven robots for farm automation and smart farming. Braintree builds robotic devices and proprietary software that provide agricultural total solutions, as well as convert non-revenue generating, unattended agricultural land into high-value crop farms.
"We believe this investment in Braintree Technologies will establish the right ecosystem for a smart farming business model, capitalising on PETRONAS' strong knowledge in urea and fertiliser application and Braintree Technologies' AI and robotics technology." — Mohd Azli Ishak, Head of PETRONAS Ventures
The partnership is rooted in an earlier relationship — Braintree was selected to join the PETRONAS FutureTech Accelerator programme in 2019, during which the team sharpened its business model and attracted interest from several investors.
"When this company was first established, I noticed the gaps but also opportunities in the agricultural industry in Malaysia, where smart farming can help to increase farm productivity and yield, and the livelihood of farmers. Combining our technical experience in software development and agriculture knowledge, we hope to drive a change for Malaysia in this major industry." — Arif Makhdzir, CEO of Braintree Technologies
The initiative is aligned with PETRONAS' Sustainability Agenda and the United Nations' Sustainable Development Goals (SDGs) 8, 9, and 13 — focusing on promoting sustainable economic growth, industry innovation, and climate action respectively.
Being chosen as the inaugural domestic VC investment by one of Malaysia's largest and most recognised corporations is a significant milestone for Braintree and a strong vote of confidence in the potential of Malaysian agritech to make a meaningful impact on the nation's agricultural sector.