SBIF, COPE Private Equity invest US$14.25 million in Malaysia’s MDT Innovations

Mon Apr 15, 2019 - 6:15am GMT+0000
MDT Innovations

MDT Innovations

15/11/2019 – SBIF Islamic Fund II (Brunei) Limited and COPE Private Equity have today jointly invested up to US$14.25 million in Malaysia-based MDT Innovations.

The capital will be used to expand MDT Innovations and maintain its competitive edge as the startup aims to become a market leader in the Internet of Things (IoT) industry and raise its profile as an internationally established player.

MDT Innovations focuses on IoT value chains ranging from neutral network solutions to intelligent wireless communications. It also offers services in the key domains such as crowd movement, smart tagging, and fintech enablement.

These solutions are found in Fortune-500 semiconductor firms, hospitals and retail chains in China, Malaysia, and Australia.

Since its inception in 2004, the startup has won several awards, including the Red Herring Global 100 in 2008, Deloitte Technology Fast 500 APAC in 2011, and founder Liew Choon Lian also winning EY Technology Entrepreneur of the Year 2015.

Besides, the APAC CIO Magazine rated MDT Innovations as one of the top 25 IoT solution providers in 2018.

“We are pleased to be partnering with COPE and SBIF II, two leading institutions to support the growth of MDT Innovations. We believe MDT Innovations is uniquely positioned to tap the huge market that is IoT in Asia-Pacific,” said MDT Innovations CEO Liew Choon Lian.

COPE Private Equity managing partner Azam Azman commented, “MDT Innovations is a Malaysian company with world class technical know-how in the IoT industry. We are excited to partner with Liew and his talented team and look forward to supporting their growth in the years to come.”

COPE Private Equity made the investment from COPE Opportunities IV Sdn Bhd while SBI (B) Sdn Bhd made the investment from SBI Islamic Fund II (Brunei) Limited.

The vehicle, COPE Opportunities IV previously achieved its final close at US$70 million in October 2018. The firm will be looking at a trade sale or IPO for some of its portfolio companies this year.

COPE IV will be cutting check sizes between US$5 million and US$20 million – a relatively under-served market segment within Malaysia – with a typical holding period of three to five years.

Meanwhile, SBI Islamic Fund II is a shariah compliant private equity fund managed by SBI (B) Sdn Bhd, a joint venture fund management company established by Brunei’s Ministry of Finance and Economy (MOFE) and Tokyo-listed SBI Holdings Inc.

One of the LPs of the fund which has the mandate to invest into a diverse range of late-stage companies across Asia is Jeddah-based Islamic Development Bank.

Mr. Amran Mohd, CEO of SBI (B) Sdn Bhd, says: “The world is more connected than ever in the Industrial Revolution 4.0. MDT Innovations is in the right space of IoT, a high growth market which Mr Liew and his dedicated team are at the forefront in the region. We are more than excited to support MDT Innovations to achieve their vision to be the leader in the IoT space.”