KUALA LUMPUR, Dec 15 — VentureTECH, a wholly-owned subsidiary of the Malaysian Industry-Government Group for High Technology , has announced its entry in the smart city industry by inking a RM10 million investment agreement with Kiwitech Sdn Bhd, a Bumiputera company offering Internet of Things -based application city surveillance services.
Primarily driven by the growing awareness on “smart everything”, the smart cities concept has been garnering attention resulting from the utilisation of intermediary technologies. “The urbanisation growth expectations will be bolstered by migration activities influenced by economic and employment landscape that continues to shift from agriculture-based activities to opportunities that are driven by growth in industry and services,” it said.
“VentureTECH’s investment in Kiwitech will not only support the transformation of Malaysian cities into smart-friendly cities by way of public-private partnership, but also aims to accelerate the implementation of the Fourth Industrial Revolution applications at the platform level, harnessing on skilled Bumiputera and local talents and expertise in enhancing the current smart city digital platform.