Six Malaysian companies have secured a spot on this year's Forbes Asia 100 to Watch list, which highlights small enterprises and startups focusing on underserved markets or leveraging emerging technologies, ranging from generative AI to blood-based cancer diagnostics. Released on Monday, the list features eco-friendly innovations, including initiatives such as insect-based alternative proteins and the digitalization of milk production to enhance yields.
The list also features social commerce platforms that assist users in selling consumer products. A total of 13 countries and territories are represented across 11 categories, which include biotechnology and healthcare, e-commerce and retail, and finance. For the second consecutive year, Singapore leads the list with 20 companies, followed by Hong Kong with 15, and mainland China with 11.
Emerging innovation hubs such as Indonesia and the Philippines have also made a mark, contributing 11 and 9 companies, respectively. The Malaysian companies featured on the list are:
Aerodyne
Category: Enterprise Technology
Founded: 2014 • CEO: Kamarul Muhamed
Major Investors: 500 Global, ACSL, Axiata Digital Innovation Fund, Drone Fund, Gobi Partners, Indorama, InterVest, Kejora Capital, Kobashi Industries, KWAP, North Summit Capital, Petronas Ventures, Leave a Nest, Real Tech Fund, VentureTECH
Aerodyne specializes in autonomous drones capable of tasks such as crop spraying, power line inspections, and urban monitoring. Its AI-driven "nested" drone system allows seamless synchronization among devices, enabling them to return to a shared charging hub. Since its inception, Aerodyne reports having completed more than 458,000 flight operations across 45 countries, securing a total funding of US$68 million (RM316.3 million).
BoomGrow
Category: Agriculture
Established: 2013 • CEO: Murali Krishnamurthy
Notable Investors: Big Sky Capital, MDEC, PlaTCOM Ventures, SME Corp
BoomGrow transforms shipping containers into high-tech indoor vertical farms. The company claims to cultivate more than 250 varieties of pesticide-free produce, including romaine lettuce and Swiss chard, which are distributed to supermarkets and restaurants. Headquartered in Kuala Lumpur, BoomGrow has also expanded its operations to the Philippines.
Care Concierge
Category: Enterprise Technology
Founded: 2017 • CEO: Martin Yap
Key Investors: Bintang Capital Partners, Gobi Partners, OSK Ventures International
Catering to Malaysia's growing elderly population, Care Concierge provides assisted living facilities and professional caregiving services. Through its mobile app, users can choose from a network of 2,000 qualified nurses, therapists, and caregivers. The app also enables clients to track their elderly loved ones' vital signs via real-time updates from caregivers. So far, the company has secured US$4 million in funding.
Involve Asia
Category: Consumer Technology
Established: 2014 • CEO: Jimmy How
Major Investors: 500 Global, Bintang Capital Partners, Cradle Seed Ventures, OSK Ventures International
Involve Asia is a marketing platform that links brands with micro-influencers—social media personalities with fewer than 100,000 followers—for affiliate marketing and various advertising campaigns. The company claims to collaborate with over 500 brands, including well-known global names such as Nike and Sephora. So far, Involve Asia has raised a total of US$16.5 million in funding.
Lapasar
Category: E-commerce & Retail
Founded: 2016 • CEO: Thinesh Kumar Asogan
Key Investors: Adaptive Capital Partners, Creador, Gobi Partners, Nexea, WatchTower & Friends
Originally launched as a wholesale platform for office supplies such as cleaning tools and IT equipment, Lapasar pivoted during the pandemic to include fast-moving consumer goods. The company serves both small mom-and-pop stores and large corporations. Lapasar manages its own warehousing and distribution operations, working with a network of 10,000 suppliers. To date, the startup has secured US$5.7 million in funding.
PolicyStreet
Category: Finance
Founded: 2016 • CEO: Yen Ming Lee
Major Investors: Altara Ventures, Auspac Investment Management, Gobi Partners, Khazanah Nasional, KK Fund, Spiral Ventures
Based in Kuala Lumpur, PolicyStreet offers digital insurance solutions tailored for both businesses and individuals. The company has collaborated with major Southeast Asian platforms such as Shopee to provide package insurance and Grab to offer coverage for its drivers. To date, PolicyStreet has secured a total funding of US$22 million, with support from notable investors, including Malaysia's sovereign wealth fund, Khazanah Nasional.
The inclusion of more Malaysian companies in the prestigious Forbes Asia 100 to Watch list is a testament to the country's thriving entrepreneurial spirit and innovation-driven economy. These homegrown businesses, spanning diverse industries such as enterprise technology, agriculture, finance, and e-commerce, are making significant strides on both regional and global stages. Their success stories not only highlight Malaysia's growing potential as a hub for cutting-edge solutions but also inspire confidence in the nation's ability to nurture startups that can compete with the best in the world. This recognition serves as a proud reminder that Malaysia is fostering a dynamic business landscape, driven by creativity, resilience, and a commitment to excellence.