KUALA LUMPUR (June 26): Petronas, through its corporate venture capital arm Petronas Ventures, is investing in agriculture technology startup Braintree Technologies Sdn Bhd, marking Petronas' foray into venture capital investment in Malaysia to support the group's growth beyond the oil and gas business.

In a statement today, Petronas said Petronas Ventures has entered into an agreement with Braintree Technologies, which develops artificial intelligence (AI)-driven robots for farm automation, often associated with smart farming. Petronas said the transaction is expected to be completed in early July this year.

"Braintree Technologies develops robotic devices and proprietary software that would provide agricultural total solutions as well as convert non-revenue generating, unattended agricultural land into high-value crop farms. This initiative is in line with Petronas’ Sustainability Agenda and the United Nations’ Sustainable Development Goals 8, 9 and 13, focusing on promoting sustainable economic growth, industry-innovation and climate action respectively.

"Petronas Ventures is actively scouting for visionary entrepreneurs in Malaysia and around the globe to solve critical problems in the industrial and energy space through breakthrough technology and innovative business models to support its business growth and sustainability agenda,” Petronas said.

Petronas Ventures head Mohd Azli Ishak said in the statement the investment reflects the group's strategic intent to venture into the Malaysian startup ecosystem in scouting for breakthrough technologies that support Petronas’ growth beyond the oil and gas business.

“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 said.