KUALA LUMPUR (Sept 30): Edelteq Holdings Bhd (KL:EDELTEQ) said it has set up a joint venture with a local partner to develop chip inspection systems with the state’s backing.

Kumpulan Modal Perdana Sdn Bhd — a venture capital firm fully owned by the Minister of Finance and under the purview of the Ministry of Science, Technology and Innovation — will invest up to RM3.2 million in the joint venture, according to a statement from Edelteq.

The funds will accelerate the development of the advanced automated optical inspection systems that will examine substrate panels and provide water-level scans, as well as working capital requirements, said Edelteq.

The company did not provide the shareholding structure of the joint venture. Based on a June 3 filing, the company expected to have a 50% stake in the joint venture.

Penang-based Edelteq provides semiconductor integrated circuit packaging, inspection equipment and automation systems, as well as high-precision fabrication services. Its partner in the venture, Halo Technologies Sdn Bhd, is a Malaysia-based technology company focusing on advanced optical inspection for the semiconductor industry.

“This partnership is a strong vote of confidence in Halovision’s technology and vision,” said Edelteq group CEO Chin Yong Keong.

Kumpulan Modal Perdana, meanwhile, was established in 2001, focusing on spurring growth of smaller, technology-based businesses. Assets under management totalled over RM380 million, according to its website.

Since its inception, the venture capital firm has invested in more than 40 companies across a spectrum of technology sectors, including the Internet of Things, advanced materials, semiconductors, automation, green technology and renewable energy.