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.

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The Edge Markets