Energy & Technology

Sarvam, India’s full-stack sovereign AI company, has raised US$234 million in the first close of its US$300 million Series B funding round, achieving a post-money valuation of US$1.5 billion. HCLTech and Bessemer Venture Partners participated in the round, alongside existing investors Khosla Ventures and Peak XV Partners. Sarvam operates across the AI stack, covering training and inference infrastructure, frontier model research, and go-to-market initiatives spanning enterprises, developers and government agencies. The fresh capital will support research into its next frontier model focused on agentic AI, coding and cybersecurity applications, as well as expand access to computing resources to accelerate deployments across key sectors. “We are clear that research-led innovation to create AI that works at India’s scale is a very large opportunity. That means models that understand our voices, read our documents, and serve intelligence at a cost every enterprise and government can afford. Building on this template, we are innovating on a full-stack offering for enterprises to own and operate their own sovereign AI,” said Sarvam Co-Founder Pratyush Kumar. HCLTech is investing US$150 million as the lead strategic investor in the round. The company said its enterprise transformation capabilities, global client base, proprietary software assets and engineering expertise will help accelerate Sarvam’s efforts to build an end-to-end sovereign AI ecosystem for India and beyond. HCLTech CEO and Managing Director C Vijayakumar said the investment marks an important step in strengthening India’s AI ecosystem. “By bringing together Sarvam’s research in AI models with HCLTech’s global presence, we are creating a differentiated full-stack AI platform for enterprises and governments, strengthening our ability to deliver secure, scalable and responsible AI solutions,” he said. Sarvam has recently introduced several foundational AI models developed entirely in India. These include Sarvam 105B, which the company said performs on par with or better than larger reasoning models in knowledge, reasoning and agentic benchmarks, and Sarvam 30B, designed to run efficiently on consumer-grade hardware. The company also developed Sarvam Vision, which specialises in handwriting recognition and Indian-language records, and is currently being used to digitise more than 35 million pages of documents, ranging from insurance forms to historical land records. Meanwhile, its speech models process over 500,000 hours of audio recordings each month. Sarvam’s products are seeing increasing adoption in sectors such as banking, insurance, government technology and defence. Its conversational platform currently handles more than two million interactions daily, with usage doubling over the past two months. Its agentic platform is also expanding, with a major fintech company using a sales enablement solution to support a workforce of 350,000 personnel. Sarvam’s inference platform serves developers in India and processes approximately 10 million API calls per day, with usage tripling in the last three months. The company said its deployments are also creating impact at scale. Through multilingual voice agents, Sarvam helped collect data from 17 million farmers, providing insights to India’s Ministry of Agriculture and Farmers’ Welfare. For one of India’s leading insurance providers, Sarvam supported a nationwide voice campaign to facilitate low-cost policy renewals for 45 million policyholders. “Our ambition is to diffuse this technology widely in India, creating significant value across sectors for citizens, small businesses, enterprises, and state and central governments. We are positioned to both help them adopt and innovate on AI. The partnership with HCLTech provides a unique example of an Indian corporate helping build foundational strength in AI,” said Sarvam Co-Founder Vivek Raghavan. Bessemer Venture Partners Partner Pankaj Mitra said Sarvam is building India’s sovereign AI platform to serve its population, mission-critical sectors and large enterprises. “Pratyush and Vivek have brought together the rare combination of research depth, engineering talent and institutional trust to meet India’s voice and agentic needs, and we are proud to partner with them,” he said.

Badminton associations have long aimed to raise competition standards and improve player development, but high cost and availability access to technology has largely been limited to elite international tournaments.  The world’s first AI-powered Reveal Lens Instant Review System was rolled out at the AFFIN 100PLUS Junior Elite Tour Finals 2026 yesterday, giving junior shuttlers a taste of world-class officiating technology.  That changed last week at the AFFIN 100PLUS Junior Elite Tour Finals 2026, Badminton Association of Malaysia’s (BAM) flagship junior tournament, which concluded on Sunday after a full-six days deployment of the Reveal Lens Instant Review System (IRS).  It is the world’s first, AI-powered review system for badminton, approved by the Badminton World Federation.  Across badminton, including its continental confederations, efforts to expand access to officiating technology have grown, but deployment remains limited by cost and infrastructure constraints at lower levels of competition. BAM’s decision to introduce it at junior level marks a tangible step in a different direction, with no domestic junior series in the region having done so before.  Revealtek’s AI-powered Reveal Lens Instant Review System (IRS) delivers line call decisions within seconds for faster, smoother gameplay.  The advanced technology system, developed by Malaysian sports technology firm Revealtek Sdn Bhd was deployed across two courts, allowing players to challenge line calls and receive AI-assisted decisions within seconds, displayed live inside the hall. Digital scoring, live streaming and court-side displays supported operations across all eight courts.  When a player challenges a line call, footage captured at 480 frames per second is reviewed and processed almost immediately. A decision is delivered within seconds and displayed in the hall. What previously risked becoming a prolonged dispute is resolved before tension has time to build, allowing play to resume almost instantly.  Beyond officiating, the tournament also served as an early exposure platform for junior players to systems used at international level. Coaches were given access to match footage and performance data, while live streaming brought the action to fans beyond the venue.  [L-R] BAM Deputy President Datuk V. Subramaniam with Revealtek CEO Nizam Mohamed at the AFFIN 100PLUS Junior Elite Tour Finals 2026. Revealtek’s Chief Executive Officer, Nizam Mohamed said the company’s aim was to make tournament technology accessible, so that more events and players could benefit from it.  “We are very grateful to BAM for the opportunity. What this week has shown is that world-class officiating technology is no longer out of reach, and we intend to keep it that way. Malaysia is now setting the standard for the region,” he added. Since its debut earlier this year, Revealtek’s Reveal Lens Instant Review System has featured at several badminton tournaments, including the PETRONAS National Under-18 Badminton Championships 2026 in Selangor and the AFFIN 100PLUS Junior Elite Tour series.  Following its domestic rollout, Nizam shared that the company is in discussions with several badminton continental confederations, with its next confirmed deployment at the Singapore International Challenge in August, its first international assignment outside Malaysia. BAM officials said the rollout reflects a broader direction for Malaysian badminton.  Its Secretary-General Datuk Kenny Goh said technology of this kind has a clear place in how players are developed and how tournaments are run, especially in supporting more consistent and transparent match decisions.  Meanwhile, Deputy President Datuk V. Subramaniam added the implementation of the technology reflects the governing body’s long-term aspirations to strengthen the development of Malaysian badminton. “We are pleased to bring these facilities to a junior event. It reflects the direction we want for Malaysian badminton and the standards we hope to set across our tournaments,” he explained. Revealtek Sdn Bhd deployed the world’s first AI-powered Reveal Lens Instant Review System at the AFFIN 100PLUS Junior Elite Tour Finals 2026, BAM’s flagship junior tournament. Revealtek is targeting a September 2026 pilot for its Electronic Line Calls system, which aims to address the growing shortage of trained line judges at tournaments worldwide. The company is also developing post-match analytics tools built on the same camera infrastructure already deployed at venues, expanding its role beyond officiating into player development and talent identification.

Sunway Construction Group Bhd (SunCon) has secured RM664.4 million in additional change orders for two data centre projects in Johor, lifting the total contract value to RM865.6 million. In a Bursa Malaysia filing, SunCon said its wholly owned subsidiary, Sunway Construction Sdn Bhd (SCSB), accepted the change orders on June 17 from a US-based multinational technology company for project service requests initially awarded on April 21. Construction works began on April 21, 2026, with one project slated for completion in the fourth quarter of 2027 and the other in the second quarter of 2028. SunCon noted that the projects are exposed to typical construction risks, including fluctuations in material prices, but said these are expected to be managed through SCSB’s expertise and experience. The contracts are anticipated to contribute positively to the group’s earnings from 2026 onwards. Including the latest orders, SunCon has secured RM4.2 billion worth of new jobs year-to-date, bringing its outstanding order book to RM8.8 billion. For the first quarter ended March 31, 2026, SunCon posted a 56.4% increase in net profit to RM118.41 million from RM75.72 million a year earlier, supported by stronger contributions across its business segments. However, quarterly revenue declined 27% to RM1.02 billion from RM1.4 billion, mainly due to lower construction contributions following accelerated progress on the Rapid Transit System Link project and several data centre projects in the previous year. SunCon shares last traded at RM7.43, valuing the company at RM9.89 billion.

Malaysian Resources Corp Bhd (MRCB) is making its debut in the digital infrastructure sector through a strategic collaboration with Perintis Akal Sdn Bhd (PASB) to develop an AI-ready data centre in Bukit Jalil with an estimated gross development cost of RM2.1 billion. The project will be undertaken by Bukit Jalil Sentral Property Sdn Bhd (BJSP), a wholly owned subsidiary of MRCB Land Sdn Bhd, which in turn is wholly owned by MRCB. BJSP, which owns the 37,320 sq m leasehold site, will serve as the master developer of the facility. Under the proposed arrangement, PASB, a unit of Pemandu Partners International PLT, will act as the long-term tenant and operator under a proposed 10-year lease agreement. MRCB said definitive agreements are expected to be finalised by the third quarter of 2026, while the facility is targeted for completion by the fourth quarter of 2027. Spanning approximately 500,000 sq ft, the data centre will have a capacity of 65MW IT load and will be built in accordance with Uptime Institute Tier III standards. The facility will feature high-density power and cooling systems designed to support advanced GPU-based workloads and next-generation AI accelerator platforms. PASB will partner with Inspur Communication Malaysia Sdn Bhd, a subsidiary of China’s Inspur Group, for the construction, commissioning, maintenance and operation of the facility. MRCB Group Managing Director Datuk Imran Salim said the project is expected to generate a stable stream of recurring income through the 10-year lease structure while enhancing the value of its Bukit Jalil land assets. He added that MRCB has already received multiple expressions of interest for the facility’s 65MW capacity, signalling potential opportunities for further data centre developments on its remaining Bukit Jalil land bank.

There is a misconception that successful technology companies sell hardware, software, or digital solutions. In reality, the most valuable technology businesses sell something far more important: confidence. Confidence that systems will work when they are needed, that critical data will remain secure, and that investments made today will still create value tomorrow. For more than two decades, Ipenet Solutions Sdn Bhd has quietly built its reputation around this principle. Established in 2005, the Malaysian technology solutions provider has grown into a trusted partner delivering end-to-end capabilities across networking, cybersecurity, systems and storage, cloud computing, managed services, automation, audio-visual technologies, and client solutions. Serving industries that range from manufacturing and education to healthcare, hospitality, retail, financial services, and telecommunications, the company has focused less on selling products and more on solving business problems. The distinction is significant. Technology itself changes rapidly, but business challenges remain remarkably consistent. Organisations want to operate more efficiently, protect their operations, connect their people, and prepare for future growth without unnecessary complexity or risk. The ability to translate sophisticated technologies into practical business outcomes has become one of the company’s defining strengths. Long before digital transformation became a boardroom priority, Ipenet Solutions recognised that many organisations faced a common dilemma. The market offered an abundance of technology solutions, yet many businesses lacked a trusted advisor capable of integrating those technologies into a coherent operational strategy. Purchasing equipment was straightforward; ensuring that it worked together to deliver measurable value was considerably more difficult. That gap has only widened as technology has evolved. Today’s business leaders must navigate cloud migration, cybersecurity threats, artificial intelligence, automation, and increasingly interconnected digital ecosystems. The conversation is no longer about installing infrastructure but about building resilience, scalability, and long-term competitiveness. Chief Executive Officer (CEO) and Founder of Ipenet Solutions – Fran Teh. Rather than attempting to participate in every emerging trend, Ipenet Solutions has adopted a disciplined strategy centred on areas where it can create meaningful impact. Cybersecurity, AI-powered solutions, cloud technologies, managed services, and modern workplace enablement represent strategic priorities that align with evolving customer needs. By concentrating resources and expertise in these areas, the company seeks to deliver sustainable value rather than short-lived market relevance. Its philosophy towards growth reflects the same measured approach. Expansion, while important, is not viewed simply through the lens of size or revenue. Growth means becoming increasingly valuable to customers, strengthening technical capabilities, and building recurring service relationships that create long-term partnerships rather than transactional engagements. Equally important is recognising what growth should not become. Rapid expansion that compromises service quality, technical standards, or customer experience ultimately weakens the very foundation on which sustainable businesses are built. Maintaining operational excellence therefore remains central to every stage of the company’s development. Scaling an organisation inevitably introduces new challenges. As teams expand and projects become more complex, maintaining consistency in service delivery, leadership, and execution requires stronger governance and clearer accountability. For Ipenet Solutions, organisational maturity has involved investing not only in technology but also in specialist talent, leadership development, and internal processes that support agility without sacrificing discipline. Much of the company’s competitive advantage exists behind the scenes. Customers may see successful implementations, but less visible are the countless hours devoted to solution design, technical validation, partner collaboration, project management, and post-deployment support. These capabilities ensure that technology investments translate into reliable operational outcomes rather than isolated technical achievements. The same long-term perspective also shapes the company’s understanding of sustainability. Responsible business is viewed not simply as environmental stewardship but as the ability to create enduring value through resilient infrastructure, scalable digital solutions, and disciplined investment decisions. By helping organisations modernise efficiently while maintaining operational reliability, Ipenet Solutions contributes to a more sustainable digital future for its customers and the broader economy. Looking ahead, the company’s ambition is clear. As businesses continue to embrace digital transformation, Ipenet Solutions aims to strengthen its role as a strategic technology partner by deepening capabilities in artificial intelligence, cybersecurity, cloud solutions, and managed services. The objective is not merely to expand its market presence, but to become increasingly indispensable to organisations seeking to navigate an increasingly complex digital landscape. In the end, technology will continue to evolve. What will endure is the need for partners who can transform innovation into business confidence—and that is where Ipenet Solutions intends to create its greatest value.  

Dagang NeXchange Bhd (DNeX) is expanding its presence in the upstream oil and gas sector with a 20% equity stake in a joint venture formed with Terengganu Inc’s energy arm, TI Petroleum Sdn Bhd. In a statement, the group said its subsidiary, Ping Petroleum Ltd, will hold the stake in the joint-venture company, TI Exploration & Production Sdn Bhd (TI EP). The financial details of the investment were not disclosed. TI Petroleum is the energy arm of Terengganu Inc Sdn Bhd, while TI EP is a joint venture established by TI Petroleum and Ping Petroleum to pursue oil and gas exploration and production activities. DNeX said the acquisition supports its strategy to grow its energy business and strengthen its portfolio in regional upstream opportunities. The partnership also provides Ping Petroleum, which is already active in Terengganu through the redevelopment of the Abu Cluster, with a platform to further expand its participation in Malaysia’s upstream sector alongside a partner with strong local regulatory and supply chain experience. The company added that the collaboration is expected to create synergies through Terengganu Inc’s role as a state investment holding company managing commercial and strategic assets on behalf of the state government. DNeX chairman Tan Sri Syed Zainal Abidin Syed Mohamed Tahir said the partnership combines technical expertise with strategic positioning to unlock near-term opportunities while building a stronger foundation for long-term growth in Malaysia’s upstream energy sector. On the market front, DNeX shares rose 2.5 sen or 8.2% to close at 33 sen, giving the group a market capitalisation of approximately RM1.15 billion.

Dayang Enterprise Holdings Bhd has entered into a joint-venture (JV) and shareholders’ agreement through its wholly owned subsidiary, Dayang Enterprise Sdn Bhd (DESB), with Brunei-based Petrokon Utama Sdn Bhd for a proposed project collaboration in Brunei. In a filing with Bursa Malaysia, the group said the JV aims to strengthen its strategic presence in Brunei and enhance its participation in maintenance, turnaround and construction (MTC) activities through collaboration with an established local partner. It added that the partnership is expected to complement Dayang’s existing technical capabilities while supporting its long-term growth strategy in the regional oil and gas sector. Under the agreement, DESB and Petrokon Utama will establish a joint-venture company in Brunei, to be named Petrokon Dayang Corporation Sdn Bhd, or another name approved by the relevant authorities. Both parties will hold an equal stake of 50% each in the JV company, which will have an initial paid-up capital of BND100,000. DESB will be entitled to appoint up to two directors to the board of the JV company, with one of its nominees expected to serve as chairman. The JV agreement will come into effect upon fulfilment of conditions precedent, including the incorporation of the JV company and the award of the relevant project in Brunei. Dayang said the collaboration is not expected to have any material impact on its issued share capital, earnings, net assets, or gearing for the financial year ending Dec 31, 2026.

Cypark Resources Bhd has proposed a private placement exercise to raise up to RM52.7 million, with the proceeds primarily earmarked to support the group’s expanding renewable energy portfolio. In a filing with Bursa Malaysia, the company said it plans to issue up to 82.3 million new shares, representing 10% of its enlarged issued share capital, to third-party investors to be identified at a later date. The issue price will also be determined subsequently. Based on an illustrative issue price of 64 sen per share, the exercise is expected to generate approximately RM52.7 million. The price represents a 5.51% discount to Cypark’s five-day volume-weighted average share price of 67.7 sen up to May 31. Of the total proceeds, RM45 million will be allocated to fund the group’s renewable energy projects. While the funds have not been designated for any specific development at this stage, Cypark said the allocation will be based on actual project funding requirements as they arise. Among the company’s major ongoing projects are the development of a 595MWac hybrid hydro-floating solar plant with a battery energy storage system at Tasik Kenyir, Terengganu, with an estimated development cost of RM1.96 billion, Phase 2 of the SMART waste-to-energy plant at Ladang Tanah Merah, Negeri Sembilan, valued at RM700 million, and a 99.99MWac solar photovoltaic plant in Port Dickson, with an estimated cost of RM300 million. The remaining proceeds from the private placement will be used for working capital requirements amounting to RM7.1 million and to cover expenses related to the fundraising exercise. Cypark said the proposed placement offers an additional source of capital without incurring interest costs or repayment obligations. The exercise may also be implemented in several tranches, enabling the group to raise funds progressively while reducing the immediate dilution impact on existing shareholders. The fundraising plan comes as the company continues to navigate a challenging earnings environment. For the third quarter ended Jan 31, 2026, Cypark posted a net loss of RM17 million, compared with a net profit of RM8.76 million in the corresponding period a year earlier, mainly due to the absence of a reversal of provisions and settlement income. Revenue, however, rose nearly 9% to RM43.2 million from RM39.7 million. The company expects the private placement exercise to be completed by the fourth quarter of 2026, with TA Securities acting as the principal adviser and placement agent.

Brooke Holdings Sdn Bhd has secured a RM1 billion engineering, procurement and construction (EPC) contract from PTTEP Sarawak Oil Ltd for the development of the Sirung and Chenda fields (SK405B project) offshore Sarawak. The contract, awarded for the project’s central processing platform, marks the largest oil and gas contract ever secured by Brooke Holdings, formerly known as Brooke Dockyard and Engineering Works Corp. Brooke chairman Datuk Seri Wan Lizozman Wan Omar. PTTEP Sarawak, a subsidiary of Thailand’s national upstream energy company PTTEP, is the operator of the SK405B production sharing contract (PSC), holding a 49.5% stake. Its partners include PETRONAS Carigali Sdn Bhd (25%) and Mitsui Energy Development Co Ltd (25.5%). Located about 140km from the PETRONAS LNG Complex in Bintulu, the Sirung-Chenda project is PTTEP’s first greenfield development in Malaysia and is expected to support the company’s long-term growth plans. The agreement was formalised during a signing ceremony witnessed by Sarawak Premier Tan Sri Abang Johari Tun Openg on May 26. Brooke aims to complete the EPC works by February 2028, in line with PTTEP’s target for first oil production in 2028. PTTEP Malaysia asset country manager Vitoon Chaisomboonpan said the contract marks the beginning of the project’s execution phase following PTTEP’s final investment decision (FID) in February. The Sirung and Chenda fields are expected to have a combined production capacity of about 15,000 barrels per day, supported by a central processing platform and a wellhead platform. Brooke will fabricate the platform jacket at its Demak Laut yard and the 8,500-tonne topsides at its Sejingkat facility. Brooke chairman Datuk Seri Wan Lizozman Wan Omar described the project as technically complex and said it will test the company’s engineering and execution capabilities across multiple disciplines. The project is also expected to generate significant local economic benefits, including RM480 million in local procurement and employment opportunities for around 1,300 workers, including engineers, technicians, welders, and fresh graduates through training programmes. Sarawak Premier Abang Johari said the development reflects the state’s commitment to a low-carbon and environmentally responsible energy future, with the project incorporating zero routine flaring and remote-operated offshore technologies.

Velesto Energy Bhd has secured a new contract to provide its Naga 6 jack-up drilling rig and related services for an offshore drilling campaign in Thailand. In a statement on Thursday, the company said the contract was awarded by Northern Gulf Petroleum Pte Ltd and covers the drilling of four infill wells and three exploration wells. It also includes an option for up to two additional exploration wells. The drilling works are expected to begin in the third quarter of 2026. However, the contract value was not disclosed. Northern Gulf Petroleum is recognised as Thailand’s first privately owned exploration and production company, focusing on the acquisition, development, operation, and management of upstream oil and gas assets. Velesto president Megat Zariman Abdul Rahim said the award reinforces the group’s drilling business and highlights its continued ability to secure opportunities in key regional markets amid ongoing offshore development and exploration activities. According to Velesto, the Naga 6 rig is capable of drilling up to 30,000 feet deep and operates in water depths of up to 375 feet. At the midday trading break on Thursday, Velesto shares rose 1.6% to 31 sen, valuing the company at approximately RM2.56 billion.