Petaling Jaya, Malaysia, 1st November 2021--AZR Technologies, a powertrain technology company enabling sustainable transition from fossil fueled transport to electric was accepted into Newchip’s renowned global accelerator program. Designed to provide all the skills and tools founders need to rapidly fund, build and scale their companies, past accelerator cohorts averaged more than 17.5 times the average funding amount. The equity-free, fully digital accelerator has helped over 1,500 founders from more than 50 countries and 250 cities raise over $450 million in funding with an estimated portfolio of over $9B.

 

“Newchip evaluates a diverse number of companies across all industries from around the world, selecting a small percentage to join our accelerator,” says Armando Vera Carvajal, Vice President of Product at Newchip. “This strict selection process makes us an ideal partner for investors looking for promising start-ups. Innovative powertrain technology companies like AZR Technologies can scale quickly with proper funding and guidance. We are excited for AZR Technologies and believe they will do well at Newchip.”

 

Launched just before the pandemic began, AZR Technologies’ began offering innovatively compelling and efficient engine solutions to several low volume, high premium OEMs and also commercially viable EV propulsion solutions. The response from the low volume OEMs were enthusiastic.     

 

“Being accepted into the Newchip Accelerator, we are excited to receive valuable guidance on building an investable and scalable business. We realized that we needed knowledge in preparing our business to face sophisticated investors and also manage the fundraising process in a structured manner” says Azrai Razuan, CEO of AZR Technologies. “We were also eager to access the international venture capital market and the Newchip’s Investor Relations team will enable us to break into that market. This is a an important business strategy for us”