KUALA LUMPUR (July 26): Local drone tech company Meraque Services Sdn Bhd has partnered Malaysia Debt Ventures Bhd (MDV) to facilitate its growth operations and expansion in Malaysia and the ASEAN region. In a statement, it said the collaboration will focus on the agriculture, plantation, infrastructure and telecommunication sectors via MDV’s specialised financing facility. "As such, MDV is consistently working to increase its financing support for high potential technology start-ups such as Meraque to ensure their growth and to enable them to reach their maximum potential," he said. Meanwhile, Meraque Chief Executive Officer Md Razalee Ismail said the potential financing from MDV will be instrumental in Meraque’s effort to increase its drone production to at least 100 drones a year, scaling its operations globally and tripling its revenue in the next three years. “Meraque developed the first Malaysian hybrid spraying drone in 2020 for the purpose of spraying pesticides and fertilisers in local plantation fields," he said.

Source: The Edge Markets July 27, 2022 03:36 UTC