Permodalan Negeri Selangor Berhad

What Permodalan Negeri Selangor Berhad does

Permodalan Negeri Selangor Berhad (PNSB) is a state-owned investment vehicle wholly controlled by the Selangor State Government, headquartered in Shah Alam, Malaysia, and operating since 1991. In 2023 the company established a dedicated technology investment arm, PNSB Innovation Ventures Sdn Bhd, to take minority equity stakes in Southeast Asian startups; its first investment was the used-motorcycle platform iMotorbike, which subsequently expanded regionally and closed a Series A round from global investors.

In November 2025 PNSB launched the RM100 million Ehsan Semiconductor Fund in partnership with the Selangor Information Technology and Digital Economy Corporation (Sidec) and Artem Ventures. The fund targets at least seven semiconductor-related startups operating in integrated circuit design, AI chips, and advanced semiconductor solutions, and is explicitly positioned to support Malaysia's federal National Semiconductor Strategy while creating local career opportunities to stem talent outflow.

PNSB earns returns through venture capital investment gains on portfolio companies and, going forward, through management fees and carried interest from the Ehsan Semiconductor Fund. The firm employs 51–100 people, sources deals through direct outreach and state-ecosystem partnerships rather than traditional marketing channels, and serves early-to-growth-stage technology companies in semiconductors, digital infrastructure, and technology-enabled services across Southeast Asia.

Name

Permodalan Negeri Selangor Berhad

Legal name

Permodalan Negeri Selangor Berhad

Website

https://pnsb.com.my

Company type

Private

Founded year

2023

Operating status

Operating

Headcount range

51–100 employees

Short description

Permodalan Negeri Selangor Berhad (PNSB) is a Selangor state-owned investment vehicle that operates a venture capital arm (PNSB Innovation Ventures) and co-manages the RM100 million Ehsan Semiconductor Fund, investing in Southeast Asian startups across semiconductors, digital infrastructure, and technology-enabled services.

Ownership category

akta.pro rank

Product category

Venture Capital and State Investment Management

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Other Financial Vehicles (52599)

SIC

Federal & Federally-Sponsored Credit Agencies (6111)

akta.pro primary industry

National Development Banks & State Development Finance Institutions (DFIs) (BPADACAC)

Keywords

• Venture capital investing
• Semiconductor fund management
• State investment vehicle
• Technology startup funding
• Equity investment services

Headquarters

HQ city

Shah Alam

HQ country

Malaysia

HQ region

Asia

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Venture Capital Investment Returns: PNSB generates returns through equity investments in technology startups. The company takes minority stakes and benefits from capital appreciation and exit events when portfolio companies achieve growth milestones or are acquired.
2. Fund Management: Through the Ehsan Semiconductor Fund, PNSB manages RM100 million in committed capital targeting semiconductor-related startups, generating management fees and carried interest from successful exits.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

PNSB is a state-owned investment vehicle of the Selangor State Government that operates a venture capital platform through its subsidiary PNSB Innovation Ventures Sdn Bhd, making equity investments in high-growth technology startups across Southeast Asia. The firm targets strategic sectors including semiconductors, digital infrastructure, and technology-enabled services, and manages the RM100 million Ehsan Semiconductor Fund launched in November 2025 in partnership with Sidec and Artem Ventures to invest in chip design, AI chips, and advanced semiconductor solutions.

Product overview

Permodalan Negeri Selangor Berhad (PNSB) is a state investment corporation that operates as a platform offering venture capital investment products. The portfolio consists of two main offerings: PNSB Innovation Ventures Sdn Bhd, the venture capital arm established in 2023 that makes strategic technology investments, and the RM100 million Ehsan Semiconductor Fund launched in November 2025 targeting semiconductor-related start-ups in integrated circuit design, AI chips and advanced semiconductor solutions.

Differentiator

Problem solved

Functional benefit

Brands

• PNSB Innovation Ventures Sdn Bhd: Venture capital arm of Permodalan Negeri Selangor Berhad established in 2023 to invest in technology startups
• Ehsan Semiconductor Fund

Products and services

• PNSB Innovation Ventures Sdn Bhd Venture capital arm established in 2023 that makes strategic equity investments in high-growth technology start-ups across Southeast Asia, focused on digital infrastructure and technology-enabled services. First portfolio investment was in iMotorbike, which subsequently expanded across Southeast Asia and raised a Series A round from global investors.
• Ehsan Semiconductor Fund RM100 million semiconductor-focused venture capital fund launched in November 2025 in partnership with Sidec and Artem Ventures. Targets at least seven semiconductor-related start-ups in integrated circuit design, AI chips, and advanced semiconductor solutions, aiming to build a national semiconductor ecosystem aligned with Malaysia's National Semiconductor Strategy.

Quantifiable outcome

• iMotorbike expanded across Southeast Asia and raised Series A round from global investors

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Selangor Information Technology and Digital Economy Corporation (Sidec)flagshipStrategic or Co-development Partner · 1 November 2025Government-linked corporation managing Selangor's digital economy strategy. Partnered with PNSB and Artem Ventures to launch the RM100 million Ehsan Semiconductor Fund targeting semiconductor-related startups in integrated circuit design, AI chips, and advanced solutions.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• East Ventures: One of Southeast Asia's most active early-stage VCs, with significant Malaysia exposure. Comparable as a regional tech investor backing startups across digital infrastructure and technology-enabled services.
• Vertex Ventures: Temasek-backed venture network with dedicated Southeast Asia operations. Comparable as a government-linked VC platform making growth-stage investments in regional technology companies.
• Wavemaker Partners: SEA-focused early and growth-stage VC investing in enterprise, deep tech and digital infrastructure. Comparable as a regional VC with similar sector focus including semiconductors-adjacent technologies.
• Malaysia Venture Capital Management (MAVCAP): Malaysia's government-linked venture capital firm investing in high-growth Malaysian companies. Directly comparable to PNSB as a state-backed VC making equity investments in domestic startups across tech and strategic sectors.
• Gobi Partners: Pan-Asian VC with strong Southeast Asia presence investing in tech, fintech and deep tech startups. Comparable as a regional VC targeting similar growth-stage technology opportunities across SEA.
• Artem Ventures: Co-investor in the Ehsan Semiconductor Fund alongside PNSB and Sidec. Comparable as a specialist VC focused on semiconductor and technology investments, sharing both deal flow and execution capability with PNSB.
• Openspace Ventures: Singapore-headquartered VC investing across Southeast Asia in tech and digital economy companies. Comparable as a regional growth-stage investor with overlapping target geographies and sectors.

Broad incumbents

• Khazanah Nasional: Malaysia's sovereign wealth fund and the federal-level equivalent of PNSB. Comparable as a state-linked investment vehicle deploying long-horizon capital into strategic Malaysian sectors, though Khazanah operates at vastly larger scale and across a broader mandate.
• 500 Global: Global venture firm with deep Southeast Asia exposure and active programs targeting early-stage tech startups. Comparable as a high-volume VC investing in regional tech-enabled services, though not state-backed.

Emerging players

• Antler: Global early-stage VC with significant Southeast Asia presence, backing founders from ideation through Series A. Comparable as a high-volume regional tech investor, though focused earlier in the lifecycle than PNSB's growth-stage VC thesis.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/permodalan-negeri-selangor-berhad

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Permodalan Negeri Selangor Berhad