Twin Towers Ventures

Twin Towers Ventures

Twin Towers Ventures was established as the corporate venture capital arm of Petronas, Malaysia's national oil-and-gas company. Since its launch, it has been tasked with identifying technologies that align with Petronas's broader energy transition and decarbonization goals. The firm is part of a growing cohort of Asian state-backed corporate VCs using a direct-investing model to bridge industrial incumbents with startups. Its mandate covers a spectrum of early-stage opportunities, from seed rounds through growth equity, provided the underlying technology can plug into Petronas's sprawling operational footprint across upstream, downstream, and new-energy businesses. TTV's strategy revolves around three principal domains: carbon management, advanced materials, and industrial digitization. Within these, the firm writes initial equity checks alongside traditional venture funds and occasionally leads rounds where the technology has a clear path to integration with Petronas facilities. Confirmed investments, as disclosed through securities filings and industry announcements, include Envana Software Solutions, a carbon-accounting platform co-developed with Halliburton, and Cura Technologies, a Malaysian industrial IoT startup. The geographic focus remains Southeast Asia — particularly Malaysia and Singapore — with a secondary lens on scalable technologies originating in the Middle East and North America that offer cross-border applicability. The firm functions as a lean satellite within Petronas's corporate structure, with its investment committee drawing on technical leadership from the parent company. TTV does not report a standalone AUM figure; deployment typically runs in the low to mid tens of millions annually, aligning with a corporate VC operating on a balance-sheet model under a single limited partner — Petronas itself. The firm maintains its headquarters in the integrated Petronas campus in Kuala Lumpur, with no separate offices disclosed. In February 2024, a public notice confirmed TTV as the participating investor in Envana Software Solutions' formation, a joint sustainability venture between Petronas and Halliburton, signaling an ongoing push into carbon-capture and emissions-tracking software. TTV occupies a distinct structural niche: it is a conventional venture investor in form but operates as a proxy for one of the world's largest state-owned energy enterprises in substance. Its portfolio companies receive not just capital but a right to pilot inside a Global 500 company. That access — to refineries, LNG terminals, and a 50,000-plus engineering workforce — is the core strategic differentiator. The governance structure keeps investment decisions ring-fenced from Petronas's procurement department, a deliberate design to maintain the venture arm's speed while preserving the technology-scouting function for the parent.