From First Facility to USD100 Million: Granite Asia and InvestPenang Back Penang’s Rise as Asia’s AI-Enabled Manufacturing Hub
Source: InvestPenang
PENANG, 12 June 2026—Granite Asia, a pan-Asia multi-asset investment platform with over USD10 billion in assets under management, today marked the facility opening of its portfolio company Galatek Technologies — a global provider of AI-enabled automation, semiconductor equipment and life science technologies — alongside a technology and investment networking event co-hosted with InvestPenang in Penang.
The facility opening ceremony was officiated by YAB Mr Chow Kon Yeow, Chief Minister of Penang, whose presence underscored the strategic significance of the investment to the state’s high-technology manufacturing ambitions. The networking event that followed brought together investors, industry leaders, government stakeholders and technology founders to explore the broader opportunity as Malaysia cements its position as a preferred destination for AI-driven advanced manufacturing in Southeast Asia.
A Vote of Confidence in Penang
Galatek’s new Penang facility represents an initial investment of approximately USD2 million, with plans to scale to USD60 million over the next three years and reach USD100 million within five years — creating up to 100 jobs as production activities expand. The facility will serve as a key regional production and delivery center for semiconductor equipment, advanced electronics, life sciences and sustainable energy industries across Southeast Asia and international markets.
Jenny Lee, Senior Managing Partner of Granite Asia, said: “The global demand for AI-enabled semiconductor and advanced manufacturing equipment is at an inflection point, and the companies that have built the right capabilities ahead of that curve will define the next decade. Galatek is one of them. Penang’s industrial heritage, engineering talent and policy environment make it the right home for this next chapter, and this facility is a strong signal of Galatek’s growing stature as a global-calibre company. We are proud to have been part of that journey.”
Building the Ecosystem
Beyond capital, Granite Asia’s presence in Penang reflects its broader conviction that the most durable investment returns in Asia are built by actively developing the ecosystems that portfolio companies operate in — connecting founders with strategic partners, facilitating cross-border capital formation and supporting the policy conversations that enable high-technology growth.
The afternoon networking session convened a curated group of technology investors, equipment manufacturers, semiconductor supply chain leaders and government partners to exchange perspectives on investment opportunities across Malaysia’s high-technology sector — from AI-enabled manufacturing and advanced equipment to regional supply chain diversification.
Dato’ Loo Lee Lian, Chief Executive Officer of InvestPenang, stated, “InvestPenang is pleased to partner with Granite Asia in co-organising the Chips, Capital & Connections event under the Penang Silicon Design @5km+’s Silicon Friday Series. This event provides a valuable platform to connect IC design startups, ATE companies, industry players and ecosystem partners with strategic funding opportunities. Granite Asia’s interest in Penang reflects the state’s growing appeal not only as a manufacturing hub, but also as a destination for investors and technology builders seeking to support the growth of innovative local companies. This aligns with InvestPenang’s role as an ecosystem developer in connecting industry and capital to support the next phase of Penang’s industrial growth.”
