Granite Asia, a pan-Asia investment platform with over $10 billion in assets under management, has marked the facility opening of its portfolio company Galatek Technologies in Penang (Malaysia).
In a statement on Friday, Singapore-headquartered Granite Asia said it plans to scale investment in the site from an initial $2 million to $100 million within five years, creating up to 100 jobs.
Galatek Technologies is a global provider of AI-enabled automation, semiconductor equipment, and life science technologies. The new facility will serve as a 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 global demand for AI-enabled semiconductor and advanced manufacturing equipment is at an inflection point, and that Penang’s industrial heritage, engineering talent, and policy environment make it the right location for Galatek’s next chapter.
The facility opening also featured a technology and investment networking event co-hosted with InvestPenang, bringing together investors, industry leaders, government stakeholders, and technology founders to explore Malaysia’s position as a destination for AI-driven advanced manufacturing.
Dato’ Loo Lee Lian, CEO of state-run investment promotion agency InvestPenang, said 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. The event also aligns with InvestPenang’s role in connecting industry and capital to support the next phase of Penang’s industrial growth, the executive added.