We show that lower bounds on the border rank of matrix multiplication can be used to non-trivially derandomize polynomial identity testing for small algebraic circuits. Letting $\underline{R}(n)$ denote the border rank of $n \times n \times n$ matrix multiplication, we construct a hitting set generator with seed length $O(\sqrt{n} \cdot \underline{R}^{-1}(s))$ that hits $n$-variate circuits of multiplicative complexity $s$. If the matrix multiplication exponent $\omega$ is not 2, our generator has seed length $O(n^{1 - \varepsilon})$ and hits circuits of size $O(n^{1 + \delta})$ for sufficiently small $\varepsilon, \delta > 0$. Surprisingly, the fact that $\underline{R}(n) \ge n^2$ already yields new, non-trivial hitting set generators for circuits of sublinear multiplicative complexity.