igloohome raises US$15mil in funding, launches iglooworks
By Digital News Asia July 15, 2019
- Round co-led by Insignia Ventures Partners, Wavemaker Partners, SEEDS Capital
- Working to bring its IoT-connected perimeter security solution to the market
WITH a new round of funding of US$15 million (RM61.66 million), igloohome, a smart access company based in Singapore, officially launches its new line iglooworks, which is a suite of smart access solutions for enterprise customers, primarily in the real estate and infrastructure sectors.
iglooworks’ solutions are managed via a dashboard, designed to manage and monitor large numbers of access points for different levels of users, with features to sort, filter and export data. This is a step towards igloohome’s vision of creating smarter cities - to trace movement, reduce redundancies, and improve productivity.
In addition, iglooworks includes enterprise-grade variations of existing products and a line-up of new products, incorporating new communication protocols such as NB-IoT, Cat-M, LTE, Z-wave and more.
These protocols allow for added online features of access solutions, including multi-factor authentication and real-time access information, while ensuring that battery consumption of the devices remain low.
igloohome is currently working with several partners to bring its IoT-connected perimeter security solution to the market. igloohome has also been accredited by the Infocomm Media Development Authority of Singapore (IMDA) in Singapore for its enterprise-grade security.
igloohome chief executive officer Anthony Chow, says, “In the past three years, we have developed a range of smart locks that are creating great value for vacation rental hosts and home owners around the world.
“With iglooworks, we have developed a solution that not only can save businesses and governments up to millions of dollars per year, but also improve security and surveillance. Our vision is to create smart access ecosystems for smart cities, increasing efficiency and reducing costs.”
One new product in the iglooworks line that is designed for industry access applications is the Smart Padlock - a versatile and portable locking device that can be used to secure trucks, gates, assets and more.
Together with other customised enterprise hardware, iglooworks can be used across a myriad of industries across logistics, facilities management and asset tracking.
With igloohome’s AlgoPIN technology, one-time or duration PIN codes can be sent to contractors, truckers, or operators, and access logs tracked by the padlock provides visibility of access.
igloohome’s US$15 million round of funding is co-led by Insignia Ventures Partners, Wavemaker Partners and SEEDS Capital. New investors include Kickstart Ventures, TH Capital, Pine Venture Partners, On Asset Management, InnoVen Capital and a group of angel investors.
Existing investors Singtel Innov8 and Great Noble International also participated in the round. Steve Melhuish, co-founder and previous CEO of PropertyGuru, will join the board as well, with his expertise in the property sector.
igloohome currently has over 100 distribution partners, more than 100 integration partners and is working with leading property developers such as Sansiri (Thailand), Mitsubishi (Japan) and Capitaland (Vietnam).
The company has undergone year-on-year growth of four times since launching its first product in April 2016.
The funding from this round will go into research and development of new products and software for both igloohome and iglooworks, and the support of new and existing distribution partners globally, especially in Europe, the US and Asia Pacific.