Singapore smart city supplier Igloohome gets $15m
Igloohome, a Singapore-based smart city supplier for enterprises in real estate and infrastructure, has raised a $15 million round co-led by Wavemaker Partners, Insignia Ventures Partners, and Seeds Capital.
Local investors Pine Venture Partners and Singtel Innov8 also participated, alongside InnoVen Capital, the Philippines’ Kickstart Ventures, Malaysia’s TH Capital, and Steve Melhuish, co-founder of Southeast Asia real estate portal PropertyGuru.
It coincides with the launch of a new suite of technology products known as Iglooworks that can help improve business efficiencies by managing and monitoring data. Iglooworks combines an enterprise-grade variation on existing products and new tools related to internet-of-things (IoT) applications.
“In the past three years, we have developed a range of smart locks that are creating great value for vacation rental hosts and homeowners around the world,” Anthony Chow, CEO of Igloohome, said in a statement. “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.”
Founded in 2015, Igloohome develops household devices that are remotely operable via an app but also able to function with no internet connection. The company, which has partnered with the likes of Airbnb, HomeAway and Booking.com, says its products are in used in 80 countries. It is currently working with several partners to bring an IoT-connected perimeter security solution to the market.
The fresh capital will go into R&D for new products, including software, and the support of new and existing distribution partners globally. Pine Venture Partners said it planned to leverage its strategic network in South Korean telecommunication, logistics, and property development markets to help Igloohome establish a market presence in the country.
Home automation is attracting increased VC investment in the form of both specialized appliances and multi-tool platform devices. Tan Yinglan, a founding managing partner at Insignia, described the “smart access space” as a $20 billion market that is expected to grow at twice the rate of the traditional infrastructure segments being disrupted during the next several years.
US and Singapore-based Wavemaker targets verticals including financial services, healthcare, agriculture, marketing, manufacturing, and cybersecurity, with a focus on enterprise services. The firm reached a first close on its third Southeast Asia-focused fund last month at $60 million.
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