Singapore – 12 JULY 2019 – With a new round of funding of US$15m, 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.
Anthony Chow, CEO of igloohome 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 customized enterprise hardware, iglooworks can be used across a myriad of industries across logistics, facilities management and asset tracking. With igloohome’s unique 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$15m 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 Koh Boon Hwee 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.
Managing Partner of Wavemaker Partners in Southeast Asia, Mr Paul Santos said, “Managing and tracking access into properties, facilities, and along supply chains has consistently been expensive and difficult for enterprises with multiple assets. igloohome’s combination of smart locks and software platform has emerged as a unique and effective solution to this problem.”
Tan Yinglan, Founding Managing Partner of Insignia Ventures Partners added, “We are thrilled to support igloohome, the clear market leader in a $20 billion smart access space that is expected to grow at twice the rate of traditional access over the next several years. We are especially delighted with iglooworks, which is becoming the gold standard to power infrastructure management in smart cities.”
“igloohome is now unlocking further value by expanding the applications of its solutions into other sectors. We look forward to continue supporting igloohome’s efforts in penetrating new sectors and global markets,” said Geoffrey Yeo, General Manager of SEEDS Capital, the investment arm of Enterprise Singapore. Mr. Hyuk-tae Kwon, Co-founder and Partner of Pine Venture Partners said, “We plan to leverage our strategic network in South Korea in telecommunication, logistics, and property development markets to help igloohome establish strong market presence.”
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 4 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.
About the companies
igloohome creates versatile, smart access solutions that help users conveniently manage their properties and assets With igloohome smart locks, users can grant access to their property remotely via the igloohome mobile app. igloohome's products work offline, with no Internet connection required. igloohome is a partner of Airbnb, HomeAway and Booking.com. igloohome’s solutions are used in over 80 countries.
iglooworks is a dedicated line of igloohome offering a suite of smart access solutions for real estate and infrastructure industries. Combining award-winning igloohome hardware and enterprise-grade software, iglooworks aims to streamline the access management process for large-scale infrastructure industries worldwide.
Insignia Ventures Partners
Insignia Ventures Partners is an early-stage technology venture fund focusing on Southeast Asia, which started in 2017 and manages more than US$150 million from sovereign wealth funds, foundations, university endowments and renowned family offices. Portfolio companies include igloohome, Carro, Payfazz, Janio, Logivan and many other technology market leaders.
Wavemaker Partners is an early-stage venture capital firm founded in 2003 and dual-headquartered in Los Angeles and Singapore. In Southeast Asia, Wavemaker is a leading early-stage venture capital firm investing in enterprise and deep tech companies. More than 80% of their portfolio is enterprise-focused.
SEEDS Capital Pte Ltd
As the investment arm of Enterprise Singapore, SEEDS Capital catalyses smart investments into innovative Singapore-based startups with strong intellectual content and global market potential. SEEDS Capital co-invests with independent investors in innovative startups. SEEDS Capital helps our startups commercialize and expand globally through leveraging on the expertise and strategic networks of our co-investment partners in areas such as technology translation, commercialisation and market expansion.