The launch of iglooworks
Kenny: When we first started 4 years ago, we focused on the residential market. The partnership with Airbnb had gotten us traction then; but right now, we're very excited that 6 months ago, we launched a new brand called iglooworks for large-scale infrastructure management.
igloohome is for smarter homes while iglooworks is for smarter cities. The key solution focuses on connectivity and smart, intelligent data, which is what smart city projects are all about. This is where we foresee iglooworks taking about 60 to 70% of the igloohome business because of the sheer demand for smart access solutions for infrastructure.
Q: How exactly is it that you’re disrupting an industry which is pretty stale? How’s what you’re doing different?
Kenny: The lock is the oldest thing you'll see in your house. It's been around for over a hundred years, but igloohome focuses on the software technology.
Right now, we're talking about smart living, about the all-in-one usage in mobile apps - this is where igloohome, as a startup, is able to focus on the software to provide API and SDK integrations for all system integrators and partners. Essentially, the customer may use igloohome's hardware with their own software, with igloohome's technology.
This is where we're very disruptive. Big brands like Yale are traditional lock players, but we excel in software. This is very important, by having the right connectivity technology - we're using NB-IoT - the whole software is about providing mobile app services, engagement, enterprise dashboard and many more.
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Q: What was the experience like for you, Kenny?
Kenny: We're in the hardware business and it's very tough. With the rise of power from China and India, these products have difficulty obtaining a high level of interest from investors. But we're very excited to share that we recently closed out A2 round of about USD 15mil with lead investors, Insignia and Wavemakers from Singapore. We also have a few strategic investors who may become customers like Pine Ventures from South Korea, who were from SK Telecom; and Kickstarter Ventures from Philippines which is under Globe Telecom. We're excited to have them on board.