Singapore: Smart access firm igloohome has announced that it has raised $15 million in its latest funding round and that it has launched a suite of smart access solutions called iglooworks.
The Singapore-based company is using the funding towards its new iglooworks line, which is being primarily aimed at clients in enterprise such as the real estate and infrastructure sectors.
The solutions at the heart of iglooworks will be managed via a dashboard and are designed to manage and monitor large numbers of access points for different levels of users. Additional features are being put in place to sort, filter and export data.
In doing so, igloohome sees this as the latest step towards its vision of creating “smarter” cities, in order to eventually trace movement, reduce redundancies and improve productivity.
The company has already committed to working with various partners to bring its IoT-connected perimeter security solution to the market, with vacation rental hosts included in its target audience. igloohome has also been awarded accreditation by the Infocomm Media Development Authority of Singapore (IMDA) in Singapore for its enterprise-grade security.
CEO Anthony Chow said in a press release: “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.
“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,” he added.
The company’s $15 million funding round was co-led by Insignia Ventures Partners, Wavemaker Partners and SEEDS Capital. New investors participating in the round included Kickstart Ventures, TH Capital, Pine Venture Partners, On Asset Management, InnoVen Capital and a group of angel investors.
In addition, existing investors Singtel Innov8 and Great Noble International participated in the round, while PropertyGuru co-founder Steve Melhuish will also join the board.
igloohome says it currently has in excess of 100 distribution partners and more than 100 integration partners, and it is now teaming up with leading Asian property developers such as Sansiri, Mitsubishi and Capitaland.
Since launching its first product in 2016, igloohome has reported consistent year-on-year growth and it will now focus its efforts on researching and developing products and software for its own brand and iglooworks. It also aims to support incoming and existing distribution partners around the world, particularly in Europe, the US and Asia Pacific.
For more information, visit the igloohome website here.