Smart Access Company igloohome Raises $15 Million

By Annie Baker ● July 15, 2019
  • Singapore-based smart access company igloohome has announced it raised $15 million in funding and that it launched iglooworks

igloohome, a Singapore-based smart access company, announced a few milestones recently.  The company announced the launch of iglooworks — which is a suite of smart access solutions for enterprise customers in the real estate and infrastructure sectors. And the company announced a $15 million round of funding.

The $15 million round of funding was co-led by Insignia Ventures Partners, Wavemaker Partners, and SEEDS Capital. And new investors include Kickstart Ventures, TH Capital, Pine Venture Partners, On Asset Management, InnoVen Capital and a group of angel investors joined the round. Plus existing investors Singtel Innov8 and Great Noble International also participated in the round.  In conjunction with the funding round, PropertyGuru CEO and co-founder Steve Melhuish has joined the board.

iglooworks’ solutions are managed with a dashboard and it is designed to manage and monitor large numbers of access points for different levels of users with features for sorting, filtering, and exporting data. This brings igloohome closer to its goal of creating smarter cities by tracing movement, reducing redundancies, and improving productivity.

“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,” said igloohome CEO Anthony Chow. “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.”

iglooworks also includes enterprise-grade variations of existing products and a line-up of new products incorporating new communication protocols including NB-IoT, Cat-M, LTE, Z-wave, etc. 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.

“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,” added B. Paul Santos — managing partner of Wavemaker Partners in Southeast Asia.

Currently, igloohome is working with several partners to bring its IoT-connected perimeter security solution to the market. And igloohome has also been accredited by the Infocomm Media Development Authority of Singapore (IMDA) in Singapore for its enterprise-grade security. One of the latest products in the iglooworks line designed for industry access applications is Smart Padlock — which is a portable locking device that can be used for securing trucks, gates, assets, etc.

“We are thrilled to support igloohome, the clear market leader in a US$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,” explained Tan Yinglan — the founding managing partner of Insignia Ventures Partners.

With other customized enterprise hardware, iglooworks can be used across a number of industries including 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 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,” noted Geoffrey Yeo — the General Manager of SEEDS Capital, which is the investment arm of Enterprise Singapore.

igloohome has more than 100 distribution partners and over 100 integration partners. And it is working with leading property developers like Sansiri (Thailand), Mitsubishi (Japan) and Capitaland (Vietnam).

“We plan to leverage our strategic network in South Korea in telecommunication, logistics, and property development markets to help igloohome establish strong market presence,” pointed out Pine Venture Partners co-founder and partner Hyuk-Tae Kwon.

Since launching its first product in April 2016, igloohome has grown 4 times year-over-year. And the funding from this round will go into R&D of new products and software for igloohome and iglooworks. Plus the funding will be to support new and existing distribution partners globally especially in Europe, the US, and the Asia Pacific.