We’ve just received news that Singapore-based startup, iTwin has closed its Series A round with IDEAS Ventures. The venture fund is managed by Innosight Ventures and National Research Foundation of Singapore(NRF). This is their third investment in the region after having invested in TMG earlier this year. Their main mission is to nurture startup ventures that have the potential to bring “disruptive innovations” to market.
iTwin is a remote file sharing application where you can connect two devices with USB drives. They plan to price this device at $99 and sell through online web store. Though the product is not out in the market yet, it will be interesting to see how they pan-out their distribution and manufacturing with this funding. It is indeed great to see many of the early stage startups, specially the ones that were featured in unConference’09, move to the next stage of their growth.
We haven’t yet received confirmation from iTwin’s founders but they are already listed as one of Ideas Ventures’ portfolio companies.
About iTwin: iTwin is a consumer device which provides Plug & Play Remote File Access. It consists of two identical parts called Twins. All the user needs to do is plug one Twin into a computer and the other Twin into any other computer. Then, s/he can access files on one computer from the other, and vice versa, over the Internet. iTwin is designed to be convenient and easy to use for non-technical people. It does not require any setup, configuration or login/passwords. It is a spinoff from A*Star and were one of the top 50 startups featured at TechCrunch50 last year.