New investors such as Kickstart Ventures, TH Capital, Pine Venture Partners, On Asset Management, and InnoVen Capital, in addition to existing backers Singtel Innov8 and Great Noble International, also co-invested.
With this round, igloohome has also announced the official launch of iglooworks, a suite of smart access solutions for enterprise customers, primarily in the real estate and infrastructure sectors. iglooworks’s 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.
The fresh investment will be used for research and development of new products and software for both igloohome and iglooworks, and to support new and existing distribution partners globally, especially in Europe, the US and Asia Pacific.
The company has also inducted PropertyGuru’s Co-founder and former CEO Steve Melhuish to its Board.
igloohome creates smart access solutions that help users manage their properties and assets. With igloohome’s smart locks, users can grant access to their property remotely via a mobile app. Its products work offline, with no internet connection required. igloohome is a partner of Airbnb, HomeAway and Booking.com.
As part of the iglooworks suite, it offers Smart Padlock, a portable locking device that can be used to secure trucks, gates, and assets. iglooworks can be used across a myriad of industries across 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.
iglooworks incorporates new communication protocols such as NB-IoT, Cat-M, LTE, and Z-wave. 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.
The startup claims it 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).
Anthony Chow, CEO of igloohome, said: “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.”
In April 2018, igloohome raised a US$4 million Series A funding round led by Insignia Ventures Partners.