Singapore-based smart access solutions provider igloohome today announced that it has raised a US$4 million Series A funding round led by Insignia Ventures Partners.
Existing investor Wavemaker Partners also participated in the funding round, joining new investors such as Phillip Private Equity, X Capital Ventures, Kuok Meng Xiong of K3 Ventures and angel investor Koh Boon Hwee.
First launched in 2016, igloohome offers smart lock and lockboxes that integrate with a mobile app.
Having been focussing on smart home market, the startup plans to use the new funding to develop smart access solutions for commercial projects in the hospitality industry, covering both communal and private spaces.
It will also invest in talent acquisition and R&D.
“The smart home space is set to grow exponentially over the next few years and what excites us about igloohome is its efficient, convenient approach to home security and also its entrepreneurial leadership team who have been able to create thoughtful products and fulfill them in different markets,” said Insignia Ventures Partners founding partner and CEO Yinglan Tan in a press statement.
igloohome said that its products is already been used in over 80 countries and are available through 30 distributors globally, with a focus across Asia and the Americas.
The startup plans to roll out across 2000 retail shops by the end of 2018.
igloohome has received awards such as CES Asia Innovation Awards 2017: Honoree, Gold Winner of Singapore Infocomm Technology Federation’s Best Innovative Infocomm Solution 2017, and the iF Design Award 2018.
It has taken part in the TOP100 at Echelon Asia Summit 2017. Following their participation at the event, the startup secured partnership with insurance giant AXA.
Image Credit: igloohome