Ampotech, a Singapore-based IoT startup that develops next-generation power monitoring solutions used in commercial and industrial buildings, has raised S$1 million (US$726,000) in seed funding, led by Silicon Solution Ventures, a fund managed by startup incubator Silicon Solution Partners.
With opportunities ahead in international markets such as Australia and Indonesia, Ampotech plans to use the funding to support its operations and expand its product range.
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Ampotech, which spun out a University of Illinois and A*STAR research centre in Singapore, specialises in the collection and analysis of electricity usage data from the built environment. Its products and software provide real-time visibility into power and energy consumption of spaces and equipment at a facility while offering a simple installation process and wireless connectivity.
The company claims its sensing hardware and cloud-based analytics platform allow its monitoring system to go beyond dashboard reporting to detect energy waste and alert facility managers when equipment is not operating normally. Its devices operate on a completely wireless architecture.
Ampotech claims its data has been used by companies in commercial real estate, retail, and oil & gas to identify energy efficiency improvements, conduct remote asset monitoring, and obtain business insight into operational and activity patterns.
“At this point, we have our core product, a number of early customers, and several significant partnerships. This funding will enable larger scale manufacturing and allow us to expand the team to support our growing sales pipeline,” said Ampotech CEO and Co-founder William Temple.
By the end of 2019, the company expects to enter another regional market. “There are a number of exciting new partnerships that will be announced over the next few months,” Temple added.
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