W-Locate, a telematics technology and location intelligence company based in Singapore has secured S$2 million (approximately US$ 1.6 million) of Series A funding from RHB-OSK GC-Millenium Fund, a fund owned by RHB OSK Asset Management, an investment firm focused on the ASEAN region.
W-Locate is better known for its tools like FIND and XimLoc. While FIND helps fleet owners track their vehicles XimLoc is a SIM-based mobile tracking system.
The year 2013, according to Stevie Ooi, CEO, W-Locate, was a fruitful year for W-Locate with back to back investments from TNF-NRF and RHB OSK. “On the business development front, we are excited to have clinched both Starhub and AIS Thailand to jointly launch XimLoc in Singapore and Thailand respectively. The Series A funding from RHB OSK will help us accelerate our growth and secure more similar strategic partners regionally in countries such as Malaysia, Indonesia, Philippines and China,” Ooi, was quoted as saying in an official release.
Besides the regional expansion, W-Locate intends to utilize the funds to expand the capabilities of XimLoc to incorporate cell optimization features.
Harrison Wang, Managing Partner and Head of Alternative Investment of RHB OSK, expressing his pleasure in supporting W-Locate said, “W-Locate has proven products and technologies, which have been deployed and adopted by top–tier customers in the region. We look forward to assisting the company to advance its business growth with our financial resources, capabilities in M&A and capital markets, as well as our global relationship network.”
This Series A investment was preceded by a pre-series A investment of S$589,000 (approximately US$ 469,959), which was jointly funded by TNF Ventures and National Research Foundation earlier this year in March under the TIS scheme.
TNF Ventures has welcomed the investment from RHB OSK and Shirley Wong, Managing Partner of TNF Ventures was confident that the new fund injection will accelerate W-Locate’s regional development plans. “We look forward to W-Locate’s growth in the region to become a leading telematics technology company in Asia,” Wong said.
For the records, W-Locate entered into a partnership agreement last month with Advanced Info Services, a Thailand based telecommunications company, to jointly launch and promote XimLoc in Thailand.