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GTRIIP raises 7-figure Series B funding to expand in Asia-Pacific

GTRIIP raises 7-figure Series B funding to expand in Asia-Pacific

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IDENTITY verification software provider startup GTRIIP has raised an undisclosed mid-seven figure US dollar sum in its Series B round, it said on Monday. The US-based company previously said it was looking to raise about US$4 million for its Series B round.

Investors include Keppel Corporation's wholly-owned subsidiary Kepventure, Japanese venture capital firms Accord Ventures and also Global Brain, through KDDI Open Innovation Fund No 3 (KOIF). KOIF manages the investment portfolios of Japanese telco KDDI Corporation.

These partners will aid GTRIIP's Asia-Pacific expansion plans in hospitality and other commercial properties, said the startup.

It is also looking to launch specialised products for other commercial properties, such as tenant and visitor access. To that end, GTRIIP will enlist more developers, engineers, researchers, client success specialists and sales team members.

The hotels that have partnered GTRIIP include Park Hotel Group, Amara Singapore and Amara Sanctuary Resort Sentosa.

Huang Siheng, co-founder and chief technology officer of GTRIIP, said: "Payment is already becoming mainstream on mobile, but there are still a few things that we must carry physically — photo ID (identification), driving licence and keys. GTRIIP envisions and believes in a future where people can travel without any photo ID or access card."

GTRIIP previously raised US$1 million in its Series A funding from telco M1. M1 is owned by Keppel and Singapore Press Holdings, which publishes The Business Times.

GTRIIP is based in San Francisco and its Asia-Pacific headquarters is in Singapore.

Founded in 2014, the startup has 20 employees and completed installations for over 13,000 rooms and access points. GTRIIP projected that its revenue for 2019 will hit about US$2 million, and triple to US$6 million in 2020.