Industrial-tech startup Ackcio raises S$4m in Series A funding

ACKCIO, a Singapore startup developing wireless data-acquisition tech for industrial monitoring, has raised S$4 million in Series A funding.

The round was led by Singapore-based venture firm Atlas Ventures. Other investors include Enterprise Singapore, Wavemaker Partners, Aletra Capital Partners, AccelerAsia Ventures, Seasight Holdings and angel investors.

Founded in 2016, Ackcio specialises in providing long-range, mesh-based, wireless monitoring solutions to industries such as construction, infrastructure, rail, and mining. It is one of a growing number of Singapore startups specialised in construction tech, as The Business Times reported previously.

"Most existing solutions for industrial monitoring are manual, costly and unreliable. This has resulted in a massive and challenging problem: lack of visibility, leading to poor worker-safety and even loss of lives.

"Ackcio is one of the very few companies in the world that addresses the issue by providing a real-time, wireless monitoring solution for sensors in harsh environments," said Maxim Shkvaruk, investment director at Atlas Ventures, in a statement.

The startup is now looking to enter other asset-heavy industries such as oil and gas, energy and power infrastructure.

"We are seeing more infrastructure development projects around the world requiring automated monitoring, and this trend will only continue to grow as more contractors and asset owners start to reap its benefits," said its co-founder and chief technology officer, Mobashir Mohammad.