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Singapore smart locks startup igloohome gets US$4m Series A funding
IGLOOHOME, a Singapore-based smart lock technologies startup, has raised US$4 million in Series A funding led by Insignia Ventures Partners.
The new capital will be used to develop smart access solutions for commercial projects, particularly in the hospitality industry, covering both communal and private spaces. It will also be used to accelerate hiring and investment in R&D to increase igloohome's product range for consumers.
Founded in 2016, the startup has created smart access solutions that help users conveniently manage their homes and properties remotely, including the Smart Mortise Lock, Smart Deadbolt, and Smart Keybox.
igloohome products work offline, unlike most other smart devices, despite their remote management capabilities. This is done through encryption and synchronisation, similar to that of the Internet banking token.
New investors in this Series A round include Phillip Private Equity, X Capital Ventures, Kuok Meng Xiong of K3 Ventures, and angel investor Koh Boon Hwee. Existing investor Wavemaker Partners participated in this round.
Tan Yinglan, founding managing partner and chief of Insignia Ventures Partners, said: "igloohome re-imagined the lock so consumers could manage access - using a smartphone - from any place, any time.
"What excites us about igloohome is its efficient, convenient approach to home security and also its entrepreneurial leadership team which has been able to create thoughtful products and fulfil them in different markets. We are delighted to support igloohome and I'm speaking as both an investor and a very happy customer."