Philippine venture capital Future Now Ventures has invested working seed capital in local startup Reekoh, which is in the business of an Internet-of-Things (IoT) Platform-as-a-Service & Developer Ecosystem.
The size of the fund was not disclosed.
Reekoh co-founder Dale Rankine said that the funding will help facilitate formal product release in April. He is a Future Now Venture’s adviser and innovation partner, who came on board as CEO of Reekoh last year.
“Future Now’s funding is helping us as we push our full commercial version of the platform live in April, as well as with future team growth, and marketing,” Rankine told DEALSTREETASIA.
“Along with iterative product development, we will be focusing on customer acquisition for the remainder of 2016. We will probably look to raise a larger round of funding late this year to accelerate growth in key areas that will position us in the best possible way with global partners and customers,” Rankine added.
Formed in April 2015, Reekoh was first pitched as a small telematics application developed by two other co-founders Benj Sicam (chief technology officer), and Rozz Banquerigo.
However, their meeting with Rankine and Future Now Ventures CEO John Orrock helped them build a new IoT platform product that could extend much further than they had originally designed.
By November last year, Reekoh’s product was in private beta with about 10 customers who were developers, hardware makers, system integrators and IT consultants.
In only a span of few months Reekoh is now working with customers in Australia, Philippines, US, Japan, India and Europe and have trial projects being led by a number of global cloud vendors such as Microsoft and Salesforce.
Reekoh’s Plugin Store, which is the key value driver for its product, has over 85 plugins available for customers. The tech startup also has a team of seven, across offices in Brisbane, Sydney and Manila.
Rankine noted they are expecting to grow to around 10 to 12 member team in the next six to nine months.
Hailing from Brisbane in Australia, Rankine is a creative digital technologist and business innovator with a long history in startups, IP creation, incubation and product development. He advises and helps early stage and venture companies deliver great products for their customers, and assists with positioning them to build their overall enterprise value.