Alibaba, CLP back smart building startup En-trak’s pre-Series A round

En-trak
En-trak CEO Dr. Vincent Chow (second from right) and Alibaba's Jack Ma. Photo from En-trak's Facebook page.

Hong Kong’s smart building IoT startup En-trak has announced raising an undisclosed amount in a pre-Series A round co-led by Alibaba Hong Kong Entrepreneurs Fund and CLP Innovation Ventures Ltd.

En-trak’s energy management system integrates data from different buildings into a centralized platform to help building owners and managers improve energy efficiency and reduce costs. It claims to have over 300 customers in Hong Kong, Singapore, Macau and Thailand.

“This strategic partnership with both Alibaba Hong Kong Entrepreneurs Fund and CLP will add a new dimension to our vision of utilizing technology to build a more sustainable future for Asia and beyond,” said En-trak founder and CEO Dr Vincent Chow.

En-trak was one of the three winners of the Alibaba fund’s Jumpstarter 2017 competition that won up to $1 million in investment each. Over 600 startups competed last year in the competition, which is also the biggest entrepreneur programme in Hong Kong. CLP Holdings, the parent company of CLP Innovation Ventures, is one of the Jumpstarter sponsors.

“With a business portfolio that spans across energy markets in Asia Pacific, CLP believes digitalised energy infrastructure and tools have excellent market potential for wider application,” said Austin R Bryan, Senior Director of Innovation at CLP Holding Limited.

“Good ideas and products need time and support to develop, and we hope to see more companies in Hong Kong join us in giving startups a lift, as we help Hong Kong transform itself into a leading innovation hub,” said Cindy Chow, Executive Director of Alibaba Hong Kong Entrepreneurs Fund.

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