Ampotech, a smart building internet-of-things (IoT) startup based in Singapore, has raised S$1 million ($724,000) in its seed funding round led by Silicon Solutions Ventures (SSV), a fund managed by incubator Silicon Solution Partners.
The company, founded in late 2014, as a spin-off from Singapore’s IT research institute Advanced Digital Sciences Center (ADSC), said the seed funding round was also participated by Enterprise Singapore’s SEEDs Capital and existing investor PT Prasetia Dwidharma, an Indonesian telecommunications and infrastructure firm.
Ampotech develops power monitoring solutions used in commercial and industrial buildings. It designs sensing hardware and cloud-based analytics platform that detects energy waste and alert facility managers when equipment is not operating normally.
The startup said the large-scale, high-resolution data that it provides have been used by companies in commercial real estate, retail, and oil & gas to identify energy efficiency improvements, among others.
“The result is a future-proof smart building solution with lower project delivery and operating cost,” the company said on its website.
Ampotech plans to utilise the fresh capital to expand its business in the Asia Pacific region with plans to enter another regional market by the end of 2019. It also aims to use the funding to support its operations and expand its product range, with opportunities ahead in international markets such as Australia and Indonesia.
“This funding will enable larger scale manufacturing and allow us to expand the team to support our growing sales pipeline,” Amptech CEO and co-founder William Temple said.
Ampotech joins a number of Singapore-based IoT firms that have recently raised funding from investors. Just this week, IoT operating system provider Brazn Pte Ltd secured a $3.65-million seed investment from Tin Men Fund I, a Southeast Asia-focused operationally intensive B2B venture capital firm.
Brazn was founded by Adrian Lee and technologist Ong Su Hui – who teamed up to explore the possibilities of IoT and successfully built what they termed as an “IOT Operating System”.
In January, Singapore-based industrial IoT platform Overdrive also raised $2.9 million in Series A funding from Tin Men Capital.
Founded in 2015, Overdrive operates an IoT platform that automates data sensing of various types of assets across vehicles, machinery, goods, and people.