Singapore-based cleantech startup SensorFlow has raised $8.3 million in Series A+ funding led by Openspace Ventures and Gaw Capital Partners.
The round was also joined by private investor Pierre Lorinet and Aurum Investments, a venture capital firm linked to Woh Hup Holdings, one of Singapore’s oldest and largest construction firms.
This funding follows SensorFlow’s $2.7-million Series A funding in February 2019 led by Pierre Lorinet. The Series A round was joined by Playfair Capital, Cocoon Capital, Entrepreneur First, 2be.lu Investments, Aurum Land and Insitu Asia Holdings.
According to a statement, SensorFlow will use the latest funding to develop its smart building management solution for heating, ventilation and air-conditioning (HVAC) systems used in office buildings, hotels and industrial spaces.
These systems allow managers to monitor and adjust their consumption patterns in real-time using IoT technology and big data.
“For the hospitality sector, the need for optimising energy and operational efficiency is especially pertinent as it works on recovering from the COVID-19 pandemic. Our technology can help hotels and properties maximise the use of limited resources, adopt clean technologies, and become more sustainable,” said Saikrishnan Ranganathan, CEO and co-founder of SensorFlow.
Ranganathan added that the company will look into developing solutions tailored to markets with colder climates. It is setting its sights on expanding into markets like Japan, Australia, Europe and the US.
“In the past year, we have seen a significant increase in the number of hotels partnering with us across Southeast Asia to achieve better efficiency and sustainability. This is highly encouraging and places us in a much stronger position to develop our solution further to meet demand in new key markets,” said Ranganathan.
SensorFlow will also look at hiring new talent in hardware and data science to support its plans for expansion this year. To date, it claims to have retrofitted 10,000 hotel rooms across Southeast Asia. It expects to ramp this to one million rooms globally by 2023.
Its clients include names such as Dorsett Hospitality International and The Ascott Limited.