SpaceAge Labs, a Singaporean IoT/AI solutions startup, raised US$1.25m in seed funding.
The round was led by Silicon Solution Partners (SSP) and SEEDS Capital, the investment arm of Enterprise Singapore.
The startup will use this seed funding to grow its team, expand internationally, and roll out several pilot projects across Singapore, Australia, and the U.S.
Led by Mr Deepak Pitta (founder and CEO), Mr Ananth Subba (Chief Technology Officer, who is currently based in Australia), Mr Leela Krishna (Chief Business Officer) and Mr Sashikumar Y (Chief Product Officer), SpaceAge Labs is advancing IoT/AI solutions to to make cities cleaner, greener, and safer.
The company’s flagship product is remoteEye, a complete, sensor-agnostic IoT/AI platform that enables connected operations and maintenance. remoteEye consists of three parts:
- rEye IoT Nodes – These are low-powered, wireless devices that read and transmit data from industrial sensors located at the assets.
- Wireless networks – The sensor data is transmitted via low power wide area wireless networks to the cloud. The networks are at low cost (from S$1 per month per device), able to transmit over long distances (several kilometres) and consume low power (up to five years of battery life).
- rEye Data Cloud – Enterprise-grade IoT/AI software that stores, analyses, and visualises this sensor data. This software is secure, easy to use and able to scale easily from managing one asset to thousands of assets. Proprietary AI software and geospatial data analysis provides useful insights and predictions that can be accessed via web or mobile.
While remoteEye can be applied in various sectors, SpaceAge Labs is initially targeting three sectors: Water/Wastewater; Urban Greenery/Landscaping; and Facilities management.
SpaceAge Labs is also supported by NUS Enterprise, the entrepreneurial arm of the National University of Singapore (NUS), Imagine H2O (a water innovation accelerator) and PUB’s Singapore Water Exchange. Planetspark, a wholly owned subsidiary of SGX mainboard listed Excelpoint Technology Ltd. is also a partner working closely with SpaceAge Labs to help accelerate their technology alongside joining the round as an investor.
FinSMEs
01/03/2022