SpaceAge Labs, a Singapore-based supplier of remote monitoring and IoT/AI solutions, has raised SGD1.7 (US $1.25) million in early funding sponsored by Silicon Solution Partners and SEEDS Capital, Enterprise Singapore’s investment arm.
The funds will be used to expand the company’s personnel, expand globally, and launch multiple trial projects in Singapore, Australia, and the United States.
“Growing populations, increased urbanisation, rising labour costs, lack of skilled workers, high safety standards and social distancing stipulations — various factors have been coming together resulting in the strong need for remote monitoring and IoT/AI solutions. This is why we set up SpaceAge Labs: to help governments and corporations improve the way they are managing their widespread assets for improved efficiency, reliability and safety,” said Deepak Pitta, Founder and CEO of SpaceAge Labs.
SpaceAge Labs, which is based at NUS Enterprise @ Singapore Science Park, performs operations and maintenance on distant and distributed assets by gathering asset data using low-power, long-range wireless IoT sensors and combining it with powerful AI algorithms to create important insights. According to the company, this boosts asset uptime (due to data-driven predictive maintenance) and lowers costs (less manpower required).
RemoteEye, a sensor-agnostic IoT/AI platform that allows connected operations and maintenance, is SpaceAge Labs’ flagship product.
In a statement, SpaceAge Labs claimed to have IoT installations with over 30 customers, including two major Smart Nation pilot projects in Singapore.
In H1 2022, SpaceAge Labs will run pilots with landscaping businesses in Brisbane and Sydney to assist them increase the efficiency of their grass-cutting labour. If these prove to be a success, they might lead to national deployments. In the second part of 2022, similar landscaping pilots will be done in the United States.
SpaceAge Labs wants to run numerous pilots in Singapore to track water use trends, detect facility leaks, and monitor the weather and air quality in public locations. It will also keep track of water quality in swimming pools and water play areas, as well as mechanical and electrical equipment such as decentralized water treatment skids and water tankers.
Imagine H2O (a water innovation accelerator) and PUB’s Singapore Water Exchange both sponsor SpaceAge Labs. Planetspark, a wholly-owned subsidiary of SGX mainboard listed Excelpoint Technology, is also a partner, helping SpaceAge Labs advance their technology while also investing in the round.
