Ackcio, a deep tech business that develops wireless data capture technologies for industrial monitoring, has raised S $4 million (US $3 million) in a Series A investment round headed by Atlas Ventures, a Singapore-based venture capital firm.
Enterprise Singapore, Wavemaker Partners, Aletra Capital Partners, AccelerAsia Ventures, Seasight Holdings, and angel investors are among the other participants.
The Singapore-based company plans to utilize the additional funding to accelerate its regional expansion, enhance its research and development activities, and expand into new industry verticals, according to a news release.
This strategy involves new sales, engineering, and operations recruits from all around the world, including Asia, the Americas, and Europe. In the Middle East, Africa, and Oceania, Ackcio will also grow its client and partner network.
“This new round of funding will enable us to expand our offerings and continue supporting our customers to make industrial operations smarter and safer,” said Nimantha Baranasuriya, co-founder and CEO of Ackcio.
Baranasuriya and Mobashir Mohammad founded Ackcio in 2016 to deliver cutting-edge, long-range, mesh-based wireless monitoring solutions to industries including construction, infrastructure, rail, and mining.
Its solution enables firms to boost operational efficiency, decrease costs, improve worker safety, and comply with local regulatory requirements by allowing contractors to oversee geotechnical projects remotely in real time.
Ackcio rises to the occasion of industrial digitalisation, according to Baranasuriya, as the COVID-19 epidemic heightened the requirement for worker safety and remote operations. Over the previous year, the company claims to have grown its client base to 22 areas on six continents, resulting in a considerable increase in revenue.
“Most existing solutions for industrial monitoring are manual, costly, and unreliable,” says Maxim Shkvaruk, investment director at Atlas Ventures. “Accio is one of the very few companies in the world that addresses the issue by providing a real-time, wireless monitoring solution for sensors in harsh environments.“
The company also plans to grow into other asset-heavy industries including oil and gas, energy, and power infrastructure, where data-driven risk management is at the heart of smarter and quicker operations.
Wavemaker Partners and Michael Gryseels were co-led investors in Ackcio’s pre-Series A funding round last year.