Singapore-based smart lock technology developer Igloohome has received $15m in a series B round backed by telecommunications firms Singapore Telecommunications and Globe Telecom, TechinAsia wrote today.
Seeds Capital, the investment unit of government agency Enterprise Singapore, co-led the round with venture capital firms Insignia Ventures Partners and Wavemaker Partners.
On Asset Management, TH Capital, Pine Venture Partners, InnoVen Capital and Great Noble International also participated. Singapore Telecommunications and Globe Telecom took part through respective investment units Singtel Innov8 and Kickstart Ventures.
Igloohome manufactures a suite of smart door locks and padlocks that can be unlocked by typing a pin code into a smartphone app. Users can also use the app to provide access to friends and family.
The company also provides a enterprise-focused platform that allows companies to manage several access points as once.
The cash will be used to research and develop new products and software, with a portion of the capital being set aside to build out Igloohome’s network of distribution partners.
In April 2018, Igloohome raised $4m in a series A round led by Insignia Ventures Partners with participation from Phillip Private Equity, X Capital Ventures, Wavemaker Partners and various angel investors.
Singtel Innov8, Wavemaker Dreamit and Mesh Ventures had initially backed a $1.25m seed round in 2016.