SensorFlow co-founders, Saikrishnan Ranganathan and Max Pagel
Proptech startup SensorFlow secures US$8.3M in Series A+ funding led by Openspace Ventures, Gaw Capital Partners
Singapore-based proptech startup SensorFlow announced that it has raised a US$8.3 million in Series A+ funding led by Openspace Ventures and Gaw Capital Partners. The company said it plans to use the funding to develop solutions for automating heating ventilation and air-conditioning (HVAC) systems that help hotels manage COVID-19, hiring new talent in hardware and data science roles and for international market expansion.
This round follows SensorFlow’s Series A funding in February 2019, which was led by private investor and finance sector veteran Pierre Lorinet, with participation from Cocoon Capital and Playfair Capital.
Founded in 2016, SensorFlow offers buildings, including hotels, offices and industrial spaces, the ability to automate HVAC systems, monitor equipment performance, and optimise housekeeping routes through Internet of Things (IoT) technology and artificial intelligence-driven solution. The solution generates up to 30 to 50 per cent of savings on hotel room HVAC costs, which can translate up to 30 per cent in savings on total hotel energy bills.
SensorFlow’s wireless IoT solution features real-time data tracking to help properties monitor energy consumption trends and make better-informed operational decisions based on big data. Wireless sensors gather data on guest behaviour within hotel rooms and the system optimises energy usage automatically and activate maintenance alerts when it detects faulty equipment, reducing disruptions to the guest experience.
Fintech startup Modalku receives US$40M in Series C funding from undisclosed investors
Modalku, Indonesia-based fintech group that provides a P2P lending service for SMEs, announced that it has received a Series C funding of US$40 million from its existing investors. The company said it will use the funding to realise its vision for financial inclusion in Southeast Asia and to reach more SMEs.
Also Read: SensorFlow aims to help hotels conserve energy, raises US$573K in seed funding round
To date, Modalku group has processed about US$895 million in loans to Indonesian, Singaporean, and Malaysian SMEs. In Singapore and Malaysia, Modalku operates under Funding Societies.
Prior to this round, Modalku closed a US$25 million in Series B funding back in 2018 from SoftBank Ventures Korea, Sequoia India, Alpha JWC Ventures, and Golden Gate Ventures.
Co-Founder & CEO Modalku, Reynold Wijaya, said that to weather the COVID-19’s storm, Modalku has applied two restructuration approaches, which include the company offering a credit restructuration scheme based on each SME’s business performance, and collaborative model with Modalku facilitating the payment scheme requested by the borrowers.
Singapore Fintech Association, Razer Fintech partner to support Singapore’s fintech ecosystem amidst COVID-19
Singapore FinTech Association (SFA) and Razer Fintech, Razer Inc’s financial technology arm, today announced their collaboration to address the key issues facing the fintech industry in Singapore as a result of the COVID-19 pandemic, which includes business continuity concerns, high business costs, funding, and employment.
As part of the agreement, SFA and Razer Fintech will leverage on SFA’s capabilities and Razer’s ecosystem, to mobilise support for the Singapore Fintech community, including cash flow and marketing support programs, helping curate fintech companies in Singapore through partnerships or investment, supporting the evaluation and due diligence process (certification, screening, and reference checks), and having joint networking events to promote the fintech scene in Singapore.
This follows the announcement on April 10 by Razer of a US$50 million COVID-19 Support Fund where Razer will leverage on its business arms of Razer Fintech, Razer Gold, and corporate ventures arm, zVentures to support business partners and help them tide over the negative impact brought about by COVID-19.
Interested fintech companies can get assistance in the form of bridge financing, equity, or equity-linked instruments ranging from US$100,000 to US$1.5 million depending on the stage of growth and requirements. More information about this collaboration can be accessed here.
E-commerce portal Thaitrade partners B2B food e-marketplace OctoRocket in promoting cross-border trade across Asia
Thaitrade.com, an e-commerce portal founded by The Department of International Trade Promotion (DITP), Ministry of Commerce, Thailand, has announced its partnership with OctoRocket.asia, a B2B food marketplace to promote cross-border trade between Thailand and Asia’s food & beverage industry members.
OctoRocket.asia, is a joint venture by Singapore Press Holdings (SPH) and Y3 Technologies. It consists of curated B2B wholesale food e-marketplace that focuses on connecting retail buyers and suppliers in the Asian region.
Also Read: Singapore’s SFA signs MOU with ASEAN’s AFIN to promote fintech marketplace APIX
As part of this partnership, OctoRocket will bring focussed exposure to the range of curated Thai brands endorsed by Thaitrade. Similarly, Thai suppliers will be introduced to the network of Southeast Asian suppliers on OctoRocket’s platform.
The Director-General of the International Trade Promotion Department, Somdet Susomboon, said the partnership will help encourage Thai food manufacturers to take the first step in exporting their products via first establishing an online presence, while Thai suppliers will be able to source a wide variety of Southeast Asian products to suit the increasingly international palate of Thai consumers.
To mark this partnership, OctoRocket has launched a curated landing page of Thai products as endorsed by Thaitrade.com here.
Sunway iLabs to host E-commerce Jumpstart Programme to help SMEs going online
Sunway Innovation Labs (Sunway iLabs) together with Sunway University, Alibaba.com, government agencies MDEC, MaGIC, Cradle Fund, and others, will host a free four-week training programme for SMEs and retail entrepreneurs called the eCommerce Jumpstart Programme, to help their businesses get online.
The eCommerce Jumpstart Programme is a corporate social responsibility initiative by Sunway iLabs in response to the COVID-19 crisis, aimed at helping Malaysian retail and SMEs entrepreneurs on their digital transformation journey to weather the current economic downturn. The programme will feature a list of experts to give talks during the programme and mentor the participants.
“SME Corp had indicated in 2018 that only 37.9 per cent of SMEs are involved in online business, with a majority of the online businesses serving the domestic market. We want to help the businesses who are not online to get an online presence for their survival, and help them emerge stronger,” said Matt Van Leeuwen, Sunway Group Chief Innovation Officer and Sunway iLabs Director.
“If there’s anything the COVID-19 situation has amplified, it would be the crucial necessity for offline SMEs to employ a bricks-and-clicks strategy. The eCommerce Jumpstart Programme intends to help them implement digital solutions for their business through a structured curriculum and mentorship from digital experts,” he added.
The launch of the eCommerce Jumpstart Programme will take place on April 27, 2020. The 12-hour, four-week programme will cover fundamentals in the first week, e-commerce strategy in the second week, pragmatic steps for getting businesses online in the third week, and content and digital marketing in the fourth week in a form of lectures, talks, and workshops from successful digital entrepreneurs, e-commerce players, and academics.
The programme is open to any Malaysian retail entrepreneurs and SMEs. At the end of the programme, there will be a competition where the winner will be able to win a 100 per cent fee waiver worth US$2,864 for the Alibaba Global eCommerce Talent (GET) Programme which includes access to Alibaba’s global ecosystem and resources and an opportunity to join the Sunway iLabs Accelerator Programme. Registration has been opened until April 25, 2020, at 6 pm.
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Image Credit: SensorFlow
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