Ackcio, a deep tech startup developing wireless data acquisition technology for industrial monitoring, announced that it has bagged S$4 million (~US$3 million) in a Series A funding round led by Singapore-based venture capital firm Atlas Ventures.
Other participants are Enterprise Singapore, Wavemaker Partners, Aletra Capital Partners, AccelerAsia Ventures, Seasight Holdings, and angel investors.
According to the press statement, the Singapore-headquartered firm will use the new investment to fast-track its regional expansion, strengthen its research and development operations, and expand into new industry verticals.
This plan includes new hires in sales, engineering and operation around the world, which have grown beyond Asia, the Americas and Europe. Ackcio will also further expand its client and partner network in the Middle East, Africa, and Oceania regions.
“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.
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Founded in 2016 by Baranasuriya and Mobashir Mohammad, Ackcio provides cutting-edge, long-range, mesh-based wireless monitoring solutions to industries such as construction, infrastructure, rail, and mining.
Its technology helps contractors monitor geotechnical projects remotely in real-time and enables companies to increase operational efficiency, reduce costs, improve worker safety, and comply with local regulatory requirements.
Baranasuriya said that as the COVID-19 pandemic boosted the need for worker safety and remote operations, Ackcio rises to the occasion of the industrial digitisation. The firm claims to have expanded its customer base to 22 regions across six continents over the last 12 months, yielding a significant revenue upsurge.
“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 startup also targets to expand into other asset-heavy industries, such as oil and gas, energy, and power infrastructure, where data-driven risk management stands at the forefront of smarter and faster operations.
Last year, Ackcio completed its pre-Series A fundraising with co-lead investors Wavemaker Partners and Michael Gryseels.
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Image Credit: Ackcio
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