Ackcio, a Singapore-based provider of wireless solutions for industrial monitoring, announced today the completion of its pre-Series A capital, co-lead by Wavemaker Partners, and Michael Gryseels, President of True Digital Group.
Existing and new investors, including SEEDS Capital, AccelerAsia Ventures, Aletra Capital Partners, Foundamental, and Entrepreneur First, participated in this round.
The size of the round was not disclosed.
Ackcio was founded in 2016. Its technology helps contractors monitor their projects to manage risks and increase safety. This, in turn, helps the construction and mining industries reduce costs, improve worker safety and also comply with regulatory requirements on geotechnical monitoring that govern construction and mining operations in many countries.
The startup has recently opened a sales office in Canada to penetrate the North and South American markets. It currently serves clients globally with a presence in over 15 countries in Southeast Asia, China, Oceania, Europe, and North America.
“The additional funds will help us expand our presence in our existing markets and also expand to new markets in the coming months,” said Co-founder and CEO Dr. Nimantha Baranasuriya.
In Singapore, Ackcio’s solutions have been used for monitoring geotechnical sensors in major infrastructure development projects, such as the Thomson–East Coast MRT line, Bedok Canal expansion, and Paya Lebar Quarter.
The company was recently awarded a large contract to supply its equipment to a new infrastructure development project at the Changi Airport.
Along with this new funding round, Arnoud Balhuizen recently joined Ackcio’s advisory board.
Foundamental is a global investor in construction, mining and renovation technology with offices in San Francisco, Berlin and Singapore.
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