Singapore’s Ackio, a wireless monitoring solution provider for industries like construction and mining raises an undisclosed amount in the pre- series A round co- led by Wavemaker and Michael Gryseels. Michael Gryseels is the president of digital enabler True Digital Group.
Existing and new investors, including SEEDS Capital, AccelerAsia Ventures, Aletra Capital Partners, Foundamental, and Entrepreneur First, also participated in this round, according to an announcement.
“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.
The chief executive also said that Ackcio will be investing in support services for its growing user base as well as in sales and marketing to enter new markets.
Founded in 2016 by CEO Baranasuriya and co- founder Mobashir Mohammad, Ackcio aims to help 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.
Baranasuriya obtained his doctorate in wireless networking from the National University of Singapore. He previously worked as an associate tech lead for Sri Lankan software product engineering company 99X Technology.
Mobashir Mohammad, who serves as the startup’s chief technology officer holds a doctorate in internet of things and wireless networking from the National University of Singapore.
The company’s flagship product suite, Ackcio Beam, is an end-to-end system that provides complete automation of monitoring geotechnical and structural sensors in construction and mining projects, making for safer, more secure outcomes.
Ackcio has recently opened a sales office in Canada to penetrate into the North and South markets. The startup currently serves clients globally in over 15 markets such as China, Oceania, Europe, and North America besides Southeast Asia.
The wireless monitoring solutions provider has also partnered with key industry players in the geotechnical space to drive the adoption of its technology. Ackcio plans to move into other industrial instrumentation and monitoring systems for other industries so it can serve a broader market.
Moreover, the startup noted that the Covid-19 pandemic has left many construction and mining sites around the world with less manpower, driving the adoption of automated solutions.
“In post-pandemic times, we are seeing a sticky increase in demand for our technology, which allows contractors to monitor their projects in real time without depending on manpower availability,” said Baranasuriya.
While the company declined to disclose its revenue and user targets, its CEO said that Ackcio aims to penetrate all continents by the end of 2020.