- The company will use the capital to work with manufacturers to build IoT products for the consumer segment
- It works with coworking, co-living companies to enable their properties with IoT smart products
As per a report by the Economic Times, IoT technology provider Singularity Automation has raised Rs 8.5 crore in pre-Series A funding from IvyCap Ventures. With this funding, it aims to build IoT products like smart door locks and other sensors for consumers.
The report said that the company works with coworking, co-living companies to enable their properties with IoT smart products. It also provides the platform to allow property owners to run analytics and payments.
Build IoT products
As per the report, Akash Goel, cofounder and CEO of Singularity Automation said that with the rise of new-gen budget hotels, student living, co-living and coworking spaces, the industry is getting organsied in a rapid manner. There is a demand for greater efficiency, centralised control and visibility for improving the bottom line of the properties. The report added that the company said that it will use the capital to work with manufacturers to build IoT products for the consumer segment that can be plugged into its platform.
The report added that Vikram Gupta, founder and managing partner of IvyCap Ventures said that the unique SaaS-based model and the inherent stickiness of Singularity Automation’s made them very intrigued. After they met the team and understood the traction with clients, it was clear that they had to invest and partner with Singularity Automation.