Singapore-based wireless data technology for industrial monitoring start-up Ackcio has raised $2.97 million (S$4 million) in Series A funding as it looks to enable digitalisation in asset-heavy environments such as mining.
The company said the funding round was led by Atlas Ventures, a Singaporean venture capital firm, and included Enterprise Singapore, Wavemaker Partners, Aletra Capital Partners, AccelerAsia Ventures, Seasight Holdings, and undisclosed angel investors.
It will scale up its efforts to enable better data collection reliability in mission-critical industries by integrating with industrial sensors and software platforms. Its focus will be on entering asset-heavy industries where data-driven risk management is a necessity.
The capital will accelerate the company's strategy to strengthen operations across Asia, the Americas, and Europe.
Mobashir Mohammed, co-founder and chief technology officer, Ackio, said monitoring the structural integrity of elements such as mines is vital for "ensuring quality and safety" and that the COVID-19 pandemic has created new challenges in manpower and demand.
"We are seeing more infrastructure development projects around the world requiring automated monitoring, and this trend will only continue to grow as more contractors and asset owners start to reap its benefits," he explained.
Nimantha Baranasuriya, co-founder and chief executive officer, Ackcio, said the need for companies to digitalise is "even more important than before" due to the pandemic.
