“Growing populations, increased urbanisation, rising labour costs, lack of skilled workers, high safety standards and social distancing stipulations – various factors have been coming together resulting in the strong need for remote monitoring and IoT/AI solutions. This is why we set up SpaceAge Labs – to help governments and corporations improve the way they are managing their widespread assets for improved efficiency, reliability and safety,” explained Deepak Pitta, founder and CEO of SpaceAge Labs.
Others obviously believe in Deepak’s vision. SpaceAge Labs today revealed that it has secured seed funding of US$1.25 million, led by Silicon Solution Partners (SSP), a VC firm supporting deep tech start-ups, and SEEDS Capital, the investment arm of Enterprise Singapore. SpaceAge Labs is also supported by NUS Enterprise, the entrepreneurial arm of the National University of Singapore (NUS), Imagine H2O (a water innovation accelerator) and PUB’s Singapore Water Exchange. Planetspark, a wholly owned subsidiary of SGX mainboard listed Excelpoint Technology Ltd. is also a partner working closely with SpaceAge Labs to help accelerate their technology alongside joining the round as an investor. Mr Sunil Rai and Mr Shivam Ahuja from Dentons Rodyk & Davidson LLP served as legal advisers to SpaceAge Labs in this seed round. The start-up will use this seed funding to grow its team, expand internationally, and roll out several pilot projects across Singapore, Australia, and the U.S.
“We view SpaceAge Labs as having a strong and experienced technical team with successful use cases in the deployment of cost-competitive IoT solutions, with both a hardware and software platform to improve the real time monitoring and manpower productivity enhancement in traditional eco real estate management. This will further expand their business traction into other commercial segments as well,” said David Ng, CEO of SSP.
“SpaceAge Lab’s innovative solutions, which are designed to help businesses in water and landscaping services to monitor their outdoor and remote assets, could potentially help drive their digitalization journey in the new normal as they create operational efficiencies and additional revenue streams. We look forward to supporting SpaceAge Lab on their commercialization journey, alongside our co-investor Silicon Solutions Partners,” said Ms Tan Kaixin, General Manager, SEEDS Capital.