Internet of things (IoT) technology startup Singularity Automation has raised a seed funding of $1.14 million (Rs 8.5 crore) from venture capital firm IvyCap Ventures.
The fresh capital will help the startup expand into new segments as well as broaden and accelerate its product development to enter geographies outside India, a statement said.
Founded by IIT Kharagpur alumni Akash Goel and Chakradhar Reddy in 2016, Singularity Automation offers IoT solutions for shared economy providers, which include co-living, co-working, student housing and budget hotels. Its cloud platform helps companies manage their properties across multiple cities, maximise asset utilisation and enhance experience.
“Until recently, budget real estate properties used to be managed by individual owners. However, with the rise of new-gen budget hotels, student living, co-living and co-working spaces, the industry is getting organised rapidly and there is a demand for greater efficiency, centralised control and visibility for improving the bottom line of the properties,” Goel said.
Using an integrated approach, the Bengaluru-based company's device-agnostic platform supports open application programming interfaces (APIs) to connect with multiple devices and sensors such as smart locks, smart metres, access controllers and water controllers. The centralised performance dashboards can be integrated into the clients’ dashboard for real time analysis and payment processing.
The company claims its proprietary platform, based on cloud and edge computing, helps increase profitability of property owners, make operations efficient for facility managers and provide an enhanced customer experience for the end-tenant.
The startup plans to work with manufacturers to develop IoT products for companies in the consumer segment, which can plug into their platform using open APIs.
Mumbai-based IvyCap Ventures, founded in 2011 by Vikram Gupta, is an early to mid-stage venture capital firm that focuses on sectors such as consumer, healthcare, enterprise technology, financial technology and emerging technology.
IvyCap Ventures' portfolio includes health-tech startups Pharmarack and Healthcare platform BeYouPlus, online kitchen BiryaniByKilo, lingerie e-tailer Clovia and product rental marketplace GrabOnRent.