SpaceAge Labs has secured seed funding of $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.
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.
"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.
SpaceAge Labs is a deep tech start-up that was incubated at NUS Enterprise Singapore Science Park. It is revolutionising operations and maintenance of remote and distributed assets by collecting asset data using low power, long-range wireless IoT devices, together with advanced AI software to generate valuable insights from this data. This increases the asset's uptime (due to data-driven predictive maintenance), reduces cost (less manpower required) and provides peace of mind (operators gain real-time asset visibility).
While remoteEye can be applied in various sectors, SpaceAge Labs is initially targeting three sectors: water/wastewater; urban greenery/landscaping and facilities management. SpaceAge Labs has IoT deployments with more than 30 customers, including two key Smart Nation pilot projects in Singapore: Firstly, working with National Parks Board (NParks) to digitalize grass-cutting operations to improve contractor efficiencies; and secondly helping the Public Utilities Board (PUB) to monitor for manhole overflow events in Singapore's wastewater network.
The company's flagship product is remoteEye, a complete, sensor-agnostic IoT/AI platform that enables connected operations and maintenance. remoteEye consists of three parts:
- rEye IoT Nodes – These are low-powered, wireless devices that read and transmit data from industrial sensors located at the assets.
- Wireless networks – The sensor data is transmitted via low power wide area wireless networks to the cloud. The networks are at low cost (from $1 per month per device), able to transmit over long distances (several kilometres) and consume low power (up to five years of battery life).
- rEye Data Cloud – Enterprise-grade IoT/AI software that stores, analyses, and visualises this sensor data. This software is secure, easy to use and able to scale easily from managing one asset to thousands of assets. Proprietary AI software and geospatial data analysis provides useful insights and predictions that can be accessed via web or mobile.
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