Business & Economy Startups ’s IoT-based power monitoring startup Ampotech raises funding

Singapore’s IoT-based power monitoring startup Ampotech raises funding

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Ampotech’s system goes dashboard reporting to detect energy waste and alerts facility managers when equipment is not operating normally

Ampotech, a Singapore-based IoT startup that develops next-generation power monitoring solutions used in commercial and industrial buildings, has raised S$1 million (US$726,000) in seed funding, led by Silicon Solution Ventures, a fund managed by startup incubator Silicon Solution Partners.

Enterprise SG‘s arm SEEDs Capital, as well as existing investor and Indonesian Prasetia Dwidharma also co-invested.

With opportunities ahead in international markets such as Australia and Indonesia, Ampotech plans to use the funding to support its operations and expand its product range.

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Ampotech, which spun out a University of Illinois and A*STAR research centre in Singapore, specialises in the collection and analysis of electricity usage data from the built environment. Its products and software provide real-time visibility into power and energy consumption of spaces and equipment at a facility while offering a simple installation process and wireless connectivity.

The claims its sensing hardware and cloud-based analytics platform allow its monitoring system to go beyond dashboard reporting to detect energy waste and alert facility managers when equipment is not operating normally. Its devices operate on a completely wireless architecture.

Ampotech claims its data has been used by companies in commercial real estate, retail, and oil & gas to identify energy efficiency improvements, conduct remote asset monitoring, and obtain business insight into operational and activity patterns.

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“At this point, we have our core product, a number of early customers, and several significant . This funding will enable larger scale manufacturing and allow us to expand the team to support our growing sales pipeline,” said Ampotech CEO and Co-founder William Temple.

By the end of 2019, the company expects to enter another regional market. “There are a number of new partnerships that will be announced over the next few months,” Temple added.

Image Credit: Unsplash

The post Singapore’s IoT-based power monitoring startup Ampotech raises funding appeared first on e27.

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