IoT tech firm Singularity Automation raises Rs 8.5 crore funding, Technology News, ETtech

IoT tech firm Singularity Automation raises Rs 8.5 crore funding
Internet of things technology provider Singularity Automation has raised Rs 8.5 crore in pre-Series A funding from IvyCap Ventures as it looks to build IoT products such as smart door locks and other sensors for consumers.

The Bengaluru-based company works with coworking, co-living and other new-age sharing economy based companies to enable their properties with IoT smarts. It also provides the underlying platform that allows property owners to run analytics and even payments.

“With the rise of new-gen budget hotels, student living, co-living and coworking spaces, the industry is getting organised rapidly and there is a demand for greater efficiency, centralised control and visibility for improving the bottomline of the properties,” said Akash Goel, cofounder and CEO of Singularity Automation.

The company said it will utilise the capital to work with manufacturers to build IoT products for the consumer segment that can be plugged into its platform.

The market for shared living and working, which is quickly getting organised, will drive demand for its solutions, it said.

Vikram Gupta, founder and managing partner of IvyCap Ventures, said, “The Unique SaaS-based model and the inherent stickiness of their (Singularity Automation’s) offerings made us very intrigued and when we met the team and understood the traction with clients, it was a no brainer that we invest and partner with them.”

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