AI startup SpaceAge Labs scores $1.2m in seed funding

SpaceAge Labs, a Singapore-based IoT / AI solutions startup, has announced raising S$1.7 million (about $1.25 million) in a seed funding round co-led by Silicon Solution Partners and SEEDS Capital, the investment arm of Enterprise Singapore.

SpaceAge Labs is a deep tech startup 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 toe generate valuable insights from this data.

The startup said it will use this seed funding to grow its team, expand internationally, and roll out several pilot projects across Singapore, Australia, and the US.

The company’s flagship product is remoteEye, a complete, sensor-agnostic IoT/ AI platform that enables connected operations and maintenance. 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. See Annex 1 and 2 for details on the NParks and PUB pilots.

“We hope to conduct more pilot trials with companies and governments, to showcase how remoteEye results in benefits including cost savings, improved safety/ hygiene levels, improved performance and reduced reliance on manpower. In order to do so, we will need to increase our headcount and expand internationally,” said CEO Deepak Pitta.

SpaceAge Labs also collaborated with the NUS Office of Facilities Management team to trial the first version of its remoteEye IoT solution. This trial was conducted to detect faulty streetlights on the NUS Kent Ridge Campus, leading to improved safety for pedestrians and drivers at night.

In 2020, SpaceAge Labs moved to its own unit at PUB’s Singapore Water Exchange, to be closer to the water industry ecosystem, which is one of its key target verticals.