Willowmore Pte Ltd, a technology solutions provider in Singapore, has announced that it already closed Series A+ of its funding round.
The company’s latest funding round earned investments that will help Willowmore further expand its market presence and strengthen its position as a leading provider of smart access, IoT and analytics technologies.
Series A+ was led by Oriza Greenwillow Technology Fund, a venture capital fund set up jointly by Greenwillow Capital Management Pte Ltd, which is an MAS-licensed fund management company that is based in Singapore, and Oriza Holdings, an investment firm from China, Willowmore said in a statement.
The round was also participated by SEEDS Capital, Enterprise Singapore’s investment arm.
“We are thrilled to partner with Greenwillow and SEEDS Capital, investors who share our vision and commitment towards driving continuous innovation and creating even better products,” said Ng Joo Hee, Chairman of Willowmore Pte Ltd.
Willowmore plans to use the proceeds from Series A+ to grow the company’s sales team, ramp up sales channels in new markets, make additional research and development (R&D) investment to expand its product range of smart locks and security solutions, and further strengthen its artificial intelligence (AI) capabilities.
The investment from SEEDS Capital is expected to help Willowmore expand its footprint in Singapore by delivering value to major critical infrastructure players and small and medium enterprises (SMEs) and help them drive automation and operational efficiency, while delivering cost savings and sustainability.
In a statement, Willowmore said that they showed a strong performance in 2022 with the introduction of their WMSenseHub 2.x platform, which integrates smart access technology with sensors and CCTV systems.
The new product was adopted by critical infrastructure players in both Singapore and Indonesia, it added.
With the help of its innovative partners and end-users, Willowmore also developed a strong pipeline of new hardware and software solutions that are set for release this 2023.
In addition, Willowmore said they were renewed under the Accreditation programme by the Infocomm Media Development Authority, Singapore (IMDA).
This renewal is an added boost to the firm’s commitment to drive innovation and excellence in Singapore’s information and communications technology (ICT) industry.
Since its launch in 2014, the IMDA Accreditation programme has been very instrumental in supporting the growth of Singapore-based enterprise tech product companies and ICM start-ups through winning contracts with government agencies and large enterprises. It also facilitated new growth capital into these companies.
Willowmore, which is an IMDA Accredited company, targets to deliver innovative and effective ICT solutions to its clients as it brings about its commitment to excellence and its ongoing efforts to stay at the forefront of the ICT industry.
According to Tan Kaixin, General Manager at SEEDS Capital, Willowmore’s patented technology is capable of integrating with sensors, CCTV systems and video analytics to potentially drive automation without compromising security and reliability of critical infrastructure.
By tapping Enterprise Singapore’s global networks, they aim to help Willowmore expand its international footprint to new markets like Malaysia and Australia, he added.
SEEDS Capital, which is an investment arm of Enterprise Singapore, catalyses smart investments into innovative Singapore-based early-stage startups with strong intellectual content and global market potential. It also adopts a co-investment model, working hand in hand with institutional investors from around the world.
The company helps startups commercialise, realise their business development plans and expand globally by leveraging its collective expertise and networks as it also focuses its investments into emerging and strategic sectors that are aligned with national priorities, including manufacturing, trade and connectivity, human health and potential, urban solutions and sustainability, and smart nation and digital economy.
Oriza Greenwillow Technology Fund, for its part, invests in early-stage technology start-ups in Singapore and the fast-growing markets of Southeast Asia. Its primary focus is on the smart cities and health-tech sectors.
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