SpaceAge Labs raises $1.25 million in seed funding
Abstract
SpaceAge Labs has secured seed funding of $1.25 million, led by Silicon Solution Partners, 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, Imagine H2O 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. 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 to digitalize grass-cutting operations to improve contractor efficiencies; and secondly helping the Public Utilities Board to monitor for manhole overflow events in Singapore's wastewater network.
