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kindrik partners advises deep-tech startup ackcio on $4m series A round
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Our Southeast Asia team has advised Ackcio, a Singapore-based startup that builds wireless monitoring solutions for industrial monitoring, on its recent $4m series A round. The round was led by Atlas Ventures. Existing investors Wavemaker Partners, Aletra Capital Partners, and AccelerAsia Ventures, and new investors Enterprise Singapore and Seasight Holdings also participated in the round.
Founded in 2016 by Dr Nimantha Baranasuriya and Dr Mobashir Mohammad, Ackcio delivers wireless monitoring solutions to industries such as construction, infrastructure, rail, and mining. Ackcio’s technology helps contractors monitor projects remotely in real-time, increasing operational efficiency and improving worker safety.
In the past year, the company has expanded to 22 countries. The company intends to use this latest round to fund market expansion, scaling up its research and development efforts, and venturing into new industry verticals such as oil, gas, and energy.
Partner Chris Wilson says of the deal, “Ackcio has seen a tremendous amount of growth in a short amount of time, and with their latest injection of funding we look forward to seeing them continue to expand exponentially, both geographically and into new project verticals.”
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Kindrik Partners advised VC firm Illuminate Financial on its investment in Singapore-based AI-driven data processing and automation company bluesheets. Illuminate led the US$6.5 million series A round. Other returning investors included Insignia Ventures Partners, Antler Elevate, and 1982 Ventures.
Illuminate invests in B2B fintech and enterprise software companies that build solutions for the financial services industry. Backed by global financial institutions such as Citi, JP Morgan, Barclays, Jefferies, Singapore Exchange Group, and BNY Mellon, Illuminate uses its extensive network and industry knowledge to help their portfolio companies achieve their full potential in addition to providing capital.
bluesheets offers AI-driven data processing and workflow automation software that helps businesses digitise and automate their bookkeeping processes. It plans to use the funds to further enhance its AI capabilities and accelerate growth in key APAC markets, including Singapore, Thailand, ANZ, and Hong Kong.
We’re happy to have advised Singapore-based synthetic data company Betterdata on an oversubscribed seed round of $1.65 million, led by Investible.
The company was founded in 2021 by Dr. Uzair Javaid and Kevin Yee and allows clients to share data faster and more securely in compliance with stricter data privacy regulations being introduced around the world. Betterdata uses generative AI to convert real data into synthetic data that looks, feels, and behaves like real datasets. These synthetic datasets retain the structure and correlations of the original data while eliminating the privacy and security concerns that come with holding and sharing sensitive data.
Betterdata plans to use the funding to publicly launch its product, hire more staff as the company scales, and improve its technology stack, with the aim of providing support for single-table, multi-table, and time-series datasets. The company also plans to expand across the Asia-Pacific region over the next two years.
