Singapore IoT startup Overdrive raises US$2.9M

Singapore-based IoT startup Overdrive has accomplished its US$2.9 million Collection A spherical, which was solely funded by Southeast Asia B2B-focussed VC Tin Males Capital.

Based in 2015 by CEO Aston Chia and COO Zen Chin,  who have been college schoolmates in Australia, the corporate has developed an IoT platform that allows companies to construct an interconnected information sensing atmosphere, extracting information from completely different sources akin to items or automobiles and equipment.

The platform is then configured to optimally ship enterprise aims akin to real-time monitoring and monitoring, exception alerting and command centre visualization.

Overdrive has carried out its platform in giant corporations and establishments akin to Nanyang Technological College, Fedex, Ascendas, and Ministry of Manpower in Singapore, in addition to  Volkswagen and Mazda in Malaysia by way of its native accomplice.

The corporate mentioned its tech is exclusive as a result of it options each an open structure to ingest each in-house and partnered intelligence modules in addition to a capability to tweak device-level firmware and connectivity — making the platform extremely strong and scalable.

“Overdrive has built a powerful and dynamic platform in allowing any devices and sensors to communicate with each other and with data and video capabilities,” mentioned Chia, in an official press assertion.

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“In order to keep our current and potential customers invested in our vision, we continue to upgrade our platform aggressively to stay ahead,” he added.

Chia mentioned the newly-raised financing will assist Overdrive to scale up its industrial asset monitoring tech for the provision chain, development and amenities administration sectors, with a concentrate on delivering options within the Singapore and Malaysia markets.

“We are scaling up our R&D bandwidth as we speak and have already embarked on a few industrial level implementations with customers in Singapore and Malaysia, with more markets and sectors, being targeted over the next 18 months,” added Chin.