Wavemaker backs industrial tech startup Ackcio in pre-series A round

Ackcio, a startup that builds wireless monitoring solutions for industrial projects, has raised an undisclosed amount of funding in a round co-led by Wavemaker Partners and Michael Gryseels, president of digital enabler True Digital Group.

The round was joined by existing investors Seeds Capital, AccelerAsia Ventures, Aletra Capital Partners, Foundamental, and Entrepreneur First, according to a statement.

Photo credit: Ackcio

Founded in 2016, the Singapore-based Ackcio looks to automate monitoring processes in development sites. Its solutions can be applied to various industries such as construction and mining to monitor a project’s structural integrity and ensure safety, among other things.

Its flagship product Ackcio Beam receives data from Ackcio’s nodes and uploads them to the cloud or third-party servers. Users can then oversee the data and make informed decisions via Ackcio’s dashboard and app.

The startup plans to use the new funds to expand its presence in its existing markets in the coming months, co-founder and CEO Nimantha Baranasuriya told Tech in Asia. The chief exec also said that Ackcio will be investing in support services for its growing user base as well as in sales and marketing to enter new markets.

What problem is it solving? Baranasuriya said that geotechnical stability is crucial to infrastructure, construction, and mining projects. “Failures like tunnel collapses or dam breaches are of the highest material risk category for such projects. Accidents can result in multiple fatalities, environmental damages, massive financial losses, and extended project delays.”

Baranasuriya also said that he sees limited product development, improvement, and innovation in the geotechnical monitoring space, resulting in the use of dated and ineffective systems.

This has led the company to build a simple solution that streamlines the monitoring process. Ackcio Beam can also be easily integrated into a site’s current operations, as it’s compatible with commonly used sensors.

What’s the opportunity? According to a recent Markets and Markets report, the geotechnical instrumentation and monitoring market is expected to grow from US$3.3 billion last year to US$5 billion by 2024.

Ackcio looks to get a bigger slice of the pie by expanding worldwide. For now, it has partnered with key industry players in the geotechnical space to drive the adoption of its technology.

In the future, it plans to move into other industrial instrumentation and monitoring systems for other industries so it can serve a broader market.

Moreover, the startup noted that the Covid-19 pandemic has left many construction and mining sites around the world with less manpower, driving the adoption of automated solutions.

“In post-pandemic times, we are seeing a sticky increase in demand for our technology, which allows contractors to monitor their projects in real time without depending on manpower availability,” said Baranasuriya.