Willowmore, a Singapore-based smart access control solutions provider, has secured fresh funding from SEEDS Capital, the investment arm of Enterprise Singapore, in a Series A+ round.
The company said the funding round was led by Oriza Greenville Technology Fund, a venture capital fund set up jointly by MAS-licensed Greenwillow Capital Management Pte Ltd and Oriza Holdings, a China-based investment firm.
The announcement did not disclose the amount that Willowmore raised but DealStreetAsia earlier reported that the startup secured $800,000 from SEEDS Capital based on its filings to Singapore’s Accounting and Corporate Regulatory Authority (ACRA).
ACRA filings, however, only reflect the equity funding received so far in a round, and the overall funding round could be larger and/or have other components such as debt.
SEEDS Capital now holds an 8.07% stake in the startup while Oriza Greenwillow Technology Fund holds a 22.19% stake, according to DealStreetAsia’s DATA VANTAGE platform. The company’s founders Byrne Basil Edward and Joseph They Choon Koon own a combined 61.82% shares.
Top shareholders in Willowmore
DATA VANTAGE
The startup said it will use the proceeds from its latest funding round to expand its sales team, make additional R&D investments, and strengthen its AI capabilities, among others. It also plans to further expand its presence Singapore.
“This new investment will let us accelerate the growth of our company and bring our innovative solutions to many more customers,” said Ng Joo Her, chairman of Willowmore.
Founded in 2014, Willowmore provides an access control management platform for enterprise and government sites. It replaces mechanical padlocks, cabinet and door locks with app-operated smart locks.
The company said it produced a strong performance last year with its new WMSenseHub 2.x platform, which integrates smart access technology with sensors and CCTV systems.
It has also developed a strong pipeline of new hardware and software solutions that will be released this year.
“Willowmore’s patented technology is able to integrate with sensors, CCTV systems and video analytics to potentially drive automation without compromising security and reliability of critical infrastructure,” said Tan Kaixin, General Manager at SEEDS Capital.
