Singapore-based industrial IoT platform Overdrive has raised $2.9 million in Series A funding from venture capital firm Tin Men Capital.
Founded in 2015, Overdrive operates an IoT platform that automates data sensing of various types of assets across vehicles, machinery, goods and people. It uses connectivity technology and third-party devices to deliver real-time tracking, monitoring, exception alerting and command centre visualisation.
Overdrive’s clients include Sentosa, Nanyang Technological University, Fedex, Ascendas and Ministry of Manpower in Singapore, and Volkswagen and Mazda in Malaysia via its local IoT partner.
According to an official statement, Overdrive plans to use the funds to upgrade its platform to target more customers in Singapore and Malaysia.
Zen Chin, COO and co-founder of Overdrive, said: “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.”
7 January 2019