Everything in homes today, even something as mundane as a lock, are now smart. While RFID technology opened new doors as to how locks could operate, igloohome has keyed in on revolutionary solution that has forever changed the boring world of locks.
The Singapore-based startup developed its algoPIN Bluetooth technology that works similar to the One Time Password token system used in the banking industry. This differs from most smart locks on the market in that there is no need to download an additional app to gain access.
igloohome has seen demand for its products grow across the world and the firm has been featured everywhere from GQ to The Wall Street Journal. If you’re not familiar with the company, here are a few things you should know.
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4 things to know about igloohome
They’ve raised USD20 million in funding
igloohome has raised more than USD20 million in funding with its most recent round closing in 2019. The company brought in USD15 million during its last go round which it used to launch iglooworks, a suite of smart access products that extend beyond door locks. Previous funding included USD1.25 million in seed money and a USD4 million round of financing in 2017.
igloohome smart locks are everywhere
The Singaporean firm has found takers around the world for its collection of smart locks. For example, they can be purchased in Best Buy, The Home Depot and Lowe’s, three American big box retailers with nationwide reach. Meanwhile, Safe carries igloohome in the UK and the firm has resellers throughout Southeast Asia.
A 30 Under 30 member
Kenny Wang, igloohome COO, was named as one of Forbes Asia’s 30 under 30. Not bad for a lock maker.
There are big plans for India
While 2020 saw the company’s sales decline in India due to COVID-19, it was far from a lost year. igloohome found success in the rapidly growing logistics industry which offset sluggish demand from the property sector. Additionally, the startup announced that it wants to increase its retail presence throughout India and has plans to enter five major cities in 2021.
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