24 September, 2013 (SINGAPORE) – W-Locate Pte Ltd (“W-Locate”), a leading telematics technology and location intelligence company based in Singapore has secured S$2 Million of Series A funding from a top ASEAN investment firm, RHB OSK ASSET MANAGEMENT PTE LTD (“RHB OSK”) through one of its funds, the RHB-OSK GC-MILLENNIUM FUND LP.
This Series A investment was preceded by a pre-series A investment of S$589,000, which was jointly funded by TNF Ventures (“TNF”) and National Research Foundation (“NRF”) earlier this year in March under the TIS scheme. W-Locate intends to utilize the funds from RHB OSK to further its expansion regionally and to expand the capabilities of XimLoc to incorporate cell optimization features.
W-Locate is also pleased to announce that it has concluded a partnership agreement in August 2013 with Advanced Info Services PCL (“AIS”) to jointly launch and promote W-Locate’s XimLoc across Thailand, which is a proprietary SIM-Based tracking solution developed in-house in W-Locate. AIS, a listed public entity on the Thailand stock exchange is the largest telecommunications company in Thailand with over 35 Million customers as of March 2013.
“2013 has proven to be a fruitful year for W-Locate with back to back investments from TNF-NRF and RHB OSK. On the business development front, we are excited to have clinched both StarHub and AIS Thailand to jointly launch XimLoc in Singapore and Thailand respectively. The Series A funding from RHB OSK will help us accelerate our growth and secure more similar strategic partners regionally in countries such as Malaysia, Indonesia, Philippines and China.” said Stevie Ooi, CEO of W-Locate.
“We are pleased to support W-Locate in their efforts to be a global industry leader. W-Locate has proven products and technologies, which have been deployed and adopted by top-tier customers in the region. We look forward to assisting the company to further advance its business growth with our financial resources, capabilities in M&A and capital markets, as well as our global relationship network.” said Dr. Harrison Wang, Managing Partner and Head of Alternative Investment of RHB OSK.
“We are happy to have RHB-OSK as the Series A investor in W-Locate Pte. Ltd. The new fund injection will accelerate W-Locate’s regional development plans, and RHB-OSK will lend strategic presence in pan-asian market entries and partnerships. We look forward to W-Locate’s growth in the region to become a leading telematics technology company in Asia.” said Shirley Wong, Managing Partner of TNF Ventures.
W-Locate is the innovator behind the well-acclaimed products, FIND and XimLoc. FIND combines tracking technologies and tracking analytics to empower fleet and assets owners to remotely track, manage and protect its fleet and valuable assets. Most importantly with the analytics of FIND, fleet owners can leverage on FIND to increase the productivity of its fleet. FIND is remote vehicle diagnostics, incident detections systems, and fleet operation management all rolled into one. FIND is currently adopted by more than 2000 vehicles, of which many of these fleet owners are MNCs and large public listed enterprises in Singapore and Malaysia.
First in the world, XimLoc delivers a SIM-Based tracking system that can accurately track any mobile handset in both indoor and outdoor locations. XimLoc is a proprietary technology, which uses information and signals that are available from the GSM (2G/3G) network to compute positions. XimLoc uses an applet (that resides in a SIM card) to send back to a backend XimLoc server, which will calculate the most probable location based on WLC’s Patent-Pending algorithm. XimLoc has been vigorously tested and has been proven to be as accurate as GPS while addressing the limitations of GPS, i.e. inability to track indoor and heavy power consumption. W-Locate expect XimLoc to be deployed heavily for workforce tracking in Asia. XimLoc has already secured 2 major telecommunications companies to launch its services in South East Asia. XimLoc is also currently in talks with telecommunications companies in other parts of Asia and the Middle East.
About RHB OSK Asset Management
RHB OSK Asset Management Pte Ltd is a the regional hub of the asset management business of the RHB Banking Group, one of the largest financial services group in Malaysia with 17,000 employees and 502 offices in ASEAN and Hong Kong/ China. RHB OSK Asset Management has approximately US$10.3 billion of funds under management with various asset classes invested worldwide. RHB-OSK GC-Millennium Fund LP is a private equity fund managed by RHB OSK and was set up under Economic Development Board/Contact Singapore’s Global Investor Programme.
About TNF Ventures
TNF Ventures (TNF) is an incubator under the National Research Foundation’s Technology Incubator Scheme (TIS). TNF is founded by key shareholders with backgrounds of entrepreneurs, senior corporate executives, venture capitalists and some of the IT luminaries in Singapore. With the belief that their combined knowledge, experience and contacts could make a huge difference to a burgeoning startup ecosystem, TNF looks to contribute back to Singapore by incubating the next generation of entrepreneurs. For more information, please visit TNF Ventures Website
About the National Research Foundation (NRF), Prime Minister’s Office, Singapore
The National Research Foundation (NRF), set up on 1 January 2006, is a department within the Prime Minister’s Office. The NRF helps set the national direction for research and development (R&D) by developing policies, plans and strategies for research, innovation and enterprise. It also funds strategic initiatives and builds up R&D capabilities and capacities by nurturing local and attracting foreign talent. The NRF aims to transform Singapore into a vibrant R&D hub that contributes towards a knowledge-intensive, innovative and entrepreneurial economy; and establish Singapore as a magnet for talent and excellence in science and innovation. The Technology Incubation Scheme or TIS comes under the umbrella of the National Framework for Innovation & Enterprise (NFIE), which was introduced in 2008 to advance R&D-based innovation in Singapore with a view to commercialization. Under the TIS, the NRF co-invests with the chosen technology incubators in Singapore-based high-tech start-ups. For more information, please visit NRF Website.
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