The Internet of Things (IoT) stretches our mind into the realm of insane possibilities and imaginations.
IoT bridges communication among the physical objects via Internet connection. The fully evolved IoT will assimilate all things, and people, into one common web, thus the term “Internet of Everything” (IoE). It is truly revolutionary; yet mind-boggling. Its success will perhaps activate a very different, and slightly bizarre kind of new reality for us all, one where physical and digital world collide.
IoT is not a newly coined concept. In 1926, Nicola Tesla envisioned a wirelessly connected world. But none gave it a name until Kelvin Ashton termed it the “Internet of Thing” in his presentation at P&G. The concept was not mainstream until 2009, when an article on RFID journal was published.
The introduction of IPv6, proliferation of wireless technology, improved battery life, device ruggedization and declining costs of technology (Moore’s Law), have further accelerated this space’s development to an unprecedented speed.
Many VCs have obtained their passports into the IoT territory. To some it has been a fertile season with basket-full of notable exits like Smarthings (Samsung), Nest (Google), Dropcam (Nest) and etc. Significant amount of VC funding has been deployed into start-ups like Fitbit (65M total funding), Jasper ($205M total funding), iControl ($93M total funding) and etc. The ecosystem thus evolves and branches wide. It stretches from the back-end infrastructure (e.g. generations, transmission etc) to front-end solutions (e.g. distribution, home and building).
Yet, not all IoT start-ups are created equal. While some bring harvest fields, some are minefields. And to succumb to the gold-rush mentality in IoT investments likely results in mediocre returns on investment. The opportunities in the IoT sector are vast, but so are the odds of failure. Product-market fit problems aside, many IoT start-ups could not scale pass the prevalent hurdles of security, system and standard in the industry.
More can be done. And iGlobe has been an active player in this industry since the early 2000s.
ANACLE
iGlobe’s arrival hall just celebrated safe landing of another investee company, Anacle Systems. Anacle has recently listed on the Growth Enterprise Market (GEM), set up by Hong Kong Stock Exchange (HKSE).
Established in February 2006, the Company earliest flagship was Enterprise Asset Management software. Early traction across markets, from Singapore, to Asia and the Middle East, prepared the company for further scale-up. In 2010, iGlobe participated in Anacle’s Series C to support the roll-out of the energy management line. Subsequently, the additional injection of funding in 2013 made iGlobe the largest shareholder in Anacle.
Headcounts of less than 100 has never placed Anacle at a disadvantage to its competitors. Singapore Airlines, CapitaLand, Mapletree and public sector agencies MOH and MOE are just some of the prominent names placing their trust in Anacle’s software.
TELENAV
We placed our confidence in the 1-year-old Telenav in the year 2000, amidst the uncertain global economic climate. It was by no means a heedless move. Telenav was second-to-none in its offering, and H.P.Jin was a rare visionary. Bob Rennard, Telenav’s CTO, was the chief engineer for US Air Force’s Global Positioning System (GPS). The company’s navigation solution on cell phone, first in the market, also convicted us of our choice.
Then 9/11 hit, leaving its tragic marks across the economies. Telenav’s plan to enter the US market crumbled. In 2002, iGlobe extended additional funding and brought Telenav to establish its presence in China. For years, GPS remained Telenav’s focal point of development. The Company worked the ground from scratch in the market where Bluetooth and GPS-enabled phones were virtually nonexistent.
Telenav raised its final round of funding in 2006. And hard work paid off. In 2010, the Company announced its IPO on NASDAQ.
Today, Telenav is at the forefront of the connected car industry. Partnerships forged with automobile behemoths like Ford, Toyota, and General Motors gain Telenav strong foothold in the ecosystem. Connected car accounts for the bulk of the company’s revenue.
ThinkNear, acquired by Telenav, carved out another area of opportunity in location advertising for the company. ThinkNear’s Situational Targeting technology and Telenav’s Drive-To Advertising joined forces to create Scout Advertising. The advertising platform captures millions of customers and delivers billions of hyper-local impressions per month to advertisers. Telenav was named “Cool Vendor Mobile Marketing for 2015” by Gartner.
U-BLOX
Dr. Gerhard Troster and his 4 students, Dor Claus Habiger, JP Wyss, Daniel Ammann, and Andreas Thiel, started writing their own story in 1997. It was the story of relentless pursuit to create a seamless mesh system for communications that cuts through walls, floors and ceilings.
2003 came with a barren spell. Efforts to enter the US and Asia market yielded fruitless. Relationships with key suppliers turned sour. Dr Troster stepped aside, and Thomas Seiler took the steering wheel as u-blox CEO.
Against this backdrop, u-blox started Series C fundraising from European investors. Fearing legal encumbrances and potential conflicts with channel partners, most VCs stayed on the sidelines. In late 2003, u-blox approached iGlobe for investment and assistance to enter the Asia market. Confident in u-blox products, which were on par with or superior to industry leaders, in 2004, iGlobe joined the ride. The team saw through the establishment of u-blox R&D centre in Singapore in 2006, and eventually, its IPO on Swiss Stock Exchange in 2017.
Today, u-blox continues to stay true to its vision of being the “leading, industry‑quality supplier of communications and positioning components in the Internet of Things that Really Matter”