En-trak announces pre-series A investments from Alibaba Entrepreneurs Fund and CLP Innovation Ventures
HONG KONG and SINGAPORE, July 23, 2018 – En-trak, an award-winning Smart Building IoT company based in Hong Kong and Singapore, today announced it has closed a pre-series A round led by Alibaba Hong Kong Entrepreneurs Fund and CLP Innovation Ventures Limited.
En-trak, one of the winners of the 2017 Jumpstarter competition organized by Alibaba Hong Kong Entrepreneurs Fund, was selected among over 600 startups globally. Founded in 2013 by Dr. Vincent Chow, a Singapore-born entrepreneur based in Hong Kong, En-trak develops and markets a hardware-agnostic IoT platform that enables building owners and facility managers to integrate different building data into one centralized platform in order to manage and optimize building operations, as well as to improve productivity and enhance compliances. En-trak has also been conferred with the Best Innovative Research & Development award from the Singapore infocomm Technology Federation (SiTF), along with the Singapore Apex Sustainability Award.
“CLP is excited to partner with En-trak on digital energy innovations for business users,” said Austin R Bryan, Senior Director of Innovation at CLP Holding Limited. “As a winner of the Alibaba Entrepreneurs Fund Jumpstarter competition, En-trak has proven capabilities and technologies that can be harnessed for customers locally and globally. With a business portfolio that spans across energy markets in Asia Pacific, CLP believes digitalised energy infrastructure and tools have excellent market potential for wider application.”
The deal is highly strategic for the five-year-old startup given the two prominent investors. CLP Innovation Ventures is a subsidiary of CLP Holdings, a leading energy supplier in Asia Pacific with operations in Hong Kong, Mainland China, India, Southeast Asia, Taiwan and Australia, while Alibaba Entrepreneurs Fund is a not-for-profit initiative launched by Alibaba Group, a global leader in IoT technology, headquartered in Hangzhou, China.
The rapid growth of the industry is driven by an increasing need by cities around the world to manage growing energy costs, carbon emissions, government legislation and compliances. En-trak Smart Building OS enables building operators to have full visibility, analytics and actionable insights into these data. This powerful, yet simple to use platform integrate different modules including smart lighting, electricity, water, gas, IAQ, EV charging, solar and wind power generation. Thus far, the solution has been used by over 300 world-class customers in Hong Kong, Singapore, Macau, and Thailand, including Fuji Xerox, Shun Hing Group, and Make Up For Ever among many.
“This strategic partnership with both Alibaba Hong Kong Entrepreneurs Fund and CLP will add a new dimension to our vision of utilizing technology to build a more sustainable future for Asia and beyond,” said Dr. Vincent Chow, founder and CEO of En-trak.
“This investment is a strong testament to our team’s achievement over the years. We will make good use of the funding to expand our sales team and operations in both Hong Kong and Singapore, as we aim to become the leader of the next generation of Smart Building technology,” he added.
“We are thrilled to witness the rapid development of En-trak after it won the Jumpstarter pitch competition. We are delighted that CLP, a key sponsor of Jumpstarter, is joining us in supporting En-trak,” said Cindy Chow, Executive Director of Alibaba Hong Kong Entrepreneurs Fund. “Good ideas and products need time and support to develop, and we hope to see more companies in Hong Kong join us in giving startups a lift, as we help Hong Kong transform itself into a leading innovation hub.”