Jul 18, 2013

WEBWIRE – Tuesday, October 23, 2007 Investment to fund development of innovative mesh-based energy profiling technology. SINGAPORE - October 24, 2007 – The Singapore-based business angel fund, BAF Spectrum Pte Ltd, today announced its first co-investment deal with its government partner SPRING SEEDS Capital Pte Ltd. Anacle Systems Pte Ltd raised SGD $500,000 of seed funding (~ USD $340,000) from the two investment firms through the government-private joint Business Angel Fund (BAF) scheme for start-up companies. Prof. WONG Poh Kam, Chairman of BAF Spectrum, will join Anacle’s board of directors. “We are very impressed with the contributions from the BAF Spectrum team so far”, said Mr. Alex LAU, Founder and CEO of Anacle Systems. The company was founded in early 2006 and develops innovative technology solutions for asset and energy management. Its asset management product, the Anacle Enterprise Asset Manager (tm), has emerged as the most popular facility management software in the Singapore real estate market and is fast gaining market share in the industrial market. The company will also soon launch its unique energy profiling solution based on mesh networking technology, targeted the growing energy efficiency market. Prof. WONG Poh Kam added: “We see a large potential in driving energy conservation in both new and existing industrial developments, both in Asia and world-wide.” Prof. WONG concluded: “With the global attention directed towards reducing emissions that increase global warming, BAF Spectrum is proud to work with Anacle to contribute towards a better environment”. Because of its stable and diversified customer base, Anacle Systems is on track to become cash flow positive in Q1 of 2008. To ensure that the company continues to grow strongly, it has planned a series of aggressive marketing campaigns and to enter the Chinese and Middle East markets. Anacle Systems plans to tap the marketing expertise and connections of JV partners in this process. BAF Spectrum also announced today it’s status as “Approved Venture Capital Fund” under the ‘Permanent Residency for Investors Scheme’ administered by the Singapore Economic Development Board, allowing permanent residents to invest their immigration deposits with the fund. About BAF Spectrum Pte Ltd Founded in October 2006, BAF Spectrum Pte Ltd is run by a team of experienced business angels under the Business Angel Scheme (BAF) operated by SPRING SEEDS Capital Pte Ltd. The fund has committed to investing SGD $20 million in Singapore-based, early-stage ventures by 2011. Half of the funds are committed by the Directors themselves; the other half by SPRING SEEDS Capital. Its six directors represent an unusually wide cross-section of experienced business talent in Singapore. The directors are Mr. Francis CHUA, Mr. CHOW Yen Lu, Mr. William KLIPPGEN, Associate Professor WONG Poh Kam, Col [Ret] Tan Hong Huat and Mr. Sanjeev SHAH. For each investment, at least one of the Directors will take a board seat and work actively with the founder team to develop the business. BAF Spectrum also has a board of advisers comprising internationally recognized business leaders like Professor Edison LIU (Executive Director, Genomic Institute of Singapore), Dr. Thomas NG (Managing Partner, Granite Global Ventures), Dr Lily CHAN (CEO of NUS Enterprise) and Prof TAY Joo Hwa (CEO of NTU’s IESE Pte. Ltd.) About Anacle Systems Pte Ltd Founded in February 2006 by Alex LAU and Charles ONG, Anacle Systems focuses on developing cutting edge technologies to solve real world asset and energy management challenges. The company has grown rapidly and achieved profitability in the second year of operations. Anacle Systems is headquartered in Singapore. Notable customers include Taipei 101 (tallest building in the world), Johor River Waterworks and United Oil Terminal (largest terminal in South-East Asia). Related Links