EDBI invests in two technology companies

EDBI, the investment arm of the Economic Development Board, recently invested in two tech firms.

The first is RetailNext, a California-based retail analytics solutions provider that is expanding its Singapore operations on the back of the EDBI funding.

RetailNext automatically collects and analyses data about shoppers' behaviour and provides retailers with insights to improve the brick-and-mortar shopping experience in real time.

EDBI invested an undisclosed sum in RetailNext's latest strategic investment round, in addition to a funding round last year.

Some of the firm's other investors include August Capital, Activant Capital, Starvest Partners, Nokia Growth Partners and Qualcomm Ventures. The company has raised more than US$100 million (S$136 million).

"RetailNext is strategically focused and committed to delivering its Internet of Things solutions to retailers in the rapidly expanding Asia-Pacific region," said Mr Wong Sin Hin, the company's Asia-Pacific head.

"Store deployments have grown over 300 per cent in the last 12 months, and the expansion opportunities have led RetailNext to more than double the size of its regional offices headquartered in Singapore," he added.

EDBI also invested in LogRhythm, which uses data to automatically detect and neutralise cyber threats.

EDBI was part of a US$50 million funding round led by existing investor Riverwood Capital, with participation by Adams Street Partners, Siemens Venture Capital, Delta-v Capital and members of the LogRhythm management team.

"As a recognised leader in its field, LogRhythm is well placed to address the rapidly growing cybersecurity market," said EDBI chief executive and president Chu Swee Yeok.

"EDBI looks forward to supporting the company in Singapore to advance their global solutions in Asia."

Mr Andy Grolnick, LogRhythm's president and chief executive, said: "We're in the early stages of a fundamental market shift.

"Organisations around the world recognise that advanced detection and response capabilities need to be at the core of their cyber security strategies, and IT security budgets continue to shift in this direction from a traditionally prevention-centric set of priorities."

Chia Yan Min

A version of this article appeared in the print edition of The Straits Times on August 31, 2016, with the headline 'EDBI invests in two technology companies'. Print Edition | Subscribe