Singapore-based smart street lighting startup to list on ASX; $5.7m committed by investors

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GridComm, a Singapore-based startup that builds energy- and cost-saving ‘smart’ lighting grids, announced that it is completing a backdoor listing bid on the Australian Securities Exchange (ASX).

Mike Holt, CEO of the startup, tells Tech in Asia that it has received a commitment of US$5.7 million from investors in a fundraising effort which will close in early April.

Built on top of existing lighting grids, GridComm connects street lights into a network that can be monitored with software. This allows administrators to monitor usage, dim the lights, and save electrical costs.

GridComm’s technology is being deployed in streetlights in three Indonesian cities, including Jakarta, and four Chinese cities, including Nanning and Tianjing. Trials are ongoing in Singapore, Spain, Russia, and Macau.

It claims that it’ll deploy on 100,000 street lights in five cities, with a US$100 initial installation cost and a subsequent charge of US$5 per month per street light.

The startup expects to trade on the ASX by early July. The exchange has approved the backdoor listing.

Converted from Australian dollars. A$1 = US$0.76.