iCARES
ICARES TECHNOLOGY SDN. BHD.
Summary
iCARES, a Malaysian Proptech company, provides building management software and smart access control solutions to revolutionize security and streamline operations for high-rise, gated-guarded, and industrial buildings using cutting-edge Smart IoT technology. Its smart access control system uses biometrics, smartphone, facial recognition, and ANPR technology for secure access while simplifying the process for the users. iCARES is designed for simplicity, connecting all parties under one platform for a seamless experience.
Problem
Ineffective of traditional visitor management system
The current visitor management system is inadequate and ineffective, causing inefficiencies and time-consuming processes for granting/revoking access rights. It lacks visibility and transparency, making it difficult to ensure security and safety. Monitoring and reporting access is challenging, and managing physical cards is problematic and can pose a security risk. The system can also be circumvented by fake visitor details and QR codes, undermining its integrity.
Multiple Access Cards
Having multiple access cards for various areas, such as the workplace, property, and club, leads to confusion and mismanagement.
Cloned Access Card
The biggest contributor to security issues in living environments is the abuse of access cards, including unauthorized duplication and transfer, making it difficult for management to track who is holding the cards and accessing the community.
Payment issue
Unknown payments made through bank in can create a significant challenge for the management company when it comes to tracking and reconciling accounts. These payments may not have a clear source, making it difficult to determine where the money came from or where it should be allocated. Without proper identification or labeling, the management company may have to manually verify the payment by reaching out to the payee for the bank details. This can be time-consuming and can lead to delays in reconciling accounts. Additionally, it can also increase the risk of errors or fraud if the management company is unable to properly verify the payment.
Lacking of Integration between access control and with payment system
The current traditional access system, which is not integrated with the payment system, makes it difficult to prevent residents/users who have not paid their outstanding fees from accessing certain areas of the property. This is because the system is not able to effectively track and update the payment status of each resident, leading to confusion and potential security issues. Without proper integration, the property management team may have to manually check and update the payment status of each resident/user, which can be time-consuming and error-prone. Additionally, without a proper system in place, it may also be difficult to prevent unauthorized access to restricted areas, such as fitness or pool areas.
Solution
iCARES solution has consisted of the following modules: -
- Intelligent visitor control system completed with IoT solutions
- Intelligent billing module
- Resident management/communication app
- Assist button for emergency services
- Integrated cloud-based accounting software for the management offices
- Analytical dashboard
Our solution is supported by Google Cloud Platform and AWS server.
Product
iCARES solution consists of the following modules:-
- Intelligent visitor control system completed with IoT solutions
- Intelligent billing module
- Resident management/communication app
- Assist button for emergency services
- Integrated cloud-based accounting software for the management offices
- Analytical dashboard
Our solution is supported by Google Cloud Platform and AWS server.
Traction
• ICARES recorded more than 1.47 million in revenues in the year 2022.
• Car plate recognition system verified and captured more than 2 million entries per month.
• More than 230k users.
• Signed a partnership agreement with Malaysia's biggest professional security products company in the year 2022.
• ICARES continues to experience steady growth, having secured a number of developer projects in the pipeline.
• ICARES’s business model had been pitched and won a third-place prize in ASB101K Entrepreneurship Competition in the year 2022.
Customers
- Our customers are developers, resident communities, management offices of the residential areas and condominiums, schools, golf clubs, factory & security companies.
- We acquire these customers via direct, referral and partnership.
Business Model
We are selling our system through a monthly subscription basis. This allows our customers to access our latest and most advanced products without having to make a large upfront investment.
We also offer a bill payment option through our software for the users for added convenience. This allows users to pay their bills directly through our system, and we will be entitled for the transaction fee for each payment processed through the payment gateway.
Market
The access control market growth is expected to reach USD 13.1 billion by 2026 and is growing at a CAGR of 8.7% during the forecast period.
iCARES would likely face competition in the market in Malaysia and potentially in Southeast Asia as well, especially in a country with a large population like Indonesia.
Competition
Our competitors include Jaga Solution, i-Neighbour, iResidenz, and eCommunity. However, we are differentiated because of our solution’s user experience and also more advanced security and bill payment solutions.
Funding
We intend to raise RM 300k – 2.1 million at the pre-money valuation of RM 19.99 million.
Vision
To become the leading Proptech Company in the world.
Investors
Mr. Foo Chee Seng, A serial entrepreneur which has 10 years of experience in managing companies, real estate, and venture capital investment, has invested. RM 608,500 into the Company.
Founders
Team
Kang Kim Lun (Kim)
- 10 years experience in entrepreneurship
Chua Boon Yew (Ryu)
- Ex- CTO from Hermo Creative Sdn. Bhd.
- More than 15 years of experience in web application development.
Foo Chee Seng (Franky)
- 15 years of entrepreneurship experience
Lim Hao Yang (Hao Yang)
- More than 6 years of mobile app (iOS & Android) development experience
- Developed more than 350k downloads with more than 98.8% crash free rate
- Ex-Core fronted developer in Hermo Creative Sdn. Bhd.
Lim Chin Siang (Lim)
- More than 7 years of project management experience
- Handled projects with an overall value of more than RM 20 million.
Press
Facebook Post - Polis Daerah Johor Bahru Selatan
2. RiseMalaysia.my - Top 30 Finalists
5. BFM 89.9
6. Twitter Post by Former Minister Kementerian Pembangunan Kerajaan Tempatan
Disclaimers
- No shares will be allotted or issued based on this document after six months from the closing of the offer period.
- This issue, offer or invitation for the offering is a proposal not requiring authorisation of the Securities Commission under section 212(8) of the CMSA 2007.
- This document has not been reviewed by the Securities Commission Malaysia. The Securities Commission does not recommend nor assumes responsibility for any information including any statement, opinion or report disclosed in relation to this fund raising exercise and makes no representation as to its accuracy or completeness. The Securities Commission expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the information disclosed.
- pitchIN and its officers and staff may also be investing in this campaign
- Under ECF Guidelines, valuation is determined and set by the Issuer. Investors are advised to carefully peruse all investment offers and documents before making investment decisions.