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ICARES TECHNOLOGY

iCARES, B'cos We Care

SUMMARY VIDEO

COMPANY DETAILS

Summary

Malaysia's first most innovative smart community management SaaS, which is integrated with Smart IoT and designed for high rise building as well as gated guarded communities.

iCARES intends to solve the residential area’s security issues as well as helping the management office to carry out its day-to-day operation with the residents.  All the features and functionalities of iCARES are designed and built with simplicity in mind and from the perspective of building management and the users. The mission of iCARES is to seamlessly connect different parties such as Management Company, Resident Association, Security Guard, Tenant, and Visitor under one platform.

Problem

The residents often feel unsafe with the security of the community especially in the community which uses a conventional access card. The access card is easy to be duplicated and misused.

The management offices are often facing the issues in collecting payments from their residents especially on the unknown payment. 

Residents find it hard to communicate with the management office, as well as getting the latest updates from its management offices.

Solution

iCARES is a complete building management solution built on mobile app paired with a powerful yet easy-to-use backend. By leveraging today’s IT and technologies, we are able to increase efficiency of day-to-day services through quality management and systematic maintenance. The features in iCARES which are useful for the management company includes, Announcement & Notice Board, Feedback & Report, Intelligent Visitor Control System (iVCS) and E-Billing Module. 

iCARES provides the standalone iCARES Visitor Control System (iVCS) with the most secure visitor control system in the market yet easiest to use with many 1st in the market features, such as unit control and visitor verification code (VVC). Unit control can prevent unauthorised visitor especially walk-in visitor to enter the community area by simply provide the address to the on-duty security guard.

iCARES also integrated payment gateway into the billing system to help the management company to eliminate the unknown payment issue and risk of cash handling. Residents are able to pay the maintenance fee at anytime and anywhere thru the mobile app. All the transaction records are available in the application too.

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

- So far deployed in 69 sites and more than 91,000 users acquired in Johor Bahru and Kuala Lumpur

- More than RM 200K revenue achieved in the year 2021

Customers

- Our customers are developers, resident community, management offices of the residential areas and condominium, school, golf club, factory & security company.

- We acquire these customers via direct, referral and partnership

Business Model

A) One-time revenue:

i. Selling of hardware

ii. Hardware installation and commissioning

B) Long term revenue:

i. Subscription fee 

ii. Transaction fee

iii. Market place listing fee

iv. Advertisement fee

- Our products are sold to the customers via monthly subscription. Besides that, the customers will also purchase hardwares from us.

- We offer monthly maintenance fee payment to the residents via our application.  We will also be entitled to a transaction fee from this payment.

- In the future, we will introduce on-demand grocery and household services via our software to the residents. We will be entitled to earn a commission from these grocery and services transaction.

Market

Globally, property management market is estimated to reach USD 23,63 billion by 2026. In Malaysia, there are total 52,696 apartments/condominiums, 392,305 terrace houses, and over 100,000 detached/semi-detached houses, excluding the low cost houses/flats.

iCARES currently targets the residential areas in Malaysia, but it will eventually expand SEA market especially Indonesia.

Source:

https://www.globenewswire.com/newsrelease/2020/05/22/2037449/0/en/Property-Management-Market-to-Reach-USD23-63-billion-by-2026-Rising-Upgradation-in-Software-Solutions-to-Bolster-Growthsates-Fortune-Business-Insights.html

https://www.dosm.gov.my/v1/index.php?r=column/cthree&menu_id=YmhQSklML0h WVWFVWExoRzVHZGZJdz09

Competition

Our competitors include Jaga Solution, i-Neighbour, iResidenz, and eCommunity. However, we are differentiated because of our solution’s user experience and also a more advanced security and bill payment solutions.

 

Funding

We intend to raise RM 1 – 5 million at the pre-money valuation of RM 19,993,471

 

Vision

To become the largest residential community SaaS and community security system solutions player in Southeast Asia

Investors

Mr. Foo Chee Seng, A serial entrepreneur which has 10 years experience in managing company, real estate and venture capital investment, has invested c. 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 14 years of experience in web application development.


Foo Chee Seng (Franky)
• Serial Entrepreneur and investor.


Lim Hao Yang (Hao Yang)
• More than 5 years of mobile app (iOS & Android) development experience
• Developed more than 350k downloads with more than 98.8% crash-free rate
• Ex-Core frontend 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

Oriental Daily

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.

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