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SMART SECURITY SOLUTIONS

Enjoy the convenience of smart security

SUMMARY VIDEO

COMPANY DETAILS

SUMMARY

Dear Valued Investors and Potential Investors,

Please be informed that our early bird offering shall end by 11.59pm of 16/10 (Friday). We strongly encourage you to take advantage of our early bird offer to invest and grow with us. For those who have invested, we shall be contacting you for arrangement of installation of your FREE smart lock upon the completion of our campaign. Our sincere thanks and appreciation for your support and we look forward to serving you.

Smart Security Solutions (SSS) is the master distributor for Igloohome Smart Lock since 2019, supplying smart door lock solutions and enterprise access management hardware and software for Malaysia market. SSS has secured SIRIM type approval for its products: Smart Mortise, Smart Deadbolt, Smart Padlock and Smart Keybox (pending approval).

To-date, SSS have recruited over 40 resellers across the country, with the capability to sell, deliver and install our products. Recruiting exercise for Kelantan, Sabah and Sarawak are ongoing. SSS has also ventured into research and development of new and complementary products to fulfil existing gap and to strengthen its product range/base, in collaboration with selected strategic partners.

PROBLEM

Currently, there is still a low take up on Smart Home revolution in Malaysia, with about *5% penetration rate for residential properties. The penetration rate for security segment of smart home is about *3%. Generally, these are factors contributing to the low adoption rate of digital and smart lock in Malaysia:

In comparison, the penetration rate for digital/smart lock in South Korea has exceeded 90%. The relatively low penetration rate for Malaysia market is attributed to the lack of awareness and low promotional and educational activities. With Malaysia’s growing residential developments and technologically savvy populace, the need and demand for “smarter” products is expected to grow exponentially. The revenue for smart lock market is expected to grow from RM415m to about RM800m by 2023! On the industrial sector, industry players are also looking with keen interest to “smart” solutions to enhance security and efficiencies, embracing technology to further strengthen their operations. With government’s initiatives to push for digitalization and better-connected infrastructure along its Smart Cities roadmap, this will undoubtedly drive demand for better smart access system. Igloohome, through SSS’s drive and initiatives, will be one of the products that could bridge the gap for to match the needs and requirements of consumers and industrial players.


SOLUTION

The advent of technology has fast tracked and accelerated adoption rate of smart devices, as evidenced from the exponential growth of smart phone. Similarly, there is a need to address the technological deficit for public and private sector to cater for smart home and its smart access system. Recognizing this, SSS has decidedly embark into this market through careful growth and strategic partnerships with reputable and proven products from across the world. In this regard, igloohome is the perfect fit, enabling SSS to fill the “gap” and match Malaysia’s demand with the “right-fit” solutions. It is also a timely move as the population are becoming more and more accustom to “smart” devices, judging from the evolution of smart phone.

With the right product line, the needs for “smart” devices can grow both organically and culturally with Malaysia’s awareness and demand for convenience and efficient smart access solutions. Integration and complementary products that are competitive both in price and cutting-edge functionality are prime motivators for SSS’s choice of partners. With the recent global developments to combat issues revolving accountability, there is a desire to match physical activities with digital fingerprints to accurately develop factual “paper-trails” and the necessary tools to analyse its data.


PRODUCT

SSS, with its exclusive partnership with Igloohome, will be tasked with not only ensuring their continuous presence in Malaysia but to further expand its market share. The award-winning smart lock, which has enjoyed international successes in over 100 countries, is well positioned to compete for share of Malaysia’s consumers wallet and has been well received by a progressive and tech loving consumers.
 



SSS is proud to be associated with a brand that stands out with reliability and functionality that Malaysian can continue to enjoy. Igloohome’s vision of “A world without keys” has the distinct recognition of being an official partner of AirBnB for their “short-stay” client base. With ready integration between AirBnB and Igloohome personal accounts, customers will enjoy seamless and automated booking confirmation, eliminating bookings and key exchange issues. Igloohome has successfully resolved the problem of physical key exchange.  Such successes have attracted many “copy-cat” products to enter the market, with many failing and fading away sooner than expected.

 

Customer segment

Started off as Smart Home solutions provider in the security area (Smart lock), it has since evolved to include providing solutions for Smart Cities segment, addressing the increasing demand.



Residential

For residential and small asset base users, Igloohome has innovated a free App, available on all smart phone platforms (Android or iOS). This will facilitate management and operations of their locks. This App is paired with their locks, which work on Bluetooth connectivity. This is secure from Wi-Fi hacking and operate in a low energy usage state, providing peace of mind and longevity in its usage. With all necessary power and connectivity inbuilt to all its products, there is no reliance on infrastructure alterations or third party or bridging device requirements.




Commercial

For industrial and multiple asset management users, Igloohome has branched into their Iglooworks initiative, coupling their hardware with a web-based administration dashboard to handle multiple access needs and tracking of usage from remote locations. In addition to their current product line, Igloohome is amidst innovating unique products for industry specific requirements. Besides industrial segment, iglooworks will also address the needs of many government push to urbanize and transform their cities into well connected Smart Cities.



TRACTION

Since its inception in 2019, SSS has managed expand its network of distributors nationwide and secured some strategic partners. Our network of distributors and strategic partners are spread across nationwide, enabling us to reach our customers faster. And the list is still growing! Igloohome’s growth has been phenomenal, growing from strength to strength with its continuous participation in Las Vegas’ annual CES for 4 consecutive year since 2017. This has enhanced igloohome’s international presence, transforming it into a global brand within the short span of 4 years.

 


CUSTOMERS

SSS caters to both retail and industrial requirements and the demand for smart access system in all sectors translate into huge market opportunity. The introduction of iglooworks has presented an entirely new market opportunity as more and more government are taking initiative to urbanize and digitalize their cities. With such initiatives, SSS will collaborate with strategic partners to propose igloohome’s smart access system. With its unique and integrate-able products, penetration to different sectors is attractive and piquing the interest of all clients we have approached. The AirBnB partnership has further emphasized the strength and branding appeal of the product, appealing to Malaysia’s burgeoning short stay market with ease and attraction. With this growing market subscribing to the product, SSS sees an opportunity to capitalise and leverage on its client base for Igloohome and future product lines.


BUSINESS MODEL

As master distributor, we adopt a “win-win” philosophy, leveraging on our network of distributors and resellers to market igloohome’s products to various customer base. Our nationwide distribution and retail network would enable us the reach the market faster. The “win-win” philosophy is the driving force towards mutually successful partnership with organic growth that keeps business sustainable past surge trends. With a comprehensive and experienced installer network, Smart Security Solutions can rapidly address installation and aftermarket services.


MARKET

SSS target market is divided into 2 key segments:

  • Smart Home/Offices – residential and properties owners, vacation rental industry, properties developers, co-working offices
  • Smart Cities – Enterprises and industrial application, telco operators, assets management companies, integrated township and infrastructure development


Our clients are from consumers who embraces digitalization and technology to enhance their lifestyle, in line with modern living. The increasing demand for state-of-the-art security devices will push towards more demand for smart lock, replacing conventional locking system.

 


COMPETITION

There is no shortage of competition in digital/smart lock market, with many established and long-standing brands enjoying good market share. Nonetheless, igloohome has been able to hold it court and despite it been only about 5 years old, it has made great inroad globally. Igloohome has successfully penetrated the market of more than 100 countries globally and it also stand out as one of the very few brands that is capable of designing, developing and owned the hardware and its proprietary software (igloohome Apps). The introduction of iglooworks has created an entirely new business opportunity for igloohome to tap into the lucrative and vastly untapped Smart Cities market. This has differentiated igloohome from the other players, further consolidating its position as a leading player and ensuring its capability to ward off competitions!


FUNDING

We are currently raising RM800k from pitchIN investors to be utilised in the following manner:

50% of the funds go towards

  • Execute business expansion plans (resellers/partners/projects) 
  • Introducing more new and exciting products
  • Stepping up marketing and promotional activities to improve market penetration

30% of the funds go towards

  • Working capital to meet cash flow requirements
  • Expanding team with young talent
  • Building multi platform sales and retail channels

20% of the funds go towards

  • R and D for more IPs and product enhancements and new IP
  • Enhancing and strengthening partnership and collaboration with a system integrator

VISION

The company’s vision is to be a market leader in providing solutions for smart products, encompassing hardware and software. The vision is supported by our strong belief in forging win-win collaboration with strategic partners by constantly looking out for innovative products that would captivate consumer’s interest and enhancing lifestyle.


INVESTORS

Smart Security Solutions was founded in 2019 by Mr Teoh Cheng Chuan, Mr Daniel Chan, Mr Tan Chong Liong and Mr Viking Lee. Mr Teoh, Mr Chan and Mr Viking taking management roles demonstrating their dedication and commitment to ensuring success of their investment -  with Mr Tan sharing his extensive experience to help steer the business.

More recently, in 2020, the founding team opened its doors to angel investor, Mr Wong Ah Kow.

This is the first external round of funding for Smart Security Solutions. Up to now all seed funding and investment have been injected by the founders and friends.


FOUNDERS

1) Teoh Cheng Chuan, Founder and Chief Executive Officer

  • Co-owner and former group CEO of Asia Poly Bhd.
  • Over 10 years helming public listed plastics manufacturing firm Asia Poly as group CEO.
  • A Chemist by training who successfully brought Asia Poly to public listing.
     

2) Daniel Chan, Co-founder and Chief Operating Officer

  • Pioneer member of Malaysia’s premier pay TV.
  • With more than 20 years of experience in field force management/fulfillment and distribution/After sales support.
  • Extensive experience in operations and supply chain management.

TEAM


1) Lee Viking, Head of Distribution (Real Estate and Property)

  • An experienced real estate marketeer, he is a partner of few real estate companies.
  • With more than 10 years’ experience as a real estate and property negotiator, including bulk sales for international market.
  • Extensive network within the real estate business and community.
  • Provide leads and contacts to work with reputable developers and real estate companies.
     

2) Seth Tun Ismail, Head of Business Development

  • Joined oil and gas company, Ivolis Sdn Bhd, in 2012 as a marketing and sales executive, leaving in 2018 as General Manager.
  • Worked with the United Nations Association of Victoria as part of a work placement scheme and stayed on as an intern in 2010-11.
  • Started as an intern stringer reporter with the New Straits Times in 2008.

PRESS

https://smartlock.my/press-release/ - Agreement between igloohome and Smart Security Solutions.

https://www.facebook.com/smartlockmsia/posts/171446867563640 - Customer Reviews of Smart Security Solutions services and product.

https://www.facebook.com/smartlockmsia/posts/165805514794442 - Launching of igloohome products at JDxPresto Concept Store.

Product reviews

https://www.pcmag.com/reviews/igloohome-smart-padlock

https://www.securityinfowatch.com/access-identity/access-control/locks/product/21121246/igloohome-igloohomes-smart-mortise-2-smart-lock

https://sea.pcmag.com/home-security-products/36151/igloohome-smart-keybox-3

https://www.popularmechanics.com/technology/gadgets/a30768944/best-smart-lock/


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RISK WARNING


Equity Crowdfunding is risky. You are investing in early stage companies which may not do well and could even fail. You could lose part or all of your investment. You may not be able to sell your shares easily.

Investments are speculative and carry high risks. To decrease exposure, these types of investments should only be made as part of a diversified portfolio. Spread your risks and only invest money that you can afford to lose. pitchIN wants all investors to understand these risks and make careful investment decisions. You are also encouraged to seek independent advice.