In 2023, Singaporean smart access company igloo attached eight smart padlocks to a bespoke launch vehicle suspended by a high-altitude hydrogen balloon, and sent it 33 kilometres above sea level – or approximately three times the maximum altitude that a passenger plane reaches. More than just a publicity stunt for the company’s 8th anniversary then, the space venture had a loftier goal: To put the smart padlocks to the test under the most inhospitable conditions possible.
Outfit by Brunello Cucinelli
In the lead up to the marquee event, igloo iterated more than 500 prototypes of the padlocks, putting each version through a multitude of reliability tests – through extreme cold weather temperatures in parts of Canada and the Nordics, and extreme heat conditions in the Middle East.
The final version was a success. At temperatures of up to -65 degrees Celsius and under tremendous atmospheric pressure, the padlocks unlocked. And as the padlocks descended back to Earth still in working condition, they also survived the three durability tests that igloo had set out for the launch – the ability to withstand the ascent to space, function at peak altitude in space, and withstand the descent to earth in working condition.
It was, as Anthony Chow, Co-Founder and Chief Executive Officer of igloo said, “A one-of-a-kind achievement which really highlights the innovative spirit that runs through every part of our organisation – from product development and engineering to technology and commercial”.
- UNLOCKING POTENTIAL
- BUILDING UPON SUCCESS
Unlocking Potential
Outfit by Brunello Cucinelli
A series of pivotal moments has defined igloo’s journey since Chow was first struck by the idea of creating a ‘keyless’ world back in 2015, having experienced the inconveniences of managing physical keys as an Airbnb host.
From securing a partnership with Airbnb that enabled hosts to do away with inconvenient key exchanges to embarking on a bold expansion plan into the U.S. market in the midst of the global pandemic in 2021, and more recently, sending eight padlocks into space in a showcase of engineering feat, little about igloo’s path to success has been ordinary.
Or easy, says Chow. For a business operating in the security space, igloo trades wholly in the currency of trust – that their security solutions could protect what was most valuable to their customers. This, he says, required a “deep commitment to quality and reliability” and “consistent performance and innovation”. Coupled with challenges in securing investors amidst fierce competition from the highly visible AI sector, igloo had to continuously push the envelope so that its solutions were convenient and highly secure – and convincingly so, in order to affect a shift in behaviour rooted in thousands of years of history.
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What it eventually landed on were smart locks that use Bluetooth instead of Wi-Fi, and its proprietary “algoPIN” technology, which generates one-time passwords and time-sensitive pin codes, similar to what banks do. For homeowners, this means no worries of WiFi hacking or network instability, while owners of short-term rental units can easily manage bookings without being on site.
It was an invention that has since powered igloo’s growth globally. Besides its B2C business, igloo’s rapid expansion has been through its smart access platform iglooworks, which Chow says today powers “seamless, contactless access for over 2,000 businesses globally, including major names like [American real estate company] Zillow, [Indian hospitality chain] Oyo, CapitaLand and more”. The company now boasts eight global offices, including a strategic hub in Austin, Texas, and is eyeing further investment in the United Kingdom, Europe, and Asia-Pacific regions.
“We’re at the dawn of the keyless revolution. Globally, smart access adoption is still below 5%, leaving immense room for growth. Our vision is to lead this transformation by creating robust, reliable solutions that integrate seamlessly into everyday life. We aim to make keyless access the standard worldwide.”
- UNLOCKING POTENTIAL
- BUILDING UPON SUCCESS
Building Upon Success
Late last year, Chow was named 2024 EY Entrepreneur of the Year – Technology Solutions, the annual awards that recognises leading entrepreneurs for their contributions to the economy and society. While Chow says it’s a “humbling and motivating” recognition, he also sees it as an opportunity to further amplify igloo’s mission of creating a keyless world.
Innovation will continue to be key to the company’s growth, which Chow explains will include investing in sustainable technologies, including extended battery life and battery-less locks, for a better user experience.
“AI-driven solutions are also a key part of our roadmap, enabling smarter, more personalised access management. As we innovate, data security and privacy remain top priorities, ensuring our customers can trust us to protect their assets,” he adds.
(Related: Meet the trailblazers for EY Entrepreneur of the Year 2024)
“Successful entrepreneurs must be relentless learners – not only to acquire new knowledge and skills quickly, but also the willingness to unlearn outdated ideas and replace them with insights that are more relevant to current challenges and opportunities.”
2025 marks igloo’s 10th year in business, and the breakneck speed with which technologies evolve demands the same of players in the industries that rely on them. Although an engineer and data scientist by training, Chow knows it’s an entrepreneurial spirit that will continue to propel the company forward. It’s also a challenge that he relishes, likening the entrepreneurial journey to a “rollercoaster ride” where one must “embrace the lows alongside the highs, and trust the process.”
“Successful entrepreneurs must be relentless learners – not only to acquire new knowledge and skills quickly, but also the willingness to unlearn outdated ideas and replace them with insights that are more relevant to current challenges and opportunities. The most successful entrepreneurs view challenges as stepping stones to progress.”
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