FM tech start-up offers unified IoT and AI-driven facilities optimisation software
Facilio, an Atlanta and Chennai-based facilities management tech start-up that is offering a unified IoT and AI-driven facilities optimisation software, has announced a funding of $6.4 million, led by international venture capitalists Tiger Global Management, and existing investor, Accel.
Tiger Global has had several successful early stage investments in companies, including Flipkart, Freshworks, Peloton and Invision. Accel is a leading global venture capital firm with investments in Facebook, Slack, Flipkart and Freshworks, amongst others.
Founded in 2017 by cloud and IoT veterans, Prabhu Ramachandran, Rajavel Subramanian, Yogendra Babu and Krishnamoorthi Rangasamy, Facilio offers real-time facilities management to commercial real estate owners, using IoT and AI to predictively optimise operations and sustainability, while providing a superior tenant experience.
Within a year of starting commercial product availability, the company has exhibited strong performance and market penetration across its global territories – the Middle East, US and India, says Prabhu Ramachandran, founder and CEO of of Facilio Inc.
“Buildings today need agility to adapt to a rapidly transforming landscape. Legacy systems, high upfront costs and long implementation cycles of traditional FM software vendors are bogging down clients with their inflexibility. There is a definitive shift towards embracing an IoT and AI led software system that empowers the built environment with speed and agility to improve efficiencies. We aim to be frontrunners in leading this transformative change in the industry,” he added.
The smart buildings and facilities management space is undergoing rapid transformation globally, with the global real estate and building management software market poised to grow to more than $7 billion by 2022, as per research by Verdantix, a research consultancy.
Locally, research agency TechSci predicts that the UAE’s facilities management market will reach a value of $17 billion by 2021.
“Bringing data-driven efficiencies to building operations and enabling a superior occupant experience is the future of commercial real estate, and Facilio is well positioned to lead this transformation. The company’s passion and vision to tackle a universal problem with significant impact and growth potential is highly compelling,” said Lee Fixel, partner, Tiger Global.
“On a global basis, facilities management services and energy spend by buildings each account for more than a trillion dollars. I am optimistic that Facilio can be a true disruptor in this industry”.
“Facilio has exhibited strong performance and growth over the past year which is a direct result of the exceptional credentials of the team, their sharp go-to-market strategy and their excellence in execution. We believe Facilio will continue to make significant strides in transforming the Facilities Management industry, to emerge as leading new gen technology vendors in this space,” concluded Shekhar Kirani, managing partner at Accel.