Facilities management technology startup Facilio has raised INR 45 crores ($6.4 million to be exact) in series A round of funding from existing investor Accel Partners and new investor Tiger Global.
Facilio provides facilities optimization using artificial intelligence and the internet of things. The company will use the freshly raised capital to expand their presence to more geographies and focus on research and development for product innovation.
Prabhu Ramachandran, Founder and CEO, Facilio, said in a press statement, “Buildings today need agility to adapt to a rapidly transforming landscape. Legacy systems, high upfront costs and long implementation cycles of traditional facilities management 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.”
Facilio was founded in 2017 by Prabhu Ramachandra, Krishnamoorthi Rangasamy, Yogendra Babu and Rajavel Subramanian. It provides commercial real-estate owners and developers with real-time management of facilities using artificial intelligence and machine learning. The firm predicts and optimizes operations and sustainability.
Lee Fixel, the partner, Tiger Global, said,“ 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 are highly compelling. 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.”
Currently operational in India, the US and the Middle East, the team focuses on smart buildings and facilities management space which is undergoing a change. The global market for the sector is going to touch $7 billion by 2022.