Facilities Management tech start-up Facilio said it has raised a funding of $6.4 million led by international venture capitalists Tiger Global Management, LLC and existing investor Accel. Tiger Global has several early stage investments in companies including Flipkart, Freshworks, Peloton and Invision. Accel is a leading global venture capital firm with investments in ventures like Facebook, Slack, Flipkart and Freshworks among 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. The company uses IoT and AI to predicatively 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 – Middle East, US, and India.
“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 front runners in leading this transformative change in the industry”, said Prabhu Ramachandran, Founder & CEO, Facilio Inc.
“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,” said Shekhar Kirani, Managing Partner, Accel.
The company said that 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 consultancy Verdantix. Locally, research agency TechSci predicts the UAE Facility Management Market to reach a value of $17 billion by 2021.
“It is an exciting time for us to have the two heavyweights of the venture capital world backing our idea. The funding will allow us to pursue our expansion and consolidation plans aggressively, while also investing in R&D for product innovation”, added Prabhu.