FM tech supplier Facilio raises $6.4m in funding
Series A funding led by Tiger Global and existing investor Accel to fund Facilio’s push in the IoT and CAFM disruption
Facilio, an Atlanta and Chennai-based facilities management (FM) tech start-up, has announced a funding of $6.4m led by international venture capitalists Tiger Global Management, LLC and existing investor Accel.
Tiger Global has several successful early stage investments in companies including Flipkart, Freshworks, Peloton and Invision.
Accel is a venture capital firm with investments in 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, using IoT and AI to predictively optimise operations and sustainability, while providing a superior tenant experience.
Lee Fixel, 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.
“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.”
Shekhar Kirani, managing partner, Accel added: “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.”
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 $7bn by 2022 as per research consultancy Verdantix.
Locally, research agency TechSci predicts the UAE Facility Management Market to reach a value of $17bn 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.