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#News(Startup) [ via IoTForIndiaGroup ]
Facilio, an IoT startup that focuses on facility management software, announced today that it has raised a $6.4 million Series A led by Tiger Global and returning investor Accel. The funding will be used to expand further in India, where Facilio has an office in Chennai, the United States, and the Middle East, as well as enter new markets. Facilio is also one of the first new Indian companies Tiger Global has added to its portfolio since hitting pause on new investments there in 2015.
Founded in 2017 by Prabhu Ramachandran, Rajavel Subramanian, Yogendra Babu, and Krishnamoorthi Rangasamy, Facilio’s software helps commercial real estate property owners keep on top of regular maintenance, make sure things like air conditioning systems and elevators are functioning properly, and lower their energy consumption.In a press statement, Fixel said “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.”
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[ From https://hypepotamus.com/news/facilio-raises-series-a/ ]
The platform allows building managers to centralize all these devices, and any data gleaned from them, to stay on top of maintenance, operations, energy usage and tenant experience for maximum efficiency.
Its three main components are maintenance management, which allows maintenance to enter real-time information on requests from tenants;
asset management for everything from chillers to elevators; and sustainability management, which uses AI to predict and optimize energy usage for the whole building.“We now know that buildings are a lot more than just brick-and-mortar. From wellness and productivity to efficiency and sustainability, buildings have a great impact on our everyday lives and on the environment,” says Ramachandran. “Facilio helps the building’s environment transcend from the age-old fire-fighting and reactive mode to one that belongs in the future — predictive and focused on experiences.”
The company claims that their solution can save commercial real estate up to 30 percent in operating expenses.
CEO Ramachandran tells Hypepotamus that the capital will be put to work in two capacities: making the startup’s software suite “more powerful and extensive,” and expanding operations across the U.S., Middle East and more. They currently have over 20 million square feet under management by their solution and are looking to grow quickly.
The startup targets decision makers in facilities management and commercial real estate owners. The platform operates on a SaaS model with a recurring fee.
Facilio is headquartered in Atlanta with offices in Chennai, India. Rakmachandran says that Atlanta’s future-focused approach attracted them to the city.
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