FM tech start-up Facilio receives million-dollar funding
Facilio, an Atlanta and Chennai-based facilities management tech start-up offering the world’s first unified IoT and AI-driven facilities optimisation software, has announced funding of US$6.4 million led by international venture capitalists Tiger Global Management, LLC and existing investor Accel.
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 – Middle East, US and India.
“Buildings today need agility to adapt to a rapidly transforming landscape,” says Prabhu Ramachandran, co-founder and CEO of Facilio Inc. “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.”
Lee Fixel, partner, Tiger Global, says, “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.
“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 disrupter in this industry.”
Shekhar Kirani, managing partner at Accel, adds, “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 generation technology vendors in this space.”
The smart building and facilities management space in undergoing rapid transformation globally, with the global real estate and building management software market poised to grow to more than US$7 billion by 2022 (according to research consultancy Verdantix). Research agency TechSci predicts the UAE facility management market will reach a value of US$17 billion by 2021.
“It is an exciting time for us to have the two heavyweights of the venture capital works backing our idea,” says Ramachandran. “The funding will allow us to pursue our expansion and consolidation plans aggressively, while also investing in research and development for product innovation.”
Facilio Inc was founded in 2017 by cloud and IoT veterans Prabhu Ramachandran, Rajavel Subramanian, Yogendra Babu and Krishnamoorthi Rangasamy. Headquartered in Atlanta, Georgia and with operations in Chennai, India, Facilio is a facilities optimisation platform that harnesses IoT and AI to drive real-time operational efficiency across real-estate portfolios. It offers an all-in-one software suite to help facilities centrally manage maintenance, operations, sustainability and tenant experience.
For more information visit facilio.com.
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