Facilio raises $6.4 M in Series A funding led by Tiger Global and Accel Partners
Facilities management startup Facilio announced that it has raised $6.4 million in Series-A funding, in a round led by Tiger Global and existing investor Accel Partners.
The startup offers facilities optimisation using artificial intelligence (AI) and internet of things (IoT), and the funds raised will help the team to pursue their expansion and consolidation plans and will also come in handy to do R&D 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.”
Founded last year by Prabhu, Yogendra Babu, Krishnamoorthi Rangasamy, and Rajavel Subramanian, Facilio provides commercial real-estate owners real-time facilities management. The team uses AI and IoT to predict, and optimise operations and sustainability. The company has operations in India, the Middle East and the US.
The team believes that the smart buildings and facilities management space is currently undergoing a change and that the global real estate and building management software market will touch $7 billion by 2022. 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. 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 disruptor in this industry."
After close to two years of hibernation, this is one of Tiger Global's recent big bets in the country. Some of the other investments by Tiger include Flipkart, Freshworks, Peloton and Invision. Shekhar Kirani, Managing Partner, Accel Partners, said,
“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."