[Funding alert] Smarten Spaces raises $12M in Series A from Symphony International Holdings
Singapore-based Smarten Spaces on Tuesday said it has raised $12 million, or about Rs 86 crore as part of its Series A funding from Symphony International Holdings Ltd.
Funds raised will be used to expand the company's development centre and engineering team to work around artificial intelligence (AI) in Singapore and India, Smarten Spaces said.
The proceeds will also be used to increase the startup's local presence in Singapore, India, Thailand, Indonesia, the US, and Australia, and to enhance support and work with the global partner ecosystem, it added.
Founded by Dinesh Malkani, Co-founders Anushka Verghese and Prithvi Shergill in 2017, Smarten Spaces has since rapidly acquired customers in Singapore and India.
Anil Thadani, Chairman, Symphony International Holdings Limited, said,
“This is our first investment in a SaaS company. We are looking forward to working with Dinesh and his team to grow the business, especially in the real estate and hospitality industries, where we have deep connections and significant investment experience.”
Smarten Spaces, using its artificial intelligence (AI) and Internet of Things (IoT) platform provides solutions to space owners and managers to improve productivity, reduce operational costs, and offer conveniences to the end-users. The company focusses on enterprise offices, real estate developers, coworking, co-living, and other spaces.
"Symphony's long-term view and portfolio of investments in real estate and consumer brands provide many synergistic opportunities as we expand Smarten Spaces across the Asia-Pacific and North America within the rapidly growing prop-tech industry," Dinesh Malkani, Smarten Spaces' Founder and CEO, said.
He added, “The platform today provides the capability to provide intuitive user experience and optimise spaces. This lets us build the improved value of built spaces and long-term business relationships.”
With a projected market value of $19.9 billion for smart spaces and businesses globally implementing ‘smart’ solutions across their value chain, Smarten Spaces said it will enable the transformation of spaces by digitising services and bridging the last-mile between real estate providers, consumers, and space.
(Disclaimer: Additional background information has been added to this PTI copy for context)
(Edited by Suman Singh)