Facilities management startup Facilio has raised a $6.4 million Series A round led by Tiger Global, an internationally-focused VC firm which recently raised $3.75 billion for its 11th fund, and existing investor Accel.
The Atlanta-based startup is tapping into the smart buildings and facilities management market, which is expected to reach $7 billion by 2022.
The startup was founded in 2017 by former Zoho employees Prabhu Ramachandran, Yogendra Babu, Krishnamoorthy Rangasamy, and Rajavel Subramanian. The AI-powered platform connects to any hardware and sensors already in the building — anything from smart locks to elevators to air conditioning or heat.
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.
“Atlanta also has a growing startup ecosystem,” says Ramachandran. “It is developing into a thriving hub for innovation and for idea incubators. This lends it an exciting vibe, a dynamic and constantly vibrant environment that nurtures and fosters innovation — making it the ideal choice for young startups like ours.”
The startup has close to 40 employees at the moment across its offices.
“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,” said Lee Fixel, partner, Tiger Global in a statement.