Facilio bags $6.4-million funding from Tiger Global
Facilio has announced a funding of US$6.4 million led by international venture capitalists Tiger Global Management, LLC and existing investor Accel. Tiger Global has several successful early-stage investments in companies, including Flipkart, Freshworks, Peloton and Invision. Accel is a leading global venture capital firm with investments in ventures like Facebook, Slack, Flipkart and Freshworks, among others.
“Buildings today need agility to adapt to a rapidly-transforming landscape. 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,” said Prabhu Ramachandran, Founder & CEO, Facilio Inc.
Founded in 2017 by cloud and IoT veterans Prabhu Ramachandran, Rajavel Subramanian, Yogendra Babu and Krishnamoorthi Rangasamy, Facilio offers real-time facilities management to commercial real-estate owners. The company uses IoT and AI to predictively optimize 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.
“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,” said Lee Fixel, partner, Tiger Global. “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.”
The Smart Buildings and Facilities Management space is 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, as per research consultancy Verdantix. Locally, research agency TechSci predicts the UAE Facility Management Market to 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 world backing our idea. The funding will allow us to pursue our expansion and consolidation plans aggressively, while also investing in R & D for product innovation,” added Prabhu.