Fa­cilio raises $6.4m in in­ter­na­tional VC fund­ing

Se­ries A fund­ing led by Tiger Global and ex­ist­ing in­vestor Ac­cel to fund Fa­cilio’s push in the IoT and CAFM dis­rup­tion

Facilities Management Middle East - - CONTENTS -

Fa­cilio, an At­lanta and Chen­nai-based FM tech start-up, has an­nounced a fund­ing of $6.4m 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 ven­ture cap­i­tal firm with in­vest­ments in Face­book, Slack, Flip­kart and Fresh­works among oth­ers. 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, us­ing IoT and AI to pre­dic­tively op­ti­mise op­er­a­tions and sus­tain­abil­ity, while pro­vid­ing a su­pe­rior ten­ant ex­pe­ri­ence.

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. 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.”

Shekhar Ki­rani, man­ag­ing part­ner, Ac­cel added: “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.”

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 $7bn by 2022 as per re­search con­sul­tancy Ver­dan­tix.

Lo­cally, re­search agency TechSci pre­dicts the UAE Fa­cil­ity Man­age­ment Mar­ket to reach a value of $17bn 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.

Fa­cilio is an At­lanta and Chen­nai-based fa­cil­i­ties man­age­ment (FM) tech start-up that has looked at cre­at­ing a new ap­proach to op­er­a­tions.

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