Strong performance, clear vision and a sharp go-to-market strategy underpin VC’s choice to fund Facilio
Facilio, an Atlanta and Chennai-based Facilities Management Tech start-up offering the world’s first unified IoT and AI-driven facilities optimization software, has announced a funding of $6.4 million USD led by international venture capitalists Tiger Global Management, LLC and existing investor Accel.
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 (Internet-of-Things) 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.
“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,” said Ramachandran, Facilio’s Founder & CEO. “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.”
“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 of 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”.
“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,” said Shekhar Kirani, Managing Partner at Accel.
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 $7 billion by 2022 as per research consultancy Verdantix. Locally, research agency TechSci predicts the UAE Facility Management Market to reach a value of $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.
Headquartered in Atlanta, Georgia (US), with operations in Chennai, India, Facilio is a facilities optimization platform that harnesses IoT and AI to drive real-time operational efficiency across real-estate portfolios. It offers an all-in-one software suite to help facilities centrally manage maintenance, operations, sustainability, and tenant experience, in one place. Funded by Accel.com and founded by ex-Zoho veterans with over 17 years of cloud and IoT expertise, Facilio was established in May 2017, and started its operations in India, Middle East and US in 2018. For more information please visit: https://facilio.com/