IoT Startup Facilio Raises US$ 6.4 Million from Tiger Global, Accel
Facilio will utilise the fresh funds to expand further in India as well as to enter new markets
Facilio, an Internet of Things (IoT) startup that focuses on facilities management software, has raised US$ 6.4 million funding backed by Tiger Global Management, LLC and its existing investor venture capital firm Accel.
The start-up will utilise the fresh funds to expand further in India as well as to enter new markets. The company has an office in Chennai, Atlanta (the US) and Middle East.
In May last year, the start up had raised around US$1 million as a seed capital from Accel.
Facilio, founded by former Zoho employees Prabhu Ramachandran, Yogendra Babu, Rajavel Subramanian and Krishnamoorthi Rangasamy, in 2017, provides real-time facilities management solutions to commercial real estate owners. The startup leverages IoT and artificial intelligence (AI) to predictively improve operations and sustainability with the help of facilities optimisation software.
The facilities optimisation software helps the commercial real estate owners in regular maintenance and ensure that things such as elevators and air conditioning systems function properly, thus helping in lower consumption of energy.
Prabhu Ramachandran, Founder and CEO, Facilio, said, “Buildings today need agility to adapt to a rapidly transforming landscape. Legacy systems, high upfront costs and long implementation cycles of traditional FM software vendors are bogging down clients with their inflexibility.”
He further said, “There is a definitive shift towards embracing an IoT and AI-led software system that empowers the built environment with speed and agility to improve efficiencies. We aim to be frontrunners in leading this transformative change in the industry.”
Facilio has around to 35 employees who work with the software development department. The start up competes with established players such as Microsoft, IBM, SAP and Oracle.
According to the research consultancy Verdantix, the field of smart buildings and facilities management, along with worldwide real estate and building management software market, is expected to grow to over US$ 7 billion by 2022.
source : http://electronicsofthings.com