New York-based property technology start-up Facilio has raised $35 million in its latest funding round as the company aims to expand and enhance its technology.
The funding round was led by San Francisco-based Dragoneer Investment Group with participation from Toronto’s asset manager Brookfield Growth and existing investors Accel India and New York's Tiger Global Management, Facilio said in a statement on Tuesday.
“We are uniquely positioned to accelerate digital transformation in the built world and lead the industry’s transition towards IoT-led [Internet of Things] connected buildings,” said Prabhu Ramachandran, co-founder and chief executive of Facilio, which also has offices in Dubai, Chennai, Singapore and Sydney.
“This investment will allow us to extend our market leadership, expand sales and marketing and enable more companies to reach success through a predictive, connected model of real estate operations.”
Founded in 2017, Facilio offers a connected platform that leverages an artificial intelligence-led predictive engine to help real estate companies digitise processes and optimise their property operations.
It aggregates data from multiple, disconnected systems across portfolios into an integrated, cloud-based platform, helping operations and maintenance teams become data-driven and agile.
Smart cities, connected buildings, real estate analytics, blockchain and online viewing technology are some of the focus areas for PropTech companies which are looking to disrupt the traditional market through digital solutions for the entire real estate value chain.
“Facilio has unlocked a world of potential with its AI-based predictive approach to increase operational effectiveness,” said Eric Jones, partner at Dragoneer. “The company is on its way to revolutionising operations for real estate portfolios.”
Investors have increasingly invested in PropTech after the coronavirus pandemic forced companies, including those in the real estate sector, to digitise to ensure business continuity.
In May, Aldar Properties, Abu Dhabi's biggest property developer, announced its partnership with US venture capital firm Fifth Wall to invest in a fund focused on supporting PropTech start-ups in Europe. It also launched an accelerator to support PropTech start-ups in the region.
In June, Watheeq Financial Services, a Saudi Arabia-based investment management and financial advisory company, launched a venture capital fund worth $26.7m that will invest in PropTech start-ups in the kingdom and in the region.
Facilio uses a suite of software-as-a-service applications for maintenance and operational visibility, sustainability and remote equipment performance monitoring. This allows customers to reduce operating costs, exceed sustainability targets and elevate client experiences, the company said.
Its list of portfolio-scale deployments includes commercial office buildings, retail chains, hospital systems and higher-education campuses.
“We have been customers of Facilio and now it's incredible to be a partner in their journey,” said Josh Raffaelli, managing partner at Brookfield.
“[What they] are building isn’t merely a great product portfolio but a movement towards data-led property operations. The company is writing the blueprint for how modern real estate portfolios will operate in the next decade and beyond.”
