Strong performance, clear vision and a sharp go-to-market strategy underpin VC's choice to fund Facilio
Facilio is the world's first unified IoT & AI-driven
facilities optimization software offering end-to-end building
maintenance, operations, sustainability & tenant experience,
across portfolios.
The funds will help Facilio further consolidate and strengthen
its presence across Middle East, US, and Indian markets, as
well as expand into new territories.
Atlanta, USA 5th December 2018
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 USD 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.
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. 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. 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.
"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".
"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, 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 USD 7 billion by 2022 as per research consultancy
Verdantix. Locally, research agency TechSci predicts the UAE
Facility Management Market to reach a value of USD 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.
About Facilio:
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/
About Tiger Global:
Tiger Global Management, LLC is an investment firm that
deploys capital globally. The firm's fundamentally oriented
investments focus primarily on the global Internet,
software, financial technology, consumer and industrial
sectors. The private equity strategy has a ten-year
investment horizon and targets growth-oriented private
companies. Such investments have included Spotify, Harry's,
Warby Parker, Peloton, JD.com, Facebook, LinkedIn, Yandex,
Mail.ru
Group, Despegar, Ola and Flipkart. The public equity efforts
emphasize deep due diligence on individual companies and
long-term secular themes. Tiger Global Management, LLC was
founded in 2001 and is based in New York with affiliate
offices in Hong Kong, Singapore, Bangalore and Melbourne.
About Accel:
Accel is a leading venture capital firm that invests in
people and their companies from the earliest days through
all phases of private company growth. Acko, Atlassian,
BlackBuck, BlueStone, BookMyShow, Braintree, BrowserStack,
Cloudera, Collectabillia, CureFit, DJI, Dropbox, Etsy,
Facebook, Flipkart, Freshworks, Housing-PropTiger, Lookout
Security, Mitra Biotech, MuSigma, Myntra, Ola, Paxata,
Portea, Qualtrics, Samunnati, Slack, Spotify, Supercell,
Swiggy, UrbanClap and Vox Media are among the companies the
firm has backed over the past 30 years. The firm seeks to
understand entrepreneurs as individuals, appreciate their
originality and play to their strengths, because greatness
doesn't have a stereotype. For more, visit
www.accel.com, or
www.twitter.com/accel_india
