Facilio Receives Series A Funding of $6.4 million from Tiger Global & existing Investor Accel
Offering real-time facilities management to commercial real estate owners, Facilio announces a funding of $6.4 million led by international venture capitalists Tiger Global Management and existing investor Accel. The funding will help Facilio further consolidate and strengthen its presence across Middle East, US and Indian markets.
Prabhu Ramachandran, Founder & CEO, Facilio, comments, “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”.
Founded in 2017, Facilio uses IoT and AI to predictively optimize operations and sustainability, while providing a superior tenant experience. Being a facilities management Tech start-up offering world’s first unifies IoT and AI-driven facilities optimization software, Facilio is headquartered at Atlanta, Georgia.
Commenting on the funding, Lee Fixel, Partner, Tiger Global, says, “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. 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”.
Based out in New York, Tiger Global is an investment firm that deploys capital globally and its fundamental oriented investments focus primarily on the global Internet, software, financial technology, consumer and industrial sectors. Founded in 2001, Tiger Global has invested in Spotify, Harry's, Warby Parker, Peloton, JD.com, Facebook, LinkedIn, Yandex, Mail.ru Group, Despegar, Ola and Flipkart.
Shekhar Kirani, Managing Partner, Accel, says, “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”.
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