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Cloud-based facilities management service Facilio has raised US$35 million ($48.8 million) in Series B funding to propel its platform to the next level.
The company, which has offices in New York City, Dubai, Singapore and Chennai, has developed an AI-led predictive engine to allow investors to digitise the process of keeping on top of facilities management across their portfolios.
Unifying operations across properties not only allows portfolio holders to reduce their operating costs, the company claims, but also has a measured effect on meeting and exceeding sustainability targets.
The latest round of funding was led by Dragoneer Investment Group with participation from Brookfield Growth and existing investors Accel India and Tiger Global Management.
Eric Jones, partner at Dragoneer, said the group was proud to support a company invested in “revolutionising operations for real estate portfolios”.
“Facilio has unlocked a world of potential with its AI-based predictive approach to increase operational effectiveness,” Mr Jones added.
Prabhu Ramachandran, founder and chief executive of Facilio, said the funding would allow them to “extend market leadership, expand sales and marketing, and enable more companies to reach success through a predictive, connected model of real estate operations”.
“Our customers understand that success in a post-pandemic world will be achieved by driving efficiency gains and delivering smooth customer experiences. We are uniquely positioned to accelerate digital transformation in the built world and lead the industry’s transition towards IoT-led connected buildings,” he added.
Josh Raffaelli, managing partner at Brookfield, noted his company was a consumer before becoming an investor.
“We have been customers of Facilio and now it’s incredible to be a partner in their journey,” Mr Raffaelli said.
“What Prabhu and the team 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.”
ABOUT THE AUTHOR
Juliet Helmke
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.
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