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Facilio raises USD 6.4 million Series A funding

The funding, led by Tiger Global and existing investor Accel, will help Facilio further strengthen its presence across Middle East, USA and Indian markets, as well as expand into new territories, says CEO

| | Dec 5, 2018 | 1:57 pm
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Dubai, UAE, 5 December 2018: Facilio, an Atlanta, Georgia, USA, and Chennai-based Facilities Management tech start-up, has announced it has received funding of USD 6.4 million, led by international venture capitalists Tiger Global Management and existing investor Accel, through a Press communiqué.

Facilio Founders (L-R) – Yogendra Babu, Prabhu Ramachandran, Krishnamoorthy Rangasamy, Rajavel Subramanian

Founded in 2017 by 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, the communiqué said. Within a year of starting commercial product availability, the company has exhibited strong performance and market penetration across its global territories – Middle East, USA and India, the communiqué further said.

Prabhu Ramachandran, Founder & CEO, Facilio Inc, 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. 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.”

Commenting on the funding, Lee Fixel, Partner, Tiger Global, said, “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.”

Prabhu Ramachandran, Founder & CEO, Facilio

Shekhar Kirani, Managing Partner, Accel, said: “Facilio has exhibited strong performance and growth over the past year. 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.”

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, the communiqué said. Locally, research agency TechSci predicts the UAE Facility Management Market to reach a value of USD 17 billion by 2021, the communiqué further said. Prabhu added: “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.”

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